Woori Financial Group Inc.

NYSE:WF Stok Raporu

Piyasa değeri: US$15.3b

Woori Financial Group Gelecekteki Büyüme

Future kriter kontrolleri 1/6

Woori Financial Group kazanç ve gelirin sırasıyla yıllık 8.3% ve 7.7% oranında artacağı tahmin edilmektedir. EPS'nin yıllık 9.5% oranında büyümesi beklenmektedir. Özkaynak kârlılığının 3 yıl içinde 8.9% olacağı tahmin edilmektedir.

Anahtar bilgiler

8.3%

Kazanç büyüme oranı

9.47%

EPS büyüme oranı

Banks kazanç büyümesi6.6%
Gelir büyüme oranı7.7%
Gelecekteki özkaynak getirisi8.90%
Analist kapsamı

Good

Son güncelleme20 Jul 2026

Gelecekteki son büyüme güncellemeleri

Güncelleme yok

Recent updates

Seeking Alpha • Jul 10

Woori Financial: Assessing Potential Interest Rate And AI Tailwinds

Summary Woori Financial Group remains a 'Buy' as I see ongoing AI integration and rising interest rates supporting its re-rating potential. WF's core banking focus (76% of profit) makes its earnings highly sensitive to net interest margin expansion, positioning it to outperform peers in an interest rate upcycle. WF's digital banking product customers and active online trading platform users have increased significantly in recent times, paving the way for further AI-driven cost optimization. Read the full article on Seeking Alpha
Seeking Alpha • Mar 04

Woori Financial: Spotlight Is On Deal Approval And Capital Adequacy (Rating Downgrade)

Summary I downgrade Woori Financial to a Hold due to uncertainties with its planned acquisitions and the impact of declining interest rates on its banking division. The proposed purchase of insurance businesses faces regulatory roadblocks, which casts doubt on Woori's plans to pivot away from its core banking operations. But Woori's capital sufficiency is improving, which allows for a greater proportion of earnings to be allocated to dividends and share buybacks. Read the full article on Seeking Alpha
Seeking Alpha • Dec 19

Woori Financial: Korea's Households Are Overlevered And Delinquencies Are Rising

Summary Korea's large banks, KB and Woori, trade at vast discounts to US banks, with Woori having a forward "P/E" of 3.7X, a dividend yield of 8%, and a price-to-book ~0.3X. The recent political crisis, initiated by the now-impeached leader's attempt to impose martial law, highlights South Korea's significant and growing social, economic, and political unrest. South Korea has very high home prices despite low birth rates, family formation levels, and a high inferred depression level, indicating underlying social contention that may result in economic woes. Although Korea's banks lack transparency as US banks, many young Koreans borrow money to finance stock market investments, indicating immense potential hidden risk. With delinquencies rising across Korea's banks and Woori having relatively high leverage and lending levels, I believe its low valuation is due to significant underlying risk factors. Read the full article on Seeking Alpha
Seeking Alpha • Oct 24

Woori Financial: This Rally Has Legs

Summary Woori's recent re-rating is well-justified. Still, the stock remains too deeply discounted. Investors get paid a well-covered yield to sit and wait. Read the full article on Seeking Alpha
Seeking Alpha • Aug 21

Woori Financial Group: Too Cheap To Ignore

Summary Woori set to benefit in the short term by reinvigorated real estate market in Korea. Long-term benefits related to Value-up programme could generate a significant upside. Woori pursues purchase of two Korean life insurers to enhance non-interest income. My view is that Woori is too cheap even by Korean standards. Read the full article on Seeking Alpha
Seeking Alpha • Jun 11

Woori Bank: New Catalysts Ahead

Summary South Korea's economy is recovering after a slowdown caused by a decline in tech exports. The country's equities market is showing signs of improvement. The bounce back in the economy is a positive sign for South Korea's overall economic health. Read the full article on Seeking Alpha
Seeking Alpha • Mar 18

Woori Financial: This High Yielder Is No Longer A Value Trap

Summary Woori Financial Group Inc. has long traded at a deep discount to its fundamentals. But a path to realizing value is finally taking shape. Patient investors also get to lock in some very attractive yields at current levels. Read the full article on Seeking Alpha
Seeking Alpha • Jan 02

