Financials Samsung Electronics Co Ltd (ADR) CINNOBER BOAT

Equities

SMSN

US7960508882

Phones & Handheld Devices

Real-time Estimate Cboe Europe Other stock markets 06:00:06 03/07/2024 pm IST			5-day change	1st Jan Change
1,478 ^USD	0.00%		0.00%	0.00%

05:29am	S.Korean shares rise as government unveils tax cuts for corporate reforms	RE
02/07	S.Korean shares, won weaken as rising US Treasury yields weigh	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	37,04,72,922	54,41,16,848	52,60,23,507	37,16,84,753	51,98,93,772	54,09,92,961	-	-
Enterprise Value (EV) ²	2,76,732	4,39,607	4,20,214	2,66,795	4,40,204	4,49,942	4,27,270	3,95,790
P/E ratio	17.6 x	21.1 x	13.6 x	6.86 x	36.8 x	15 x	10.7 x	9.79 x
Yield	2.54%	1.75%	1.84%	2.61%	1.84%	1.77%	1.76%	1.78%
Capitalization / Revenue	1.61 x	2.3 x	1.88 x	1.23 x	2.01 x	1.73 x	1.53 x	1.43 x
EV / Revenue	1.2 x	1.86 x	1.5 x	0.88 x	1.7 x	1.44 x	1.21 x	1.05 x
EV / EBITDA	5.09 x	6.97 x	5.07 x	3.36 x	10.5 x	5.42 x	3.96 x	3.46 x
EV / FCF	13.8 x	15.9 x	23.4 x	20.8 x	-32.7 x	22 x	11 x	8.07 x
FCF Yield	7.23%	6.3%	4.28%	4.8%	-3.06%	4.54%	9.08%	12.4%
Price to Book	1.31 x	2.06 x	1.58 x	0.96 x	1.33 x	1.45 x	1.3 x	1.2 x
Nbr of stocks (in thousands)	67,92,669	67,92,669	67,92,669	67,92,669	67,92,669	67,92,669	-	-
Reference price ³	55,800	81,000	78,300	55,300	78,500	81,800	81,800	81,800
Announcement Date	30/01/20	28/01/21	26/01/22	30/01/23	30/01/24	-	-	-

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	2,30,400	2,36,810	2,79,605	3,02,230	2,58,936	3,13,113	3,54,434	3,77,166
EBITDA ¹	54,340	63,110	82,920	79,330	42,100	83,028	1,07,988	1,14,538
EBIT ¹	27,770	35,990	51,634	43,380	6,540	42,272	62,752	68,163
Operating Margin	12.05%	15.2%	18.47%	14.35%	2.53%	13.5%	17.7%	18.07%
Earnings before Tax (EBT) ¹	30,430	36,350	53,352	46,440	11,006	46,223	66,513	74,327
Net income ¹	21,510	26,090	39,244	54,730	14,473	36,089	50,281	54,652
Net margin	9.34%	11.02%	14.04%	18.11%	5.59%	11.53%	14.19%	14.49%
EPS ²	3,166	3,841	5,777	8,057	2,131	5,456	7,628	8,356
Free Cash Flow ³	2,00,10,000	2,77,00,000	1,79,90,000	1,28,00,000	-1,34,80,000	2,04,47,038	3,88,16,573	4,90,18,272
FCF margin	8,684.9%	11,697.14%	6,434.08%	4,235.19%	-5,205.93%	6,530.23%	10,951.7%	12,996.47%
FCF Conversion (EBITDA)	36,823.7%	43,891.62%	21,695.61%	16,135.13%	-	24,626.56%	35,945.31%	42,796.65%
FCF Conversion (Net income)	93,026.5%	1,06,170.95%	45,841.64%	23,387.54%	-	56,657.37%	77,198.56%	89,691.49%
Dividend per Share ²	1,416	1,416	1,444	1,444	1,444	1,450	1,444	1,452
Announcement Date	30/01/20	28/01/21	26/01/22	30/01/23	30/01/24	-	-	-

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	1,23,751	67,000	67,780	71,916	73,706	83,346	84,907	84,894	86,664
EBITDA ¹	22,730	23,130	23,170	19,880	13,150	9,440	9,440	-	11,300	11,880	15,840	19,014	23,034	25,151	25,397	30,858
EBIT ¹	13,867	14,121	14,000	10,850	4,310	640	600	-	2,400	2,800	6,600	8,541	12,592	14,181	15,185	16,456
Operating Margin	18.11%	18.16%	18.18%	14.13%	6.12%	1%	1%	-	3.58%	4.13%	9.18%	11.59%	15.11%	16.7%	17.89%	18.99%
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	9,974	14,245	16,057	16,082	17,077
Net income ¹	10,643	11,129	10,950	9,140	23,500	1,401	1,547	-	5,501	6,024	6,621	7,313	10,481	11,822	12,021	12,981
Net margin	13.9%	14.31%	14.22%	11.9%	33.35%	2.2%	2.58%	-	8.21%	8.89%	9.21%	9.92%	12.58%	13.92%	14.16%	14.98%
EPS ²	1,566	1,638	1,613	1,346	3,460	206.0	228.0	434.0	810.0	887.0	975.0	1,185	1,620	1,898	1,946	2,082
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	361.0
Announcement Date	26/01/22	27/04/22	06/07/22	27/10/22	30/01/23	26/04/23	06/07/23	06/07/23	10/10/23	30/01/24	29/04/24	-	-	-	-	-

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	1,04,510	1,05,810	1,04,890	79,690	91,051	1,13,723	1,45,203
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	2,00,10,000	2,77,00,000	1,79,90,000	1,28,00,000	-1,34,80,000	2,04,47,038	3,88,16,573	4,90,18,272
ROE (net income / shareholders' equity)	8.69%	10%	14%	17%	4%	10.1%	12.8%	12.3%
ROA (Net income/ Total Assets)	6.22%	7.14%	9.75%	12.5%	3.2%	7.7%	9.8%	9.17%
Assets ¹	3,45,959	3,65,401	4,02,429	4,37,525	4,52,265	4,68,988	5,13,151	5,95,720
Book Value Per Share ³	42,701	39,406	49,629	57,822	59,170	56,379	62,804	68,189
Cash Flow per Share ³	6,680	9,612	9,586	10,416	6,499	11,946	14,349	14,575
Capex ¹	25,370	37,590	47,120	49,430	57,610	53,479	55,001	58,182
Capex / Sales	11.01%	15.87%	16.85%	16.36%	22.25%	17.08%	15.52%	15.43%
Announcement Date	30/01/20	28/01/21	26/01/22	30/01/23	30/01/24	-	-	-

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 (ADR)

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

81,800 KRW

Average target price

1,06,216 KRW

Spread / Average Target

+29.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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