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Sama Aluminium

006110 · KOSPI · ₩006110 · 삼아알미늄

₩63,100▲ ₩800 (1.28%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩315B
Equity value
−₩541B
WACC
7.0%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩63,100, the model needs an operating margin of 37.9% every year (it uses −0.3%).
  • Margins ranged from −6.5% to 7.2% 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.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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
—
Bull
—

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 (−0.3%).

Revenue growth

  • -4.5%

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

    Default: the last 3 years' revenue growth (-4.5% a year, annual reports), fading to 3% by year 5.

  • -2.7%

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

    Default: the last 3 years' revenue growth (-4.5% a year, annual reports), fading to 3% by year 5.

  • -0.8%

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

    Default: the last 3 years' revenue growth (-4.5% a year, annual reports), fading to 3% by year 5.

  • 1.1%

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

    Default: the last 3 years' revenue growth (-4.5% 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 (-4.5% a year, annual reports), fading to 3% by year 5.

Business

  • -0.3%

    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.

  • 4.6%

    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).

  • 26.6%

    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).

  • 38.1%

    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.

  • 0.65

    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 0.48, 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)
₩302B
Net debt (borrowings and leases − cash and deposits)
₩228B
+ Stakes and investments
₩2.1B
Associates, long-term financial assets and deposits (book value)
Shares
15,123,455
Share price
₩63,100
Market cap
₩954B

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₩268B₩252B₩271B₩289B₩281B₩279B₩282B₩290B
Growth−14.1%−6.1%7.8%−4.5%−2.7%−0.8%1.1%3.0%
EBIT₩3.8B−₩9.6B−₩18B−₩866M−₩843M−₩836M−₩845M−₩871M
EBIT margin1.4%−3.8%−6.5%−0.3%−0.3%−0.3%−0.3%−0.3%
After-tax EBIT₩2.7B−₩7B−₩13B−₩628M−₩611M−₩606M−₩613M−₩631M
+ Depreciation₩9.3B₩14B₩13B₩13B₩13B₩13B₩13B₩13B
− Capital spending₩77B₩54B₩81B₩77B₩75B₩74B₩75B₩77B
− Working capital₩8.8B₩10B−₩3.3B−₩5.2B−₩3B−₩856M₩1.2B₩3.2B
Free cash flow−₩73B−₩57B−₩77B−₩59B−₩59B−₩61B−₩64B−₩68B
Discount factor———0.9350.8740.8170.7630.713
Present value———−₩55B−₩52B−₩50B−₩49B−₩48B

Terminal value −₩85B, worth −₩61B today: 19% 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 ₩14,650 a share)Now 4.31×₩22,8741.56×₩47,8433.27×₩88,2326.02×

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%
6.0%—————
6.5%—————
7.0%—————
7.5%—————
8.0%—————

Now (TTM)

Market cap
₩954B
Enterprise value
₩1.2T
P/E
—
P/B
4.3×
P/S
3.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩23,800₩33,850₩106,400₩41,400₩27,000
Market cap₩360B₩512B₩1.6T₩626B₩408B
P/E——472.4×36.4×33.6×
P/B1.7×2.1×6.3×4.5×3.3×
P/S1.3×2.0×6.0×2.0×1.6×
EV/EBITDA—161.2×126.7×22.8×19.0×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Sama Aluminium—4.3×3.2×—0.0%
POSCO Holdings16.6×0.4×0.3×7.8×3.5%
Korea Zinc18.9×1.6×0.9×—2.2%
Hyundai Steel—0.2×0.2×—1.9%
Poongsan8.3×0.7×0.3×6.0×2.8%
SeAH Besteel Holdings12.6×0.6×0.3×9.6×3.8%
HVM1,268.4×5.6×8.8×61.7×0.0%
Similar companies (median)16.6×0.6×0.3×8.7×2.5%

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

Also known as: Sama Aluminium / 삼아알미늄 / 006110 / KRX:006110

Source: KRX statistical information