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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.1x - 17.8x | 17.0x |
| Selected Fwd EBITDA Multiple | 12.7x - 14.1x | 13.4x |
| Fair Value | ₩10,357 - ₩12,458 | ₩11,407 |
| Upside | -45.3% - -34.3% | -39.8% |
| Benchmarks | Ticker | Full Ticker |
| Sewon Co.,Ltd | A234100 | KOSDAQ:A234100 |
| Mobile Appliance, Inc. | A087260 | KOSDAQ:A087260 |
| Samkee Corp. | A122350 | KOSDAQ:A122350 |
| CTR Mobility Co.,Ltd. | A308170 | KOSE:A308170 |
| HanJung Natural Connectivity System.co.,Ltd | A107640 | KOSDAQ:A107640 |
| Daedong Gear Co., Ltd. | A008830 | KOSDAQ:A008830 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A234100 | A087260 | A122350 | A308170 | A107640 | A008830 | ||
| KOSDAQ:A234100 | KOSDAQ:A087260 | KOSDAQ:A122350 | KOSE:A308170 | KOSDAQ:A107640 | KOSDAQ:A008830 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -6.8% | 18.4% | 3.9% | -6.6% | NM- | 7.0% | |
| 3Y CAGR | 38.0% | -17.5% | 4.7% | -1.0% | NM- | -4.9% | |
| Latest Twelve Months | -39.9% | -2.5% | -8.1% | 18.2% | 284.5% | -20.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.8% | 5.9% | 10.9% | 5.1% | 0.6% | 6.1% | |
| Prior Fiscal Year | 7.7% | 4.9% | 10.7% | 3.6% | -6.5% | 5.3% | |
| Latest Fiscal Year | 3.6% | 5.9% | 9.8% | 4.4% | 8.3% | 4.6% | |
| Latest Twelve Months | 3.6% | 5.9% | 9.8% | 4.4% | 8.3% | 4.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.23x | 0.65x | 0.79x | 0.39x | 1.32x | 1.00x | |
| EV / LTM EBITDA | 6.3x | 10.9x | 8.1x | 9.0x | 15.9x | 21.7x | |
| EV / LTM EBIT | 72.0x | 27.8x | 83.0x | 43.2x | 24.5x | 57.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.3x | 9.0x | 15.9x | ||||
| Historical EV / LTM EBITDA | 8.6x | 11.8x | 21.7x | ||||
| Selected EV / LTM EBITDA | 16.1x | 17.0x | 17.8x | ||||
| (x) LTM EBITDA | 11,877 | 11,877 | 11,877 | ||||
| (=) Implied Enterprise Value | 191,429 | 201,504 | 211,579 | ||||
| (-) Non-shareholder Claims * | (86,274) | (86,274) | (86,274) | ||||
| (=) Equity Value | 105,155 | 115,230 | 125,305 | ||||
| (/) Shares Outstanding | 9.0 | 9.0 | 9.0 | ||||
| Implied Value Range | 11,700.12 | 12,821.14 | 13,942.15 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11,700.12 | 12,821.14 | 13,942.15 | 18,950.00 | |||
| Upside / (Downside) | -38.3% | -32.3% | -26.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A234100 | A087260 | A122350 | A308170 | A107640 | A008830 | |
| Enterprise Value | 46,907 | 26,236 | 423,051 | 169,292 | 232,507 | 256,587 | |
| (+) Cash & Short Term Investments | 106,354 | 38,393 | 27,634 | 2,972 | 41,380 | 2,165 | |
| (+) Investments & Other | 87,771 | 11,976 | 4,027 | 26,267 | 591 | 1,396 | |
| (-) Debt | (22,952) | (13,973) | (346,177) | (150,229) | (57,645) | (89,834) | |
| (-) Other Liabilities | (146,921) | 0 | (66,018) | 0 | 1,915 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 71,159 | 62,632 | 42,517 | 48,302 | 218,749 | 170,314 | |
| (/) Shares Outstanding | 65.5 | 32.6 | 38.0 | 8.6 | 9.1 | 9.0 | |
| Implied Stock Price | 1,086.00 | 1,924.00 | 1,120.00 | 5,610.00 | 24,150.00 | 18,950.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,086.00 | 1,924.00 | 1,120.00 | 5,610.00 | 24,150.00 | 18,950.00 | |
| Trading Currency | KRW | KRW | KRW | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |