KOSPI · 005610 · Food & Beverage · ₩005610

Samlip삼립

005610 · KOSPI · ₩005610 · 삼립

₩38,750▼ ₩250 (0.64%)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

₩124,595

vs the current price (₩38,750)

Enterprise value: ₩1.2T
Equity value: ₩1.1T
WACC: 6.4%

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 222% 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 ₩38,750, the model needs an operating margin of 0.9% every year (it uses 2.2%).
Or revenue growth −24.9 points a year higher than assumed in each of the 5 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: —
Base: ₩124,595; +221.5%
Bull: ₩371,898; +859.7%

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 (2.2%).

Revenue growth

Revenue growth, year 10.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 21.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.6% 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 (0.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.2%
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 & amortisation2.7%
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 spending1.4%
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 capital3.2%
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.
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 0.05, 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): ₩3.4T
Net debt (borrowings and leases − cash and deposits): ₩137B
+ Stakes and investments: ₩8.1B; Associates, long-term financial assets and deposits (book value)
Shares: 8,629,009
Share price: ₩38,750
Market cap: ₩334B

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	₩3.4T	₩3.4T	₩3.4T	₩3.4T	₩3.5T	₩3.5T	₩3.6T	₩3.7T
Growth	3.6%	−0.2%	−1.7%	0.6%	1.2%	1.8%	2.4%	3.0%
EBIT	₩92B	₩95B	₩39B	₩75B	₩76B	₩77B	₩79B	₩82B
EBIT margin	2.7%	2.8%	1.1%	2.2%	2.2%	2.2%	2.2%	2.2%
After-tax EBIT	₩67B	₩69B	₩28B	₩54B	₩55B	₩56B	₩57B	₩59B
+ Depreciation	₩90B	₩91B	₩93B	₩92B	₩93B	₩95B	₩97B	₩100B
− Capital spending	₩51B	₩52B	₩42B	₩48B	₩48B	₩49B	₩50B	₩52B
− Working capital	₩38B	−₩83B	₩34B	₩651M	₩1.3B	₩2B	₩2.7B	₩3.5B
Free cash flow	₩68B	₩192B	₩45B	₩98B	₩99B	₩100B	₩102B	₩104B
Discount factor	—	—	—	0.940	0.883	0.829	0.779	0.732
Present value	—	—	—	₩92B	₩87B	₩83B	₩79B	₩76B

Terminal value ₩1.1T, worth ₩787B today: 65% 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 ₩53,950 a share)Now 0.72×	₩46,0740.85×	₩64,8841.20×	₩107,5611.99×

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%
5.4%	₩131,814	₩143,318	₩158,152	₩178,017	₩206,011
5.9%	₩119,268	₩128,155	₩139,286	₩153,640	₩172,863
6.4%	₩108,969	₩115,996	₩124,595	₩135,366	₩149,254
6.9%	₩100,353	₩106,015	₩112,813	₩121,133	₩131,552
7.4%	₩93,029	₩97,663	₩103,139	₩109,716	₩117,763

Now (TTM)

Market cap: ₩334B
Enterprise value: ₩471B
P/E: —
P/B: 0.7×
P/S: 0.1×
EV/EBITDA: 4.7×
Dividend yield: 2.6%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩51,900	₩50,300	₩62,600	₩71,300	₩70,800
Market cap	₩448B	₩434B	₩540B	₩615B	₩611B
P/E	31.9×	5.0×	10.8×	11.6×	15.1×
P/B	0.9×	0.9×	1.3×	1.6×	1.8×
P/S	0.1×	0.1×	0.2×	0.2×	0.2×
EV/EBITDA	4.4×	2.9×	4.4×	4.8×	5.3×
Dividend yield	1.9%	3.6%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Samlip	—	0.7×	0.1×	4.7×	2.6%
Samyang Foods	18.4×	5.9×	3.3×	—	0.4%
Orion	10.5×	1.1×	1.2×	5.3×	3.1%
CJ Cheiljedang	—	0.3×	0.1×	—	3.5%
Nongshim	12.0×	0.8×	0.7×	—	1.5%
Otoki	16.9×	0.6×	0.3×	—	2.9%
Hite Jinro	23.0×	0.9×	0.4×	6.3×	4.5%
Similar companies (median)	16.9×	0.9×	0.5×	5.8×	3.0%

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

Also known as: Samlip / 삼립 / 005610 / KRX:005610

Source: KRX statistical information