Financials Samsung Electronics Co., Ltd. Berne S.E.

Equities

SSUN

US7960502018

Phones & Handheld Devices

End-of-day quote Berne S.E. Other stock markets 23:00:00 25/06/2024 BST			5-day change	1st Jan Change
1,039 ^CHF	+2.34%		+2.34%	-.--%

04:23am	S.Korean shares, won weaken as rising US Treasury yields weigh	RE
03:00am	Samsung Elec union in South Korea to strike between July 8 and 10, union official says	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	541,157,539	-	-
Enterprise Value (EV) ²	276,732	439,607	420,214	266,795	440,204	450,552	428,385	398,386
P/E ratio	17.6 x	21.1 x	13.6 x	6.86 x	36.8 x	15 x	10.8 x	9.89 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	1.44 x
EV / Revenue	1.2 x	1.86 x	1.5 x	0.88 x	1.7 x	1.44 x	1.21 x	1.06 x
EV / EBITDA	5.09 x	6.97 x	5.07 x	3.36 x	10.5 x	5.43 x	3.98 x	3.5 x
EV / FCF	13.8 x	15.9 x	23.4 x	20.8 x	-32.7 x	22.4 x	11.1 x	8.22 x
FCF Yield	7.23%	6.3%	4.28%	4.8%	-3.06%	4.46%	8.99%	12.2%
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)	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	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	230,400	236,810	279,605	302,230	258,936	313,218	354,445	376,935
EBITDA ¹	54,340	63,110	82,920	79,330	42,100	82,980	107,668	113,981
EBIT ¹	27,770	35,990	51,634	43,380	6,540	42,233	62,506	67,652
Operating Margin	12.05%	15.2%	18.47%	14.35%	2.53%	13.48%	17.63%	17.95%
Earnings before Tax (EBT) ¹	30,430	36,350	53,352	46,440	11,006	46,142	66,362	74,044
Net income ¹	21,510	26,090	39,244	54,730	14,473	35,741	50,012	54,076
Net margin	9.34%	11.02%	14.04%	18.11%	5.59%	11.41%	14.11%	14.35%
EPS ²	3,166	3,841	5,777	8,057	2,131	5,436	7,590	8,274
Free Cash Flow ³	20,010,000	27,700,000	17,990,000	12,800,000	-13,480,000	20,101,975	38,499,639	48,476,938
FCF margin	8,684.9%	11,697.14%	6,434.08%	4,235.19%	-5,205.93%	6,417.88%	10,861.94%	12,860.82%
FCF Conversion (EBITDA)	36,823.7%	43,891.62%	21,695.61%	16,135.13%	-	24,224.99%	35,757.89%	42,530.78%
FCF Conversion (Net income)	93,026.5%	106,170.95%	45,841.64%	23,387.54%	-	56,244.04%	76,980.82%	89,645.97%
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	123,751	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	9,979	14,034	15,798	15,885	16,869
Net income ¹	10,643	11,129	10,950	9,140	23,500	1,401	1,547	-	5,501	6,024	6,621	7,282	10,310	11,595	11,921	12,860
Net margin	13.9%	14.31%	14.22%	11.9%	33.35%	2.2%	2.58%	-	8.21%	8.89%	9.21%	9.88%	12.37%	13.66%	14.04%	14.84%
EPS ²	1,566	1,638	1,613	1,346	3,460	206.0	228.0	434.0	810.0	887.0	975.0	1,200	1,637	1,907	1,920	2,066
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	104,510	105,810	104,890	79,690	90,606	112,772	142,772
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	20,010,000	27,700,000	17,990,000	12,800,000	-13,480,000	20,101,975	38,499,639	48,476,938
ROE (net income / shareholders' equity)	8.69%	10%	14%	17%	4%	10.1%	12.8%	12.2%
ROA (Net income/ Total Assets)	6.22%	7.14%	9.75%	12.5%	3.2%	7.64%	9.72%	9.05%
Assets ¹	345,959	365,401	402,429	437,525	452,265	467,775	514,748	597,780
Book Value Per Share ³	42,701	39,406	49,629	57,822	59,170	56,350	62,749	68,073
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	53,490	55,082	58,182
Capex / Sales	11.01%	15.87%	16.85%	16.36%	22.25%	17.08%	15.54%	15.44%
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.

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

105,946 KRW

Spread / Average Target

+29.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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