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028050KOSPI

Samsung E&A

48,250
-350 (-0.72%)

Price chart

  • MA5
  • MA20
  • MA60
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

Summary

Samsung E&A is a company established in 1970 and headquartered in Seoul. It is listed on the KOSPI market.

The company provides global EPC solutions across the chemical, advanced industry, and new energy segments. Its services include the design, procurement, and construction of oil and gas processing, bio-pharmaceutical, and clean energy plants for clients such as Aramco, ADNOC, Samsung Electronics, and Samsung Display.

Business overview as filed

플랜트 산업은 인적자원과 과학기술 전문지식을 통합적으로 활용하여 유무형의 재화를 창출하는 종합시스템 산업으로 사업 타당성 검토에서 기본 계획, 기본/상세설계,기자재 구매/조달, 시공, 검사, 시운전 및 O&M까지 사업 수행을 위한 일련의 업무를포괄하고 있습니다.당사는 전 세계 플랜트 시장에서 플랜트 사업을 전개하고 있으며, 사업부문은 화공, 첨단산업, New Energy으로 구분하고 있습니다.화공플랜트 산업은 생활에 필수 불가결한 기초 에너지원인 석유/가스의 탐사, 생산,운반설비와 석유류 제품 및 석유화학 원료의 생산, 공급설비를 건설하는 산업으로,고도의 기술력과 종합적 사업관리를 요구하는 고부가가치 산업입니다.첨단산업 부문에서는 산업설비 및 바이오플랜트 사업을 수행합니다. 산업설비 산업은 산업 생산시설 및 인프라 설비를 건설하는 산업입니다. 바이오플랜트 산업은 바이오 의약품 및 관련 제품의 생산 설비를 건설하는 산업입니다.New Energy 산업은 세계적인 탈탄소화 및 친환경 에너지전환 수요의 증가에 따라 중요도와 시장 기회가 확대되고 있는 산업으로 LNG, 청정에너지, ECO (Water) 사업을 수행합니다. LNG 산업은 천연가스를 액화시켜 생산, 저장, 운송하는 산업입니다. 청정에너지 산업은 친환경 에너지를 위한 다양한 솔루션을 제공합니다. ECO (Water) 산업은 폐기물 소각, 수처리 등 환경 설비 건설 및 운영 서비스 사업을 포함합니다.당사의 사업부문별로 수익을 창출하는 재화와 용역, 고객 내역은 다음과 같습니다.

Company overview

가. 회사의 법적, 상업적 명칭 당사의 명칭은 삼성이앤에이 주식회사 라고 표기합니다.또한 영문으로는 SAMSUNG E&A CO., LTD. (SE&A)라 표기합니다.

나. 설립일자 및 존속기간당사는 플랜트 건설 및 산업기계 제작판매 공학, 기술서비스, 토건, 환경오염방지시설, 가스시공, 에너지진단, 환경영향평가, 폐기물처리 등을 영위할 목적으로1970년 01월 20일에 설립되었습니다.

다. 본사의 주소, 전화번호 및 홈페이지- 주 소 : 서울시 강동구 상일로6길 26- 전화번호 : 02-2053-3000- 홈페이지 : http://www.samsungena.com

라. 회사가 영위하는 주요사업 내용

당사는 타당성 검토에서부터 파이낸싱, 설계, 구매, 시공, 시운전, O&M에 이르는플랜트 전 분야의 종합 솔루션을 제공하는 글로벌 EPC(설계, 구매, 시공) 전문기업 입니다.당사의 사업부문은 크게 화공, 첨단산업, New Energy로 나뉘며, 사업부문별 대표상품은 다음과 같습니다. 1) 화공 : 오일&가스 프로세싱, 정유, 석유화학2) 첨단산업 : 산업설비, 바이오3) New Energy : LNG, 청정에너지, ECO (Water)당사의 주요 고객으로는 Aramco, ADNOC 등 석유 및 석유화학 회사들과 삼성전자(주), 삼성디스플레이(주) 등 관계사들이 있습니다.

마. 신용평가에 관한 사항

(1) 최근 당사의 신용평가에 관한 내용은 다음과 같습니다.

(2) 신용평가회사의 유가증권 종류별 신용등급체계신용평가회사의 신용등급체계 및 각 신용등급에 부여된 의미는 각 신용평가회사의홈페이지 자료를 참조하였으며 그 주요 내용은 다음과 같습니다.

Moody's의 등급체계

바. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

당사의 연결대상 종속회사는 다음과 같습니다.

