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Samjin

032750 · KOSDAQ · ₩032750 · 삼진

₩2,710▼ ₩35 (1.28%)End-of-day · Oct 27, 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

₩5,546

vs the current price (₩2,710)

Enterprise value
₩25B
Equity value
₩50B
WACC
7.4%

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 105% 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 ₩2,710, the model needs an operating margin of 0.8% every year (it uses 2.3%).
  • 35% 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.
  • Today's P/E is 5.8× against a typical 6.7× 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
₩2,383
−12.1%
Base
₩5,546
+104.6%
Bull
₩11,587
+327.6%

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 (2.3%).

Revenue growth

  • -1.5%

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

    Default: the last 3 years' revenue growth (-1.5% a year, annual reports), fading to 3% by year 5.

  • -0.4%

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

    Default: the last 3 years' revenue growth (-1.5% a year, annual reports), fading to 3% by year 5.

  • 0.8%

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

    Default: the last 3 years' revenue growth (-1.5% a year, annual reports), fading to 3% by year 5.

  • 1.9%

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

    Default: the last 3 years' revenue growth (-1.5% 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 (-1.5% a year, annual reports), fading to 3% by year 5.

Business

  • 2.3%

    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.

  • 2.7%

    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).

  • 2.8%

    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).

  • 22.8%

    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.

  • 4.11%

    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.

  • 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 0.08, 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.

  • 5.61%

    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)
₩136B
Net debt (borrowings and leases − cash and deposits)
−₩25B
Shares
9,031,122
Share price
₩2,710
Market cap
₩24B

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₩156B₩159B₩148B₩134B₩134B₩135B₩137B₩141B
Growth0.8%1.8%−6.8%−1.5%−0.4%0.8%1.9%3.0%
EBIT₩1.9B₩7.2B₩5.8B₩3.1B₩3.1B₩3.1B₩3.2B₩3.2B
EBIT margin1.2%4.6%3.9%2.3%2.3%2.3%2.3%2.3%
After-tax EBIT₩1.4B₩5.3B₩4.2B₩2.2B₩2.2B₩2.2B₩2.3B₩2.4B
+ Depreciation₩4.2B₩4B₩4.3B₩3.6B₩3.6B₩3.6B₩3.7B₩3.8B
− Capital spending₩7.7B₩922M₩4B₩3.8B₩3.7B₩3.8B₩3.8B₩4B
− Working capital−₩7.9B₩3.8B₩7.7B−₩466M−₩122M₩244M₩583M₩938M
Free cash flow₩5.7B₩4.6B−₩3.1B₩2.6B₩2.2B₩1.9B₩1.6B₩1.3B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩2.4B₩1.9B₩1.5B₩1.2B₩893M

Terminal value ₩25B, worth ₩18B 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:

LowTypicalHigh
Price / book (book value ₩12,635 a share)Now 0.21×₩3,3320.26×₩5,8110.46×₩7,9590.63×
Price / earnings (last 12 months: ₩468 a share)Now 5.79×₩1,9974.27×₩3,1346.70×₩5,45811.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩463 a share)Now 5.85×₩1,9764.27×₩3,1026.70×₩5,40111.7×

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%
6.4%₩6,128₩6,127₩6,122₩6,112₩6,096
6.9%₩5,852₩5,832₩5,805₩5,768₩5,719
7.4%₩5,620₩5,587₩5,546₩5,494₩5,427
7.9%₩5,421₩5,380₩5,330₩5,269₩5,193
8.4%₩5,248₩5,203₩5,148₩5,082₩5,002

Now (TTM)

Market cap
₩24B
Enterprise value
−₩172M
P/E
5.8×
P/B
0.2×
P/S
0.2×
EV/EBITDA
—
Dividend yield
3.3%

Over time (at each year end)

20252024202320222021
Price₩3,760₩4,160₩5,580₩5,488₩8,106
Market cap₩34B₩38B₩50B₩50B₩73B
P/E8.7×4.2×434.2×26.1×7.6×
P/B0.3×0.4×0.5×0.5×0.8×
P/S0.2×0.2×0.3×0.3×0.6×
EV/EBITDA0.9×0.9×5.3×6.9×14.8×
Dividend yield2.4%1.9%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Samjin5.8×0.2×0.2×—3.3%
Samsung Electronics8.7×2.3×2.7×—0.8%
LG Electronics24.7×1.0×0.3×—0.9%
Hanwha Vision16.4×2.1×1.0×—0.0%
RFHIC37.6×3.4×6.1×—0.9%
KMW—4.9×8.1×—0.0%
Intellian Technologies12.9×2.0×1.6×—0.4%
Similar companies (median)16.4×2.2×2.1×—0.6%

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

Also known as: Samjin / 삼진 / 032750 / KRX:032750

Source: KRX statistical information