Equity Research · 11 Dec 2024 · Excel model
Samsung Electronics: Valuation Model
A segment-by-segment DCF with peer comparables, built in December 2024 and kept as it was.
In brief
- Four businesses modelled apart: devices (DX), chips (DS), displays (SDC) and Harman.
- The base case has chips rising from 24% to 45% of segment revenue by 2028.
- Valued by DCF (7.28% discount rate, 3.5% terminal growth) and by peer multiples.
Revenue mix by segment, 2023 against the 2028 base case
Source: The workbook's DCF Support sheet, segment revenue rows 13, 24, 38 and 52; shares of the four segments' combined revenue, before eliminations.
Data
2023: Chips (DS) 23.62% · Devices (DX) 60.29% · Displays (SDC) 10.99% · Harman 5.10%. 2028F: Chips (DS) 45.16% · Devices (DX) 43.06% · Displays (SDC) 7.87% · Harman 3.90%
The figures and valuation reflect the model's original valuation date and have not been updated for subsequent company results or market movements. Not a recommendation.
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The author's own analysis on the date written, for information and education. Not investment advice, an offer of financial products or an offer to manage third-party capital. Views may change without notice. File SHA-256 13225ab913f68f23…