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Industrial Bank Of Korea (024110) fair value: what the stock is really worth

As of Nov 5, 2026: fair value (intrinsic value) of Industrial Bank Of Korea stock KRW 29,390, price KRW 19,450, upside +51.1%, quality 42 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services KR · ISIN KR7024110009

IB Industrial Bank Of Korea logo Some data Nov 5, 2026

Industrial Bank Of Korea

024110 · KO
Cheap, value-trap risk

The stock costs 34% less than our calculation considers fair.

Fair value 29,390 KRW · Strongly undervalued (34%)
Highly profitable · 27.2% net margin (FY2025)
Costs just 6.5 times its yearly profit.
Quality 42/100
Expensive Growth (revenue 5y +6.6 %/yr in KRW)
6.5% dividend yield · Watch coverage
Mixed vs. peers (7/12)
Moderate moat 62/100 · thin data
Some data
Negative free cash flow

Risks from the AI analysis

🚩Corporate loan delinquencies at highest level since 2009🚩Fintech rivals target SME customers🚩Government policy shapes lending mandate

What runs behind every stock

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

Price vs Fair Value

27,279 KRW 6,744 KRW Fair Value 29,390 KRW Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range 6,744 KRW – 27,279 KRW · fair‑value band 22,043 KRW – 43,901 KRW · the 19,450 KRW price screens below the 29,390 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Industrial Bank of Korea operates as a small and medium-sized enterprise (SME) financing bank in Korea and internationally.

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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.

Stock analysis

Industrial Bank Of Korea (024110) currently trades at 19,450 KRW, while our model-based Fair Value estimate is 29,390 KRW, implying the stock looks roughly 34% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of 40,950 KRW per share, and 4 of the 6 models we run sit above the 19,450 KRW price.

Bear case: the Multiples group reads lowest at 14,583 KRW, and 2 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 22,043 KRW (bear) to 43,901 KRW (bull), the price of 19,450 KRW sits below 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 42/100 (below-average quality), in the Financial Services sector.

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

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.

Key figures

Market cap 15.5T KRW (≈ $11.4B) Large · P/E ratio 6.5 · P/S ratio 1.76 · EPS (TTM) 3,077 KRW · Dividend yield 6.5% · Net margin 27.2% · Return on equity 7.3% · Return on assets (EBIT) 0.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (low confidence).

What moves the price

The share trades about 29% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at 51%, 024110 screens cheaper than that median.

Fair Value models

Bear 22,043 KRW Fair Value 29,390 KRW Bull 43,901 KRW
Price 19,450 KRW · Upside +51.1%
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 (1,545 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 Income 38,442 KRW 40,950 KRW 45,689 KRW 76
DDM Multi-Stage 12,492 KRW 19,348 KRW 27,183 KRW 66
Gordon GGM 12,492 KRW 24,719 KRW 43,901 KRW 65
All 6 models by family
Dividend Discount
Gordon GGM 12,492 KRW 24,719 KRW 43,901 KRW 65
DDM Multi-Stage 12,492 KRW 19,348 KRW 27,183 KRW 66
Multiples
P/E Multiple 33,148 KRW 44,198 KRW 55,247 KRW 63
P/B Multiple 10,937 KRW 14,583 KRW 18,229 KRW 55
Asset-Based
NCAV (Graham) 22,607 KRW 30,294 KRW 45,214 KRW 54
Economic Profit
Residual Income 38,442 KRW 40,950 KRW 45,689 KRW 76

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Quality Score breakdown

Overall quality 42/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 32
How much profit the company makes from its sales and capital
Quality Growth 33
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 16
Debt, balance sheet and risk of trouble
Investment 78
Does it invest with discipline instead of growing at any price?
Low Volatility 84
How calm the share price moves, does not count
Price momentum 37
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 27
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

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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. 41/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4.9%
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.
+2.7%
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.
+6.6%
Start year 2020 (pandemic). Over 10 years: +4.7% a year
Revenue growth 24 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.
+2.8%
What shareholders gained per year (last 5 years), in KRW ⓘ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. 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.
+10.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.1%
Dividend (yield on the price)6.5%
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.4.1% vs 6.7%, steady
Pace: the 5-year rate starts in 2020 (pandemic)

