Shinhan Financial Group Co., Ltd. (SHG): what the price assumes

In the published model solve dated 2026-Q2, anchored at $72.31, Shinhan Financial Group Co., Ltd. (SHG) is priced for 9.8% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-24.

Generated: 2026-08-10 · Exported: 2026-08-12 · Source: https://boothcheck.com/report/SHG

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Solve inputs: computed at a 9.8% cost of equity with 4% terminal growth over a 10-year stage, on common book equity (FY2024); each 1pp of cost of equity moves the implied ROE ~1pp.

How unusual the bet is: elevated

Valuation X-Ray

The price is supported by asset-based and earnings-power and growth-DCF value. A value/asset-supported name, not a pure growth bet.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Asset, Earnings, Growth

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 3.9%); the inversion above states its own rate.

Per-Model Detail (n=6)

Economic-Unit Decomposition (Sum Of The Parts)

The issuer is a funded financial business. Debt, interest, and cash flows are operating inputs, so industrial EV, net-debt, WACC, and free-cash-flow lenses do not apply; value the common-equity claim with book, earnings, capital, and payout economics.

No unit-level total common-equity value is stated. Each financial unit requires supported standalone common equity, normalized earnings, capital adequacy, and payout capacity. Consolidated debt, interest, and cash are operating balances, not an enterprise-to-equity bridge; company-level book, earnings, capital, and payout lenses remain the coherent cross-checks.

Solvency

Deposit/float-funded balance sheet: debt is funding, not corporate leverage, and GAAP operating cash flow follows loan flows. Net-debt, interest-coverage, and cash-burn lenses do not apply. The solvency frame for a financial is regulatory capital and payout capacity (CET1, stress buffer, dividends plus buybacks against earnings).

Bullet Takeaways

• Second-quarter net profit set a group record at KRW 1.8201 trillion, up 17.5% from a year earlier, taking first-half profit to KRW 3.4427 trillion.

• The engine of that result was a Korean capital-markets boom rather than lending: non-bank affiliates supplied 35% of first-half profit and the securities arm earned KRW 289.3 billion in the quarter, up 91.6% year on year.

• Credit is the line to watch through the second half: the non-performing loan ratio rose to 0.79% at the end of June from 0.72% at the end of 2025 while first-half provisions were cut 10.8%.

Bull Case

A financial group that cancels its own shares is saying something about what it thinks they are worth, and this one has stopped hedging the message. The shareholder return cap is gone, replaced by a payout formula that moves with the group's return on capital. The plan running from 2026 through 2028 commits to a shareholder return ratio of at least 50%, dividend per share growth above 10% a year, and continued buybacks and cancellations of more than 50 million shares. Alongside second-quarter results the group settled on KRW 700 billion of buybacks and cancellations, a quarterly dividend of KRW 740 per share, and a total 2026 payout plan of at least KRW 2.8 trillion.

The earnings behind that are not thin. Second-quarter net profit reached KRW 1.8201 trillion, a quarterly record, up 17.5% year on year and 12.2% on the prior quarter, bringing the first half to KRW 3.4427 trillion. Return on equity ran at 11.9% in the first quarter, half a point better than a year earlier. Today's quote assumes a sustained return on equity of about 9.7%. The last two prints have come in comfortably above that mark, which is the whole bull argument in one line.

The mix is what changed. Non-interest income broke KRW 1 trillion for the first time in the group's history in the first quarter, rising 26.5% to KRW 1.1882 trillion and passing 28% of total income; second-quarter fee income came in at KRW 1.1889 trillion. Shinhan Investment Corp is the visible driver, earning KRW 289.3 billion in the second quarter against a fifth-place ECM and fourth-place DCM league position. Overseas operations added KRW 250.7 billion of profit in the quarter, which for a Korean financial is a genuinely diversifying line rather than a rounding item.

The core bank has not been idle either. Group net interest income rose 5.9% year on year as the bank's margin improved two basis points quarter on quarter, with loan yields following market rates up while funding costs stayed controlled. Shinhan Bank held its position as Korea's most profitable commercial bank with KRW 1.1571 trillion of first-quarter profit.

Capital is the permission slip for all of it, and there is room. The common equity tier 1 ratio stood at 13.43% at the end of June, up from 13.19% three months earlier and above the 13% floor the group set itself, with a total capital ratio of 15.72%. A bank that earns above its own return target while building capital and retiring stock is compounding book value per share from two directions at once. The bear has to argue the earnings are borrowed from a boom. The bull only has to argue they are being converted into permanently fewer shares, which is already happening.