Woori Financial: Consider International Expansion And M&A

Summary WF aims to grow the profit contribution from its overseas banking businesses over time with a focus on specific Southeast Asian markets like Indonesia and Cambodia. Woori Financial could find it tough to execute on future M&A deals, due to constraints associated with deal pricing and capital adequacy. I make no changes to my existing Hold rating for WF following an evaluation of Woori Financial's foreign markets expansion plans and its inorganic growth prospects. Read the full article on Seeking Alpha
Seeking Alpha • Oct 17

Woori Financial: Outlook Is Mixed

Summary Korea Deposit Insurance Corporation is no longer expected to be a shareholder of Woori Financial by end-2024, and this is a favorable development for WF. On the flip side, WF's 2H 2023 financial prospects are poor, which could potentially be a drag on the stock's price performance in the short term. A Hold rating for WF is retained on the basis that the share price outlook is mixed. Read the full article on Seeking Alpha
Seeking Alpha • Aug 08

Woori Financial: It's All About Dividends

Summary Woori Financial has made the switch from a semi-annual dividend payment frequency in the past to distributing quarterly dividends going forward. But there is a real risk of a dividend cut for WF in FY 2023, considering its earnings outlook, dividend payout ratio, and CET1 ratio. I maintain a Neutral rating for Woori Financial, as I think that WF isn't an appealing investment choice from a dividend investor's perspective. Read the full article on Seeking Alpha
Seeking Alpha • Jun 01

Woori Financial: Watch Capital Adequacy And Capital Allocation

Summary The CET1 ratio for Woori Financial has increased YoY and QoQ in the recent quarter, but WF's CET1 ratio is still the lowest among the major Korean financial institutions. Woori Financial's future capital allocation initiatives like M&A and capital return might be affected by the need for WF to have a reasonably high CET1 ratio to meet regulatory requirements. I continue to assign a Hold rating to WF stock based on my assessment of Woori Financial's capital adequacy metrics and capital allocation plans. Read the full article on Seeking Alpha
Seeking Alpha • Feb 08

Woori Financial reports FY results

Woori Financial (NYSE:WF): FY Net Income of WON3.35B Revenue of WON9.84B (+18.0% Y/Y).
Seeking Alpha • Oct 25

Woori Financial reports Q3 results

Woori Financial press release (NYSE:WF): Q3 Net Income of WON934B Revenue of WON2.38T (+11.7% Y/Y).
Seeking Alpha • Aug 10

