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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.6x - 6.2x | 5.9x |
| Selected Fwd EBITDA Multiple | 4.6x - 5.1x | 4.8x |
| Fair Value | ₩3,978 - ₩4,407 | ₩4,192 |
| Upside | 40.6% - 55.7% | 48.1% |
| Benchmarks | Ticker | Full Ticker |
| Dongwoo Farm To Table Co ., Ltd | A088910 | KOSDAQ:A088910 |
| CJ Seafood Corporation | A011150 | KOSE:A011150 |
| WooDeumGee Farm Co., Ltd | A403490 | KOSDAQ:A403490 |
| Cherrybro co.,Ltd | A066360 | KOSDAQ:A066360 |
| Crown Confectionery Co., Ltd. | A264900 | KOSE:A264900 |
| KC Feed Co., Ltd. | A025880 | KOSDAQ:A025880 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A088910 | A011150 | A403490 | A066360 | A264900 | A025880 | ||
| KOSDAQ:A088910 | KOSE:A011150 | KOSDAQ:A403490 | KOSDAQ:A066360 | KOSE:A264900 | KOSDAQ:A025880 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -36.5% | NM- | NM- | NM- | -2.3% | 94.6% | |
| 3Y CAGR | -57.3% | NM- | -16.4% | 29.0% | 7.2% | 25.0% | |
| Latest Twelve Months | -71.2% | -15.4% | -8.1% | -33.7% | -20.8% | 11.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 2.3% | 6.0% | 12.3% | 5.2% | 8.4% | 8.3% | |
| Prior Fiscal Year | 6.0% | 6.1% | 10.6% | 10.8% | 9.5% | 9.6% | |
| Latest Fiscal Year | 0.1% | 6.0% | 9.9% | 7.3% | 7.8% | 12.3% | |
| Latest Twelve Months | 1.6% | 4.8% | 8.8% | 7.9% | 7.5% | 11.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.05x | 0.57x | 1.59x | 0.48x | 0.25x | 0.45x | |
| EV / LTM EBITDA | 3.0x | 12.0x | 18.0x | 6.1x | 3.3x | 3.8x | |
| EV / LTM EBIT | 26.1x | 54.6x | 37.4x | 44.4x | 5.6x | 6.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.0x | 6.1x | 18.0x | ||||
| Historical EV / LTM EBITDA | 3.7x | 9.0x | 66.3x | ||||
| Selected EV / LTM EBITDA | 5.6x | 5.9x | 6.2x | ||||
| (x) LTM EBITDA | 12,097 | 12,097 | 12,097 | ||||
| (=) Implied Enterprise Value | 68,337 | 71,934 | 75,531 | ||||
| (-) Non-shareholder Claims * | (1,470) | (1,470) | (1,470) | ||||
| (=) Equity Value | 66,868 | 70,464 | 74,061 | ||||
| (/) Shares Outstanding | 15.8 | 15.8 | 15.8 | ||||
| Implied Value Range | 4,236.12 | 4,463.97 | 4,691.82 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4,236.12 | 4,463.97 | 4,691.82 | 2,830.00 | |||
| Upside / (Downside) | 49.7% | 57.7% | 65.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A088910 | A011150 | A403490 | A066360 | A264900 | A025880 | |
| Enterprise Value | (65,145) | 110,441 | 98,395 | 181,405 | 108,169 | 46,142 | |
| (+) Cash & Short Term Investments | 63,696 | 12,906 | 14,586 | 16,298 | 30,700 | 21,195 | |
| (+) Investments & Other | 79,388 | 28,556 | 431 | 12,942 | 1,006 | 2,325 | |
| (-) Debt | (21,005) | (44,190) | (28,308) | (136,947) | (20,869) | (24,272) | |
| (-) Other Liabilities | (89) | 0 | (877) | (34,138) | 0 | (717) | |
| (-) Preferred Stock | 0 | (100) | 0 | 0 | (155) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 56,845 | 107,613 | 84,228 | 39,560 | 118,851 | 44,672 | |
| (/) Shares Outstanding | 25.7 | 35.9 | 45.2 | 48.0 | 12.5 | 15.8 | |
| Implied Stock Price | 2,210.00 | 2,995.00 | 1,863.00 | 825.00 | 9,490.00 | 2,830.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,210.00 | 2,995.00 | 1,863.00 | 825.00 | 9,490.00 | 2,830.00 | |
| 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 | |