Bear Case

Every standard way of valuing this business already reaches today's quote. That sounds like a compliment and is closer to a warning, because it means the market is not disputing the arithmetic. It is discounting the durability of what the arithmetic is fed.

Start with where the growth came from. First-half profit of KRW 3.4427 trillion leaned 35% on non-bank affiliates, and the standout was the securities arm at KRW 289.3 billion in the second quarter, up 91.6% year on year. Brokerage, underwriting and trading income is the most cyclical line a financial group books. It arrives in a rally and leaves in a drawdown, and Korea has been in a conspicuous market rally. Fee income across the two largest groups rose roughly 56% year on year in the quarter. A number that moves like that in one direction is capable of moving like that in the other.

Meanwhile the banking business underneath is doing less well than the headline suggests. Loan-related interest revenue fell 2.1% year on year in the first quarter, with the group's net interest income rescued largely by securities holdings rather than lending. Card profit dropped 14.9% and insurance fell 37.6% over the same period. Two of the group's five operating legs are shrinking while the most volatile one carries the quarter.

Then there is credit, where the direction of travel and the accounting are pointing opposite ways. The non-performing loan ratio rose to 0.79% at the end of June from 0.72% at the close of 2025, while provisions for credit losses fell to KRW 949.8 billion in the first half, down 10.8% from a year earlier. Taking less reserve against a loan book that is getting worse is a timing judgment, and it flatters current profit precisely to the extent that it proves wrong later. Korean household and small-business leverage does not need much of a rate or employment shock to test it.

The requirement embedded in the shares is not trivial either. Today's quote assumes a sustained return on equity of about 9.7%, measured against roughly 7.9% on a trailing basis. The last two quarters cleared that bar; the group's longer record did not, and the gap is the reason the assumption reads as demanding rather than routine. What matters is which of those two periods is the better guide, and a bull answering that question has to explain why a capital-markets boom is a permanent feature.

Comparison with the closest domestic rival sharpens it. KB Financial earned KRW 1.9922 trillion in the same quarter against Shinhan's KRW 1.8201 trillion, carried a lower non-performing loan ratio at 0.67%, held more capital at a 13.74% common equity tier 1 ratio, and committed to a larger 2026 shareholder return of KRW 3.7 trillion against Shinhan's KRW 2.8 trillion. On the metrics that decide which Korean financial gets rerated first, this is the second name on the list.

One more thing a dollar-based holder carries without being asked. The group reports in Korean won and earns almost entirely in won, while the shares settle in dollars. A won that weakens against the dollar reduces the value of every figure above without a single thing changing inside the business.

Valuation

The reporting currency here is the Korean won, and every operating figure the group publishes is a won figure, while the shares themselves change hands in dollars in New York. Hold that in mind before any comparison, because it is doing quiet work in the background of all of them.

What today's quote assumes is a sustained return on equity of about 9.7%, set against roughly 7.9% on the group's trailing basis. For a bank that is the whole question, because a bank is worth what it earns on the capital it holds, and nothing else it does can compensate for very long.

The methods used to triangulate do not share the sense of strain. Valued on its own equity, on its earnings power, against comparable financials, or on projected distributions, the shares land at or below where every one of those families reaches. Only the lens keyed specifically to the trailing return marks them down, and it does so for a mechanical reason: it measures against what the group earned over a trailing window rather than what the two most recent quarters produced. Those two quarters produced a first-quarter return on equity of 11.9% and a record second-quarter profit of KRW 1.8201 trillion. That is the reconciliation. The demanding read and the supportive read are looking at different stretches of the same company, and the difference between them is roughly the length of the current Korean market rally.

A deposit-funded balance sheet does not answer to the leverage and coverage questions an industrial company faces, so the solvency read is regulatory capital and how much of the earnings stream can legally leave. On the first, common equity tier 1 stood at 13.43% at the end of June, above the 13% floor the group set for itself, with total capital at 15.72%. On the second, the 2026 plan calls for at least KRW 2.8 trillion of shareholder return, including KRW 700 billion of buybacks and cancellations and a quarterly dividend of KRW 740 per share.

