Samsung C&T: Corporate Value-Up + Reduced Overhang Post Final Lee Family Inheritance Tax in 2025

• We provide an updated NAV analysis of Samsung C&T, discuss the reduced overhang post final Lee family inheritance tax payment, and also provide further details of its Corporate Value-Up announcement.

• Given 2025 will be the last year of major inheritance tax payment for the Lee family, there is likely to be reduced overhang associated with inheritance tax issue next year.

• Our NAV analysis of Samsung C&T suggests NAV of 39.9 trillion won or NAV per share of 224,249 won which is 45% higher from current levels.

Samsung C&T NAV Analysis

Our NAV analysis of Samsung C&T suggests NAV of 39.9 trillion won or NAV per share of 224,249 won which is 45% higher from current levels. The biggest value of Samsung C&T is its 43.1% stake in Samsung Biologics which is worth 29.5 trillion won and its 4.4% stake in Samsung Electronics which is worth 19 trillion won. Samsung C&T's stake in Samsung Biologics is 107% of Samsung C&T's current market cap.