# Dgb Financial (139130.KO)

Canonical: https://gigainvestors.com/s/139130.KO

Analysis as of: 2026-10-01T19:03:17.031Z. Financial observations: FY2016–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: KRW 16,800.00 per share; close as of 2026-10-15.

Estimated value: low KRW 12,900.68 per share, central KRW 16,029.04 per share, high KRW 21,160.33 per share. Buy at or below the central value KRW 16,029.04 per share. Valuation as of 2026-10-01T19:03:17.031Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.20×

Chart: Net income; fiscal year observations.

- FY2016: KRW 288B

- FY2017: KRW 302B

- FY2018: KRW 375B

- FY2019: KRW 301B

- FY2020: KRW 333B

- FY2021: KRW 503B

- FY2022: KRW 402B

- FY2023: KRW 388B

- FY2024: KRW 215B

- FY2025: KRW 444B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 7.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 8.1%

- FY2017: 8.0%

- FY2018: 9.1%

- FY2019: 6.8%

- FY2020: 7.0%

- FY2021: 9.6%

- FY2022: 7.9%

- FY2023: 6.8%

- FY2024: 3.8%

- FY2025: 7.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.6%

- Book return interval: 9 years

- Starting book value per share: KRW 21K

- Ending book value per share: KRW 37K

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 7.6%

- FY2018: 10.2%

- FY2019: 8.5%

- FY2020: 11.6%

- FY2021: 11.2%

- FY2022: -0.1%

- FY2023: 15.9%

- FY2024: 3.0%

- FY2025: 10.4%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.6%

- Share growth excluding flagged crisis recapitalisations: -0.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.18×

- Book value created per share: KRW 16K

- Earnings retained per share after dividends and buybacks: KRW 14K

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 100

- FY2018: 102

- FY2019: 102

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 98

- FY2024: 98

- FY2025: 95

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.5% a year forever · net income +106.6%

Story as of 2026-10-03T17:10:00Z; price observation 2026-10-02.

The price assumes profits grow 6.5% a year forever

### Net income · FY2025

net income +106.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-01.

- FY2016: KRW 288B 

- FY2017: KRW 302B 

- FY2018: KRW 375B 

- FY2019: KRW 301B 

- FY2020: KRW 333B 

- FY2021: KRW 503B 

- FY2022: KRW 402B 

- FY2023: KRW 388B 

- FY2024: KRW 215B 

- FY2025: KRW 444B 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Operates in regional banking; annual sales are KRW 2.3 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:17.031Z); FY2025: revenue 2288518000000.

### Why customers stay

It earns 7.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:17.031Z); 10-year return on tangible equity observations [[2016,0.08109010707321682],[2017,0.08043336266318946],[2018,0.09055967444416488],[2019,0.06800531099854515],[2020,0.06958099429074585],[2021,0.09615236619068888],[2022,0.07881284124968657],[2023,0.06835637434617187],[2024,0.03754317554294736],[2025,0.07424982094188749]]; median 0.07653133109578703. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 60 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:17.031Z); Dividend observations: [[2016,61395683120],[2017,64776746000],[2018,62538333220],[2019,67597499880],[2020,83085369450],[2021,84202267900],[2022,131821842370],[2023,135948912380],[2024,119912389850],[2025,122630000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:17.031Z); FY2025: cash repurchases 60000000000 KRW.

### Are managers owners

Insiders own 14.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); 139130.KO SharesStats.PercentInsiders = 14.135 percentage points; cache date 2026-10-02.

### What the price says

The price assumes profits grow 6.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:17.031Z); Price 18380; FX 1; original perpetual distributable cash 661.0028288014092; discount 0.1; growth 0.06403684282908546. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-01.

