KOSPI · 002810 · Retail & Trade · ₩002810

Samyung Trading삼영무역

002810 · KOSPI · ₩002810 · 삼영무역

₩20,100▲ ₩130 (0.65%)End-of-day · Oct 29, 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

₩22,557

vs the current price (₩20,100)

Enterprise value: ₩140B
Equity value: ₩417B
WACC: 7.3%

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

Bear / Base / Bull

Bear: ₩16,878; −16.0%
Base: ₩22,557; +12.2%
Bull: ₩33,388; +66.1%

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 (3.7%).

Revenue growth

Revenue growth, year 1-3.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-1.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.2% 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 (-3.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.7%
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 & amortisation0.3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending1.9%
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 capital32.7%
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 rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta0.6
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 0.17, 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)5.51%
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): ₩444B
Net debt (borrowings and leases − cash and deposits): −₩277B
Shares: 18,466,948
Share price: ₩20,100
Market cap: ₩371B

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	₩477B	₩480B	₩447B	₩430B	₩423B	₩422B	₩429B	₩441B
Growth	−3.2%	0.7%	−6.9%	−3.2%	−1.6%	−0.1%	1.5%	3.0%
EBIT	₩17B	₩18B	₩13B	₩16B	₩16B	₩16B	₩16B	₩16B
EBIT margin	3.6%	3.8%	2.9%	3.7%	3.7%	3.7%	3.7%	3.7%
After-tax EBIT	₩12B	₩13B	₩9.3B	₩12B	₩11B	₩11B	₩11B	₩12B
+ Depreciation	₩1.4B	₩1.6B	₩1.5B	₩1.3B	₩1.3B	₩1.3B	₩1.3B	₩1.3B
− Capital spending	₩12B	₩5.2B	₩9.7B	₩8.2B	₩8B	₩8B	₩8.1B	₩8.4B
− Working capital	−₩82B	₩5.7B	−₩83B	−₩4.6B	−₩2.2B	−₩138M	₩2.1B	₩4.2B
Free cash flow	₩83B	₩4B	₩84B	₩9.3B	₩6.8B	₩4.7B	₩2.6B	₩574M
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩8.7B	₩5.9B	₩3.8B	₩1.9B	₩404M

Terminal value ₩170B, worth ₩119B today: 85% 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 ₩34,796 a share)Now 0.58×	₩15,7180.45×	₩18,3060.53×	₩21,9970.63×
Price / earnings (last 12 months: ₩3,633 a share)Now 5.53×	₩14,5604.01×	₩17,6344.85×	₩23,0706.35×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,900 a share)Now 4.10×	₩19,6384.01×	₩23,7844.85×	₩31,1176.35×

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%
6.3%	₩23,917	₩24,162	₩24,457	₩24,822	₩25,289
6.8%	₩23,070	₩23,225	₩23,407	₩23,624	₩23,891
7.3%	₩22,360	₩22,452	₩22,557	₩22,677	₩22,819
7.8%	₩21,757	₩21,805	₩21,855	₩21,911	₩21,972
8.3%	₩21,239	₩21,254	₩21,267	₩21,278	₩21,286

Now (TTM)

Market cap: ₩371B
Enterprise value: ₩95B
P/E: 5.5×
P/B: 0.6×
P/S: 0.8×
EV/EBITDA: 5.5×
Dividend yield: 5.9%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩16,030	₩12,730	₩12,390	₩12,450	₩14,450
Market cap	₩296B	₩235B	₩229B	₩230B	₩267B
P/E	5.0×	4.1×	4.6×	4.3×	6.6×
P/B	0.5×	0.4×	0.5×	0.5×	0.6×
P/S	0.7×	0.5×	0.5×	0.5×	0.6×
EV/EBITDA	2.1×	4.3×	5.5×	10.9×	9.7×
Dividend yield	7.4%	5.5%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Samyung Trading	5.5×	0.6×	0.8×	5.5×	5.9%
Samsung C&T	18.8×	0.5×	1.2×	—	0.9%
POSCO International	10.5×	1.2×	0.3×	—	3.8%
ISC	45.4×	6.1×	12.7×	—	0.5%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	19.2×	1.6×	5.1×	—	4.1%
Shinsegae	13.9×	0.4×	0.3×	—	2.1%
Similar companies (median)	16.3×	1.0×	1.0×	—	2.6%

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

Also known as: Samyung Trading / 삼영무역 / 002810 / KRX:002810

Source: KRX statistical information