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KREDKRED
005935KOSPI

Samsung Electronics (1P)

194,000
-4,000 (-2.02%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

This issue files no business report of its own, so the report shown is its issuer's, 005930.

Summary

Samsung Electronics was established in 1969 and is listed on the KOSPI market. Headquartered in Suwon, South Korea, it is a global electronics company consisting of 308 subsidiaries.

The company operates through the DX and DS divisions, SDC, and Harman. Its business includes producing televisions, smartphones, home appliances, memory semiconductors, system LSIs, foundry services, display panels, and automotive electronics. It distributes products through global regional headquarters and subsidiaries to customers including Alphabet and Apple.

Business overview as filed

당사는 본사를 거점으로 한국과 DX 부문 산하 해외 9개 지역총괄 및 DS 부문 산하 해외 5개 지역총괄의 생산ㆍ판매법인, SDC 및 Harman 산하 종속기업 등 308개의 종속기업으로 구성된 글로벌 전자 기업입니다.

사업별로 보면, Set 사업은 DX(Device eXperience) 부문이 TV를 비롯하여 모니터, 냉장고, 세탁기, 에어컨, 스마트폰, 네트워크시스템, PC 등을 생산ㆍ판매하며, 부품 사업은 DS(Device Solutions) 부문에서 DRAM, NAND Flash, 모바일AP 등의 제품을 생산ㆍ판매하고, SDC가 스마트폰용 OLED 패널 등을 생산ㆍ판매하고 있습니다.또한, Harman에서는 디지털 콕핏(Digital Cockpit), 카오디오 등 전장제품과 포터블/사운드바 스피커 등 컨슈머오디오 제품 등을 개발, 생산, 판매하고 있습니다.

지역별로 보면, 국내에서는 DX 부문 및 DS 부문 등을 총괄하는 본사와 34개의 종속기업이 사업을 운영하고 있습니다. 본사는 수원, 구미, 광주, 기흥, 화성, 평택사업장 등으로 구성되어 있으며, 국내 종속기업은 디스플레이 패널을 생산하는 삼성디스플레이㈜와 국내 대리점 판매를 전담하는 삼성전자판매㈜, 제품 수리 서비스를 담당하는 삼성전자서비스㈜, 제품 운송을 담당하는 삼성전자로지텍㈜ 등으로 구성되어 있습니다.

해외(미주, 유럽ㆍCIS, 중동ㆍ아프리카, 아시아 등지)에서는 생산, 판매, 연구활동 등을 담당하는 274개의 비상장 종속기업이 운영되고 있습니다.미주에는 TV, 스마트폰 등 Set제품의 미국판매를 담당하는 SEA(New Jersey, USA),TV 생산을 담당하는 SII(California, USA), 반도체ㆍ디스플레이 패널 판매를 담당하는 SSI(California, USA), 반도체 생산을 담당하는 SAS(Texas, USA), Set제품 복합 생산법인 SEDA(Brazil), 전장부품사업 등을 담당하는 Harman(Connecticut, USA)등을 포함하여 총 66개의 판매ㆍ생산 등을 담당하는 법인이 있습니다.

유럽ㆍCIS에는 SEUK(UK), SEG(Germany), SEF(France), SEI(Italy) 등 Set제품 판매법인과 SEH(Hungary) 등 TV 생산법인, 가전제품 생산법인 SEPM(Poland) 등을 포함하여 총 114개의 법인이 운영되고 있습니다.중동ㆍ아프리카에는 SGE(UAE), SSA(South Africa) 등 Set제품 판매법인과 SEEG(Egypt), SSAP(South Africa) 등 TV 생산법인을 포함한 총 21개 법인이 운영되고 있습니다.아시아(중국 제외)에는 SESP(Singapore), SEAU(Australia), SEPCO(Philippines), SME(Malaysia) 등 판매법인과 스마트폰 등 생산법인 SEVㆍSEVT(Vietnam), TV 등 생산법인 SEHC(Vietnam), 디스플레이 패널 생산법인 SDV(Vietnam), 복합 생산법인 SIEL(India) 등을 포함한 총 36개의 법인이 운영되고 있습니다.중국에는 SCIC(Beijing), SEHK(Hong Kong) 등 Set제품 판매법인과 SSS(Shanghai),SSCX(Xian) 등 반도체ㆍ디스플레이 패널 판매법인, SSEC(Suzhou) 등 Set제품 생산법인, SCS(Xian) 등 반도체 생산법인을 포함하여 총 37개의 법인이 운영되고 있습니다.

