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NH Investment & Securities Co Ltd (005940) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of NH Investment & Securities Co Ltd KRW 19,037, price KRW 26,000, upside -26.8%, quality 32 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Financial Services · KR · ISIN KR7005940002

NI Some data Sep 24, 2026

NH Investment & Securities Co Ltd

005940 · KO

Weak valuationQuality is weak on top of the rich price.

!Fair value 19,037 KRW · Overvalued (−27%)
!Quality 32/100
!Expensive Growth (revenue 5y +6.9 %/yr)
!Thin margins · 7.4% net margin (TTM)
!Moderate debt · negative free cash flow
·5.00% dividend yield
!Mixed vs. peers (5/9)
!Moderate moat 60/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

38,450 KRW 6,843 KRW Fair Value 19,037 KRW Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 6,843 KRW – 38,450 KRW · fair‑value band 14,278 KRW – 23,796 KRW · the 26,000 KRW price screens above the 19,037 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

NH Investment & Securities Co., Ltd. engages in the investment management in South Korea and internationally. It operates through, Sales, Investment Banking, and Trading segments.

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NH Investment & Securities Co., Ltd. engages in the investment management in South Korea and internationally. It operates through, Sales, Investment Banking, and Trading segments. The company offers wealth management solutions to retail high-net-worth clients; service planning, UI/UX enhancement, and content development; corporate financing solutions, including corporate advisory, acquisition financing, and capital raising in the direct financing market; equities and mezzanine instruments through proprietary accounts; passive investment solutions; and PBS contracts, entrusted sales, credit extension, swap transactions, and securities lending and borrowing brokerage. It is also involved in bond trading and brokerage businesses; derivative-linked securities and over-the-counter derivatives businesses; and discretionary portfolio management. The company was formerly known as Woori Investment & Securities Co., Ltd. and changed its name to NH Investment & Securities Co., Ltd. in December 2014. The company was incorporated in 1969 and is based in Seoul, South Korea. NH Investment & Securities Co., Ltd. is a subsidiary of NongHyup Financial Group Inc.

Stock analysis

NH Investment & Securities Co Ltd (005940) currently trades at 26,000 KRW, while our model-based Fair Value estimate is 19,037 KRW, implying the stock looks roughly 36.6% overvalued today.

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Valuation

How firm this estimate is: it rests on 17 models at a data quality of 95/100, which puts the evidence level at medium.

Scenario range: 14,278 KRW (bear) to 23,796 KRW (bull), the price of 26,000 KRW sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 32/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

NH Investment & Securities Co Ltd reported revenue of 2.7T KRW in FY2025 versus 2.5T KRW in FY2021, a compound +2.2%/yr. Reported net income was 1.0T KRW in FY2025, compounding +2.6%/yr from FY2021.

Key figures

Market cap 11.6T KRW (≈ $8.1B) · P/S ratio 0.68 · Dividend yield 5.0% · Net margin 37.9% · Return on equity 11.8% · Return on assets (EBIT) 4.1% · Operating margin 25.9% · Revenue growth (YoY) +185%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 32% below its 52-week high and 42% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at −27%, 005940 screens richer than that median.

Fair Value models

Bear 14,278 KRW Fair Value 19,037 KRW Bull 23,796 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
P/B Multiple 16,909 KRW 22,545 KRW 28,181 KRW 55
NCAV (Graham) 13,262 KRW 17,771 KRW 26,523 KRW 54
All 2 models by family
Multiples
P/B Multiple 16,909 KRW 22,545 KRW 28,181 KRW 55
Asset-Based
NCAV (Graham) 13,262 KRW 17,771 KRW 26,523 KRW 54

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Quality Score breakdown

Overall quality 32/100

Of which business quality 37 · Market factors (momentum, volatility) 46

Profitability 38
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 58
Disciplined investing over empire-building
Low Volatility 42
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 58
Distance to the 52-week high (market factor)
Net Issuance 19
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 46/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+27.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.9%
Start year 2020 (pandemic). Over 10 years: −8.2% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.2%
What shareholders gained per year (last 5 years), in KRW (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+11.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.0%
Dividend (yield on the price)5.0%
Profit margin 2013 to 2018 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 199%
2025 sits 64% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

005940 screens 37% overvalued. Compare with Morgan Stanley, a financial holding company, →

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Peer Groupⓘ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.Capital Markets · 463 stocks

Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside −27% · Below median
Profitability
Return on equity (TTM) 14% · Above median
Return on assets 2% · Above median
Net margin (TTM) 7% · Below median
Operating margin (TTM) 34% · Above median
Growth and dividend
Revenue growth 185% · Top 25%
Dividend yield (TTM) 5.0% · Top 25%
Balance sheet
Debt / equity 1.02× · Highest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 32
FUTURE (revenue growth)100 · sector 91
PAST (return on equity)58 · sector 30
HEALTH (low debt)49 · sector 95
DIVIDEND (yield)100 · sector 41

