Samyang Comtech

484590 · KOSDAQ · ₩484590 · 삼양컴텍

₩5,420▼ ₩300 (5.24%)End-of-day · Oct 30, 2026 · End-of-day prices.
Trade
Alert me

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

₩8,303

vs the current price (₩5,420)

Enterprise value
₩344B
Equity value
₩342B
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 53% 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 ₩5,420, the model needs an operating margin of 12.1% every year (it uses 17.4%).
  • Or revenue growth −11.6 points a year higher than assumed in each of the 5 years.
  • 32% 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.

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
₩5,459
+0.7%
Base
₩8,303
+53.2%
Bull
₩13,089
+141.5%

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 (17.4%).

Revenue growth

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

Business

  • 17.4%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 1 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.

  • 4.3%

    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).

  • 5.3%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).

  • 40%

    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 1 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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 62 weeks of weekly returns against KOSPI (official index); raw beta 0.33, 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.

  • 5.51%

    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)
₩152B
Net debt (borrowings and leases − cash and deposits)
₩1.4B
Shares
41,210,450
Share price
₩5,420
Market cap
₩223B

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.

FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩155B₩157B₩162B₩167B₩172B₩177B
Growth—3.0%3.0%3.0%3.0%3.0%
EBIT₩27B₩27B₩28B₩29B₩30B₩31B
EBIT margin17.2%17.4%17.4%17.4%17.4%17.4%
After-tax EBIT₩19B₩20B₩20B₩21B₩22B₩22B
+ Depreciation—₩6.8B₩7B₩7.2B₩7.4B₩7.6B
− Capital spending₩8.2B₩8.3B₩8.6B₩8.8B₩9.1B₩9.4B
− Working capital—₩1.8B₩1.9B₩1.9B₩2B₩2.1B
Free cash flow—₩16B₩17B₩17B₩18B₩18B
Discount factor—0.9320.8690.8100.7550.704
Present value—₩15B₩15B₩14B₩14B₩13B

Terminal value ₩388B, worth ₩273B today: 79% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%₩8,842₩9,490₩10,288₩11,295₩12,606
6.8%₩8,052₩8,568₩9,191₩9,958₩10,926
7.3%₩7,388₩7,807₩8,303₩8,902₩9,639
7.8%₩6,823₩7,167₩7,568₩8,045₩8,620
8.3%₩6,336₩6,621₩6,951₩7,337₩7,795

Now (TTM)

Market cap
₩223B
Enterprise value
₩224B
P/E
7.8×
P/B
1.3×
P/S
1.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025
Price₩12,800
Market cap₩527B
P/E23.3×
P/B3.4×
P/S3.4×
EV/EBITDA—
Dividend yield0.0%

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Samyang Comtech7.8×1.3×1.5×—0.0%
Hanwha Aerospace17.8×3.0×1.2×—1.0%
Korea Aerospace Industries53.8×5.0×2.2×—0.5%
LIG Defense&Aerospace31.9×5.7×1.9×—0.7%
Satrec Initiative65.0×2.5×2.9×38.5×0.2%
Firstec16.4×2.7×0.7×—0.0%
Vitzro Nextech—4.1×5.9×—0.0%
Similar companies (median)31.9×3.5×2.0×38.5×0.3%

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

Also known as: Samyang Comtech / 삼양컴텍 / 484590 / KRX:484590

Source: KRX statistical information