KOSPI · 028260 · Retail & Trade · ₩SAMSUNGC&T

Samsung C&T삼성물산

028260 · KOSPI · ₩SAMSUNGC&T · 삼성물산

₩324,500▲ ₩23,500 (7.81%)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

₩125,763

vs the current price (₩324,500)

Enterprise value: ₩23T
Equity value: ₩21T
WACC: 10.2%

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 61% 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 ₩324,500, the model needs an operating margin of 16.0% every year (it uses 7.0%).
Or revenue growth +24.0 points a year higher than assumed in each of the 5 years.
Analysts' forecasts for 2026: revenue ₩47T, operating profit ₩4T (8.4% margin) (1 broker). The model starts from the last 12 months reported.
Analysts' forecasts for 2027: revenue ₩53T, operating profit ₩4.6T (8.7% margin) (1 broker). The model starts from the last 12 months reported.
Today's P/E is 19.0× against a typical 11.1× 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: ₩62,726; −80.7%
Base: ₩125,763; −61.2%
Bull: ₩222,420; −31.5%

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 (7.0%).

Revenue growth

Revenue growth, year 1-1.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-0.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.9% 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 3 years' revenue growth (-1.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.9% 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 (-1.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7%
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 & amortisation3.3%
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).
Capital spending4.1%
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 capital6.4%
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.
Beta1.12
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 1.18, 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): ₩43T
Net debt (borrowings and leases − cash and deposits): −₩4.5T
+ Stakes and investments: ₩1.7T; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩8.2T
Shares: 163,635,171; incl. 1,467,590 preferred
Share price: ₩324,500
Market cap: ₩53T

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	₩42T	₩42T	₩41T	₩43T	₩42T	₩43T	₩43T	₩45T
Growth	−2.9%	0.5%	−3.2%	−1.9%	−0.7%	0.5%	1.8%	3.0%
EBIT	₩2.9T	₩3T	₩3.3T	₩3T	₩3T	₩3T	₩3T	₩3.1T
EBIT margin	6.9%	7.1%	8.1%	7.0%	7.0%	7.0%	7.0%	7.0%
After-tax EBIT	₩2.1T	₩2.2T	₩2.4T	₩2.2T	₩2.1T	₩2.2T	₩2.2T	₩2.3T
+ Depreciation	—	—	—	₩1.4T	₩1.4T	₩1.4T	₩1.4T	₩1.5T
− Capital spending	₩1.4T	₩1.8T	₩1.9T	₩1.7T	₩1.7T	₩1.7T	₩1.8T	₩1.8T
− Working capital	−₩1.4T	₩692B	₩1.4T	−₩53B	−₩19B	₩14B	₩49B	₩83B
Free cash flow	—	—	—	₩1.9T	₩1.8T	₩1.8T	₩1.8T	₩1.8T
Discount factor	—	—	—	0.907	0.823	0.746	0.677	0.614
Present value	—	—	—	₩1.7T	₩1.5T	₩1.3T	₩1.2T	₩1.1T

Terminal value ₩25T, worth ₩16T today: 69% 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 ₩645,052 a share)Now 0.50×	₩374,0710.58×	₩433,5960.67×	₩610,8860.95×
Price / earnings (last 12 months: ₩17,071 a share)Now 19.0×	₩143,0358.38×	₩189,01111.1×	₩341,85120.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩14,556 a share)Now 22.3×	₩121,9648.38×	₩161,16811.1×	₩291,49320.0×

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%
9.2%	₩131,703	₩137,989	₩145,136	₩153,334	₩162,837
9.7%	₩123,265	₩128,696	₩134,821	₩141,784	₩149,773
10.2%	₩115,747	₩120,472	₩125,763	₩131,731	₩138,516
10.7%	₩109,006	₩113,143	₩117,747	₩122,903	₩128,718
11.2%	₩102,929	₩106,571	₩110,602	₩115,088	₩120,113

Now (TTM)

Market cap: ₩53T
Enterprise value: ₩48T
P/E: 18.8×
P/B: 0.5×
P/S: 1.2×
EV/EBITDA: —
Dividend yield: 0.9%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩239,500	₩114,800	₩129,500	₩113,500	₩119,000
Market cap	₩39T	₩19T	₩21T	₩18T	₩19T
P/E	15.9×	8.3×	9.5×	9.0×	11.8×
P/B	0.8×	0.6×	0.6×	0.7×	0.6×
P/S	1.0×	0.4×	0.5×	0.4×	0.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.2%	2.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Samsung C&T	18.8×	0.5×	1.2×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
ISC	45.3×	6.0×	12.6×	—	0.5%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	18.9×	1.6×	5.1×	—	4.2%
Shinsegae	14.4×	0.5×	0.3×	—	2.0%
Lotte Shopping	13.1×	0.2×	0.2×	—	4.8%
Similar companies (median)	13.7×	1.0×	0.5×	—	3.4%

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

Also known as: Samsung C&T / 삼성물산 / 028260 / KRX:028260

Source: KRX statistical information