Samkee삼기
122350 · KOSDAQ · ₩122350 · 삼기
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
With these assumptions the model gives no positive value.
- Enterprise value
- −₩253B
- Equity value
- −₩721B
- WACC
- 4.5%
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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩1,460, the model needs an operating margin of 4.8% every year (it uses 0.8%).
- 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.
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
- —
- Bull
- —
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 (0.8%).
Revenue growth
- 2.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.9% a year, annual reports), fading to 3% by year 5.
- 2.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.9% a year, annual reports), fading to 3% by year 5.
- 2.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.9% 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 (2.9% 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 (2.9% a year, annual reports), fading to 3% by year 5.
Business
- 0.8%
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.
- 14.9%
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).
- 18.6%
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).
- -10%
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.
- 4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
- 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 -0.02, 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.
- 5.58%
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)
- ₩617B
- Net debt (borrowings and leases − cash and deposits)
- ₩402B
- − Minority interests
- ₩66B
- Shares
- 38,339,428
- Share price
- ₩1,460
- Market cap
- ₩56B
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 | ₩537B | ₩542B | ₩571B | ₩635B | ₩653B | ₩672B | ₩692B | ₩713B |
| Growth | 2.5% | 0.9% | 5.2% | 2.9% | 2.9% | 2.9% | 3.0% | 3.0% |
| EBIT | ₩7.8B | ₩5.1B | ₩8.3B | ₩5.1B | ₩5.2B | ₩5.4B | ₩5.5B | ₩5.7B |
| EBIT margin | 1.5% | 0.9% | 1.5% | 0.8% | 0.8% | 0.8% | 0.8% | 0.8% |
| After-tax EBIT | ₩5.7B | ₩3.7B | ₩6B | ₩3.7B | ₩3.8B | ₩3.9B | ₩4B | ₩4.1B |
| + Depreciation | — | — | — | ₩95B | ₩97B | ₩100B | ₩103B | ₩106B |
| − Capital spending | ₩150B | ₩78B | ₩77B | ₩118B | ₩121B | ₩125B | ₩129B | ₩133B |
| − Working capital | −₩215B | −₩4.4B | ₩203B | −₩1.8B | −₩1.8B | −₩1.9B | −₩2B | −₩2.1B |
| Free cash flow | — | — | — | −₩18B | −₩19B | −₩19B | −₩20B | −₩20B |
| Discount factor | — | — | — | 0.957 | 0.917 | 0.877 | 0.840 | 0.804 |
| Present value | — | — | — | −₩17B | −₩17B | −₩17B | −₩16B | −₩16B |
Terminal value −₩210B, worth −₩169B today: 67% 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 ₩2,538 a share)Now 0.58× | ₩1,1400.45× | ₩1,6290.64× | ₩2,8081.11× |
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% |
|---|---|---|---|---|---|
| 3.5% | — | — | — | — | — |
| 4.0% | — | — | — | — | — |
| 4.5% | — | — | — | — | — |
| 5.0% | — | — | — | — | — |
| 5.5% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩56B
- Enterprise value
- ₩457B
- P/E
- —
- P/B
- 0.6×
- P/S
- 0.1×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩1,263 | ₩1,215 | ₩2,180 | ₩3,375 | ₩4,835 |
| Market cap | ₩48B | ₩47B | ₩84B | ₩129B | ₩185B |
| P/E | — | — | 13.2× | — | — |
| P/B | 0.5× | 0.4× | 0.7× | 1.1× | 1.3× |
| P/S | 0.1× | 0.1× | 0.2× | 0.2× | 0.3× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Samkee | — | 0.6× | 0.1× | — | 0.0% |
| Hyundai Mobis | 8.7× | 0.6× | 0.5× | — | 1.8% |
| SL | 6.0× | 0.9× | 0.4× | 3.7× | 0.0% |
| HL Mando | 10.7× | 0.6× | 0.2× | — | 1.9% |
| Samhyun | — | 12.1× | 17.1× | — | 0.0% |
| Hyundai WIA | 19.4× | 0.4× | 0.2× | — | 2.4% |
| SNT Dynamics | 13.0× | 0.7× | 0.8× | — | 7.0% |
| Similar companies (median) | 10.7× | 0.7× | 0.5× | 3.7× | 1.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Samkee / 삼기 / 122350 / KRX:122350
Source: KRX statistical information