Samji Electronics

037460 · KOSDAQ · ₩037460 · 삼지전자

₩26,850▲ ₩800 (3.07%)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

₩286,668

vs the current price (₩26,850)

Enterprise value
₩5.9T
Equity value
₩4.7T
WACC
5.2%

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 968% 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 ₩26,850, the model needs an operating margin of 1.5% every year (it uses 3.5%).
  • Today's P/E is 1.8× 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
—
Base
₩286,668
+967.7%
Bull
₩956,629
+3,462.9%

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 (3.5%).

Revenue growth

  • 13.7%

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

    Default: the last 3 years' revenue growth (13.7% a year, annual reports), fading to 3% by year 5.

  • 11%

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

    Default: the last 3 years' revenue growth (13.7% a year, annual reports), fading to 3% by year 5.

  • 8.3%

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

    Default: the last 3 years' revenue growth (13.7% a year, annual reports), fading to 3% by year 5.

  • 5.7%

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

    Default: the last 3 years' revenue growth (13.7% 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 (13.7% a year, annual reports), fading to 3% by year 5.

Business

  • 3.5%

    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.

  • 0.4%

    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).

  • 0.5%

    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).

  • 16.7%

    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.

  • 4.03%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 0.64

    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 0.46, 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.

  • 5.53%

    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)
₩6.9T
Net debt (borrowings and leases − cash and deposits)
₩828B
+ Stakes and investments
₩10B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩431B
Shares
16,318,522
Share price
₩26,850
Market cap
₩438B

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₩2.5T₩3.4T₩4.3T₩7.9T₩8.8T₩9.5T₩10T₩10T
Growth−13.5%33.0%27.7%13.7%11.0%8.3%5.7%3.0%
EBIT₩78B₩116B₩162B₩276B₩307B₩332B₩351B₩361B
EBIT margin3.1%3.4%3.8%3.5%3.5%3.5%3.5%3.5%
After-tax EBIT₩57B₩84B₩118B₩200B₩222B₩241B₩254B₩262B
+ Depreciation———₩32B₩35B₩38B₩40B₩41B
− Capital spending₩17B₩12B₩18B₩39B₩44B₩47B₩50B₩52B
− Working capital−₩119B₩225B₩253B₩159B₩145B₩121B₩90B₩50B
Free cash flow———₩34B₩69B₩110B₩154B₩201B
Discount factor———0.9500.9030.8580.8150.775
Present value———₩32B₩62B₩94B₩126B₩156B

Terminal value ₩7T, worth ₩5.5T today: 92% 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 ₩41,644 a share)Now 0.64×₩16,1480.39×₩19,6330.47×₩34,9660.84×
Price / earnings (last 12 months: ₩14,853 a share)Now 1.81×₩38,8762.62×₩48,4053.26×₩76,8875.18×
P/E on run-rate earnings (Q2 2026 × 4: ₩14,955 a share)Now 1.80×₩39,1422.62×₩48,7363.26×₩77,4125.18×

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%
4.2%₩327,417₩382,059₩460,953₩585,060₩809,278
4.7%₩269,158₩306,708₩357,831₩431,637₩547,730
5.2%₩224,735₩251,612₩286,668₩334,391₩403,279
5.7%₩189,764₩209,595₩234,629₩267,276₩311,713
6.2%₩161,533₩176,513₩194,938₩218,191₩248,510

Now (TTM)

Market cap
₩438B
Enterprise value
₩1.3T
P/E
1.8×
P/B
0.6×
P/S
0.1×
EV/EBITDA
—
Dividend yield
2.0%

Over time (at each year end)

20252024202320222021
Price₩14,740₩8,630₩8,500₩8,330₩12,250
Market cap₩241B₩141B₩139B₩136B₩200B
P/E3.2×2.3×4.4×2.8×6.5×
P/B0.5×0.3×0.4×0.4×0.7×
P/S0.1×0.0×0.1×0.0×0.1×
EV/EBITDA—————
Dividend yield3.7%5.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Samji Electronics1.8×0.6×0.1×—2.0%
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: Samji Electronics / 삼지전자 / 037460 / KRX:037460

Source: KRX statistical information