What that combination describes is a business the standard frames consider fairly valued, earning above the return its shares assume, and shrinking its own share count while capital builds. The open question is not whether the arithmetic works at these levels. It is how much of the earnings feeding it belongs to the cycle: 35% of first-half profit came from outside the bank, and the fastest-growing piece of that was securities.

Catalysts

The most recent event is the one that matters most. Second-quarter results landed on July 24, 2026 with a record KRW 1.8201 trillion of net profit, ahead of expectations, and the market's read on how much of that is repeatable will set the tone into the second half.

Capital return has a schedule attached. The KRW 700 billion of buybacks and cancellations announced with the quarter runs through 2026, against a full-year payout commitment of at least KRW 2.8 trillion and a quarterly dividend of KRW 740 per share. A separate and underappreciated item arrives at the end of 2026, when a three-year window of tax-free dividend treatment opens for shareholders, one of the supports under the group's 2026 to 2028 plan. Tax treatment is not usually a catalyst; when it changes the after-tax yield on a stock whose thesis is capital return, it becomes one.

The credit line is the counterweight and it reports on the same calendar. Non-performing loans at 0.79% at the end of June, against provisions cut 10.8% in the first half, is a combination that resolves in one direction or the other over the next two quarterly prints. Rising delinquency with falling reserves is the specific pattern to check when third-quarter numbers arrive.

Finally, the securities affiliate is now large enough to swing the group. Shinhan Investment Corp earned KRW 289.3 billion in the second quarter, up 91.6% year on year, so the direction of Korean equity issuance and trading volumes in the coming months feeds directly into the next result.

Peer Cohorts (Per Segment, With Filing Citations)

Banking (reported)

• KB (KB Financial Group Inc.)
• FY2025 20-F: …amount is recognized as an inter-segment lending to the other banking operations (or as a reduction in inter-segment borrowings from the other banking operations). Generally, for our retail banking operations, the amounts procured from financing activities are greater than the amounts used in investing activities,…
• FY2025 20-F: …other financial investment companies. Competition in the domestic banking industry is generally based on the types and quality of the products and services offered, including the size and location of retail networks, the level of automation and interest rates charged and paid. Competition has increased significantly…
• WF (Woori Financial Group Inc.)
• FY2025 20-F: …important sources of revenue. In the area of credit cards, increased competition in the payments market and the resulting increase in our marketing activities, as well as the general trend towards lower merchant fees, are adversely affecting profits in the segment. In our new capital segment, our profitability may be…
• FY2025 20-F: …to obtain funding from the Bank of Korea at concessionary rates for their small- and medium-sized enterprise loans, banks (including both nationwide and regional banks) are required to allocate a minimum of 50% of any quarterly increase in their Won currency lending to small- and medium-sized enterprises. If a bank…
• HDB (HDFC BANK LIMITED)
• FY2025 20-F: …provides credit cards and debit cards, and distributes third-party financial products, such as mutual funds and insurance to such customers. Revenues of the retail banking segment are derived from interest earned on retail loans, fees for banking services, profit from foreign exchange and derivative transactions and…
• FY2025 20-F: …a centralized database of KYC linked to a unique customer identifier, (ii) updating the model operating procedure (MOP) for hassle-free settlement of claims in accounts of deceased account-holders, (iii) imposing a regulatory cost for entities whose quality of customer service is deficient and (iv) compensating…
• BSAC (BANCO SANTANDER-CHILE)
• FY2025 20-F: …over time and, therefore, satisfies a performance obligation and recognises revenue over time, and/or the Bank satisfies the performance obligation at a point in time. The main revenues arising from commissions, fees and similar items correspond to: - Fees and commissions for lines of credits and overdrafts: includes…
• FY2025 20-F: …checking accounts on which we pay interest, any such change could have a material adverse effect on our financial condition or results of operations. 27 Table of contents Modifications to reserve requirements may affect our business. Deposits are subject to a reserve requirement of 9.0% for demand deposits and 3.6%…
• BMO (BANK OF MONTREAL /CAN/)
• (no filing in the citation store)
• BNS (BANK OF NOVA SCOTIA)
• FY2025 40-F: …and provision for income taxes are reported on a taxable equivalent basis, with the offset in the Other segment. Effective January 1, 2024, the Bank no longer claims the dividend received deduction on Canadian shares that are mark-to-market property, which has resulted in a lower TEB gross-up for fiscal 2024.…
• FY2025 40-F: …credit and liquidity facilities. Excludes mortgages related to covered bonds held by the Bank or used for securities lending transactions. Includes assets that have been received from counterparties through normal course of business in securities financing and derivative transactions. Non-retail drawn includes loans,…

