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Key Info

Dongbu Insurance Co Ltd Web - www.idongbu.com

Tel - 82-2-1588-0100

Next Reporting Date - 15.05.2019

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    Dongbu Insurance Co Ltd

    Insurance

    SOUTH KOREA


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    0.13

    Current Market Cap mln$

    4,195.01

    Net Debt mln$

    404.04

    WACC Estimate

    2.89%

    Ordinary Current Price $

    59.24

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue11586.9112125.9513825.6913201.5314449.4415081.8615714.1316324.6316948.2117620.3218319.0919045.5719800.8620586.1021402.49
    EBITDA Costs11586.9112125.9513825.6913201.5314449.4415081.8615714.1316324.6316948.2117620.3218319.0919045.5719800.8620586.1021402.49
    EBITDA0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    EBITDA Margin0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Operating Costs11420.9011768.6612207.4712771.9812842.9913130.0013416.9313693.9913976.9914271.2914571.7914878.6215191.9115511.7915838.41
    Operating Profit166.01357.291618.22429.541606.451951.872297.202630.642971.223349.033747.304166.954608.955074.315564.07
    Operating Margin1.432.9511.703.2511.1212.9414.6216.1117.5319.0120.4621.8823.2824.6526.00
    Pretax Costs11104.6011519.1413038.8012533.0213599.5014155.2914710.9415247.4715795.4816383.4216993.2417625.7618281.8318962.3119668.13
    PTP482.32606.81786.89668.51849.94926.571003.191077.171152.731236.911325.851419.811519.031623.791734.36
    Pretax Margin4.165.005.695.065.886.146.386.606.807.027.247.457.677.898.10
    Net Income Costs11216.6511664.9313240.6812717.3613829.6614410.2314990.6615551.1016123.5516738.8017377.5318040.6318729.0419443.7120185.66
    Net Income370.27461.02585.01484.17619.78.64723.47773.53824.66881.52941.561004.941071.821142.391216.83
    Net Margin3.203.804.233.674.294.454.604.744.875.005.145.285.415.555.69
    Revenue Less Capex11642.9012144.7613843.6813222.0314454.3915078.4315702.3216304.7316920.0517582.6318271.1618986.6519730.1720502.7921305.68
    Capex-55.98-18.81-17.98-20.50-4.943.4311.8119.9028.1637.6947.9358.9270.6983.3196.81
    Capex to Revenues-0.48-0.16-0.13-0.16-0.030.020.080.120.170.210.260.310.360.400.45
    Revenue less FCF11082.3511499.7213749.6412575.9614273.9315007.6415741.1716449.4617172.9017962.0118787.3819650.6720553.6421498.1022485.95
    FCF504.56626.2276.05625.57175.5174.22-27.04-124.82-224.70-341.69-468.29-605.10-752.78-911.99-1083.46
    FCF to Revenue4.355.160.554.741.210.49-0.17-0.76-1.33-1.94-2.56-3.18-3.80-4.43-5.06

    SOUTH KOREA Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    032830 KSSamsung Life Insurance Co LtdSOUTH KOREA 14468.4111.7210.99--0.863.32#????!0.504.31-7.43
    000810 KSSamsung Fire & Marine Insurance Co LtdSOUTH KOREA 12239.9811.7310.30--0.813.94#????!1.029.049.26
    005830 KSDongbu Insurance Co LtdSOUTH KOREA 4195.017.796.90--0.413.24#????!0.8111.06-3.02
    001450 KSHyundai Marine & Fire Insurance Co LtdSOUTH KOREA 2944.977.796.61--0.293.44#????!0.749.21-6.47
    088350 KSHanwha Life Insurance Co LtdSOUTH KOREA 2939.618.998.30--0.382.89#????!0.313.98-14.22

    International Comparables

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    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    2318 HKPing An Insurance Group Co of China LtdCHINA 221142.4411.249.84--1.322.71#????!2.2320.6123.78
    1299 HKAIA Group LtdHONG KONG 123085.6419.0716.92--2.741.72#????!2.7215.8534.42
    2628 HKChina Life Insurance Co LtdCHINA 113763.0215.5413.96--1.032.57#????!1.5010.3237.13
    ALV GRAllianz SEGERMANY 100502.5511.2410.57--0.764.48#????!1.3712.3816.05
    CB USChubb LtdSWITZERLAND 64936.2813.2712.43--1.892.14#????!1.229.3416.09
    CS FPAXA SAFRANCE 63664.038.628.21--0.546.23#????!0.9410.175.66
    PRU LNPrudential PLCBRITAIN 58274.2211.2210.32--0.723.03#????!2.4721.6319.24
    1339 HKPeople's Insurance Co Group of China Ltd/TheCHINA 51812.517.206.54--0.632.24#????!0.7310.55-2.77
    MMC USMarsh & McLennan Cos IncUNITED STATES 47665.1520.2918.3914.9513.672.921.8624.465.5928.6015.69
    2601 HKChina Pacific Insurance Group Co LtdCHINA 45469.8612.0010.61--0.753.95#????!1.5714.3111.04
    PGR USProgressive Corp/TheUNITED STATES 44150.4014.8213.83--1.193.72#????!3.2724.2715.40
    AON USAon PLCBRITAIN 43208.6019.6117.4215.7414.503.810.9628.0010.6243.4718.53
    MET USMetLife IncUNITED STATES 42555.688.277.40--0.663.88#????!0.8211.0615.14
    PRU USPrudential Financial IncUNITED STATES 41952.217.997.40--0.753.93#????!0.8712.1716.32
    AIG USAmerican International Group IncUNITED STATES 39303.3910.378.99--0.812.98#????!0.656.9912.22
    MUV2 GRMuenchener Rueckversicherungs-Gesellschaft AG in MuenchenGERMANY 37072.0312.4510.99--0.624.38#????!1.179.6118.84
    AFL USAflac IncUNITED STATES 36828.4311.5311.10--1.672.21#????!1.4213.7719.28
    TRV USTravelers Cos Inc/TheUNITED STATES 36455.0012.4611.74--1.182.33#????!1.4612.4216.15
    MFC CNManulife Financial CorpCANADA 35588.728.367.79--0.934.13#????!1.0912.7620.33
    8766 JPTokio Marine Holdings IncJAPAN 35566.6612.5911.81--0.724.24#????!1.067.8810.67
    ALL USAllstate Corp/TheUNITED STATES 32122.4310.759.83--0.762.02#????!1.5214.765.59
    G IMAssicurazioni Generali SpAITALY 29930.9010.5410.28--0.395.57#????!1.0911.0220.40
    2328 HKPICC Property & Casualty Co LtdCHINA 25603.888.307.39--0.423.89#????!1.0913.355.42
    SLF CNSun Life Financial IncCANADA 24507.9411.0310.25--1.143.77#????!1.4613.8014.93
    1336 HKNew China Life Insurance Co LtdCHINA 24117.2811.9710.61--0.972.39#????!1.5613.6717.81
    GWO CNGreat-West Lifeco IncCANADA 23239.0510.7410.01--0.614.78#????!1.4914.0111.79
    LGEN LNLegal & General Group PLCBRITAIN 21099.658.608.91--1.686.41#????!1.6922.0218.06
    CFHS LICathay Financial Holding Co LtdTAIWAN 19158.90------#????!--0.00
    HIG USHartford Financial Services Group Inc/TheUNITED STATES 18386.9610.259.43--0.932.43#????!1.3012.8014.45
    8725 JPMS&AD Insurance Group Holdings IncJAPAN 18239.6210.158.94--0.374.04#????!0.686.293.32