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Sambo Corrugated Board

023600 · KOSDAQ · ₩023600 · 삼보판지

₩8,570▼ ₩40 (0.46%)End-of-day · Oct 29, 2026 · End-of-day prices.
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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

₩34,694

vs the current price (₩8,570)

Enterprise value
₩684B
Equity value
₩555B
WACC
6.1%

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 305% 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 ₩8,570, the model needs an operating margin of 4.7% every year (it uses 9.2%).
  • Today's P/E is 4.5× against a typical 3.3× 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
₩14,995
+75.0%
Base
₩34,694
+304.8%
Bull
₩73,026
+752.1%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (9.2%).

Revenue growth

  • -2.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-2.5% a year, annual reports), fading to 3% by year 5.

  • -1.1%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-2.5% a year, annual reports), fading to 3% by year 5.

  • 0.3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-2.5% a year, annual reports), fading to 3% by year 5.

  • 1.6%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-2.5% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-2.5% a year, annual reports), fading to 3% by year 5.

Business

  • 9.2%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 6.3%

    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).

  • 7.9%

    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).

  • 30.3%

    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

  • 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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.24, 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)
₩561B
Net debt (borrowings and leases − cash and deposits)
₩76B
+ Stakes and investments
₩20B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩72B
Shares
16,008,300
Share price
₩8,570
Market cap
₩137B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩556B₩558B₩540B₩547B₩541B₩543B₩552B₩568B
Growth−4.5%0.5%−3.3%−2.5%−1.1%0.3%1.6%3.0%
EBIT₩67B₩39B₩30B₩50B₩50B₩50B₩51B₩52B
EBIT margin12.1%6.9%5.5%9.2%9.2%9.2%9.2%9.2%
After-tax EBIT₩49B₩28B₩22B₩37B₩36B₩36B₩37B₩38B
+ Depreciation———₩34B₩34B₩34B₩35B₩36B
− Capital spending₩25B₩66B₩41B₩43B₩43B₩43B₩44B₩45B
− Working capital₩49B−₩15B₩10B−₩4.3B−₩1.8B₩492M₩2.6B₩5B
Free cash flow———₩32B₩29B₩27B₩25B₩24B
Discount factor———0.9420.8880.8370.7880.743
Present value———₩30B₩26B₩23B₩20B₩18B

Terminal value ₩764B, worth ₩567B today: 83% 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:

LowTypicalHigh
Price / book (book value ₩38,527 a share)Now 0.22×₩8,7950.23×₩10,7540.28×₩19,0360.49×
Price / earnings (last 12 months: ₩1,916 a share)Now 4.47×₩5,1292.68×₩6,2933.28×₩11,3025.90×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,233 a share)Now 2.65×₩8,6572.68×₩10,6213.28×₩19,0745.90×

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%
5.1%₩38,291₩42,696₩48,498₩56,495₩68,239
5.6%₩33,182₩36,465₩40,642₩46,144₩53,727
6.1%₩29,073₩31,584₩34,694₩38,652₩43,863
6.6%₩25,699₩27,660₩30,036₩32,979₩36,723
7.1%₩22,879₩24,435₩26,288₩28,534₩31,315

Now (TTM)

Market cap
₩137B
Enterprise value
₩210B
P/E
4.5×
P/B
0.2×
P/S
0.2×
EV/EBITDA
—
Dividend yield
2.5%

Over time (at each year end)

20252024202320222021
Price₩9,670₩8,170₩9,430₩10,250₩15,950
Market cap₩155B₩131B₩151B₩164B₩255B
P/E5.7×4.0×2.8×2.9×4.8×
P/B0.3×0.2×0.3×0.3×0.6×
P/S0.3×0.2×0.3×0.3×0.5×
EV/EBITDA—————
Dividend yield2.2%3.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Sambo Corrugated Board4.5×0.2×0.2×—2.5%
SM Kukil—3.2×6.1×—0.0%
Shindaeyang Paper10.0×0.5×0.5×—2.8%
Dongwha Enterprise—0.3×0.3×—0.0%
Asia Paper Manufacturing10.4×0.3×0.3×—2.8%
Hansol Paper7.4×0.2×0.1×—7.3%
Moorim P&P—0.2×0.1×—8.0%
Similar companies (median)10.0×0.3×0.3×—2.8%

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

Also known as: Sambo Corrugated Board / 삼보판지 / 023600 / KRX:023600

Source: KRX statistical information