KOSPI · 068290 · Media & Publishing · ₩068290

Samsung Publishing삼성출판사

068290 · KOSPI · ₩068290 · 삼성출판사

₩5,810▼ ₩30 (0.51%)End-of-day · Oct 27, 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

₩95

vs the current price (₩5,810)

Enterprise value: −₩11B
Equity value: ₩947M
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 98% 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 ₩5,810, the model needs an operating margin of 11.1% every year (it uses −1.4%).
100% 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.
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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 8.1× against a typical 15.7× 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: —
Base: ₩95; −98.4%
Bull: ₩647; −88.9%

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 (−1.4%).

Revenue growth

Revenue growth, year 1-8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-5.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-2.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8% 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 (-8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-1.4%
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 & amortisation3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital39.3%
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.
Beta0.6
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 0.02, 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): ₩42B
Net debt (borrowings and leases − cash and deposits): −₩12B
Shares: 10,000,000
Share price: ₩5,810
Market cap: ₩58B

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	₩42B	₩41B	₩40B	₩38B	₩36B	₩35B	₩35B	₩36B
Growth	−19.1%	−3.0%	−0.7%	−8.0%	−5.2%	−2.5%	0.3%	3.0%
EBIT	−₩1.3B	−₩181M	−₩795M	−₩535M	−₩507M	−₩494M	−₩496M	−₩511M
EBIT margin	−3.1%	−0.4%	−2.0%	−1.4%	−1.4%	−1.4%	−1.4%	−1.4%
After-tax EBIT	−₩951M	−₩132M	−₩577M	−₩388M	−₩368M	−₩358M	−₩359M	−₩370M
+ Depreciation	—	—	—	₩1.1B	₩1.1B	₩1.1B	₩1.1B	₩1.1B
− Capital spending	—	—	—	₩1.5B	₩1.4B	₩1.4B	₩1.4B	₩1.5B
− Working capital	−₩12B	₩5.3B	₩453M	−₩1.3B	−₩781M	−₩356M	₩42M	₩417M
Free cash flow	—	—	—	₩536M	₩51M	−₩356M	−₩755M	−₩1.2B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩499M	₩44M	−₩287M	−₩567M	−₩806M

Terminal value −₩14B, worth −₩10B today: 90% 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 ₩14,403 a share)Now 0.40×	₩7,7530.54×	₩14,8331.03×	₩27,2971.90×
Price / earnings (last 12 months: ₩718 a share)Now 8.10×	₩6,1648.59×	₩11,28015.7×	₩22,06330.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩705 a share)Now 8.24×	₩6,0578.59×	₩11,08515.7×	₩21,68230.7×

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%	₩247	₩46	—	—	—
6.9%	₩340	₩169	—	—	—
7.4%	₩419	₩271	₩95	—	—
7.9%	₩486	₩357	₩204	₩23	—
8.4%	₩544	₩430	₩297	₩141	—

Now (TTM)

Market cap: ₩58B
Enterprise value: ₩45B
P/E: 8.1×
P/B: 0.4×
P/S: 1.4×
EV/EBITDA: —
Dividend yield: 3.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩11,040	₩14,810	₩19,950	₩24,200	₩33,150
Market cap	₩110B	₩148B	₩200B	₩242B	₩332B
P/E	27.3×	13.6×	22.8×	14.7×	308.9×
P/B	0.7×	0.8×	1.2×	1.4×	1.9×
P/S	2.7×	3.7×	4.8×	4.7×	5.9×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.8%	1.4%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Samsung Publishing	8.1×	0.4×	1.4×	—	3.4%
CJ ENM	—	0.3×	0.2×	—	0.0%
Seoul Broadcasting System	107.3×	0.2×	0.2×	—	3.0%
KT Skylife	78.4×	0.3×	0.2×	—	9.0%
Mega Study	5.3×	0.5×	1.3×	—	10.1%
LG HelloVision	—	0.2×	0.1×	3.1×	0.0%
The Korea Economic Broadcasting	19.1×	0.7×	1.1×	—	3.1%
Similar companies (median)	48.8×	0.3×	0.2×	3.1×	3.1%

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

Also known as: Samsung Publishing / 삼성출판사 / 068290 / KRX:068290

Source: KRX statistical information