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Samyoung Electronics

005680 · KOSPI · ₩005680 · 삼영전자

₩11,750▼ ₩40 (0.34%)End-of-day · Oct 28, 2026 · End-of-day prices.
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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

₩20,274

vs the current price (₩11,750)

Enterprise value
₩74B
Equity value
₩405B
WACC
7.4%

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 73% 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 ₩11,750, the model needs an operating margin of −5.3% every year (it uses 5.5%).
  • Today's P/E is 54.9× against a typical 15.9× 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
₩18,529
+57.7%
Base
₩20,274
+72.5%
Bull
₩23,497
+100.0%

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

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (5.5%).

Revenue growth

  • -10%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-13.1% a year, annual reports), fading to 3% by year 5.

  • -6.7%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-13.1% a year, annual reports), fading to 3% by year 5.

  • -3.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-13.1% a year, annual reports), fading to 3% by year 5.

  • -0.2%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-13.1% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-13.1% a year, annual reports), fading to 3% by year 5.

Business

  • 5.5%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 3.1%

    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).

  • 3.9%

    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).

  • 36.7%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.11%

    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.

  • 0.6

    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 0.3, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 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)
₩151B
Net debt (borrowings and leases − cash and deposits)
−₩310B
+ Stakes and investments
₩23B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1.2B
Shares
20,000,000
Share price
₩11,750
Market cap
₩235B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩177B₩163B₩150B₩136B₩127B₩122B₩122B₩126B
Growth−22.2%−8.1%−8.1%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩6.5B₩7.3B₩9.2B₩7.5B₩7B₩6.7B₩6.7B₩6.9B
EBIT margin3.6%4.5%6.2%5.5%5.5%5.5%5.5%5.5%
After-tax EBIT₩4.7B₩5.3B₩6.7B₩5.4B₩5B₩4.9B₩4.9B₩5B
+ Depreciation———₩4.2B₩3.9B₩3.8B₩3.8B₩3.9B
− Capital spending₩5.1B₩4.6B₩8.8B₩5.3B₩4.9B₩4.8B₩4.8B₩4.9B
− Working capital−₩253B−₩18B−₩7.4B−₩5.5B−₩3.3B−₩1.6B−₩90M₩1.3B
Free cash flow———₩9.9B₩7.4B₩5.5B₩4B₩2.7B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩9.2B₩6.4B₩4.5B₩3B₩1.9B

Terminal value ₩70B, worth ₩49B today: 66% 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:

LowTypicalHigh
Price / book (book value ₩30,740 a share)Now 0.38×₩10,4860.34×₩11,7500.38×₩14,3180.47×
Price / earnings (last 12 months: ₩214 a share)Now 54.9×₩2,1279.94×₩3,39915.9×₩12,33057.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,098 a share)Now 10.7×₩10,9129.94×₩17,43915.9×₩63,26857.6×

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%
6.4%₩20,708₩20,839₩20,997₩21,194₩21,446
6.9%₩20,393₩20,487₩20,599₩20,734₩20,902
7.4%₩20,127₩20,195₩20,274₩20,367₩20,480
7.9%₩19,900₩19,948₩20,003₩20,067₩20,143
8.4%₩19,702₩19,736₩19,774₩19,818₩19,867

Now (TTM)

Market cap
₩235B
Enterprise value
−₩75B
P/E
54.9×
P/B
0.4×
P/S
1.6×
EV/EBITDA
—
Dividend yield
2.6%

Over time (at each year end)

20252024202320222021
Price₩10,540₩9,850₩8,570₩9,300₩11,400
Market cap₩211B₩197B₩171B₩186B₩228B
P/E41.2×17.7×12.4×10.2×13.4×
P/B0.4×0.4×0.3×0.4×0.4×
P/S1.4×1.2×1.0×0.8×1.0×
EV/EBITDA—————
Dividend yield2.8%3.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Samyoung Electronics54.9×0.4×1.6×—2.6%
Samsung Electro-Mechanics96.8×9.5×7.8×—0.2%
Doosan39.2×5.5×0.7×—0.4%
Hanwha Systems71.2×2.8×3.0×—0.8%
LG Innotek13.1×1.4×0.4×—0.5%
Isupetasys35.4×8.3×5.4×—0.0%
Daeduck Electronics44.8×7.0×5.0×—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: Samyoung Electronics / 삼영전자 / 005680 / KRX:005680

Source: KRX statistical information