KOSDAQ · 009300 · Biotech & Pharma · ₩009300

Sam-A Pharm삼아제약

009300 · KOSDAQ · ₩009300 · 삼아제약

₩13,630▼ ₩20 (0.15%)End-of-day · Oct 30, 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

₩38,758

vs the current price (₩13,630)

Enterprise value: ₩154B
Equity value: ₩247B
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.

Why the model and the price differ

The model is 184% 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 ₩13,630, the model needs an operating margin of 0.9% every year (it uses 17.9%).
Margins ranged from 11.1% to 25.6% 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.
62% 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.
Today's P/E is 8.2× against a typical 7.3× 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: ₩30,707; +125.3%
Base: ₩38,758; +184.4%
Bull: ₩52,275; +283.5%

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 (17.9%).

Revenue growth

Revenue growth, year 1-1.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-0.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% 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 (-1.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin17.9%
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 & amortisation3.5%
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).
Capital spending4.3%
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 capital40%
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: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.14, 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): ₩72B
Net debt (borrowings and leases − cash and deposits): −₩73B
+ Stakes and investments: ₩20B; Associates, long-term financial assets and deposits (book value)
Shares: 6,370,000
Share price: ₩13,630
Market cap: ₩87B

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	₩97B	₩96B	₩78B	₩71B	₩71B	₩71B	₩73B	₩75B
Growth	19.0%	−1.7%	−18.6%	−1.6%	−0.5%	0.7%	1.8%	3.0%
EBIT	₩24B	₩24B	₩11B	₩13B	₩13B	₩13B	₩13B	₩13B
EBIT margin	24.2%	25.6%	14.1%	17.9%	17.9%	17.9%	17.9%	17.9%
After-tax EBIT	₩17B	₩18B	₩8B	₩9.2B	₩9.2B	₩9.2B	₩9.4B	₩9.7B
+ Depreciation	—	—	—	₩2.5B	₩2.5B	₩2.5B	₩2.5B	₩2.6B
− Capital spending	₩3.8B	₩6.5B	₩1.8B	₩3.1B	₩3B	₩3.1B	₩3.1B	₩3.2B
− Working capital	−₩58B	₩11B	−₩365M	−₩463M	−₩142M	₩198M	₩513M	₩871M
Free cash flow	—	—	—	₩9.1B	₩8.8B	₩8.5B	₩8.3B	₩8.2B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩8.5B	₩7.6B	₩6.9B	₩6.3B	₩5.8B

Terminal value ₩170B, worth ₩119B today: 77% 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 ₩36,051 a share)Now 0.38×	₩15,9060.44×	₩19,2540.53×	₩23,7980.66×
Price / earnings (last 12 months: ₩1,655 a share)Now 8.23×	₩8,0174.84×	₩12,1547.34×	₩20,68412.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,732 a share)Now 4.99×	₩13,2334.84×	₩20,0617.34×	₩34,14012.5×

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%	₩40,268	₩42,104	₩44,361	₩47,207	₩50,908
6.8%	₩38,037	₩39,502	₩41,268	₩43,440	₩46,178
7.3%	₩36,161	₩37,349	₩38,758	₩40,456	₩42,546
7.8%	₩34,560	₩35,538	₩36,680	₩38,035	₩39,668
8.3%	₩33,180	₩33,993	₩34,932	₩36,030	₩37,332

Now (TTM)

Market cap: ₩87B
Enterprise value: ₩10B
P/E: 8.2×
P/B: 0.4×
P/S: 1.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩15,710	₩16,710	₩16,400	₩16,650	₩19,350
Market cap	₩100B	₩106B	₩104B	₩106B	₩123B
P/E	7.7×	4.8×	4.9×	8.9×	36.3×
P/B	0.4×	0.5×	0.5×	0.6×	0.7×
P/S	1.3×	1.1×	1.1×	1.3×	2.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Sam-A Pharm	8.2×	0.4×	1.2×	—	0.0%
Samsung Biologics	34.7×	8.2×	15.1×	—	0.0%
Celltrion	28.2×	2.5×	9.1×	—	0.0%
Alteogen	76.3×	27.5×	58.0×	—	0.1%
SK biopharmaceuticals	15.2×	6.0×	7.1×	—	0.0%
Yuhan	23.3×	2.3×	2.4×	30.4×	0.8%
HLB	—	15.5×	54.7×	—	0.0%
Similar companies (median)	28.2×	7.1×	12.1×	30.4×	0.0%

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

Also known as: Sam-A Pharm / 삼아제약 / 009300 / KRX:009300

Source: KRX statistical information