KOSDAQ · 012210 · Metal products · ₩012210

Sammi Metal Products삼미금속

012210 · KOSDAQ · ₩012210 · 삼미금속

₩7,900▼ ₩740 (8.56%)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

₩1,477

vs the current price (₩7,900)

Enterprise value: ₩50B
Equity value: ₩34B
WACC: 9.0%

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 is 81% 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 ₩7,900, the model needs an operating margin of 27.9% every year (it uses 7.6%).
Or revenue growth +31.8 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: ₩424; −94.6%
Base: ₩1,477; −81.3%
Bull: ₩3,129; −60.4%

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 (7.6%).

Revenue growth

Revenue growth, year 1-2%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-0.8%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.7%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-2% 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 2 years' revenue growth (-2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.6%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 3 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 & amortisation2.7%
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 capital-10%
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.
Beta0.97
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 0.96, 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): ₩74B
Net debt (borrowings and leases − cash and deposits): ₩16B
Shares: 23,051,579
Share price: ₩7,900
Market cap: ₩182B

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	₩77B	₩76B	₩74B	₩73B	₩72B	₩72B	₩74B	₩76B
Growth	—	−0.5%	−3.5%	−2.0%	−0.8%	0.5%	1.7%	3.0%
EBIT	₩6B	₩4.5B	₩5.8B	₩5.5B	₩5.5B	₩5.5B	₩5.6B	₩5.8B
EBIT margin	7.8%	5.8%	7.9%	7.6%	7.6%	7.6%	7.6%	7.6%
After-tax EBIT	₩4.3B	₩3.2B	₩4.2B	₩4B	₩4B	₩4B	₩4.1B	₩4.2B
+ Depreciation	₩1.8B	₩1.9B	₩2.3B	₩2B	₩1.9B	₩2B	₩2B	₩2B
− Capital spending	₩1.4B	₩5.1B	₩3.2B	₩3.1B	₩3.1B	₩3.1B	₩3.2B	₩3.3B
− Working capital	—	₩9B	₩13B	₩148M	₩58M	−₩36M	−₩123M	−₩221M
Free cash flow	₩4.7B	−₩8.9B	−₩10B	₩2.7B	₩2.8B	₩2.9B	₩3B	₩3.2B
Discount factor	—	—	—	0.918	0.842	0.773	0.709	0.651
Present value	—	—	—	₩2.5B	₩2.3B	₩2.2B	₩2.1B	₩2.1B

Terminal value ₩60B, worth ₩39B today: 78% 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 ₩4,557 a share)Now 1.73×	₩3,7260.82×	₩5,4121.19×	₩14,8903.27×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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%
8.0%	₩1,521	₩1,681	₩1,869	₩2,092	₩2,359
8.5%	₩1,361	₩1,499	₩1,658	₩1,844	₩2,064
9.0%	₩1,221	₩1,341	₩1,477	₩1,634	₩1,819
9.5%	₩1,099	₩1,203	₩1,321	₩1,455	₩1,611
10.0%	₩990	₩1,081	₩1,184	₩1,301	₩1,434

Now (TTM)

Market cap: ₩182B
Enterprise value: ₩199B
P/E: 135.2×
P/B: 1.7×
P/S: 2.5×
EV/EBITDA: 22.0×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023
Price	₩10,630	₩2,545	₩1,263
Market cap	₩245B	₩59B	₩29B
P/E	145.0×	16.9×	31.0×
P/B	2.6×	0.8×	0.5×
P/S	3.3×	0.8×	0.4×
EV/EBITDA	32.2×	12.4×	5.4×
Dividend yield	0.0%	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Sammi Metal Products	135.2×	1.7×	2.5×	22.0×	0.0%
CS Wind	372.3×	1.3×	0.6×	—	2.6%
Hankuk Carbon	7.8×	1.2×	0.9×	—	2.1%
Taewoong	63.8×	0.8×	1.3×	20.4×	0.0%
YG-1	5.3×	0.8×	0.5×	—	1.8%
Bosung Power Technology	18.9×	2.1×	1.8×	8.6×	0.0%
Hansun Engineering	36.1×	2.6×	3.0×	14.4×	0.0%
Similar companies (median)	27.5×	1.2×	1.1×	14.4×	0.9%

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

Also known as: Sammi Metal Products / 삼미금속 / 012210 / KRX:012210

Source: KRX statistical information