KOSDAQ · 009620 · Steel & Materials · ₩009620

Sambo Industrial삼보산업

009620 · KOSDAQ · ₩009620 · 삼보산업

₩5,130▲ ₩130 (2.60%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value: ₩97B
Equity value: −₩139B
WACC: 4.3%

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

To match today's price of ₩5,130, the model needs an operating margin of 4.2% every year (it uses 2.2%).
Or revenue growth +43.6 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: —
Bull: ₩74,840; +1,358.9%

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 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-14.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-14.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-14.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-14.4% 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 (-14.4% 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 & amortisation3.4%
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 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 capital22.6%
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

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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
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 -0.39, 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)5.58%
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): ₩320B
Net debt (borrowings and leases − cash and deposits): ₩217B
+ Stakes and investments: ₩6.5B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩26B
Shares: 3,494,609
Share price: ₩5,130
Market cap: ₩18B

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	₩427B	₩341B	₩286B	₩288B	₩268B	₩259B	₩258B	₩266B
Growth	−6.1%	−20.2%	−16.2%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩620M	₩629M	₩7.9B	₩6.3B	₩5.9B	₩5.7B	₩5.7B	₩5.9B
EBIT margin	−0.1%	0.2%	2.8%	2.2%	2.2%	2.2%	2.2%	2.2%
After-tax EBIT	−₩450M	₩456M	₩5.7B	₩4.6B	₩4.3B	₩4.1B	₩4.1B	₩4.2B
+ Depreciation	₩11B	₩12B	₩12B	₩9.8B	₩9.1B	₩8.8B	₩8.8B	₩9.1B
− Capital spending	₩9.6B	₩14B	₩19B	₩12B	₩12B	₩11B	₩11B	₩11B
− Working capital	−₩2.5B	−₩4.9B	₩22B	−₩7.2B	−₩4.4B	−₩2.1B	−₩117M	₩1.8B
Free cash flow	₩4B	₩3B	−₩23B	₩9.2B	₩6.2B	₩3.9B	₩1.9B	₩98M
Discount factor	—	—	—	0.959	0.919	0.881	0.845	0.810
Present value	—	—	—	₩8.8B	₩5.7B	₩3.5B	₩1.6B	₩79M

Terminal value ₩95B, worth ₩77B today: 80% 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 ₩1,243 a share)Now 4.13×	₩4,0783.28×	₩5,6624.55×	₩9,6157.74×

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%
3.3%	—	—	—	—	—
3.8%	—	—	—	—	—
4.3%	—	—	—	—	—
4.8%	—	—	—	—	—
5.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩18B
Enterprise value: ₩234B
P/E: —
P/B: 4.1×
P/S: 0.1×
EV/EBITDA: 9.3×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩8,335	₩12,575	₩27,054	₩20,871	₩36,717
Market cap	₩29B	₩44B	₩95B	₩73B	₩128B
P/E	—	—	—	—	—
P/B	24.3×	12.1×	7.8×	3.0×	4.3×
P/S	0.1×	0.1×	0.2×	0.2×	0.4×
EV/EBITDA	11.6×	17.1×	24.8×	12.9×	11.4×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Sambo Industrial	—	4.1×	0.1×	9.3×	0.0%
POSCO Holdings	16.2×	0.4×	0.3×	7.7×	3.6%
Korea Zinc	18.6×	1.6×	0.9×	—	2.3%
Hyundai Steel	—	0.2×	0.2×	—	1.9%
Poongsan	8.1×	0.7×	0.3×	5.9×	2.9%
SeAH Besteel Holdings	12.2×	0.5×	0.3×	9.5×	4.0%
Sama Aluminium	—	4.1×	3.0×	—	0.0%
Similar companies (median)	14.2×	0.6×	0.3×	7.7×	2.6%

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

Also known as: Sambo Industrial / 삼보산업 / 009620 / KRX:009620

Source: KRX statistical information