Samsung E&A: Shares Up Sharply Over a Year as Earnings Soften and Multiples Expand

Thesis

The data supports a picture of a profitable engineering company whose share price has moved faster than its earnings. Revenue fell 6.2% in 2024 and 9.4% in 2025, and operating income in 2025 (₩792.1B) was below 2024 (₩971.6B). Trailing figures to H1 2026 show some recovery, with operating income of ₩915.2B and a 9.5% operating margin. The valuation has re-rated, with P/E up from 7.6 to 13.6 and P/B from 1.0 to 1.8, so the market appears to price in improvement that the filed numbers only partly show. Free cash flow over the trailing period was negative, which tempers the profit picture. Investor flow, foreign ownership and short-interest data are not available, so we cannot say who is driving the share price moves.

Business overview

Samsung E&A is listed on KOSPI (code 028050) in the engineering services sector. It was founded on 1978-10-19 and listed on 1996-12-24, with 196 million listed shares. The CEO listed in the data is 남궁홍. Revenue grew from ₩7.5T in 2021 to a peak of ₩10.6T in 2023, then declined to ₩9.0T in 2025. Trailing revenue to H1 2026 is ₩9.6T. One news headline dated 2026-10-13 says the company is targeting the aging plant maintenance market. The data provides no further detail on its projects or order backlog.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 23, 2026Update noteBig price moveSamsung E&A shares jump 31.3% in five days after Q3 profit surge and buyback news
2. Oct 22, 2026Update noteBuyback / dividend / value-up · EarningsSamsung E&A: Q3 Operating Profit Up 183.6% and ₩780.0B Buyback Announced
3. Oct 13, 2026InitiationSamsung E&A: Shares Up Sharply Over a Year as Earnings Soften and Multiples Expand