Credit card (reported)

• COF (CAPITAL ONE FINANCIAL CORP)
• FY2025 10-K: ATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2023 Credit Card Consumer Banking Commercial Banking (Dollars in millions) Domestic Card Personal Loans International Card Businesses Total Credit Card Auto Retail Banking Total Consumer Banking Commercial and Multifamily Real Estate Commercial…
• FY2025 10-K: …income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category. 76 Capital One Financial Corporation…
• AXP (AMERICAN EXPRESS CO)
• FY2025 10-K: …travel-related benefits. Marketing expense increased, reflecting higher levels of spending on customer acquisition and other growth initiatives. Salaries and employee benefits and other expenses was relatively flat, primarily reflecting higher allocated service costs and compensation costs and a one-time fee from a…
• FY2025 10-K: …a Card Member agreement, and instead are governed by a separate borrowing relationship, resulting in Other loans. CARD MEMBER AND OTHER LOANS Card Member loans are generally recorded at the time a Card Member enters into a point-of-sale transaction with a merchant and represent revolve-eligible balances on our card…
• SYF (Synchrony Financial)
• FY2025 10-K: …activities. 16 Table of Contents Our Credit Products ____________________________________________________________________________________________ Through our sales platforms, we offer three principal types of credit products: credit cards, commercial credit products and consumer installment loans. We also offer our…
• FY2025 10-K: …typically do not charge or earn interchange fees, as that term has been commonly understood, from our partners or customers on our private label credit card products. Merchants, trying to decrease their operating expenses, have sought to lower interchange rates, and policymakers continue to focus on interchange…
• BFH (Bread Financial Holdings, Inc.)
• FY2025 10-K: …to recognize finance charges on an accrual basis. Cash flows associated with Credit card and other loans originated or purchased for investment are classified as Cash flows from investing activities, regardless of any subsequent change in intent and ability. The following table provides Credit card and other loans,…
• FY2025 10-K: …to periodic interest charges, we may impose other charges and fees on credit card accounts, including, as applicable and provided in the cardholder agreement, late fees where a customer has not paid at least the minimum payment due by the required due date, as well as paper statement fees, which we charge on certain…
• CACC (CREDIT ACCEPTANCE CORP)
• FY2025 10-K: …the Sixth Amended and Restated Credit Agreement, dated as of June 11, 2015, among the Company, the Banks which are parties thereto from time to time, and Comerica Bank (incorporated by reference to Exhibit 4.74 to the Company's Current Report on Form 8-K filed June 16, 2015). 4.10 First Amendment to Loan and Security…
• FY2025 10-K: …by reference to Exhibit 4.143 to the Company's Current Report on Form 8-K filed April 3, 2024). 4.1 08 Sale and Servicing Agreement, dated as of March 28, 2024, among the Company, Credit Acceptance Auto Loan Trust 2024-1, Credit Acceptance Funding LLC 2024-1, and Computershare Trust Company, N.A. (incorporated by…

Securities (reported)