2025년 당사의 매출은 333조 6,059억원으로 전년 동기 대비 10.9% 증가하였으며, 주요 매출처는 Alphabet, Apple, Deutsche Telekom, Hong Kong Techtronics, Supreme Electronics 등(알파벳순)이 있습니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 삼성전자주식회사이고 영문명은 Samsung Electronics Co., Ltd. 입니다.

나. 설립일자

당사는 1969년 1월 13일에 삼성전자공업주식회사로 설립되었으며, 1975년 6월 11일 기업공개를 실시하였습니다.

당사는 1984년 2월 28일 정기주주총회 결의에 의거하여 상호를 삼성전자공업주식회사에서 삼성전자주식회사로 변경하였습니다.

다. 본사의 주소, 전화번호 및 홈페이지

주소: 경기도 수원시 영통구 삼성로 129(매탄동)

전화번호: 031-200-1114 홈페이지: https://www.samsung.com/sec

라. 주요 사업의 내용

당사는 제품의 특성에 따라 DX(Device eXperience), DS(Device Solutions) 2개의 부문과 패널 사업을 영위하는 SDC(삼성디스플레이㈜ 및 그 종속기업), 전장부품사업 등을 영위하는 Harman(Harman International Industries, Inc. 및 그 종속기업)으로 나누어 경영을 하고 있습니다.

당사는 본사를 거점으로 한국과 DX 부문 산하 해외 9개 지역총괄, DS 부문 산하 해외 5개 지역총괄의 생산ㆍ판매법인 및 SDC, Harman 산하 종속기업 등 308개의 종속기업으로 구성된 글로벌 전자 기업입니다.각 부문별 주요 제품은 다음과 같습니다.

[DX 부문]

DX 부문은 TV, 모니터, 냉장고, 세탁기, 에어컨 및 스마트폰, 태블릿, 웨어러블(Wearable) 제품, 네트워크시스템 등을 생산ㆍ판매하는 사업으로 구성되어 있습니다.TV사업은 2006년부터 2025년까지 20년 연속 판매 1위를 지키고 있습니다. 업체간 경쟁이 심화되는 가운데, 당사는 프리미엄 TV를 선두로 하여, 고화질 뿐만 아니라 AI 신기술 등을 적용해 경쟁사들과의 기술격차를 벌리고 있습니다. 또한, 가전 사업은 친환경 ㆍ고효율 기술을 통해 제품의 기본 성능의 우위는 물론이고, 변화하는 라이프스타일에 대한 깊은 이해를 바탕으로 소비자의 삶을 편리하게 하는 제품과 서비스를 지속 출시하고 있습니다.모바일사업은 2011년 이후 15년간 글로벌 선도 지위를 공고히 유지하고 있습니다. '갤럭시(Galaxy)' 브랜드를 통해 프리미엄부터 보급형까지 다양하고 경쟁력 있는 스마트폰 라인업과 태블릿, 웨어러블 등 Galaxy Ecosystem 제품군을 활용하여 시장 상황에 최적화된 제품 포트폴리오를 운영하고 있습니다.

당사는 업계 최고 수준의 R&D 역량을 바탕으로 지속적인 기술 혁신 및 철저한 미래 준비를 통해 고객에게 새로운 가치를 끊임없이 제공하겠습니다. 제품과 서비스의 지속적인 발전을 통해 친환경 기술 혁신을 이어가고, 연구개발을 통해 시장 패러다임 변화를 선도해 나가겠습니다.

