KOSPI · 248170 · Food & Beverage · ₩248170

Sempio Foods샘표식품

248170 · KOSPI · ₩248170 · 샘표식품

₩20,850▲ ₩250 (1.21%)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

₩46,269

vs the current price (₩20,850)

Enterprise value: ₩190B
Equity value: ₩211B
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 122% 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 ₩20,850, the model needs an operating margin of 2.6% every year (it uses 4.5%).
Today's P/E is 5.3× against a typical 10.0× 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: ₩16,669; −20.1%
Base: ₩46,269; +121.9%
Bull: ₩99,839; +378.8%

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 (4.5%).

Revenue growth

Revenue growth, year 13.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 23.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.3% 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 (3.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin4.5%
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.
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 & amortisation4.9%
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).
Capital spending6.2%
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).
Working capital13.7%
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

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 rate4.03%
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.
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 0.11, 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)5.53%
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): ₩414B
Net debt (borrowings and leases − cash and deposits): −₩20B
+ Stakes and investments: ₩957M; Associates, long-term financial assets and deposits (book value)
Shares: 4,566,596
Share price: ₩20,850
Market cap: ₩95B

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	₩383B	₩405B	₩409B	₩427B	₩441B	₩455B	₩469B	₩483B
Growth	3.3%	5.6%	1.0%	3.3%	3.2%	3.1%	3.1%	3.0%
EBIT	₩9.8B	₩6.5B	₩24B	₩19B	₩20B	₩20B	₩21B	₩22B
EBIT margin	2.6%	1.6%	6.0%	4.5%	4.5%	4.5%	4.5%	4.5%
After-tax EBIT	₩7.1B	₩4.7B	₩18B	₩14B	₩14B	₩15B	₩15B	₩16B
+ Depreciation	—	—	—	₩21B	₩22B	₩22B	₩23B	₩24B
− Capital spending	₩30B	₩20B	₩22B	₩26B	₩27B	₩28B	₩29B	₩30B
− Working capital	−₩28B	₩82M	−₩12B	₩1.9B	₩1.9B	₩1.9B	₩1.9B	₩1.9B
Free cash flow	—	—	—	₩6.5B	₩6.8B	₩7B	₩7.3B	₩7.5B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩6.1B	₩5.9B	₩5.7B	₩5.5B	₩5.3B

Terminal value ₩231B, worth ₩162B today: 85% 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 ₩60,363 a share)Now 0.35×	₩27,2690.45×	₩32,9010.55×	₩53,3810.88×
Price / earnings (last 12 months: ₩3,904 a share)Now 5.34×	₩23,4506.01×	₩38,9169.97×	₩317,04681.2×

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%	₩49,797	₩52,907	₩56,724	₩61,522	₩67,745
6.8%	₩45,557	₩48,006	₩50,951	₩54,563	₩59,105
7.3%	₩41,996	₩43,954	₩46,269	₩49,054	₩52,469
7.8%	₩38,965	₩40,550	₩42,399	₩44,586	₩47,214
8.3%	₩36,354	₩37,652	₩39,147	₩40,891	₩42,953

Now (TTM)

Market cap: ₩95B
Enterprise value: ₩69B
P/E: 5.3×
P/B: 0.3×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 1.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩28,400	₩24,750	₩27,500	₩34,750	₩44,750
Market cap	₩130B	₩113B	₩126B	₩159B	₩204B
P/E	6.5×	11.2×	12.0×	12.1×	8.6×
P/B	0.5×	0.5×	0.5×	0.7×	1.0×
P/S	0.3×	0.3×	0.3×	0.4×	0.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.7%	0.8%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Sempio Foods	5.3×	0.3×	0.2×	—	1.0%
Samyang Foods	17.5×	5.6×	3.1×	—	0.4%
Orion	10.5×	1.1×	1.2×	5.3×	3.1%
CJ Cheiljedang	—	0.3×	0.1×	—	3.6%
Nongshim	12.1×	0.8×	0.7×	—	1.5%
Otoki	16.9×	0.6×	0.3×	—	2.9%
Hite Jinro	23.3×	1.0×	0.4×	6.4×	4.5%
Similar companies (median)	16.9×	0.9×	0.6×	5.8×	3.0%

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

Also known as: Sempio Foods / 샘표식품 / 248170 / KRX:248170

Source: KRX statistical information