• NMR (NOMURA HOLDINGS INC)
• (no filing in the citation store)
• RJF (RAYMOND JAMES FINANCIAL INC)
• FY2025 10-K: …rjf:EquitiesETFsAndFixedIncomeProductsMember rjf:RjBankMember 2024-10-01 2025-09-30 0000720005 rjf:OtherOperatingSegmentsAndIntersegmentEliminationsMember rjf:EquitiesETFsAndFixedIncomeProductsMember 2024-10-01 2025-09-30 0000720005 rjf:EquitiesETFsAndFixedIncomeProductsMember 2024-10-01 2025-09-30 0000720005…
• FY2025 10-K: …rjf:PrivateClientGroupMember 2022-10-01 2023-09-30 0000720005 us-gaap:OperatingSegmentsMember rjf:BrokerageRevenueSecuritiesCommissionsInsuranceAndAnnuityProductsMember rjf:CapitalMarketsMember 2022-10-01 2023-09-30 0000720005 us-gaap:OperatingSegmentsMember…
• SF (STIFEL FINANCIAL CORP)
• FY2025 10-K: $ 4,896,754 $ 6,549,054 At December 31, 2025 and 2024, securities of $ 880.5 million and $ 842.3 million, respectively, were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. At December 31, 2025 and 2024, securities of $ 3.3 billion and $ 2.2…
• FY2025 10-K: 152,378 Other assets 1,181,158 1,294,143 Total assets $ 41,270,782 $ 39,895,540 Liabilities Payables: Brokerage clients $ 431,583 $ 468,773 Brokers, dealers, and clearing organizations 303,378 215,249 Drafts 142,916 126,770 Securities sold under agreements to repurchase 651,236 580,170 Bank deposits 29,752,063…
• LPLA (LPL Financial Holdings Inc.)
• FY2025 10-K: …income, which was recorded in other revenue in the consolidated statements of income for the year ended December 31, 2024. The modification of certain of these previously vested options resulted in $ 12.0 million of share-based compensation expense, which was included in compensation and benefits in the consolidated…
• FY2025 10-K: …data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and…
• JEF (Jefferies Financial Group Inc.)
• FY2025 10-K: ................................................................................................................................... $ 14,043,889 $ 12,153,414 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (includes $ 120,414 of securities…
• FY2025 10-K: November 30, 2025 and 2024 . Our r etained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment: November 30, $ in millions 2025 2024 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency RMBS ... $…
• MS (MORGAN STANLEY)
• FY2025 10-K: …2023-01-01 2023-12-31 0000895421 us-gaap:OperatingSegmentsMember us-gaap:InvestmentAdviceMember ms:InstitutionalSecuritiesSegmentMember 2025-01-01 2025-12-31 0000895421 us-gaap:OperatingSegmentsMember us-gaap:InvestmentAdviceMember ms:InstitutionalSecuritiesSegmentMember 2024-01-01 2024-12-31 0000895421…
• FY2025 10-K: 3.3 % Loans 2 257,513 13,995 5.4 % 226,454 13,771 6.1 % Securities purchased under agreements to resell 3 : U.S. 72,438 9,919 13.7 % 65,222 7,332 11.2 % Non-U.S. 41,126 4,629 11.3 % 47,735 5,084 10.7 % Securities borrowed 4 : U.S. 120,273 6,396 5.3 % 110,024 4,985 4.5 % Non-U.S. 18,854 227 1.2 % 18,224 406 2.2 %…

Insurance (reported)

• MET (MetLife, Inc.)
• FY2025 10-K: …party is still living. Variable Life Insurance Insurance coverage through a contract that gives the policyholder flexibility in investment choices and, depending on the product, in premium payments and coverage amounts, with certain guarantees. Premiums and account balances can be directed by the policyholder into a…
• FY2025 10-K: Regional product and finance teams price all of our insurance business with oversight from Global Risk Management. We base our pricing on the expected benefits payout which we calculate through the use of assumptions for mortality, longevity, morbidity, expenses, persistency and investment returns and macroeconomic…
• PRU (PRUDENTIAL FINANCIAL INC)
• FY2025 10-K: …asset, premium, claim, expense, and statutory reserve factors, taking into account asset, insurance, interest rate, market, and business risk attributes. Investments . U.S. state insurance laws restrict our subsidiaries' investments in certain assets and require portfolio diversification. Investments exceeding these…
• FY2025 10-K: …and solvency standards; (8) determination of maximum interest rates on life insurance policy loans and minimum accumulation or surrender values; (9) regulation of permissible investments by type, amount, and valuation; and (10) oversight of reinsurance transactions, including captive reinsurers. Insurance laws and…
• EQH (Equitable Holdings, Inc.)
• FY2025 10-K: …items, including policy charges and fee income, premiums, investment management and service fees, and other income. Gross Premiums FYP and Renewal premium and deposits. Invested assets Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term…
• FY2025 10-K: 's sales to policyholders if the regulators determine that such insurer has not met these standards or that the further transaction of business would be hazardous to policyholders. Risk-Based Capital We report our RBC based on a formula calculated by applying factors to various asset, premium and statutory reserve…
• LNC (LINCOLN NATIONAL CORPORATION)
• FY2025 10-K: …and contingent interest and standby real estate equity commitments. These items can vary significantly from period to period due to a number of factors and, therefore, can provide results that are not indicative of the underlying trends. Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums Prepayment and…
• FY2025 10-K: …7 Table of Contents Supplemental Health Insurance We offer a suite of employer-sponsored supplemental health insurance products designed for employees and their covered dependents. Coverage is primarily employee-paid. These products are characterized as part of the life products line when reporting results. Accident…
• PFG (PRINCIPAL FINANCIAL GROUP INC)
• FY2025 10-K: 2 ​ - % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance in force ​ $ 717,991.5 ​ $ 230,126.5 ​ $ 446.6 ​ $ 488,311.6 ​ 0.1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance and annuities ​ $ 4,384.6 ​ $ 335.1 ​ $ 0.9 ​ $ 4,050.4 ​ - % Accident…
• FY2025 10-K: …- Life Insurance: ​ ​ ​ ​ ​ ​ Universal life ​ ​ 6,867.5 ​ ​ 6,953.7 Corporate: ​ ​ ​ ​ ​ ​ Inter-segment eliminations ​ ​ ( 358.5 ) ​ ​ ( 361.2 ) Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue ​ ​ 30,318.1 ​ ​ 26,942.7 ​ ​ ​ ​ ​…
• AFL (AFLAC INC)
• FY2025 10-K: …as unrealized foreign currency translation gains (losses) in other comprehensive income and are included in accumulated other comprehensive income. Insurance Revenue and Expense Recognition: Substantially all supplemental health and life insurance policies the Company issues are classified as long-duration contracts.…
• FY2025 10-K: …and benefits paid or provided are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits and acquisition costs are reported net of insurance ceded. Income Taxes: Income tax provisions are generally based on pretax…

