KOSPI · 001820 · Electronic components · ₩001820

Samwha Capacitor삼화콘덴서

001820 · KOSPI · ₩001820 · 삼화콘덴서

₩115,900▲ ₩5,500 (4.98%)End-of-day · Oct 28, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩23,478

vs the current price (₩115,900)

Enterprise value: ₩141B
Equity value: ₩244B
WACC: 12.0%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 80% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩115,900, the model needs an operating margin of 48.7% every year (it uses 7.8%).
Margins ranged from 4.4% to 12.7% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
40% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
Today's P/E is 63.0× against a typical 16.4× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩17,702; −84.7%
Base: ₩23,478; −79.7%
Bull: ₩32,106; −72.3%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (7.8%).

Revenue growth

Revenue growth, year 13.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 23.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.8%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation4.9%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).
Capital spending6.2%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital21.2%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
Beta1.43
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 1.64, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.61%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩299B
Net debt (borrowings and leases − cash and deposits): −₩88B
+ Stakes and investments: ₩17B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩2.1B
Shares: 10,395,000
Share price: ₩115,900
Market cap: ₩1.2T

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩281B	₩295B	₩294B	₩310B	₩322B	₩332B	₩343B	₩353B
Growth	6.6%	5.2%	−0.3%	3.8%	3.6%	3.4%	3.2%	3.0%
EBIT	₩24B	₩18B	₩13B	₩24B	₩25B	₩26B	₩27B	₩28B
EBIT margin	8.4%	6.0%	4.4%	7.8%	7.8%	7.8%	7.8%	7.8%
After-tax EBIT	₩17B	₩13B	₩9.3B	₩18B	₩18B	₩19B	₩19B	₩20B
+ Depreciation	—	—	—	₩15B	₩16B	₩16B	₩17B	₩17B
− Capital spending	₩25B	₩11B	₩17B	₩19B	₩20B	₩21B	₩21B	₩22B
− Working capital	−₩2B	₩5.6B	₩6.5B	₩2.4B	₩2.4B	₩2.3B	₩2.3B	₩2.2B
Free cash flow	—	—	—	₩11B	₩12B	₩12B	₩13B	₩13B
Discount factor	—	—	—	0.893	0.798	0.712	0.636	0.568
Present value	—	—	—	₩9.9B	₩9.3B	₩8.7B	₩8.1B	₩7.5B

Terminal value ₩171B, worth ₩97B today: 69% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩27,552 a share)Now 4.21×	₩29,6241.08×	₩47,7811.73×	₩85,8293.12×
Price / earnings (last 12 months: ₩1,840 a share)Now 63.0×	₩24,79213.5×	₩30,26916.4×	₩67,66436.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,189 a share)Now 36.3×	₩42,96113.5×	₩52,45316.4×	₩117,25436.8×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
11.0%	₩24,354	₩24,713	₩25,108	₩25,548	₩26,041
11.5%	₩23,601	₩23,910	₩24,250	₩24,624	₩25,041
12.0%	₩22,918	₩23,186	₩23,478	₩23,799	₩24,154
12.5%	₩22,296	₩22,529	₩22,782	₩23,058	₩23,362
13.0%	₩21,727	₩21,930	₩22,150	₩22,389	₩22,650

Now (TTM)

Market cap: ₩1.2T
Enterprise value: ₩1.1T
P/E: 63.0×
P/B: 4.2×
P/S: 4.0×
EV/EBITDA: —
Dividend yield: 0.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩29,250	₩27,550	₩38,100	₩30,000	₩60,200
Market cap	₩304B	₩286B	₩396B	₩312B	₩626B
P/E	24.3×	13.1×	19.0×	10.7×	22.0×
P/B	1.1×	1.1×	1.6×	1.4×	3.1×
P/S	1.0×	1.0×	1.4×	1.2×	2.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.7%	1.8%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Samwha Capacitor	63.0×	4.2×	4.0×	—	0.4%
Samsung Electro-Mechanics	96.8×	9.5×	7.8×	—	0.2%
Doosan	39.2×	5.5×	0.7×	—	0.4%
Hanwha Systems	71.2×	2.8×	3.0×	—	0.8%
LG Innotek	13.1×	1.4×	0.4×	—	0.5%
Isupetasys	35.4×	8.3×	5.4×	—	0.0%
Daeduck Electronics	44.8×	7.0×	5.0×	—	0.4%
Similar companies (median)	42.0×	6.3×	4.0×	—	0.4%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Samwha Capacitor / 삼화콘덴서 / 001820 / KRX:001820

Source: KRX statistical information