Woori Financial: 98% Net Income Growth YoY, Yet Trading At P/B Of 0.33

Woori Financial Group is one of the big four South Korean banking institutions holding 12% of the banking system's total loans and 14% of deposits. Net income grew 98% YoY on revenue growth of 22.3% YoY. In their press release for first half results they breakout that first half revenue grew 61% over last year. Assuming a conservative re-rating of P/B value to 0.5 from current levels of 0.33 implies a margin of safety of 64%. There are risks related to a broader South Korean economic bubble which I discuss as well. Woori Financial (WF) is the smallest of the big four Korean banks which historically has traded below its peers in terms of valuation for two reasons: (1) worse performance metrics and (2) government ownership of shares. All four of the banks have announced quarterly earnings already and given a review of first half performance, and it seems that Woori may be taking a turn for growth. Additionally, government ownership is down to just 3.6% of shares outstanding with a stated goal to divest fully by the end of this year. The market currently values Woori at a P/B of 0.33 and a P/E of 4.78 based on just the first half of this year’s earnings. Given rising interest rates and ongoing cost reduction via synergies I think it’s likely they can do at least as much in earnings in the second half which would value WF at a P/E of 1.76 based on an FY22 estimate. While these valuations are low we should consider that Woori has traded at a discount to book for years so historical averages may be more helpful in getting the picture here. The three year average P/B is 0.36 and the P/E is 4.78. Based on these metrics we can see that Woori trades only slightly below average P/B though if earnings continue at this rate it’s well below average P/E. I think it’s more likely that WF will trade at the peer average P/E which would imply a 172% margin of safety. Calculations assume a price of WF at $27.00. Overview of Woori Financial Group and South Korean Banks Woori is not alone in being discounted here as Korean banks overall trade at a significant discount to book value. Take these data points for instance from a Business Korea article: The average PER of South Korean bank group stocks for the 10 most recent years is 4.0 whereas those of their counterparts in Germany, Finland, Singapore and the United States are 16.4, 11.4, 11.2 and 10.3, respectively,” it explained, adding, “In addition, the former’s average PBR is 0.36 whereas the figure is as high as 1.61 in the United States and 0.42 in China. According to their review South Korea bank stocks trade at the second to lowest valuation compared to international peers. The only country with more undervalued banks is Russia. South Korea companies overall have tended to trade with what’s called the Korea Discount due to many of the top Korean companies being family run. Banks in particular were seen to be not shareholder friendly – though this has changed in the recent years as each of the larger Korean banks have made steps to engage in new tactics with regard to shareholders including share buybacks. We’ve seen at Woori that they’ve targeted an increased dividend payout to 30% and stated in the last earnings call that they are “planning to review a wide variety of shareholder return options once COVID-19 stabilizes.” I suspect that with changes in capital allocation approaches by South Korean banks, specifically share buybacks which could be hugely accretive, that they should start to trade closer to book value in the next 3-5 years. Rising interest rates are driving further earnings in the near term for deposits at banks. Woori Financial will benefit from this broadly though I think it’s the best pick amongst the bunch. If we look at P/E valuation based on first half earnings alone we can see the disconnect that's started with WF. Peer Comparison Market Cap P/B 1H22 Earnings P/E of 1h22 Woori Financial 8,413 0.33 1761 4.78 Shinhan Financial Group (SHG) 18,805 0.39 2720 6.91 KB Financial Group (KB) 18,566 0.35 2756.00 6.74 Hana Financial 10,569 0.31 1727.40 6.12 14,088 0.345 6.14 *Data pulled from company filings. Here are some other metrics related to first half performance amongst the peers. Peer Comparison NIM Cost to Income Credit Cost Ratio Non-performing loans NPL Coverage Ratio CET-1 WF 1.83% 40.10% 0.29% 0.30% 210% 11% SHG 1.58% 39.00% 0.31% 0.38% 209% 12.82% KB 1.96% 46.50% 0.23% 0.32% 222.40% 12.93% Hana Financial 1.80% 45.30% 0.23% 0.37% 188.40% 13.18% Average 1.79% 42.73% 0.27% 0.34% 208% 12% *Data pulled from company filings. Some things I observe from above is that WF has above average net income margins, cost-to-income, and non-performing loans. Credit-cost and CET-1 are a bit higher for them than the group. Overall there is nothing that seems to suggest justification for a wide differential in P/E between Woori and its peers. But we should put the most recent earnings into more context as WF have been growing net income to record levels in the past year and a half. Net income grew 98% YoY on revenue growth of 22.3% YoY. In their press release for first half results they breakout that first half revenue grew 61% over last year, net income grew 46%. Earnings are growing at this pace given Woori Financial's expansion beyond bank services and digitalization efforts. All of the large South Korean banks have been expanding in this way as they look to compete more internationally by offering a more complete suite of offerings. In the conference call they noted that “the contribution of the nonbank business, which was 10% when we first created the holding company, has grown to 17.2% as of 2021 and broadening the profit base of the group.” This organic growth is supported by their low cost deposit base and is driving record earnings. With the company trading at distressed multiples, the compounding potential of earnings for anyone buying in now is high. Let’s look at an example. Last year’s earnings came in at 2.762b KRW. First half net income was 1.762b KRW. Assuming no additional growth in earnings that would imply earnings of 3.524b KRW which would imply 28% growth for the year. If we apply the three year peer average P/E of 4.78 implied market capitalization would be 12.064b KRW compared to the current market cap around 8.413b KRW – an implied 43% upside assuming no growth. It’s more likely that the end of year figure will be above the 3.524b KRW estimate as interest rates drive earnings higher and organic growth continues within the company. If share repurchases are considered over the next year that could further compound returns as long as valuations remain low. Of note is that peers KB and SHG have both discussed initiating share buybacks this year given low P/B valuation. I think this is a trend opening up across these banks and we should see them beginning to use the lever of buybacks to help drive value given consistent prices below book value. Government Overhang on Woori Financial Will Unwind This Year Woori Financial began its process of becoming privatized in December 2014 with the South Korean government retaining around 17% of share outstanding. After many rounds of selling over the years they maintain around a 3.6% interest which they intend to sell out by the end of this year. This large block of shares that have been regularly unloaded has likely caused downward pressure in the name as well as a general discount given government ownership. We can also see that the ratings agencies have been noting this development as well. A note from Fitch in November 2021 highlighted: The state's previously strong influence on Woori's management hindered the consistent execution of strategies, partly due to frequent changes in key managers, who often had less banking experience than those at peers. The state’s influence also led to heightened risk appetite, evident in aggressive credit expansion and delayed exposure reduction to troubled sectors, such as construction, shipping and shipbuilding, until the mid-2010s. Such influence has reduced noticeably since 2017 when the board started to be controlled by members representing a handful of minority shareholders. More effective checks and balances and risk control have facilitated improvements in Woori’s financial profile to closer to the major local peers, leading us to upgrade the Viability Rating to 'a-' from 'bbb+' in July 2021. However, it remains to be seen whether the stability of the board can be maintained without a major or dominant shareholder. Over the coming years I think we will see Woori Financial become more focused on overall shareholder return and growing their business. Without the overhang of government connection and intervention, management should be able to continue to execute against their growth plans to become a pan-Asian financial leader. South Korea Real Estate Bubble Risk There is currently fear of a real estate and economic bubble in South Korea which is hanging over the banks as well. In the event that there is a 20-40% downturn in real estate values as some fear, Woori Financial’s historic connections with the government may be advantageous. In a scenario where real estate values see that kind of plunge Woori Financial has a few buffers in place that would mitigate impact. To start the company has loan loss reserves of 2.213b KRW. Their real estate exposure is tied to the 45% of their book which is retail loans. Of those loans, 70% are backed by real estate with an average loan-to-value ratio of 42.35%. These values are pretty similar across WF’s peers.
Seeking Alpha • Jul 15