Credit (reported)

• OMF (ONEMAIN HOLDINGS, INC.)
• FY2025 10-K: Consumer and Insurance (dollars in millions) Consumer Loans Credit Cards December 31, 2025 Current $ 22,518 $ 820 30-89 days past due 803 50 90+ days past due 596 66 Total net finance receivables $ 23,917 $ 936 Delinquency ratio 30-89 days past due 3.36 % 5.38 % 30+ days past due 5.85 % 12.43 % 90+ days past due 2.49…
• FY2025 10-K: …by growth in net finance receivables. We may experience further changes to the macroeconomic assumptions within our forecast, as well as changes to our loan loss performance outlook, both of which could lead to further changes in our allowance for finance receivable losses, allowance ratio, and provision for finance…
• SLM (SLM Corp)
• FY2025 10-K: We did not utilize this facility in the years ended December 31, 2025 and 2024. Contractual Loan Commitments When we approve a Private Education Loan at the beginning of an academic year, that approval may cover the borrowing for the entire academic year. As such, we do not always disburse the full amount of the loan…
• FY2025 10-K: …$ 1,570,069 (1) See "- Provisions for Credit Losses" below in this Note 7 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income. (2) When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments,…
• ENVA (Enova International, Inc.)
• FY2025 10-K: …in two additional states) in the United States. Line of credit accounts allow customers to draw on their unsecured line of credit in increments of their choosing up to their credit limit, which ranges between $100 and $7,000. Customers may pay off their account balance in full at any time or make required minimum…
• FY2025 10-K: …depending on usage. The loans mature on August 28, 2029. The Company had outstanding letters of credit under the Credit Agreement of $ 0.4 million and $ 0.7 million as of December 31, 2025 and 2024, respectively. The Credit Agreement contains customary affirmative and negative covenants, including covenants that…
• CACC (CREDIT ACCEPTANCE CORP)
• FY2025 10-K: …on Purchased Loans that were previously written off in full . We recognize provision for credit losses on new Consumer Loan assignments for contractual net cash flows that were not expected to be realized at the time of assignment. We also recognize provision for credit losses on forecast changes in the amount and…
• FY2025 10-K: …credit histories. Our determination is based on the following: • All of the Consumer Loans assigned to us have similar risk characteristics in relation to the categorization of borrowers, type of financing receivable, industry sector, and type of collateral. • We only accept Consumer Loan assignments from Dealers…
• SOFI (SoFi Technologies, Inc.)
• FY2025 10-K: …rate as a result of tighter underwriting standards and risk mitigation actions. The allowance increase of $4.3 million primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio. 2024 vs. 2023. The provision for credit losses was…
• FY2025 10-K: We also have commitments to fund home loans and student loans that are only cancellable at the option of the borrower. The commitments are measured at fair value on a recurring basis. See Note 15. Fair Value Measurements for additional information. As part of our community reinvestment initiatives, we have a…