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Note from the team Nov 4, 2026
AI conclusion: The regional bank sharpens its SME policy focus after shedding a non-core holding yet thin evidence of advantages combines with negative cash flows and high leverage to mark persistent operational weaknesses.
Main risk: Internet-only banks such as KakaoBank and Toss Bank could draw micro-SME deposits and loans through faster digital onboarding and alternative underwriting, squeezing IBK's volumes in its core segment.
Bull case: By expanding its proprietary AI platform for SME consulting and risk assessment, IBK could strengthen customer loyalty and defend market share against digital competitors.
Bear case: If digital banks and fintechs continue capturing SME business with superior user experiences, IBK's core lending franchise could gradually erode as customers shift to faster alternatives.
Industrial Bank of Korea has completed the sale of its remaining stake in Korea Investment Holdings, ending a twenty-year equity link after the government lifted asset-sale restrictions. At the same time it expands debt relief for small borrowers while corporate loan delinquencies reach their highest level since 2009. Does shedding this non-core holding sharpen focus on its SME policy role, or does it expose deeper strains in core lending quality?
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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.Banks - Regional · 1002 stocks

Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 42 · Bottom 25%
Fair Value upside +51.1% · Top 25%
Profitability
Return on equity (12 months) 7.3% · Bottom 25%
Return on assets 0.5% · Bottom 25%
Net margin (12 months) 27.2% · Below median
Operating margin (12 months) 57.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 11.4% · Above median
Dividend yield (12 months) 6.5% · Top 25%
Balance sheet
Debt / equity 4.25× · Highest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 6.5× · Cheapest 25%
P/B 0.43× · Cheapest 25%
P/S (12 months) 1.69× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 8
FUTURE (revenue growth)57 · sector 48
PAST (return on equity)29 · sector 43
HEALTH (low debt)0 · sector 85
DIVIDEND (yield)100 · sector 53

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 Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.52 ¥7.59 +38% vs 024110
China Merchants Bank Co 600036 ¥42.54 ¥52.73 +24% vs 024110
BNP Paribas SA BNP €91.94 €106.01 +15% vs 024110
Intesa Sanpaolo S.p.A ISP €6.27 €4.59 −27% vs 024110
UniCredit S.p.A UCG €77.18 €50.44 −35% vs 024110
Oversea-Chinese Banking Corporation O39 27.93 SGD 18.20 SGD −35% vs 024110
Mizuho Financial Group MFG $9.39 $5.90 −37% vs 024110
DBS Group D05 71.20 SGD 40.39 SGD −43% vs 024110
HDFC Bank Limited HDFCBANK ₹760.00 ₹406.39 −47% vs 024110
ICICI Bank Limited ICICIBANK ₹1,500 ₹615.63 −59% vs 024110

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Industrial Bank Of Korea: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Industrial Bank Of Korea Fair Value". https://www.fairvalue-calculator.com/stock/024110