(2) 연결대상회사의 변동내용당사 연결대상 종속회사 중 신규연결, 연결제외 대상은 아래와 같습니다.

당기 중 GRUPO Samsung E&A Mexico S.A. De C.V.는 Samsung E&A DUBA S.A. De C.V.의 지분 100%를 취득한 후, 해당 법인을 흡수합병함

사. 중소기업 등 해당 여부

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.11), 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

4.83%
[3.24%, 7.14%] · 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 39.1% (2026-07-20). 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

0.47
Beta [0.35, 0.60] · KOSPI200 · As of 2026-10-08
Intercept
+0.121%[-0.337%, +0.579%]
R squared
0.17
Observations
252
Trading-time corrected beta
0.59[0.31, 0.86]
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

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M64,41370,10555,13454,67063,92167,49274,867100,543106,24999,66690,28896,295
Revenue growth%—8.84-21.35-0.8416.925.5910.9334.305.67-6.20-9.41—
Operating incomeKRW 100M-14,5437122171,9644,2273,6125,0337,0299,9319,7167,9219,152
Operating income growth%——-69.48804.39115.24-14.5639.3439.6741.28-2.17-18.48—
Net incomeKRW 100M-13,043103-7126293,2382,5213,5115,9536,9566,3876,4836,952
Net income growth%——-793.93—415.16-22.1339.2469.5716.85-8.181.51—
Attributable to ownersKRW 100M-13,053266-6446133,2092,5253,7246,6497,5387,5696,1756,631
Attributable to minoritiesKRW 100M9-163-681529-4-213-696-582-1,183308321
Operating margin%-22.581.020.393.596.615.356.726.999.359.758.779.50
Net margin%-20.250.15-1.291.155.073.744.695.926.556.417.187.22
ROE%415.052.66-6.466.0224.4015.7718.6024.6921.7017.8913.0313.23
ROA%-23.160.19-1.401.367.095.305.797.588.926.386.466.62
Debt ratio%-1,899.34458.36419.71362.96252.51200.66209.04204.56136.53157.03125.80122.37
Current ratio%78.9184.5088.8487.3997.46105.90115.31118.64141.46135.27145.65150.40
Quick ratioNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Reserve ratio%—27.19——————————
Free cash flowKRW 100M-8,5371,638-1,4784,3167,6452097,1015,560-4,87815,9292,009—
FCF margin%-13.252.34-2.687.9011.960.319.485.53-4.5915.982.23—
OCF conversion%—1,830.70—709.96242.1617.60210.7396.87-66.10256.1339.25—
Capex to revenue%0.310.340.250.270.310.350.400.210.260.430.59—
Payable daysdays—73.9——————————
EPSKRW-35,301155-3293131,6371,2881,9003,3923,8463,8623,1503,383
PERx—66.45—56.2311.7310.2912.056.567.544.297.6314.07
BPSKRW—5,1095,0905,1996,7108,16710,21613,74117,72121,59124,18725,567
PBRx—2.022.443.392.861.622.241.621.640.770.991.86
Dividend per shareKRW—————————660790—
Payout ratio%—————————17.0925.08—

Consolidated basis

Profit flowKRW 100M

Revenue
90,288
Cost of sales
76,949
Gross profit
13,339
Operating income
7,921
SG&A expenses
5,418
Non-operating income
384
Profit before tax
8,304
Net income
6,483
Income tax expense
1,821

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.

Free cash flow breakdownKRW 100M

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
56,30855,09450,72846,19645,65747,55660,58778,48778,014100,133100,396
59,43745,22740,96736,21832,70531,73840,98252,71745,03161,17655,934
-3,1299,8679,7619,97912,95215,81719,60525,77032,98338,95744,462

Income statement

20152016201720182019202020212022202320242025
64,41370,10555,13454,67063,92167,49274,867100,543106,24999,66690,288
-14,5437122171,9644,2273,6125,0337,0299,9319,7167,921
-14,501575-5481,6054,3783,5185,2957,1579,3269,0388,304
-13,043103-7126293,2382,5213,5115,9536,9566,3876,483
Basic earnings per shareKRW-35,301155-3293131,6371,2881,9003,3923,8463,8623,150
Diluted earnings per shareKRW-35,301155-329Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
-12,663-355-1062772,9742,9063,7886,1657,2135,9766,979

