Industrial Bank Of Korea (024110) Fair Value & Analysis
Financial Services · KR · Market cap 17.2T KRW (≈ $12.1B) · ISIN KR7024110009
What is Industrial Bank Of Korea really worth?
Below-average quality, trading 48% below our fair value of 39,900 KRW.
Strengths
Risks
For context
Fair value as of: Aug 21, 2026
From 6 valuation models · updated 15 days ago
Fair value updated Aug 21, 2026, revised from 40,300 KRW to 39,900 KRW (−1.0%) since Aug 13, 2026. Share price +2.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The large discount to fair value meets weak quality (38/100). That raises the risk this is a value trap rather than a bargain.
- The price is below even our cautious bear case (29,925 KRW). The market is more pessimistic than our downside scenario.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range 6,454 KRW – 27,279 KRW · fair‑value band 29,925 KRW – 49,875 KRW · the 20,700 KRW price screens below the 39,900 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.
Analysis
Industrial Bank Of Korea (024110) currently trades at 20,700 KRW, while our model-based Fair Value estimate is 39,900 KRW, implying the stock looks roughly 48.1% undervalued today. The Quality Score stands at 38/100 (below-average quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of 44,198 KRW per share, and 5 of the 6 models we run sit above the 20,700 KRW price. Bear case: the Dividend Discount group reads lowest at 19,179 KRW, and 1 of the 6 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Industrial Bank Of Korea generated revenue of 9.0T KRW at a net margin of 29.3%. Revenue declined 0.3% year over year. It earns a return on equity of 7.4%. Net debt stands at 227T KRW. Fundamentals as of Aug 21, 2026
Our scenario range runs from 29,925 KRW (bear case) to 49,875 KRW (bull case); at 20,700 KRW, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high and 32% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at 93%, 024110 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Multiples (44,198 KRW) versus Dividend Discount (19,179 KRW). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 34 · Market factors (momentum, volatility) 51
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Industrial Bank of Korea operates as a small and medium-sized enterprise (SME) financing bank in Korea and internationally.
Full company description
Industrial Bank of Korea operates as a small and medium-sized enterprise (SME) financing bank in Korea and internationally. It provides personal and corporate banking, such as check, transfer, deposit/trust, fund, insurance, credit card, loan, forex, dues, check/draft, information management, retirement pension, and B2B; and provides various financial products and services, including personal and corporate product mail, product guide and tree; smart finance; banking, product, and affiliate services; and customer preferential service, as well as financial information for corporate management support, legal support, stock, real estate, and auction/public auction. The company also offers card information/application, card finance loan, My card management, personal and corporate card services, and guide. In addition, it provides customer consultation, financial consumer portal, report loss, information on application for fraudulent use charger, reference room, bank usage information, event, privacy policy, customer verification, system information, door-to door sales, personal inquiry, and loan originator integrated. Further, the company offers electronic financial fraud prevention, security measures, financial transaction precautions, PC security service, overseas IP blocking service, new deposit account designation, service with limited usage time, and delayed transfer; engages in SME, retail, and investment banking; and capital markets. Industrial Bank of Korea was founded in 1961 and is headquartered in Seoul, South Korea.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Industrial Bank Of Korea reported revenue of 10.0T KRW in FY2025 versus 7.9T KRW in FY2021, a compound +5.9%/yr. Reported net income was 2.7T KRW in FY2025, compounding +3.0%/yr from FY2021.
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Peer Group
Banks - Regional · 1071 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 30/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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