Woori Financial: Cheap For Good Reasons

The market values Woori Financial at 0.35 times P/B and 4.4 times consensus forward FY 2021 P/E, and the stock offers a forward FY 2021 dividend yield of 5.8%. Woori Financial is not as good as its peers in areas such as low cost deposits, cost efficiency and capital adequacy. On the positive side of things, Woori Financial's dividends are expected to grow significantly this year, and the company continues to diversify beyond its core banking business. Woori Financial is cheap for good reasons, which points to a Neutral rating.

Kazanç ve Gelir Büyüme Tahminleri

NYSE:WF - Analistlerin gelecek tahminleri ve geçmiş finansal verileri (KRW Millions )
TarihGelirKazançlarSerbest Nakit AkışıFaaliyetlerden NakitAvg. Analist Sayısı
12/31/202812,719,4153,718,124N/AN/A12
12/31/202712,298,6123,505,598N/AN/A14
12/31/202611,715,4263,197,010N/AN/A14
3/31/202610,108,6572,962,3865,201,3415,717,964N/A
12/31/20259,962,9632,974,287-700,505-197,416N/A
9/30/20259,619,8303,069,54322,482,83122,807,373N/A
6/30/20259,631,3502,723,171-14,568,687-14,164,635N/A
3/31/20259,441,2352,715,756-16,026,046-15,613,504N/A
12/31/20249,973,9772,927,313-9,948,221-9,540,835N/A
9/30/20249,157,1682,573,699-49,841,570-49,365,363N/A
6/30/20249,504,8582,579,913-16,478,985-16,056,342N/A
3/31/20249,755,1242,280,618-24,022,559-23,618,904N/A
12/31/20239,499,1142,375,148-13,945,209-13,554,523N/A
9/30/20239,946,6592,794,0693,812,4834,156,298N/A
6/30/202310,066,2472,805,088739,4281,093,323N/A
3/31/202310,317,8573,113,1583,829,3134,183,193N/A
12/31/202210,022,2513,049,924-5,258,616-4,911,969N/A
9/30/202210,106,1802,970,795-6,359,389-6,052,482N/A
6/30/20229,569,4842,854,097-12,643,436-12,332,202N/A
3/31/20229,178,3662,690,396-9,889,342-9,634,569N/A
12/31/20218,812,9502,521,686-20,288,017-20,030,726N/A
9/30/20218,241,6192,301,263-31,156,395-30,887,799N/A
6/30/20217,582,8552,006,300-30,008,378-29,756,778N/A
3/31/20216,756,4571,399,976-27,441,214-27,180,888N/A
12/31/20206,867,4811,258,351-24,035,759-23,772,198N/A
9/30/20206,907,4151,311,843-14,911,453-14,471,208N/A
6/30/20206,784,0081,328,356-18,185,722-17,679,451N/A
3/31/20207,296,8911,808,859-13,149,302-12,609,657N/A
12/31/20196,866,8331,867,845N/A-13,536,873N/A
9/30/20196,829,9471,753,498N/A-16,341,270N/A
6/30/20196,867,4181,831,401N/A-8,368,868N/A
3/31/20196,957,6441,898,796N/A-5,953,948N/A
12/31/20186,854,6231,881,988N/A-4,835,674N/A
9/30/20186,601,3671,887,106N/A-8,615,819N/A
6/30/20186,472,0051,567,813N/A-13,156,488N/A
3/31/20186,003,2501,308,750N/A-17,778,219N/A
12/31/20175,715,1091,345,076N/A-15,613,878N/A
9/30/20175,895,0981,346,928N/A-7,164,104N/A
6/30/20175,534,2161,412,259N/A-1,970,708N/A
3/31/20175,463,9521,250,151N/A-626,438N/A
12/31/20165,421,0251,054,751N/A-6,973,343N/A
9/30/20165,468,0721,126,613N/A-10,275,164N/A
6/30/20165,641,4461,090,707N/A-19,405,328N/A
3/31/20165,346,1321,017,673N/A-22,975,665N/A
12/31/20155,177,784875,837N/A-21,004,193N/A
9/30/20154,558,495514,506N/A-23,242,089N/A

