Ask Warren

Sambo Motors

053700 · KOSDAQ · ₩053700 · 삼보모터스

₩3,680▲ ₩65 (1.80%)End-of-day · Oct 27, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

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

₩19,875

vs the current price (₩3,680)

Enterprise value
₩395B
Equity value
₩531B
WACC
8.0%

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 440% 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 ₩3,680, the model needs an operating margin of 1.2% every year (it uses 2.8%).
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
  • Today's P/E is 10.7× 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
₩593
−83.9%
Base
₩19,875
+440.1%
Bull
₩53,679
+1,358.7%

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 (2.8%).

Revenue growth

  • 12%

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

    Default: the last 3 years' revenue growth (12% a year, annual reports), fading to 3% by year 5.

  • 9.7%

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

    Default: the last 3 years' revenue growth (12% a year, annual reports), fading to 3% by year 5.

  • 7.5%

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

    Default: the last 3 years' revenue growth (12% a year, annual reports), fading to 3% by year 5.

  • 5.2%

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

    Default: the last 3 years' revenue growth (12% 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 (12% a year, annual reports), fading to 3% by year 5.

Business

  • 2.8%

    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.

  • 6.7%

    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).

  • 8.3%

    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).

  • 2.7%

    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.

  • 4.11%

    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.

  • 0.71

    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 0.57, 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)
₩1.7T
Net debt (borrowings and leases − cash and deposits)
−₩130B
+ Stakes and investments
₩6B
Associates, long-term financial assets and deposits (book value)
Shares
26,715,757
Share price
₩3,680
Market cap
₩98B

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₩1.4T₩1.6T₩1.7T₩1.9T₩2.1T₩2.3T₩2.4T₩2.5T
Growth20.1%9.0%7.3%12.0%9.7%7.5%5.2%3.0%
EBIT₩52B₩54B₩62B₩54B₩60B₩64B₩67B₩69B
EBIT margin3.6%3.5%3.7%2.8%2.8%2.8%2.8%2.8%
After-tax EBIT₩37B₩39B₩45B₩39B₩43B₩46B₩49B₩50B
+ Depreciation———₩130B₩143B₩153B₩161B₩166B
− Capital spending₩137B₩155B₩94B₩161B₩177B₩190B₩200B₩206B
− Working capital−₩24B−₩915M₩34B₩5.6B₩5.1B₩4.3B₩3.2B₩1.9B
Free cash flow———₩2.7B₩4.1B₩5.5B₩7.1B₩8.7B
Discount factor———0.9260.8570.7940.7350.680
Present value———₩2.5B₩3.5B₩4.4B₩5.2B₩5.9B

Terminal value ₩549B, worth ₩373B today: 95% 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 ₩17,522 a share)Now 0.21×₩4,5600.26×₩7,7690.44×₩10,8420.62×
Price / earnings (last 12 months: ₩343 a share)Now 10.7×₩7662.23×₩2,0555.99×₩3,90111.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩795 a share)Now 4.63×₩1,7732.23×₩4,7595.99×₩9,03711.4×

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%
7.0%₩20,723₩21,981₩23,488₩25,328₩27,623
7.5%₩19,259₩20,293₩21,514₩22,976₩24,761
8.0%₩18,010₩18,872₩19,875₩21,060₩22,478
8.5%₩16,933₩17,659₩18,495₩19,469₩20,618
9.0%₩15,996₩16,613₩17,317₩18,129₩19,073

Now (TTM)

Market cap
₩98B
Enterprise value
−₩47B
P/E
10.7×
P/B
0.2×
P/S
0.1×
EV/EBITDA
—
Dividend yield
1.4%

Over time (at each year end)

20252024202320222021
Price₩6,420₩4,220₩5,920₩5,000₩5,770
Market cap₩172B₩113B₩158B₩134B₩154B
P/E8.5×2.6×5.3×6.3×12.1×
P/B0.4×0.3×0.5×0.5×0.7×
P/S0.1×0.1×0.1×0.1×0.1×
EV/EBITDA—————
Dividend yield0.8%1.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Sambo Motors10.7×0.2×0.1×—1.4%
Hyundai Mobis8.2×0.6×0.5×—2.0%
SL6.0×0.8×0.4×3.7×0.0%
HL Mando10.5×0.6×0.2×—2.0%
Samhyun—13.0×18.3×—0.0%
Hyundai WIA19.0×0.4×0.2×—2.4%
SNT Dynamics13.6×0.7×0.9×—6.7%
Similar companies (median)10.5×0.7×0.4×3.7×2.0%

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

Also known as: Sambo Motors / 삼보모터스 / 053700 / KRX:053700

Source: KRX statistical information