Equity Research · 11 December 2024
Samsung Electronics — Historical Valuation Model
Segment forecasts, DCF valuation and trading comparables
By Apoena Research Archive · South Korea
This historical valuation workbook analyses Samsung Electronics through segment-level operating forecasts, a discounted cash-flow model, trading comparables and a weighted-average cost of capital calculation. The model separates the DX, DS, Samsung Display and Harman businesses and documents the assumptions used to estimate revenue growth, operating profitability and intrinsic value as of December 2024.
Key points
- The model separates Samsung's principal operating divisions, including consumer devices, semiconductors, displays and Harman, rather than forecasting the group solely at a consolidated level.
- Valuation is examined through both a discounted cash-flow framework and peer trading multiples.
- The base-case workbook used a target price of KRW 94,800 versus a reference share price of KRW 56,300, implying approximately 68.4% modelled upside at the time.
- The valuation is highly sensitive to semiconductor recovery, segment margins, capital expenditure, the discount rate and terminal-growth assumptions.
The model
- Company
- Samsung Electronics
- Ticker
- KRX: 005930
- Sector
- Technology Hardware
- Model date
- 11 December 2024
- Reference price
- KRW 56,300
- Target price
- KRW 94,800
- Modelled upside
- 68.4%
- Base WACC
- approximately 7.28%
- Terminal growth rate
- 3.5%
As of the model's dateThe figures and valuation reflect the model's original valuation date and have not been updated for subsequent company results or market movements.
The file
Download the Excel workbook120 KB
SamsungSouth Koreasemiconductorsequity researchDCFtrading comparablesvaluation modeltechnology hardware
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About the researchResearch published here is the author's own analysis, for information and education. It is not investment advice, an offer of financial products or an offer to manage third-party capital.