Consolidation adjustment (1) (reported)

• KB (KB Financial Group Inc.)
• FY2025 20-F: …loans). If insurance contracts within the group provide multiple services, weights are applied based on the total premium of each service. The quantity of services for each period and expected coverage period are calculated based on the expected persistency ratio applied in estimating the fulfillment cash flows,…
• FY2025 20-F: Others Consolidation adjustments Total Corporate banking Retail banking Other banking services Sub-total Net operating revenues (expenses) from external customers ￦ 4,689,401 ￦ 3,972,906 ￦ 2,394,979 ￦ 11,057,286 ￦ 2,201,966 ￦ 1,244,693 ￦ 1,910,627 ￦ 342,687 ￦ 1,187,903 ￦ - ￦ 17,945,162 Intersegment net operating…
• WF (Woori Financial Group Inc.)
• FY2025 20-F: …financial statements, as described in following paragraphs of accounting policy, are prepared at the end of each reporting period in historical cost basis, except for certain non-current assets and financial assets that are either revalued or measured in fair value. Historical cost is generally measured at the fair…
• FY2025 20-F: …during the year ended December 31, 2025. The entity is a structured entity for the purpose of asset securitization. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the…
• HDB (HDFC BANK LIMITED)
• FY2025 20-F: …time, are generally recognized as an adjustment to the allowance for credit losses. For collateral-dependent loans, the fair value of collateral less estimated costs to sell is used to determine the charge-off amount for declines in value (to reduce the amortized cost of the loan to the fair value of collateral) or…
• FY2025 20-F: The Board of Directors of the Bank at its meeting held on April 4, 2022, approved a composite scheme of amalgamation for the amalgamation of: (i) the Amalgamated Subsidiaries, each a subsidiary of HDFC Limited, with and into HDFC Limited, and (ii) HDFC Limited with and into the Bank, which received all the required…
• BSAC (BANCO SANTANDER-CHILE)
• FY2025 20-F: …a simulation of scenarios, which will be calculated as the difference between the present value of the flows in the chosen scenario (a curve with a parallel movement of 100 bps in all its segments) and their value in the base scenario (current market). All the inflation-indexed local currency (UF) positions are…
• FY2025 20-F: …2. Separating the forward and spot elements of a forward contract and designating only the spot element as the hedging instrument, which will be determined for each hedging relationship; and F-20 Table of Contents Banco Santander-Chile and Subsidiaries Notes to the Consolidated Financial Statements As of December 31,…
• BMO (BANK OF MONTREAL /CAN/)
• (no filing in the citation store)
• HSBC (HSBC HOLDINGS PLC)
• FY2025 20-F: …variables, including the risk-free interest rate in the country concerned and a premium for the risk of the business being evaluated. These variables are subject to fluctuations in external market rates and economic conditions beyond management's control. - Key assumptions used in estimating impairment in…
• FY2025 20-F: …of shares 1 Where an entity is governed by voting rights, HSBC consolidates when it holds - directly or indirectly - the necessary voting rights to pass resolutions by the governing body. In all other cases, the assessment of control is more complex and requires judgement of other factors, including having exposure…
• COF (CAPITAL ONE FINANCIAL CORP)
• FY2025 10-K: …consolidated effective tax rate included in the Other category. • Loans held for investment: Loans are reported within each business segment in accordance with the loans each business segment manages. • Deposits: Deposit gathering activities are reported within each business segment based on product or customer type…
• FY2025 10-K: …31, 2025, a decrease of $3.1 billion from December 31, 2024. The decrease in our net deferred tax assets was mainly related to purchase accounting adjustments, including new intangibles and the revaluation of Discover's assets and liabilities, favorable changes related to capitalized research costs from the One Big…
• PNC (PNC FINANCIAL SERVICES GROUP, INC.)
• FY2025 10-K: …asset. Amortized cost basis - Amount at which a financial asset is originated or acquired, adjusted for applicable accretion or amortization of premiums, discounts and net deferred fees or costs, collection of cash, charge-offs, foreign exchange and fair value hedge accounting adjustments. Basel III common equity…
• FY2025 10-K: …amortization, and depreciation from oil and gas-producing activities). • Requires qualitative descriptions of amounts not separately disaggregated to be disclosed. • Requires disclosure of the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. • Allows for…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.