Samsung Epis Holdings삼성에피스홀딩스
0126Z0 · KOSPI · ₩0126Z0 · 삼성에피스홀딩스
Valuation model · Discounted cash flow (DCF)
This is a holding company, but we don't have its stakes in listed companies yet, so we use a discounted cash flow for now.
Fair value per share
With these assumptions the model gives no positive value.
- Enterprise value
- −₩946B
- Equity value
- −₩761B
- 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 gives no positive value at these assumptions. What we can see:
- No operating margin up to 90% gets the model to today's price at these growth assumptions.
- 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.
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
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Cycle options
Start from
Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.
Margin path
Every year uses the cycle-average margin (−20.0%).
Revenue growth
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Business
- -20%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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.
- 1.2%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
- 15.9%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
- 40%
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 1 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.
- 4.01%
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.
- 0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 48 weeks of weekly returns against KOSPI (official index); raw beta 0.4, 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.
- 5.51%
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)
- ₩252B
- Net debt (borrowings and leases − cash and deposits)
- −₩185B
- Shares
- 24,883,049
- Share price
- ₩309,500
- Market cap
- ₩7.7T
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.
| FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|
| Revenue | ₩252B | ₩259B | ₩267B | ₩275B | ₩283B | ₩292B |
| Growth | — | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| EBIT | −₩64B | −₩52B | −₩53B | −₩55B | −₩57B | −₩58B |
| EBIT margin | −25.3% | −20.0% | −20.0% | −20.0% | −20.0% | −20.0% |
| After-tax EBIT | −₩46B | −₩38B | −₩39B | −₩40B | −₩41B | −₩42B |
| + Depreciation | ₩3B | ₩3.1B | ₩3.2B | ₩3.3B | ₩3.4B | ₩3.5B |
| − Capital spending | ₩40B | ₩41B | ₩42B | ₩44B | ₩45B | ₩46B |
| − Working capital | — | ₩3B | ₩3.1B | ₩3.2B | ₩3.3B | ₩3.4B |
| Free cash flow | −₩83B | −₩79B | −₩81B | −₩84B | −₩86B | −₩89B |
| Discount factor | — | 0.932 | 0.868 | 0.809 | 0.754 | 0.703 |
| Present value | — | −₩73B | −₩70B | −₩68B | −₩65B | −₩62B |
Terminal value −₩865B, worth −₩608B today: 64% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.
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% | — | — | — | — | — |
| 6.8% | — | — | — | — | — |
| 7.3% | — | — | — | — | — |
| 7.8% | — | — | — | — | — |
| 8.3% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩7.7T
- Enterprise value
- ₩7.5T
- P/E
- 90.3×
- P/B
- 1.3×
- P/S
- 30.6×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩743,000 |
| Market cap | ₩18T |
| P/E | 216.7× |
| P/B | 3.1× |
| P/S | 73.5× |
| EV/EBITDA | — |
| Dividend yield | 0.0% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Samsung Epis Holdings | 90.3× | 1.3× | 30.6× | — | 0.0% |
| SK Square | 3.6× | 2.2× | 96.1× | 3.5× | 0.0% |
| KB Financial Group | 8.8× | 0.9× | — | 9.6× | 2.8% |
| Shinhan Financial Group | 7.8× | 0.7× | — | 10.2× | 2.9% |
| SK | 4.5× | 1.0× | 0.3× | — | 1.6% |
| Hana Financial Group | 8.0× | 0.7× | — | 10.0× | 3.4% |
| Woori Financial Group | 7.1× | 0.6× | — | 8.5× | 4.4% |
| Similar companies (median) | 7.5× | 0.8× | 48.2× | 9.6× | 2.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Samsung Epis Holdings / 삼성에피스홀딩스 / 0126Z0 / KRX:0126Z0
Source: KRX statistical information