[DS 부문]

DS 부문은 DRAM, NAND Flash 등 제품을 생산ㆍ판매하는 메모리 반도체 사업과 모바일AP, 카메라 센서칩 등을 설계ㆍ판매하는 System LSI 사업, 반도체 제조 위탁 생산을 하는 Foundry 사업 등으로 구성되어 있습니다.메모리 반도체 사업은 DRAM, NAND Flash 제품 등에 선단 공정 기술을 적용하고,고부가 솔루션 중심의 사업 포트폴리오 운영을 통해 제품을 차별화하고 원가 경쟁력을 제고하는 등 질적 성장에 주력하여 전 세계 메모리 시장에서 선두 자리를 지속적으로 유지하고 있습니다. System LSI 사업은 모바일용 반도체 사업에서 차량용 반도체 사업으로 확장을 추진 중이며, On-Device AI 적용, 고성능 IP 탑재 등 제품의 차별화를 통해 고객과 협력 강화 및 응용처를 다변화하여 시장 지배력을 확대하는 한편, 차세대 기술 개발도 지속 추진하고 있습니다. Foundry 사업은 Advanced 공정에서 지속적인 기술 경쟁력 강화를 통해 중장기 수요확보에 집중하고 있으며, Mature 공정에서는 응용처를 확대하는 한편 원가 경쟁력을강화할 예정입니다.

[SDC]

SDC의 중소형 디스플레이 패널 사업은 차별화된 기술을 바탕으로 OLED 패널의 점유율을 확대하는 한편 폴더블ㆍIT(태블릿/노트북)ㆍAuto 등 다양한 응용처의 제품 출시를 통해 시장 영역을 넓혀 나가고 있습니다. 또한, 대형 디스플레이 패널 사업은 고성능 QD-OLED 프리미엄 제품 중심으로 사업을 특화하고, 기술 및 생산성 향상을 지속 추진하여 사업 경쟁력을 제고하고 있습니다.

[Harman]

Harman은 커넥티드카 제품 및 솔루션 등을 개발 및 공급하는 전장부품 사업과 컨슈머 오디오 제품 및 프로페셔널 오디오 솔루션을 제공하는 라이프스타일 오디오 사업을 운영하고 있습니다. 전장부품 시장의 선두업체로서 완성차 업체들에게 경쟁력 있는 제품을 공급하고 있을 뿐 아니라, 오디오 시장에서도 혁신 제품 판매를 통해 일반 소비자들과 음악 애호가들 사이에서 명성을 쌓아왔습니다. 또한, 당사 타 제품군과의 협업 확대를 통해 차별화된 고객 경험을 제공하고 자체 개발 및 전략적 인수 등을 통해 각 사업 분야에서 경쟁력을 강화하고 있습니다.

마. 연결대상 종속회사 현황(요약)

기업회계기준서(K-IFRS) 제1110호 '연결재무제표'에 의한 지배회사(최상위)인 당사의 연결대상 종속기업은 2025년말 현재 308개사입니다. 전년말 대비 91개 기업이 증가하고 11개 기업이 감소하였습니다.

(당기 연결대상회사의 변동내용)

바. 중소기업 해당 여부

당사는「중소기업기본법」제2조에 의한 중소기업에 해당되지 않습니다.

사. 신용평가에 관한 사항

당사는 Moody's(미국) 및 S&P(미국)로부터 신용등급 평가를 받고 있습니다. 2025년말 현재 Moody's의 당사 평가등급은 Aa2, 전망치는 안정적(Stable)이고, S&P의 당사 평가등급은 AA-, 전망치는 안정적(Stable)입니다.

아. 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

당사는 1975년 6월 11일 유가증권시장에 기업공개를 실시하였습니다.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.10), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

7.25%
[4.96%, 10.50%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 35.7% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.14
Beta [1.07, 1.21] · KOSPI200 · As of 2026-10-08
Intercept
+0.099%[-0.099%, +0.296%]
R squared
0.84
Observations
252
Trading-time corrected beta
1.12[1.00, 1.25]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

This line files no statements of its own, so the statements shown are those of Samsung Electronics.