Frequently asked questions

Is Industrial Bank Of Korea (024110) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 29,390 KRW versus a price of 19,450 KRW, about +51% upside (undervalued).
What is the fair value of 024110?
Our model-based fair value for Industrial Bank Of Korea is 29,390 KRW (as of Nov 5, 2026), built from audited fundamentals. The current price: 19,450 KRW.
What is the quality score of 024110?
Industrial Bank Of Korea has a Quality Score of 42/100. 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 Industrial Bank Of Korea (024110)?
Our model-based price target is the fair value of 29,390 KRW (as of Nov 5, 2026) from 6 valuation models. Cautious scenario 22,043 KRW, optimistic scenario 43,901 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Industrial Bank Of Korea stock forecast for 2026?
Our models put fair value at 29,390 KRW, about +51% upside versus a price of 19,450 KRW (undervalued). Cautious scenario 22,043 KRW, optimistic scenario 43,901 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Industrial Bank Of Korea (024110)?
Industrial Bank Of Korea reported trailing-twelve-month revenue of about 9.2T KRW (latest available figure, as of Nov 5, 2026).
Does Industrial Bank Of Korea pay a dividend?
Industrial Bank Of Korea currently shows a dividend yield of 6.47% relative to its recent price (as of Nov 5, 2026).
What is the intrinsic value of Industrial Bank Of Korea (024110)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Industrial Bank Of Korea it is 29,390 KRW per share (as of Nov 5, 2026), against a price of 19,450 KRW. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Industrial Bank Of Korea stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 024110 trades below its calculated fair value: price 19,450 KRW, fair value 29,390 KRW, a gap of about +51% (undervalued). 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 024110?
No. The price is what the market pays today (19,450 KRW); the fair value is what the company's own numbers justify (29,390 KRW). For Industrial Bank Of Korea the two are 9,940 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Industrial Bank Of Korea worth?
The market values Industrial Bank Of Korea at about 15.5T KRW (market capitalisation, as of Nov 5, 2026). Per share that is 19,450 KRW; our models calculate a fair value of 29,390 KRW per share.
What do the bullish and bearish scenarios say about 024110?
Our models span a range for Industrial Bank Of Korea: cautious scenario 22,043 KRW, base 29,390 KRW, optimistic 43,901 KRW per share (as of Nov 5, 2026, price 19,450 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 024110?
Industrial Bank Of Korea trades at a price-to-earnings ratio of 6.5 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 29,390 KRW is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 4.3. Other multiples: P/B 0.4, P/S 1.7.
How solid is the balance sheet of Industrial Bank Of Korea (024110)?
Balance-sheet figures for Industrial Bank Of Korea (as of Nov 5, 2026): return on equity 7.3%, debt of 4.25 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is 024110 from its 52-week high?
Industrial Bank Of Korea trades at 19,450 KRW, about 29% below its 52-week high of 27,279 KRW and 5% above the low of 18,460 KRW (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 29,390 KRW is for.
Which stocks are comparable to Industrial Bank Of Korea?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial 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 Industrial Bank Of Korea stock attractive at the current price?
The data as of Nov 5, 2026: price 19,450 KRW, calculated fair value 29,390 KRW (+51%), Quality Score 42/100, 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 024110 calculated?
We run Industrial Bank Of Korea through 6 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 29,390 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 15.5% above its aggregate fair value. Industrial Bank Of Korea currently trades 34% below its own fair value, and the market average says nothing about that. 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 Industrial Bank Of Korea (024110)?
The closing price on Nov 5, 2026 was 19,450 KRW. Our model-based fair value is 29,390 KRW, about +51% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Industrial Bank Of Korea right now?
The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (22,043 KRW). The market is more pessimistic than our downside scenario. A fairly wide model range (22,043 KRW to 43,901 KRW) leaves room in how you read the outcome. 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 Industrial Bank Of Korea

How large is the market capitalisation of Industrial Bank Of Korea (024110)?
The market capitalisation of Industrial Bank Of Korea is 15.5T KRW (≈ $11.4B). 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 Industrial Bank Of Korea (024110)?
The price-to-sales ratio of Industrial Bank Of Korea is 1.76 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Industrial Bank Of Korea (024110)?
Earnings per share at Industrial Bank Of Korea are 3,077 KRW (price ÷ EPS = P/E 6.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Industrial Bank Of Korea (024110)?
The dividend yield of Industrial Bank Of Korea is 6.5% (payout 40.9%). 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 Industrial Bank Of Korea (024110)?
The net margin of Industrial Bank Of Korea is 27.2% (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 Industrial Bank Of Korea (024110)?
The return on equity (ROE) of Industrial Bank Of Korea is 7.3% (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 Industrial Bank Of Korea (024110)?
On an EBIT basis the return on assets of Industrial Bank Of Korea is 0.8% (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 Industrial Bank Of Korea (024110)?
The operating margin of Industrial Bank Of Korea is 57.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Industrial Bank Of Korea (024110)?
Revenue at Industrial Bank Of Korea is growing +11.4% versus a year earlier (3y avg +2.7%). 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 Industrial Bank Of Korea (024110)?
Earnings per share at Industrial Bank Of Korea are growing −2.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Industrial Bank Of Korea (024110) generate?
The free cash flow of Industrial Bank Of Korea is −3.2T 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 Industrial Bank Of Korea (024110) carry?
The net debt of Industrial Bank Of Korea is 227T 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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