## Monthly share-price history (KRW per share)

- 2016-09: KRW 9,030.00 per share

- 2016-10: KRW 9,600.00 per share

- 2016-11: KRW 9,570.00 per share

- 2016-12: KRW 9,770.00 per share

- 2017-01: KRW 9,870.00 per share

- 2017-02: KRW 10,400.00 per share

- 2017-03: KRW 10,850.00 per share

- 2017-04: KRW 11,650.00 per share

- 2017-05: KRW 11,500.00 per share

- 2017-06: KRW 11,800.00 per share

- 2017-07: KRW 11,950.00 per share

- 2017-08: KRW 11,000.00 per share

- 2017-09: KRW 10,500.00 per share

- 2017-10: KRW 10,450.00 per share

- 2017-11: KRW 9,980.00 per share

- 2017-12: KRW 10,550.00 per share

- 2018-01: KRW 12,400.00 per share

- 2018-02: KRW 12,400.00 per share

- 2018-03: KRW 11,650.00 per share

- 2018-04: KRW 12,000.00 per share

- 2018-05: KRW 10,350.00 per share

- 2018-06: KRW 10,250.00 per share

- 2018-07: KRW 9,350.00 per share

- 2018-08: KRW 10,250.00 per share

- 2018-09: KRW 10,150.00 per share

- 2018-10: KRW 9,400.00 per share

- 2018-11: KRW 8,800.00 per share

- 2018-12: KRW 8,310.00 per share

- 2019-01: KRW 8,680.00 per share

- 2019-02: KRW 8,480.00 per share

- 2019-03: KRW 8,170.00 per share

- 2019-04: KRW 8,420.00 per share

- 2019-05: KRW 8,080.00 per share

- 2019-06: KRW 8,150.00 per share

- 2019-07: KRW 7,530.00 per share

- 2019-08: KRW 6,890.00 per share

- 2019-09: KRW 7,450.00 per share

- 2019-10: KRW 7,030.00 per share

- 2019-11: KRW 7,090.00 per share

- 2019-12: KRW 7,120.00 per share

- 2020-01: KRW 6,500.00 per share

- 2020-02: KRW 5,610.00 per share

- 2020-03: KRW 4,590.00 per share

- 2020-04: KRW 5,270.00 per share

- 2020-05: KRW 5,260.00 per share

- 2020-06: KRW 5,110.00 per share

- 2020-07: KRW 5,150.00 per share

- 2020-08: KRW 5,290.00 per share

- 2020-09: KRW 5,490.00 per share

- 2020-10: KRW 6,180.00 per share

- 2020-11: KRW 7,300.00 per share

- 2020-12: KRW 6,790.00 per share

- 2021-01: KRW 6,370.00 per share

- 2021-02: KRW 7,070.00 per share

- 2021-03: KRW 8,440.00 per share

- 2021-04: KRW 8,860.00 per share

- 2021-05: KRW 9,460.00 per share

- 2021-06: KRW 9,300.00 per share

- 2021-07: KRW 9,450.00 per share

- 2021-08: KRW 9,100.00 per share

- 2021-09: KRW 9,930.00 per share

- 2021-10: KRW 10,350.00 per share

- 2021-11: KRW 8,950.00 per share

- 2021-12: KRW 9,380.00 per share

- 2022-01: KRW 9,230.00 per share

- 2022-02: KRW 9,480.00 per share

- 2022-03: KRW 9,340.00 per share

- 2022-04: KRW 8,940.00 per share

- 2022-05: KRW 8,680.00 per share

- 2022-06: KRW 7,610.00 per share

- 2022-07: KRW 7,720.00 per share

- 2022-08: KRW 7,450.00 per share

- 2022-09: KRW 6,970.00 per share

- 2022-10: KRW 6,790.00 per share

- 2022-11: KRW 7,920.00 per share

- 2022-12: KRW 6,990.00 per share

- 2023-01: KRW 7,950.00 per share

- 2023-02: KRW 7,900.00 per share

- 2023-03: KRW 6,900.00 per share

- 2023-04: KRW 6,850.00 per share

- 2023-05: KRW 7,010.00 per share

- 2023-06: KRW 7,270.00 per share

- 2023-07: KRW 7,310.00 per share

- 2023-08: KRW 7,500.00 per share

- 2023-09: KRW 7,870.00 per share

- 2023-10: KRW 7,860.00 per share

- 2023-11: KRW 8,500.00 per share

- 2023-12: KRW 8,490.00 per share

- 2024-01: KRW 9,010.00 per share

- 2024-02: KRW 8,860.00 per share

- 2024-03: KRW 8,550.00 per share

- 2024-04: KRW 8,480.00 per share

- 2024-05: KRW 8,240.00 per share

- 2024-06: KRW 8,020.00 per share

- 2024-07: KRW 8,150.00 per share

- 2024-08: KRW 8,380.00 per share

- 2024-09: KRW 8,090.00 per share

- 2024-10: KRW 8,170.00 per share

- 2024-11: KRW 8,870.00 per share

- 2024-12: KRW 8,180.00 per share

- 2025-01: KRW 9,220.00 per share

- 2025-02: KRW 9,260.00 per share

- 2025-03: KRW 8,980.00 per share

- 2025-04: KRW 10,280.00 per share

- 2025-05: KRW 11,170.00 per share

- 2025-06: KRW 12,570.00 per share

- 2025-07: KRW 13,870.00 per share

- 2025-08: KRW 13,710.00 per share

- 2025-09: KRW 13,760.00 per share

- 2025-10: KRW 13,230.00 per share

- 2025-11: KRW 14,300.00 per share

- 2025-12: KRW 15,550.00 per share

- 2026-01: KRW 15,500.00 per share

- 2026-02: KRW 18,390.00 per share

- 2026-03: KRW 16,710.00 per share

- 2026-04: KRW 19,100.00 per share

- 2026-05: KRW 17,340.00 per share

- 2026-06: KRW 16,810.00 per share

- 2026-07: KRW 16,950.00 per share

- 2026-08: KRW 18,490.00 per share

- 2026-09: KRW 18,860.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 19,100.35 per share, central KRW 21,010.39 per share, high KRW 23,344.88 per share

- FY2018: low KRW 20,150.74 per share, central KRW 22,165.82 per share, high KRW 24,628.69 per share

- FY2019: low KRW 14,996.09 per share, central KRW 18,745.12 per share, high KRW 24,993.49 per share

- FY2020: low KRW 14,688.32 per share, central KRW 18,360.40 per share, high KRW 24,480.53 per share

- FY2021: low KRW 16,079.70 per share, central KRW 20,099.62 per share, high KRW 26,799.50 per share

- FY2022: low KRW 13,968.78 per share, central KRW 17,460.97 per share, high KRW 23,281.29 per share

- FY2023: low KRW 14,225.54 per share, central KRW 17,781.93 per share, high KRW 23,709.24 per share

- FY2024: low KRW 13,499.57 per share, central KRW 16,874.46 per share, high KRW 22,499.28 per share

- FY2025: low KRW 12,900.68 per share, central KRW 16,029.04 per share, high KRW 21,160.33 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations