Samsung Electronics Co., Ltd. engages in the consumer electronics, information technology and mobile communications, and device solutions businesses worldwide. It provides home appliances comprising of refrigerators, air dresser, washing machines, dryers, cooking appliances, dishwashers, vacuum cleaners, air conditioners, and air purifiers. The company also offers TVs, sound devices, smartphones, tablets, monitors, smart and LED signages, watches, and other accessories, as well as provides memory storage solutions. In addition, it provides medical equipment; software design, development, and supply; toll processing of semiconductors and display panels; general logistics agency, financing, marketing, consulting, and technology and cloud services; venture capital investment; enterprise automation solutions and connected services; installation and optimization services for network devices; and digital advertising platforms. The company serves retail, hospitality, finance, transportation, education, government, manufacturing, public safety, and healthcare industries. Samsung Electronics Co., Ltd. was founded in 1938 and is based in Suwon-si, South Korea.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	302,231,360	258,935,494	300,870,903	326,315,951.9	388,970,397.5	422,545,905	422,545,905	422,545,905
Revenue % Chg.	8.1%	-14.3%	16.2%
EBIT	43,376,630	6,566,976	32,725,961	38,497,614.7	82,097,255.5	97,204,716.4	97,204,716.4	97,204,716.4
EBIT Margin	14.4%	2.5%	10.9%
Tax Rate	-19.8%	-40.7%	8.2%
NOPAT	51,982,336.5	9,240,497	30,041,614	33,274,770.4	69,043,791.9	81,457,552.3	81,457,552.3	81,457,552.3
NOPAT Margin	17.2%	3.6%	10%	10.2%	17.8%	19.3%	19.3%	19.3%
D&A	38,955,767	38,581,541	42,630,822	43,737,233.1	46,349,974.4	48,723,763.1	48,723,763.1	48,723,763.1
D&A / Revenue	12.9%	14.9%	14.2%
Capex	-49,430,428	-57,611,292	-51,406,355	-49,696,417.9	-58,530,176.5	-59,096,122.7	-59,096,122.7	-59,096,122.7
Capex / Revenue	-16.4%	-22.2%	-17.1%
Chg. NWC	-16,998,948	-5,458,745	-1,567,557	-8,977,644.7	-10,701,401.5	-11,625,135	-11,625,135	-11,625,135
Chg. NWC / Revenue	-5.6%	-2.1%	-0.5%
Unlevered FCF (UFCF)	24,508,727.5	-15,247,999	19,698,524	18,337,940.9	46,162,188.3	59,460,057.7	59,460,057.7	59,460,057.7
UFCF % Chg.	168.2%	-162.2%	-229.2%	-6.9%	151.7%	28.8%	—	—
PV of UFCF	—	—	—	16,751,735.3	38,521,647.6	45,326,587.7	41,405,902.9	37,824,351.6
Sum of PV of UFCF	—	—	—	16,751,735.3	55,273,382.9	100,599,970.7	142,005,873.5	179,830,225.2

Cost of Debt
Tax Rate
After Tax Cost of Debt	6.6%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.5%
Total Debt	19,330,184
Market Cap	1,035,014,085,925.7
Total Capital	1,035,033,416,109.7
Debt Weighting	0%
Equity Weighting	100%
WACC	9.5%

Exit Multiple EV/FCF
Terminal Value	916,974,785,568.2
PV of Terminal Value	532,859,597,915.7
Cumulative PV of UFCF	179,830,225.2
Net Debt	-91,791,547
Equity Value	533,131,219,687.9
Shares Outstanding	6,758.9
Implied Share Price	78,878,175.6
Current Share Price	95,867.8
Implied Upside / (Downside)	82,178%