KOSPI · 010960 · Construction · ₩010960

Samho Development삼호개발

010960 · KOSPI · ₩010960 · 삼호개발

₩3,020▼ ₩20 (0.66%)End-of-day · Oct 28, 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

₩9,771

vs the current price (₩3,020)

Enterprise value: ₩152B
Equity value: ₩236B
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 224% 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 ₩3,020, the model needs an operating margin of 0.1% every year (it uses 2.5%).
59% 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.
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 5.3× against a typical 7.7× 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: ₩4,079; +35.1%
Base: ₩9,771; +223.5%
Bull: ₩20,021; +563.0%

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 (2.5%).

Revenue growth

Revenue growth, year 110%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 28.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 36.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10% 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 (10% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.5%
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.
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 & amortisation0.1%
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).
Capital spending0.1%
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 capital5.7%
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

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 rate4.11%
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.
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 0.16, 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)5.61%
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): ₩402B
Net debt (borrowings and leases − cash and deposits): −₩83B
Shares: 24,120,000
Share price: ₩3,020
Market cap: ₩73B

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	₩362B	₩402B	₩410B	₩442B	₩479B	₩510B	₩535B	₩551B
Growth	17.7%	11.0%	2.0%	10.0%	8.3%	6.5%	4.8%	3.0%
EBIT	₩11B	₩1.2B	₩14B	₩11B	₩12B	₩13B	₩13B	₩14B
EBIT margin	2.9%	0.3%	3.5%	2.5%	2.5%	2.5%	2.5%	2.5%
After-tax EBIT	₩7.6B	₩850M	₩11B	₩8B	₩8.7B	₩9.2B	₩9.7B	₩10B
+ Depreciation	—	—	—	₩442M	₩479M	₩510M	₩535M	₩551M
− Capital spending	—	—	₩429M	₩442M	₩479M	₩510M	₩535M	₩551M
− Working capital	−₩33B	−₩35B	−₩15B	₩2.3B	₩2.1B	₩1.8B	₩1.4B	₩914M
Free cash flow	—	—	—	₩5.7B	₩6.6B	₩7.5B	₩8.3B	₩9.1B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩5.3B	₩5.7B	₩6B	₩6.2B	₩6.3B

Terminal value ₩175B, worth ₩123B today: 81% 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 ₩10,022 a share)Now 0.30×	₩3,2510.32×	₩3,6960.37×	₩5,0600.50×
Price / earnings (last 12 months: ₩570 a share)Now 5.30×	₩2,6684.68×	₩4,4037.72×	₩8,64215.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩571 a share)Now 5.28×	₩2,6744.68×	₩4,4137.72×	₩8,66115.2×

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%	₩10,176	₩10,663	₩11,259	₩12,007	₩12,972
6.9%	₩9,581	₩9,970	₩10,439	₩11,012	₩11,732
7.4%	₩9,078	₩9,396	₩9,771	₩10,221	₩10,773
7.9%	₩8,649	₩8,911	₩9,216	₩9,576	₩10,010
8.4%	₩8,279	₩8,497	₩8,748	₩9,041	₩9,388

Now (TTM)

Market cap: ₩73B
Enterprise value: −₩12B
P/E: 5.3×
P/B: 0.3×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,610	₩3,065	₩3,395	₩3,820	₩5,100
Market cap	₩87B	₩74B	₩82B	₩92B	₩123B
P/E	4.6×	14.1×	5.4×	15.5×	8.8×
P/B	0.4×	0.3×	0.4×	0.4×	0.6×
P/S	0.2×	0.2×	0.2×	0.3×	0.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Samho Development	5.3×	0.3×	0.2×	—	0.0%
Hyundai Engineering & Construction	23.7×	1.1×	0.4×	—	0.8%
Daewoo Engineering & Construction	—	1.5×	0.8×	—	0.0%
GS Engineering & Construction	19.7×	0.5×	0.2×	—	1.7%
DL E&C	3.6×	0.4×	0.3×	—	1.5%
KEPCO Plant Service & Engineering	14.4×	1.4×	1.2×	8.1×	0.0%
Ipark Hyundai Development	8.8×	0.5×	0.4×	—	2.9%
Similar companies (median)	14.4×	0.8×	0.4×	8.1×	1.2%

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

Also known as: Samho Development / 삼호개발 / 010960 / KRX:010960

Source: KRX statistical information