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M2,006,5352,018,6672,395,7542,437,7142,304,0092,368,0702,796,0483,022,3142,589,3553,008,7093,336,0594,852,720
Revenue growth%—0.6018.681.75-5.482.7818.078.09-14.3316.2010.88—
Operating incomeKRW 100M264,134292,407536,450588,867277,685359,939516,339433,76665,670327,260436,0111,789,649
Operating income growth%—10.7083.469.77-52.8429.6243.45-15.99-84.86398.3433.23—
Net incomeKRW 100M190,601227,261421,867443,449217,389264,078399,075556,541154,871344,514452,0681,507,172
Net income growth%—19.2385.635.12-50.9821.4851.1239.46-72.17122.4531.22—
Attributable to ownersKRW 100M186,946224,157413,446438,909215,051260,908392,438547,300144,734336,214442,6101,496,692
Attributable to minoritiesKRW 100M3,6553,1048,4224,5402,3383,1706,6379,24110,1378,3009,45810,481
Operating margin%13.1614.4922.3924.1612.0515.2018.4714.352.5410.8813.0736.88
Net margin%9.5011.2617.6118.199.4411.1514.2718.415.9811.4513.5531.06
ROE%10.8112.0219.9518.288.449.7513.2515.864.108.5810.4326.49
ROA%7.878.6713.9813.076.176.989.3512.413.406.707.9719.84
Debt ratio%35.2535.8740.6836.9734.1237.0739.9226.4125.3627.9329.9431.10
Current ratio%247.14258.54218.80252.89284.38262.17247.58278.86258.77243.30232.76282.97
Quick ratio%209.89224.99181.61210.93242.41219.79200.62212.24190.59187.84183.30229.77
Reserve ratio%21,117.8822,004.1424,536.1227,531.9228,856.0230,692.7933,143.6238,144.2939,114.2841,772.8445,296.1757,213.75
Free cash flowKRW 100M141,815232,427193,698374,755200,152276,950179,833127,509-134,739215,763377,930—
FCF margin%7.0711.518.0915.378.6911.706.434.22-5.207.1711.33—
OCF conversion%210.19208.51147.35151.16208.76247.23163.14111.73284.99211.84188.72—
Capex to revenue%12.9011.9617.8612.1211.0115.8716.8516.3622.2517.0914.25—
Inventory daysdays—56.461.274.469.174.380.589.9105.0101.194.2—
EPSKRW126,305157,967299,8686,4613,1663,8415,7778,0572,1314,9506,605186,534
PERx—9.076.974.9114.3419.1612.326.2729.248.9313.501.14
BPSKRW—9,087,91711,353,799291,740309,782325,282359,998419,482429,262475,992520,008704,244
PBRx—0.160.180.110.150.230.200.120.150.090.170.30
Dividend per shareKRW—28,55042,55018,7631,4172,9951,4451,4451,4451,4471,669—
Payout ratio%—18.0714.19290.4044.7677.9725.0117.9367.8129.2325.27—

Consolidated basis

Profit flowKRW 100M

Revenue
3,336,059
Cost of sales
2,022,355
Gross profit
1,313,704
SG&A expenses
877,694
Operating income
436,011
Non-operating income
58,804
Profit before tax
494,815
Net income
452,068
Income tax expense
42,747

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
2,421,7952,621,7433,017,5213,393,5723,525,6453,782,3574,266,2124,484,2454,559,0605,145,3195,669,421
631,197692,113872,607916,041896,8411,022,8771,217,212936,749922,2811,123,3991,306,218
1,790,5981,929,6302,144,9142,477,5322,628,8042,759,4803,048,9993,547,4963,636,7794,021,9214,363,203

Income statement

20152016201720182019202020212022202320242025
2,006,5352,018,6672,395,7542,437,7142,304,0092,368,0702,796,0483,022,3142,589,3553,008,7093,336,059
264,134292,407536,450588,867277,685359,939516,339433,76665,670327,260436,011
259,610307,137561,960611,600304,322363,451533,518464,405110,063375,297494,815
190,601227,261421,867443,449217,389264,078399,075556,541154,871344,514452,068
Basic earnings per shareKRW126,305157,967299,868*6,4613,1663,8415,7778,0572,1314,9506,605
Diluted earnings per shareKRW126,303157,967299,868*6,4613,1663,8415,7778,0572,1314,9506,603
191,362247,175366,845443,326247,551227,339499,097596,597188,374512,963512,905

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement190,601227,261421,867443,449217,389264,078399,075556,541154,871344,514452,068
Total adjustments to operating cash flowcomputed210,016246,596199,753226,870236,441388,792251,98065,273286,503385,313401,083
400,618473,856621,620670,319453,829652,870651,054621,813441,374729,826853,151
-271,678-296,587-493,852-522,405-399,482-536,286-330,478-316,028-169,228-853,817-685,122
-65,735-86,695-125,609-150,902-94,845-83,278-239,910-193,900-85,931-77,972-134,780
Cash at beginning of periodKRW 100M168,408226,367321,114305,451303,405268,860293,826390,314496,807690,809537,056
226,367321,114305,451303,405268,860293,826390,314496,807690,809537,056578,564
Net change in cash and cash equivalentsKRW 100M57,96094,747-15,663-2,046-34,54524,96696,488106,493194,002-153,75341,508

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.10.

