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Samyang KCI

036670 · KOSDAQ · ₩036670 · 삼양케이씨아이

₩4,810▼ ₩30 (0.62%)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

₩17,449

vs the current price (₩4,810)

Enterprise value
₩181B
Equity value
₩188B
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 is 263% 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 ₩4,810, the model needs an operating margin of 4.1% every year (it uses 11.9%).
  • Margins ranged from 9.3% to 20.0% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • Today's P/E is 5.9× against a typical 6.0× 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
₩11,126
+131.3%
Base
₩17,449
+262.8%
Bull
₩28,344
+489.3%

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 (11.9%).

Revenue growth

  • 2.2%

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

    Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

  • 2.4%

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

    Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

  • 2.6%

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

    Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

  • 2.8%

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

    Default: the last 3 years' revenue growth (2.2% 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 (2.2% a year, annual reports), fading to 3% by year 5.

Business

  • 11.9%

    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.

  • 1.9%

    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).

  • 2.4%

    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).

  • 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 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 0.14, 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)
₩122B
Net debt (borrowings and leases − cash and deposits)
−₩5.7B
+ Stakes and investments
₩1.2B
Associates, long-term financial assets and deposits (book value)
Shares
10,760,200
Share price
₩4,810
Market cap
₩52B

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₩110B₩110B₩117B₩125B₩128B₩131B₩135B₩139B
Growth0.3%0.2%6.0%2.2%2.4%2.6%2.8%3.0%
EBIT₩10B₩15B₩11B₩15B₩15B₩16B₩16B₩16B
EBIT margin9.3%13.6%9.3%11.9%11.9%11.9%11.9%11.9%
After-tax EBIT₩7.4B₩11B₩7.9B₩11B₩11B₩11B₩12B₩12B
+ Depreciation———₩2.4B₩2.4B₩2.5B₩2.6B₩2.6B
− Capital spending₩5.1B₩1.2B₩1.9B₩3B₩3.1B₩3.1B₩3.2B₩3.3B
− Working capital₩15B−₩3.1B₩30B₩1.1B₩1.2B₩1.3B₩1.5B₩1.6B
Free cash flow———₩9.1B₩9.2B₩9.3B₩9.5B₩9.6B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩8.4B₩8B₩7.5B₩7.1B₩6.8B

Terminal value ₩203B, worth ₩143B today: 79% 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 ₩11,916 a share)Now 0.40×₩6,2300.52×₩8,8390.74×₩13,7641.16×
Price / earnings (last 12 months: ₩814 a share)Now 5.91×₩4,0755.01×₩4,8976.02×₩5,6096.89×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,128 a share)Now 4.26×₩5,6475.01×₩6,7876.02×₩7,7736.89×

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%
6.3%₩18,768₩19,956₩21,414₩23,251₩25,637
6.8%₩17,163₩18,099₩19,225₩20,609₩22,351
7.3%₩15,813₩16,563₩17,449₩18,517₩19,828
7.8%₩14,663₩15,271₩15,980₩16,819₩17,830
8.3%₩13,671₩14,169₩14,744₩15,414₩16,208

Now (TTM)

Market cap
₩52B
Enterprise value
₩46B
P/E
5.9×
P/B
0.4×
P/S
0.4×
EV/EBITDA
—
Dividend yield
5.2%

Over time (at each year end)

20252024202320222021
Price₩6,460₩6,610₩7,270₩8,890₩9,180
Market cap₩70B₩71B₩78B₩96B₩99B
P/E7.1×4.8×7.1×5.4×9.7×
P/B0.6×0.6×0.7×1.0×1.2×
P/S0.6×0.6×0.7×0.9×1.2×
EV/EBITDA—————
Dividend yield3.9%3.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Samyang KCI5.9×0.4×0.4×—5.2%
APR24.5×16.3×4.6×24.1×1.8%
Amorepacific25.4×1.3×1.6×—1.0%
LG H&H—0.7×0.6×6.7×0.8%
Cosmax15.3×4.4×1.1×13.2×1.3%
Kolmar Korea14.7×2.7×0.9×—0.7%
d'Alba Global16.6×7.2×2.8×—1.8%
Similar companies (median)16.6×3.5×1.3×13.2×1.2%

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

Also known as: Samyang KCI / 삼양케이씨아이 / 036670 / KRX:036670

Source: KRX statistical information