Analist Gelecek Büyüme Tahminleri

Kazançlar ve Tasarruf Oranları: WF 'nin tahmini kazanç büyümesi (yıllık 8.3% ) tasarruf oranının ( 3.5% ) üzerindedir.

Kazançlar ve Piyasa: WF şirketinin kazançlarının (yıllık 8.3% ) US pazarından (yıllık 17.2% ) daha yavaş büyümesi öngörülüyor.

Yüksek Büyüme Kazançları: WF şirketinin kazançlarının artması bekleniyor, ancak önemli ölçüde.

Gelir ve Pazar: WF şirketinin gelirinin (yıllık 7.7% ) US pazarından (yıllık 12.7% ) daha yavaş büyümesi öngörülüyor.

Yüksek Büyüme Geliri: WF şirketinin gelirinin (yıllık 7.7% ) yıllık 20% oranından daha yavaş büyümesi öngörülüyor.

Hisse Başına Kazanç Büyüme Tahminleri

Gelecekteki Özkaynak Getirisi

Gelecekteki ROE: WF 'nin Özsermaye Getirisi'nin 3 yıl içinde düşük olması tahmin ediliyor ( 8.9 %).

Büyüyen şirketleri keşfedin

7D

1Y

7D

1Y

7D

1Y

Şirket Analizi ve Finansal Veri Durumu

VeriSon Güncelleme (UTC saati)
Şirket Analizi2026/07/23 09:56
Gün Sonu Hisse Fiyatı2026/07/23 00:00
Kazançlar2026/03/31
Yıllık Kazançlar2025/12/31

Veri Kaynakları

Şirket analizimizde kullanılan veriler S&P Global Market Intelligence LLC'den alınmıştır. Bu raporu oluşturmak için analiz modelimizde aşağıdaki veriler kullanılmıştır. Veriler normalize edilmiştir, bu da kaynağın mevcut olmasından kaynaklanan bir gecikmeye neden olabilir.

PaketVeriZaman ÇerçevesiÖrnek ABD Kaynağı *
Şirket Finansalları10 yıl
  • Gelir tablosu
  • Nakit akış tablosu
  • Bilanço
Analist Konsensüs Tahminleri+3 yıl
  • Finansal tahminler
  • Analist fiyat hedefleri
Piyasa Fiyatları30 yıl
  • Hisse senedi fiyatları
  • Temettüler, Bölünmeler ve Eylemler
Sahiplik10 yıl
  • En büyük hissedarlar
  • İçeriden öğrenenlerin ticareti
Yönetim10 yıl
  • Liderlik ekibi
  • Yönetim Kurulu
Önemli Gelişmeler10 yıl
  • Şirket duyuruları

* ABD menkul kıymetleri için örnek, ABD dışı için eşdeğer düzenleyici formlar ve kaynaklar kullanılmıştır.

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Analiz Modeli ve Kar Tanesi

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Simply Wall St analiz modelini tasarlayan ve oluşturan dünya standartlarındaki ekip hakkında bilgi edinin.

Endüstri ve Sektör Metrikleri

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Analist Kaynakları

Woori Financial Group Inc. 32 Bu analistlerden 17, raporumuzun girdisi olarak kullanılan gelir veya kazanç tahminlerini sunmuştur. Analistlerin gönderimleri gün boyunca güncellenmektedir.

AnalistKurum
Sunmok HaBarclays
Jisun LeeBofA Global Research
Daehyun KimCGS International