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Morgan Stanley, a financial holding company, MS $200.18 $312.73 +56%
The Goldman Sachs Group GS $949.49 $756.89 −20%
The Charles Schwab Corporation SCHW $100.35 $117.26 +17%
Interactive Brokers Group IBKR $91.88 $23.37 −75%
Robinhood Markets, Inc HOOD $124.25 $47.73 −62%
Macquarie Group MQG A$242.35 A$75.58 −69%
CITIC Securities Company 600030 ¥26.89 ¥17.68 −34%
Guotai Haitong Securities Co 601211 ¥17.71 ¥18.62 +5%
East Money Information Co 300059 ¥18.77 ¥4.77 −75%
CSC Financial Co 601066 ¥23.77 ¥40.45 +70%

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NH Investment & Securities Co Ltd · Fair Value
19,037 KRW −37%Fair Value
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Cite: Fair Value Calculator (2026). "NH Investment & Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/005940

Frequently asked questions

Is NH Investment & Securities Co Ltd (005940) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 19,037 KRW versus a price of 26,000 KRW, about −27% upside (overvalued).
What is the fair value of 005940?
Our model-based fair value for NH Investment & Securities Co Ltd is 19,037 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 26,000 KRW.
What is the quality score of 005940?
NH Investment & Securities Co Ltd has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NH Investment & Securities Co Ltd (005940)?
Our model-based price target is the fair value of 19,037 KRW (as of Sep 24, 2026) from 2 valuation models. Cautious scenario 14,278 KRW, optimistic scenario 23,796 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the NH Investment & Securities Co Ltd stock forecast for 2026?
Our models put fair value at 19,037 KRW, about −27% upside versus a price of 26,000 KRW (overvalued). Cautious scenario 14,278 KRW, optimistic scenario 23,796 KRW. The calculation is refreshed regularly with new filings.
Does NH Investment & Securities Co Ltd pay a dividend?
NH Investment & Securities Co Ltd currently shows a dividend yield of about 5.00% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of NH Investment & Securities Co Ltd (005940)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NH Investment & Securities Co Ltd it is 19,037 KRW per share (as of Sep 24, 2026), against a price of 26,000 KRW. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is NH Investment & Securities Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 005940 trades above its calculated fair value: price 26,000 KRW, fair value 19,037 KRW, a gap of about −27% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 005940?
No. The price is what the market pays today (26,000 KRW); the fair value is what the company's own numbers justify (19,037 KRW). For NH Investment & Securities Co Ltd the two are 6,963 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is NH Investment & Securities Co Ltd worth?
The market values NH Investment & Securities Co Ltd at about 11.6T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 26,000 KRW; our models calculate a fair value of 19,037 KRW per share.
What do the bullish and bearish scenarios say about 005940?
Our models span a range for NH Investment & Securities Co Ltd: cautious scenario 14,278 KRW, base 19,037 KRW, optimistic 23,796 KRW per share (as of Sep 24, 2026, price 26,000 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of NH Investment & Securities Co Ltd (005940)?
Balance-sheet figures for NH Investment & Securities Co Ltd (as of Sep 24, 2026): return on equity 14.5%, debt of 1.02 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is 005940 from its 52-week high?
NH Investment & Securities Co Ltd trades at 26,000 KRW, about 32% below its 52-week high of 38,450 KRW and 42% above the low of 18,365 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 19,037 KRW is for.
Which stocks are comparable to NH Investment & Securities Co Ltd?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NH Investment & Securities Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 26,000 KRW, calculated fair value 19,037 KRW (−27%), Quality Score 32/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 005940 calculated?
We run NH Investment & Securities Co Ltd through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 19,037 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. NH Investment & Securities Co Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NH Investment & Securities Co Ltd (005940)?
The closing price on Sep 23, 2026 was 26,000 KRW. Our model-based fair value is 19,037 KRW, about −27% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NH Investment & Securities Co Ltd right now?
The price sits above even our optimistic bull case (23,796 KRW). The favourable scenario is already priced in. Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of NH Investment & Securities Co Ltd

How large is the market capitalisation of NH Investment & Securities Co Ltd (005940)?
The market capitalisation of NH Investment & Securities Co Ltd is 11.6T KRW (≈ $8.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NH Investment & Securities Co Ltd (005940)?
The price-to-sales ratio of NH Investment & Securities Co Ltd is 0.68 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of NH Investment & Securities Co Ltd (005940)?
The dividend yield of NH Investment & Securities Co Ltd is 5.0%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NH Investment & Securities Co Ltd (005940)?
The net margin of NH Investment & Securities Co Ltd is 37.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NH Investment & Securities Co Ltd (005940)?
The return on equity (ROE) of NH Investment & Securities Co Ltd is 11.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NH Investment & Securities Co Ltd (005940)?
On an EBIT basis the return on assets of NH Investment & Securities Co Ltd is 4.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NH Investment & Securities Co Ltd (005940)?
The operating margin of NH Investment & Securities Co Ltd is 25.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NH Investment & Securities Co Ltd (005940)?
Revenue at NH Investment & Securities Co Ltd is growing +185% versus a year earlier (3y avg +23.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NH Investment & Securities Co Ltd (005940)?
Earnings per share at NH Investment & Securities Co Ltd are growing +138% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does NH Investment & Securities Co Ltd (005940) generate?
The free cash flow of NH Investment & Securities Co Ltd is −5.4T KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does NH Investment & Securities Co Ltd (005940) carry?
The net debt of NH Investment & Securities Co Ltd is 9.4T KRW (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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