Audit opinion

This line files no audit report of its own, so the opinions shown are those of the issuing company, code 005930.

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 57삼정회계법인2025-12-31
2024적정의견Term 56삼정회계법인2025-12-31
2023적정의견Term 55삼정회계법인2025-12-31
2022적정Term 54안진회계법인2022-12-31
2021적정Term 53안진회계법인2022-12-31
2020적정Term 52안진회계법인2022-12-31
2019적정Term 51삼일회계법인2019-12-31
2018적정Term 50삼일회계법인2019-12-31
2017적정Term 49삼일회계법인2019-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y1.09
%
%
Cost of equity9.82%
Weighted average cost of capital9.03%
Initial growth7.8%
Effective tax rate8.6%
Base fiscal year2025
Current priceKRW194,000

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model21,757-88.8%
Dividend discount model DDM24,771-87.2%
Discounted cash flow FCFF814,912+320.1%
Discounted cash flow FCFE794,888+309.7%
Residual income model RIM568,592+193.1%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.09 × 5.00% = 9.82%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(10.43% × (1 − 25.27%), 0) = 7.80%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,669 × (1 + 2.00%) / (9.82% − 2.00%) = 1,702 / 0.0782 = 21,757 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,669, g_1 = 7.80%, g_T = 2.00%, r = 9.82%

YearGrowthDividend KRWDiscount factorPresent value KRW
17.80%1,7990.91051,638
26.35%1,9130.82911,586
34.90%2,0070.75491,515
43.45%2,0760.68741,427
52.00%2,1180.62591,325
Terminal value2.00%27,6060.625917,279
Total24,771

P_0 = 24,771 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 520,008 KRW, ROE = 10.43%, payout ratio = 25.27%, r = 9.82%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1520,00854,24351,0893,1540.91052,872
2560,54458,47155,0723,4000.82912,819
3604,24163,03059,3653,6650.75492,767
4651,34467,94363,9923,9510.68742,716
5702,11873,23968,9814,2590.62592,665
Terminal value55,5140.625934,746

P_0 = 520,008 + 13,838 + 34,746 = 568,592 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 853,151.5 − 475,221.8 + 4,697.3 × (1 − 8.64%) = 382,221.2 KRW hundred million

Weighted average cost of capital

E = 1,582,990.8, D = 252,391.4 KRW hundred million; equity weight = 86.25%, debt weight = 13.75%; cost of debt k_d = 4.40%

WACC = 86.25% × 9.82% + 13.75% × 4.40% × (1 − 8.64%) = 9.03%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
17.80%412,016.70.9172377,907.6
26.35%438,165.50.8413368,620.6
34.90%459,625.40.7716354,663.3
43.45%475,477.20.7078336,521.3
52.00%484,986.70.6492314,835.4
Terminal value2.00%7,041,001.60.64924,570,756.6
Total6,323,304.8

Firm value = 6,323,304.8; less borrowings 252,391.4; plus cash 578,563.8 → 6,649,477.2 KRW hundred million

P_0 = 6,649,477.2 KRW hundred million ÷ 815,974,664 (shares) = 814,912 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 853,151.5 − 475,221.8 + 59,089.6 (net borrowing) = 437,019.2 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
17.80%471,086.50.9105428,944.2
26.35%500,984.10.8291415,359.5
34.90%525,520.70.7549396,725.6
43.45%543,645.10.6874373,693.8
52.00%554,518.00.6259347,069.3
Terminal value2.00%7,228,531.10.62594,524,291.9
Total6,486,084.3

P_0 = 6,486,084.3 KRW hundred million ÷ 815,974,664 (shares) = 794,888 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

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