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-13,043103-7126293,2382,5213,5115,9536,9566,3876,483
Total adjustments to operating cash flowcomputed4,7081,777-6283,8344,603-2,0783,888-186-11,5549,972-3,939
-8,3351,879-1,3404,4627,8414447,3985,767-4,59816,3582,544
204944-152207-1,472734-2,013-5,288164-497-17,091
10,724-1,019381-8,492-4,223704-2,0821,747-1,235-296-2,639
Cash at beginning of periodKRW 100M3,8806,9578,8227,4513,6945,8957,48011,38314,1219,15025,957
6,9578,8227,4513,6945,8957,48011,38314,1219,15025,9578,618
Net change in cash and cash equivalentsKRW 100M3,0771,864-1,371-3,7582,2021,5853,9032,738-4,97016,807-17,339

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 2026.03.11.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 59한영회계법인2025-12-31
2024적정의견Term 58한영회계법인2025-12-31
2023적정의견Term 57삼일회계법인2025-12-31
2022적정Term 56삼일회계법인 대표공인회계사 윤훈수2022-12-31
2021적정Term 55삼일회계법인 대표공인회계사 윤훈수2022-12-31
2020적정Term 54삼일회계법인 대표공인회계사 윤훈수2022-12-31
2019적정Term 53삼일회계법인 대표공인회계사 김영식2019-12-31
2018적정Term 52삼일회계법인 대표공인회계사 김영식2019-12-31
2017적정Term 51삼일회계법인 대표공인회계사 김영식2019-12-31
2016적정Term 50안진회계법인 대표공인회계사 함종호2016-12-31
2015적정Term 49삼일회계법인 대표공인회계사 안경태2016-12-31
2014적정Term 48삼일회계법인 대표공인회계사 안경태2016-12-31

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 5Y0.60
%
%
Cost of equity7.37%
Weighted average cost of capital7.37%
Initial growth9.8%
Effective tax rate21.9%
Base fiscal year2025
Current priceKRW48,250

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 model15,003-68.9%
Dividend discount model DDM17,894-62.9%
Discounted cash flow FCFF27,784-42.4%
Discounted cash flow FCFE11,249-76.7%
Residual income model RIM57,261+18.7%
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% + 0.60 × 5.00% = 7.37%

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(13.03% × (1 − 25.08%), 0) = 9.76%

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 = 790 × (1 + 2.00%) / (7.37% − 2.00%) = 806 / 0.0537 = 15,003 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 = 790, g_1 = 9.76%, g_T = 2.00%, r = 7.37%

YearGrowthDividend KRWDiscount factorPresent value KRW
19.76%8670.9314808
27.82%9350.8674811
35.88%9900.8079800
43.94%1,0290.7524774
52.00%1,0490.7008735
Terminal value2.00%19,9300.700813,966
Total17,894

P_0 = 17,894 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 = 24,187 KRW, ROE = 13.03%, payout ratio = 25.08%, r = 7.37%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
124,1873,1501,7831,3680.93141,274
226,5483,4581,9571,5010.86741,302
329,1383,7952,1481,6480.80791,331
431,9824,1662,3571,8080.75241,361
535,1034,5722,5871,9850.70081,391
Terminal value37,6950.700826,415

P_0 = 24,187 + 6,658 + 26,415 = 57,261 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 = 2,544.3 − 534.9 + 18.3 × (1 − 21.93%) = 2,023.7 KRW hundred million

Weighted average cost of capital

E = 94,570.0, D = 0.0 KRW hundred million; equity weight = 100.00%, debt weight = 0.00%; cost of debt k_d = 4.40%

WACC = 100.00% × 7.37% + 0.00% × 4.40% × (1 − 21.93%) = 7.37%

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
19.76%2,221.20.93142,068.7
27.82%2,394.90.86742,077.4
35.88%2,535.70.80792,048.5
43.94%2,635.60.75241,983.0
52.00%2,688.30.70081,883.8
Terminal value2.00%51,055.20.700835,777.5
Total45,838.9

Firm value = 45,838.9; less borrowings 0.0; plus cash 8,618.0 → 54,456.9 KRW hundred million

P_0 = 54,456.9 KRW hundred million ÷ 196,000,000 (shares) = 27,784 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 = 2,544.3 − 534.9 + -1,036.0 (net borrowing) = 973.4 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
19.76%1,068.40.9314995.1
27.82%1,151.90.8674999.2
35.88%1,219.70.8079985.3
43.94%1,267.70.7524953.8
52.00%1,293.10.7008906.1
Terminal value2.00%24,557.50.700817,208.9
Total22,048.5

P_0 = 22,048.5 KRW hundred million ÷ 196,000,000 (shares) = 11,249 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.

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