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Samsung SDI

006400 · KOSPI · ₩SDI · 삼성SDI

₩483,500▼ ₩7,000 (1.43%)End-of-day · Oct 26, 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
−₩1.8T
Equity value
−₩12T
WACC
7.9%

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 ₩483,500, the model needs an operating margin of 40.9% every year (it uses 2.8%).
  • Margins ranged from −13.0% to 9.0% 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.
  • 100% 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.
  • 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
  • Today's P/E is 1055.8× against a typical 24.0× 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
—
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 (2.8%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-13% 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% 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% 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% 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% a year, annual reports), fading to 3% by year 5.

Business

  • 2.8%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

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

  • 21.3%

    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).

  • 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).

  • 17.6%

    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.

  • 4.03%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 0.89

    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 0.83, 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.

  • 5.53%

    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)
₩14T
Net debt (borrowings and leases − cash and deposits)
₩11T
Shares
82,203,426
incl. 1,617,896 preferred
Share price
₩483,500
Market cap
₩39T

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₩23T₩17T₩13T₩13T₩12T₩12T₩12T₩12T
Growth12.8%−26.9%−20.0%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩1.6T₩363B−₩1.7T₩359B₩335B₩323B₩323B₩332B
EBIT margin7.2%2.2%−13.0%2.8%2.8%2.8%2.8%2.8%
After-tax EBIT₩1.2T₩263B−₩1.2T₩260B₩243B₩234B₩234B₩241B
+ Depreciation———₩2.7T₩2.5T₩2.5T₩2.5T₩2.5T
− Capital spending₩4.1T₩6.4T₩3.1T₩3.4T₩3.2T₩3.1T₩3.1T₩3.2T
− Working capital₩130B₩2.1T−₩1.6T−₩251B−₩151B−₩74B−₩4.1B₩61B
Free cash flow———−₩169B−₩240B−₩304B−₩373B−₩449B
Discount factor———0.9270.8590.7960.7380.684
Present value———−₩156B−₩206B−₩242B−₩275B−₩307B

Terminal value −₩931B, worth −₩637B today: 35% 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 ₩295,594 a share)Now 1.64×₩249,0910.84×₩577,0001.95×₩1,034,9913.50×
Price / earnings (last 12 months: ₩458 a share)Now 1055.8×₩6,63214.5×₩10,98624.0×₩15,54934.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩16,651 a share)Now 29.0×₩241,15014.5×₩399,44024.0×₩565,32934.0×

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%
6.9%—————
7.4%—————
7.9%—————
8.4%—————
8.9%—————

Now (TTM)

Market cap
₩39T
Enterprise value
₩50T
P/E
1,035.0×
P/B
1.6×
P/S
2.7×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩269,500₩247,500₩472,000₩591,000₩655,000
Market cap₩22T₩20T₩38T₩48T₩53T
P/E—33.3×18.9×24.4×45.1×
P/B1.0×1.0×2.1×2.9×3.6×
P/S1.6×1.2×1.7×2.4×3.9×
EV/EBITDA—————
Dividend yield0.0%0.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Samsung SDI1,035.0×1.6×2.7×—0.0%
LG Energy Solution—3.9×3.4×—0.0%
POSCO Future M312.4×3.3×4.9×—0.2%
Ecopro BM200.4×4.9×3.8×—0.1%
L&F—4.4×1.2×15.0×0.0%
DN Automotive6.0×1.0×0.6×—2.5%
Ecopro Materials28.1×1.7×3.8×—0.0%
Similar companies (median)114.3×3.6×3.6×15.0×0.1%

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

Also known as: Samsung SDI / 삼성SDI / 006400 / KRX:006400

Source: KRX statistical information