KOSDAQ · 031330 · Retail & Trade · ₩031330

Samt에스에이엠티

031330 · KOSDAQ · ₩031330 · 에스에이엠티

₩7,640▲ ₩790 (11.53%)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

₩25,074

vs the current price (₩7,640)

Enterprise value: ₩3.4T
Equity value: ₩2.5T
WACC: 6.4%

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 228% 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 ₩7,640, the model needs an operating margin of 1.9% every year (it uses 3.1%).
Or revenue growth −29.9 points a year higher than assumed in each of the 5 years.
Today's P/E is 1.9× against a typical 5.8× 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: —
Base: ₩25,074; +228.2%
Bull: ₩83,295; +990.2%

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 (3.1%).

Revenue growth

Revenue growth, year 113.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (13.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 211.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (13.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 38.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (13.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (13.9% 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 (13.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.1%
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 capital17.9%
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.
Beta0.91
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 0.86, 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): ₩6.5T
Net debt (borrowings and leases − cash and deposits): ₩876B
+ Stakes and investments: ₩2.5B; Associates, long-term financial assets and deposits (book value)
Shares: 99,995,067
Share price: ₩7,640
Market cap: ₩764B

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	₩2.1T	₩2.9T	₩3.8T	₩7.3T	₩8.2T	₩8.9T	₩9.4T	₩9.6T
Growth	−15.7%	34.7%	30.0%	13.9%	11.2%	8.4%	5.7%	3.0%
EBIT	₩54B	₩67B	₩114B	₩228B	₩253B	₩275B	₩290B	₩299B
EBIT margin	2.5%	2.3%	3.0%	3.1%	3.1%	3.1%	3.1%	3.1%
After-tax EBIT	₩39B	₩49B	₩83B	₩165B	₩184B	₩199B	₩210B	₩217B
+ Depreciation	—	—	—	₩7.3B	₩8.2B	₩8.9B	₩9.4B	₩9.6B
− Capital spending	₩7.5B	₩802M	₩372M	₩7.3B	₩8.2B	₩8.9B	₩9.4B	₩9.6B
− Working capital	−₩108B	₩229B	₩196B	₩160B	₩147B	₩123B	₩90B	₩50B
Free cash flow	—	—	—	₩4.6B	₩36B	₩76B	₩120B	₩166B
Discount factor	—	—	—	0.940	0.883	0.830	0.780	0.733
Present value	—	—	—	₩4.4B	₩32B	₩63B	₩94B	₩122B

Terminal value ₩4.2T, worth ₩3.1T today: 91% 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 ₩8,333 a share)Now 0.92×	₩5,6280.68×	₩7,2210.87×	₩11,6941.40×
Price / earnings (last 12 months: ₩3,964 a share)Now 1.93×	₩15,3213.86×	₩22,9695.79×	₩34,0958.60×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,205 a share)Now 1.82×	₩16,2523.86×	₩24,3655.79×	₩36,1678.60×

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%
5.4%	₩29,392	₩32,319	₩36,082	₩41,114	₩48,199
5.9%	₩25,054	₩27,197	₩29,871	₩33,307	₩37,900
6.4%	₩21,526	₩23,126	₩25,074	₩27,503	₩30,624
6.9%	₩18,603	₩19,815	₩21,260	₩23,020	₩25,212
7.4%	₩16,141	₩17,069	₩18,158	₩19,455	₩21,032

Now (TTM)

Market cap: ₩764B
Enterprise value: ₩1.6T
P/E: 1.9×
P/B: 0.9×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 3.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,150	₩2,605	₩2,745	₩2,690	₩4,445
Market cap	₩415B	₩260B	₩274B	₩269B	₩444B
P/E	5.5×	4.8×	8.3×	4.7×	7.4×
P/B	0.9×	0.6×	0.7×	0.7×	1.4×
P/S	0.1×	0.1×	0.1×	0.1×	0.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	5.5%	7.7%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Samt	1.9×	0.9×	0.1×	—	3.0%
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%
Similar companies (median)	16.6×	1.0×	1.0×	—	2.6%

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

Also known as: Samt / 에스에이엠티 / 031330 / KRX:031330

Source: KRX statistical information