Financials Samsung Electronics Co., Ltd.

Equities

A005930

KR7005930003

Phones & Handheld Devices

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-06-04 pm EDT			5-day change	1st Jan Change
77,400 ^KRW	+2.79%		+2.93%	-1.40%

12:25pm	Novartis, Roche, Biogen, Samsung Bioepis in Italy Eye-Medicine Probe	DJ
09:16am	Novartis and others face Italy antitrust probe over eye drug	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	370,472,922	544,116,848	526,023,507	371,684,753	519,893,772	513,573,877	-	-
Enterprise Value (EV) ²	276,732	439,607	420,214	266,795	440,204	422,894	404,539	375,915
P/E ratio	17.6 x	21.1 x	13.6 x	6.86 x	36.8 x	14.9 x	11.1 x	10.7 x
Yield	2.54%	1.75%	1.84%	2.61%	1.84%	1.87%	1.87%	1.88%
Capitalization / Revenue	1.61 x	2.3 x	1.88 x	1.23 x	2.01 x	1.65 x	1.47 x	1.39 x
EV / Revenue	1.2 x	1.86 x	1.5 x	0.88 x	1.7 x	1.36 x	1.16 x	1.01 x
EV / EBITDA	5.09 x	6.97 x	5.07 x	3.36 x	10.5 x	5.17 x	3.94 x	3.53 x
EV / FCF	13.8 x	15.9 x	23.4 x	20.8 x	-32.7 x	20.8 x	13.1 x	9.02 x
FCF Yield	7.23%	6.3%	4.28%	4.8%	-3.06%	4.8%	7.66%	11.1%
Price to Book	1.31 x	2.06 x	1.58 x	0.96 x	1.33 x	1.39 x	1.26 x	1.17 x
Nbr of stocks (in thousands)	6,792,669	6,792,669	6,792,669	6,792,669	6,792,669	6,792,669	-	-
Reference price ³	55,800	81,000	78,300	55,300	78,500	77,400	77,400	77,400
Announcement Date	1/30/20	1/28/21	1/26/22	1/30/23	1/30/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	230,400	236,810	279,605	302,230	258,936	311,035	348,986	370,528
EBITDA ¹	54,340	63,110	82,920	79,330	42,100	81,747	102,766	106,622
EBIT ¹	27,770	35,990	51,634	43,380	6,540	41,396	58,785	61,464
Operating Margin	12.05%	15.2%	18.47%	14.35%	2.53%	13.31%	16.84%	16.59%
Earnings before Tax (EBT) ¹	30,430	36,350	53,352	46,440	11,006	45,446	62,184	66,417
Net income ¹	21,510	26,090	39,244	54,730	14,473	34,484	45,691	46,775
Net margin	9.34%	11.02%	14.04%	18.11%	5.59%	11.09%	13.09%	12.62%
EPS ²	3,166	3,841	5,777	8,057	2,131	5,178	6,957	7,258
Free Cash Flow ³	20,010,000	27,700,000	17,990,000	12,800,000	-13,480,000	20,291,281	30,978,247	41,671,050
FCF margin	8,684.9%	11,697.14%	6,434.08%	4,235.19%	-5,205.93%	6,523.79%	8,876.63%	11,246.39%
FCF Conversion (EBITDA)	36,823.7%	43,891.62%	21,695.61%	16,135.13%	-	24,822.02%	30,144.38%	39,082.87%
FCF Conversion (Net income)	93,026.5%	106,170.95%	45,841.64%	23,387.54%	-	58,841.82%	67,799.35%	89,089.17%
Dividend per Share ²	1,416	1,416	1,444	1,444	1,444	1,450	1,444	1,452
Announcement Date	1/30/20	1/28/21	1/26/22	1/30/23	1/30/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	76,566	77,782	77,000	76,780	70,460	63,750	60,000	123,751	67,000	67,780	71,916	73,127	82,537	83,875	85,497	84,669
EBITDA ¹	22,730	23,130	23,170	19,880	13,150	9,440	9,440	-	11,300	11,880	15,840	18,092	22,920	24,625	25,989	31,149
EBIT ¹	13,867	14,121	14,000	10,850	4,310	640	600	-	2,400	2,800	6,600	8,262	12,320	13,433	14,691	14,844
Operating Margin	18.11%	18.16%	18.18%	14.13%	6.12%	1%	1%	-	3.58%	4.13%	9.18%	11.3%	14.93%	16.02%	17.18%	17.53%
Earnings before Tax (EBT) ¹	14,363	15,070	14,460	11,860	5,050	1,826	1,713	-	3,943	3,524	7,707	9,578	13,904	15,385	16,475	16,683
Net income ¹	10,643	11,129	10,950	9,140	23,500	1,401	1,547	-	5,501	6,024	6,621	7,048	10,084	11,001	11,925	12,010
Net margin	13.9%	14.31%	14.22%	11.9%	33.35%	2.2%	2.58%	-	8.21%	8.89%	9.21%	9.64%	12.22%	13.12%	13.95%	14.18%
EPS ²	1,566	1,638	1,613	1,346	3,460	206.0	228.0	434.0	810.0	887.0	975.0	1,199	1,645	1,867	1,927	1,837
Dividend per Share ²	-	-	361.0	361.0	361.0	361.0	361.0	-	361.0	361.0	-	361.0	361.0	361.0	361.0	361.0
Announcement Date	1/26/22	4/27/22	7/6/22	10/27/22	1/30/23	4/26/23	7/6/23	7/6/23	10/10/23	1/30/24	4/29/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	93,741	104,510	105,810	104,890	79,690	90,679	109,035	137,659
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	20,010,000	27,700,000	17,990,000	12,800,000	-13,480,000	20,291,281	30,978,247	41,671,050
ROE (net income / shareholders' equity)	8.69%	10%	14%	17%	4%	9.53%	11.8%	11.3%
ROA (Net income/ Total Assets)	6.22%	7.14%	9.75%	12.5%	3.2%	7.45%	9.21%	8.63%
Assets ¹	345,959	365,401	402,429	437,525	452,265	462,882	496,159	541,768
Book Value Per Share ³	42,701	39,406	49,629	57,822	59,170	55,868	61,514	66,222
Cash Flow per Share ³	6,680	9,612	9,586	10,416	6,499	11,303	13,561	14,168
Capex ¹	25,370	37,590	47,120	49,430	57,610	53,271	55,196	58,298
Capex / Sales	11.01%	15.87%	16.85%	16.36%	22.25%	17.13%	15.82%	15.73%
Announcement Date	1/30/20	1/28/21	1/26/22	1/30/23	1/30/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Samsung Electronics Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

77,400 KRW

Average target price

103,784 KRW

Spread / Average Target

+34.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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