NH Investment & Securities Co Ltd (005940) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of NH Investment & Securities Co Ltd stock KRW 21,526, price KRW 22,850, that is 5.8% below the price, quality 39 out of 100. Rating: fairly valued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 6,843 KRW – 38,450 KRW · fair‑value band 16,495 KRW – 27,492 KRW · the 22,850 KRW price screens above the 21,526 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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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.
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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 22,850 KRW, while our model-based Fair Value estimate is 21,526 KRW, so the stock looks roughly fairly valued today (gap 6.1%).
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Valuation
Bull case: the Multiples group reads highest at a median of 25,875 KRW per share, and 2 of the 6 models we run sit above the 22,850 KRW price.
Bear case: the Dividend Discount group reads lowest at 14,160 KRW, and 4 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 16,495 KRW (bear) to 27,492 KRW (bull), the price of 22,850 KRW sits inside 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 39/100 (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 8.6T KRW (≈ $6.3B) Mid · P/E ratio 5.7 · P/S ratio 0.32 · EPS (TTM) 3,934 KRW · Dividend yield 5.7% · Net margin 5.8% · Return on equity 16.1% · Return on assets (EBIT) 4.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 41% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −6%, 005940 screens cheaper than that median.
Fair Value models
Bear16,495 KRWFair Value 21,526 KRWBull27,492 KRW
Price 22,850 KRW · Downside -5.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (2,251 KRW per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
Best data coverage
Residual Income22,584 KRW25,325 KRW32,878 KRW76
Gordon GGM7,704 KRW15,135 KRW22,588 KRW67
DDM Multi-Stage7,704 KRW13,185 KRW16,005 KRW67
All 6 models by family
Dividend Discount
Gordon GGM7,704 KRW15,135 KRW22,588 KRW67
DDM Multi-Stage7,704 KRW13,185 KRW16,005 KRW67
Multiples
P/E Multiple27,293 KRW36,391 KRW45,488 KRW63
P/B Multiple11,519 KRW15,359 KRW19,198 KRW55
Asset-Based
NCAV (Graham)12,715 KRW17,038 KRW25,429 KRW54
Economic Profit
Residual Income22,584 KRW25,325 KRW32,878 KRW76
The fair value above starts from this blend and is adjusted for dilution from new shares.
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%
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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.
+11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.0%
Dividend (yield on the price)5.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6.0% vs 13.3%, slowing
2025 sits 64% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
AI conclusion: The business shows strength in investment banking and newly launched IMA products that repeatedly sell out to high-net-worth clients, yet its main weakness remains negative operating and free cash flow alongside exposure to brokerage swings.
Main risk: Continued swings in traditional brokerage fees represent the single biggest risk to the business and would directly reduce revenue stability despite expansion into steadier product lines.
NH Investment & Securities posted a 33 percent year-on-year rise in third-quarter operating profit thanks to its investment banking strength and conservative trading stance, even while brokerage revenue fell with lower market volumes. Its newly launched IMA products have sold out repeatedly and are drawing high-net-worth clients. Does expanding these steadier revenue lines outweigh the exposure to swings in traditional brokerage fees?
Compare NH Investment & Securities Co Ltd with another stock
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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 · 384 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside−5.8% · Below median
Profitability
Return on equity (12 months)16.1% · Above median
Return on assets1.2% · Below median
Net margin (12 months)5.8% · Bottom 25%
Operating margin (12 months)20.9% · Below median
Growth and dividend
Revenue growth (quarter YoY)298.9% · Top 25%
Dividend yield (12 months)5.7% · Top 25%
Balance sheet
Debt / equity1.02× · Highest 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (12 months)5.7× · Cheapest 25%
P/B0.91× · Cheaper than median
P/S (12 months)0.32× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)26· sector 42
FUTURE (revenue growth)100· sector 68
PAST (return on equity)64· sector 38
HEALTH (low debt)–
DIVIDEND (yield)100· sector 47
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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 Nov 7, 2026, our model estimates a fair value of 21,526 KRW versus a price of 22,850 KRW, about 6% lower (fairly valued).
What is the fair value of 005940?
Our model-based fair value for NH Investment & Securities Co Ltd is 21,526 KRW (as of Nov 7, 2026), built from audited fundamentals. The current price: 22,850 KRW.
What is the quality score of 005940?
NH Investment & Securities Co Ltd has a Quality Score of 39/100. 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 21,526 KRW (as of Nov 7, 2026) from 6 valuation models. Cautious scenario 16,495 KRW, optimistic scenario 27,492 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 21,526 KRW, about 6% lower versus a price of 22,850 KRW (fairly valued). Cautious scenario 16,495 KRW, optimistic scenario 27,492 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 5.69% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of NH Investment & Securities Co Ltd (005940) and when is the ex-dividend date?
NH Investment & Securities Co Ltd pays a dividend of 1,300 KRW per share a year, a dividend yield of 5.7%. The last ex-dividend date was Mar 30, 2026. The payout ratio is 33.0% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
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 21,526 KRW per share (as of Nov 7, 2026), against a price of 22,850 KRW. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is NH Investment & Securities Co Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 005940 trades above its calculated fair value: price 22,850 KRW, fair value 21,526 KRW, a gap of about −6% (fairly valued). 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 (22,850 KRW); the fair value is what the company's own numbers justify (21,526 KRW). For NH Investment & Securities Co Ltd the two are 1,324 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 8.6T KRW (market capitalisation, as of Nov 7, 2026). Per share that is 22,850 KRW; our models calculate a fair value of 21,526 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 16,495 KRW, base 21,526 KRW, optimistic 27,492 KRW per share (as of Nov 7, 2026, price 22,850 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 005940?
NH Investment & Securities Co Ltd trades at a price-to-earnings ratio of 5.7 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 21,526 KRW is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 7.6. Other multiples: P/B 0.9, P/S 0.3.
How solid is the balance sheet of NH Investment & Securities Co Ltd (005940)?
Balance-sheet figures for NH Investment & Securities Co Ltd (as of Nov 7, 2026): return on equity 16.1%, debt of 1.02 per unit of equity. They feed the Quality Score of 39/100, 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 22,850 KRW, about 41% below its 52-week high of 38,450 KRW and 19% above the low of 19,174 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 21,526 KRW is for.
Which stocks are comparable to NH Investment & Securities Co Ltd?
From the same area (Financial Services) we also value Morgan Stanley, 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 Nov 7, 2026: price 22,850 KRW, calculated fair value 21,526 KRW (−6%), Quality Score 39/100, from 6 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 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 21,526 KRW builds on their evidence-weighted average, 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 13.0% 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 Nov 6, 2026 was 22,850 KRW. Our model-based fair value is 21,526 KRW, about 6% lower (fairly valued). 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 close to our fair value, market and models broadly agree here, little valuation tension. 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 8.6T KRW (≈ $6.3B). 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 0.32 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NH Investment & Securities Co Ltd (005940)?
Earnings per share at NH Investment & Securities Co Ltd are 3,934 KRW (price ÷ EPS = P/E 5.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NH Investment & Securities Co Ltd (005940)?
The dividend yield of NH Investment & Securities Co Ltd is 5.7% (payout 33.0%). 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 5.8% (last twelve months). 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 16.1% (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 20.9% (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 +299% 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 +72.0% 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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Nov 7, 2026