Financials Samsung Engineering Co., Ltd.

Equities

A028050

KR7028050003

Construction & Engineering

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
26,450 ^KRW	-0.38%		+0.57%	-8.79%

Apr. 04	South Korean Shares Rebound; Hyundai Motor Surges 5%	MT
Apr. 04	Samsung E&A, GS Engineering Win $7 Billion Aramco Gas Plant Project in Saudi Arabia	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,763,200	2,597,000	4,488,400	4,361,000	5,684,000	5,184,200	-	-
Enterprise Value (EV) ²	3,171	2,082	3,391	3,181	5,684	3,335	3,000	2,638
P/E ratio	12.9 x	10.6 x	12.1 x	6.56 x	-	8.26 x	7.9 x	7.19 x
Yield	-	-	-	-	-	2.91%	3.5%	2.86%
Capitalization / Revenue	0.59 x	0.39 x	0.6 x	0.43 x	0.53 x	0.51 x	0.48 x	0.45 x
EV / Revenue	0.5 x	0.31 x	0.45 x	0.32 x	0.53 x	0.33 x	0.28 x	0.23 x
EV / EBITDA	7.09 x	5.2 x	6.74 x	4.19 x	-	3.83 x	3.32 x	2.68 x
EV / FCF	4.15 x	95.1 x	4.77 x	5.72 x	-	6.09 x	4.59 x	4.09 x
FCF Yield	24.1%	1.05%	21%	17.5%	-	16.4%	21.8%	24.5%
Price to Book	2.84 x	1.62 x	2.24 x	1.62 x	-	1.28 x	1.13 x	0.99 x
Nbr of stocks (in thousands)	196,000	196,000	196,000	196,000	196,000	196,000	-	-
Reference price ³	19,200	13,250	22,900	22,250	29,000	26,450	26,450	26,450
Announcement Date	1/31/20	1/28/21	1/27/22	1/31/23	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	6,368	6,725	7,487	10,054	10,625	10,131	10,692	11,363
EBITDA ¹	447.4	400.6	503.3	760	-	868.3	899.2	985.4
EBIT ¹	385.5	351	503.3	702.9	993.1	799.7	841	927.6
Operating Margin	6.05%	5.22%	6.72%	6.99%	9.35%	7.89%	7.87%	8.16%
Earnings before Tax (EBT) ¹	400.5	341.7	529.5	715.7	932.6	819.4	865.2	953.2
Net income ¹	292.6	244.5	372.4	664.9	753.8	626.7	654.8	725.7
Net margin	4.6%	3.63%	4.97%	6.61%	7.09%	6.19%	6.12%	6.39%
EPS ²	1,493	1,249	1,900	3,392	-	3,202	3,349	3,679
Free Cash Flow ³	764,522	21,878	711,179	556,001	-	547,990	654,025	645,262
FCF margin	12,005.72%	325.31%	9,499.23%	5,529.95%	-	5,408.9%	6,116.97%	5,678.67%
FCF Conversion (EBITDA)	170,891.94%	5,460.99%	141,293.32%	73,153.47%	-	63,111.79%	72,737.89%	65,484.4%
FCF Conversion (Net income)	261,242.77%	8,949.69%	190,989.15%	83,618.06%	-	87,436.87%	99,883.38%	88,917.32%
Dividend per Share ²	-	-	-	-	-	770.0	925.0	750.0
Announcement Date	1/31/20	1/28/21	1/27/22	1/31/23	1/30/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	1,747	2,513	2,163	2,493	2,458	2,940	2,533	2,786	2,478	2,827	2,385	2,561	2,463	2,723	-
EBITDA ¹	150.7	127.7	187.4	-	-	-	-	-	-	-	243	236	225.6	-	-
EBIT ¹	139	106.7	174.4	153.5	160.5	214.5	225.4	344.5	153.4	269.8	209.3	204.7	182.9	214.4	-
Operating Margin	7.96%	4.25%	8.06%	6.15%	6.53%	7.3%	8.9%	12.36%	6.19%	9.54%	8.78%	7.99%	7.42%	7.87%	-
Earnings before Tax (EBT) ¹	130.4	115.7	156.1	185.7	209	164.8	222.3	321.9	217.2	171.2	219.5	212.1	184.9	218.5	-
Net income ¹	108	63.02	114.5	140.5	164.5	245.4	177.4	309.9	150.4	116.1	162	158.1	142.9	166.2	-
Net margin	6.18%	2.51%	5.29%	5.64%	6.69%	8.35%	7%	11.12%	6.07%	4.11%	6.79%	6.17%	5.8%	6.1%	-
EPS ²	551.0	322.0	584.0	717.0	839.0	1,252	905.0	1,581	767.0	-	759.4	869.6	835.7	913.1	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/28/21	1/27/22	4/26/22	7/27/22	10/28/22	1/31/23	4/27/23	7/27/23	10/30/23	1/30/24	4/25/24	-	-	-	-

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	592	515	1,097	1,180	-	1,849	2,184	2,546
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	764,522	21,878	711,179	556,001	-	547,990	654,025	645,263
ROE (net income / shareholders' equity)	24.6%	16.9%	19.8%	26.2%	-	16.6%	15.3%	14.7%
ROA (Net income/ Total Assets)	6.38%	5.26%	6.89%	9.56%	-	7.99%	7.78%	8.35%
Assets ¹	4,587	4,650	5,407	6,954	-	7,845	8,414	8,691
Book Value Per Share ³	6,749	8,167	10,216	13,741	-	20,628	23,446	26,793
Cash Flow per Share ³	4,001	226.0	3,775	2,942	-	3,729	3,881	4,476
Capex ¹	19.6	22.5	28.6	20.7	-	43.7	42	50.3
Capex / Sales	0.31%	0.33%	0.38%	0.21%	-	0.43%	0.39%	0.44%
Announcement Date	1/31/20	1/28/21	1/27/22	1/31/23	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 Engineering Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

26,450 KRW

Average target price

35,795 KRW

Spread / Average Target

+35.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Plant

	1st Jan change	Capi.
SAMSUNG ENGINEERING CO., LTD.	-8.79%	3.75B
CHINA NATIONAL CHEMICAL ENGINEERING CO., LTD	+8.49%	5.82B
NICHIAS CORPORATION	+25.22%	1.81B
TAIKISHA LTD.	+13.95%	970M
INOX GREEN ENERGY SERVICES LIMITED	+37.49%	508M
TAIWAN PURITIC CORP.	+24.45%	370M
TOYO ENGINEERING CORPORATION	+17.41%	351M
BOUSTEAD SINGAPORE LIMITED	+8.72%	334M
CHINA ECOTEK CORPORATION	+36.52%	292M
HANYANG ENG CO.,LTD	+31.61%	250M

Industrial Plant