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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.8x - 6.4x | 6.1x |
| Selected Fwd EBITDA Multiple | 5.0x - 5.5x | 5.2x |
| Fair Value | ₩3,770 - ₩4,230 | ₩4,000 |
| Upside | 34.9% - 51.3% | 43.1% |
| Benchmarks | Ticker | Full Ticker |
| Wooyang Co., Ltd. | A103840 | KOSDAQ:A103840 |
| Milae Bioresources Co., Ltd. | A218150 | KOSDAQ:A218150 |
| Maniker F&G Co., Ltd. | A195500 | KOSDAQ:A195500 |
| ASIA SEED Co.,Ltd. | A154030 | KOSDAQ:A154030 |
| Mcnulty Korea Co., Ltd. | A222980 | KOSDAQ:A222980 |
| KC Feed Co., Ltd. | A025880 | KOSDAQ:A025880 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A103840 | A218150 | A195500 | A154030 | A222980 | A025880 | ||
| KOSDAQ:A103840 | KOSDAQ:A218150 | KOSDAQ:A195500 | KOSDAQ:A154030 | KOSDAQ:A222980 | KOSDAQ:A025880 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -3.2% | -7.7% | 0.7% | NM- | -2.9% | 94.6% | |
| 3Y CAGR | -1.2% | -21.2% | 31.7% | NM- | -4.3% | 25.0% | |
| Latest Twelve Months | -11.6% | 26.1% | 35.6% | -103.3% | 1672.2% | 42.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.8% | 3.2% | 4.9% | 4.2% | 7.0% | 7.8% | |
| Prior Fiscal Year | 5.4% | 1.8% | 5.1% | 2.2% | -0.4% | 9.6% | |
| Latest Fiscal Year | 5.2% | 2.2% | 6.5% | -0.2% | 5.0% | 12.3% | |
| Latest Twelve Months | 5.2% | 2.2% | 6.5% | 0.0% | 5.0% | 12.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.69x | 1.18x | 0.58x | 1.47x | 0.69x | 0.51x | |
| EV / LTM EBITDA | 13.3x | 54.2x | 8.9x | -3839.3x | 13.9x | 4.2x | |
| EV / LTM EBIT | 266.4x | 400.4x | 16.2x | -36.6x | 107.4x | 6.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3839.3x | 13.3x | 54.2x | ||||
| Historical EV / LTM EBITDA | 4.2x | 9.0x | 66.3x | ||||
| Selected EV / LTM EBITDA | 5.8x | 6.1x | 6.4x | ||||
| (x) LTM EBITDA | 12,622 | 12,622 | 12,622 | ||||
| (=) Implied Enterprise Value | 72,703 | 76,529 | 80,356 | ||||
| (-) Non-shareholder Claims * | (9,463) | (9,463) | (9,463) | ||||
| (=) Equity Value | 63,240 | 67,066 | 70,893 | ||||
| (/) Shares Outstanding | 15.8 | 15.8 | 15.8 | ||||
| Implied Value Range | 4,006.29 | 4,248.70 | 4,491.11 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4,006.29 | 4,248.70 | 4,491.11 | 2,795.00 | |||
| Upside / (Downside) | 43.3% | 52.0% | 60.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A103840 | A218150 | A195500 | A154030 | A222980 | A025880 | |
| Enterprise Value | 121,571 | 74,841 | 62,253 | 38,848 | 61,333 | 53,582 | |
| (+) Cash & Short Term Investments | 2,178 | 14,197 | 19,060 | 2,431 | 14,714 | 14,183 | |
| (+) Investments & Other | 2,788 | 0 | 2 | 0 | 0 | 861 | |
| (-) Debt | (75,228) | (11,503) | (26,671) | (12,580) | (33,290) | (23,763) | |
| (-) Other Liabilities | 0 | (2,086) | 0 | (1) | (3,048) | (743) | |
| (-) Preferred Stock | 0 | 0 | 0 | (1,136) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 51,309 | 75,448 | 54,645 | 27,561 | 39,709 | 44,119 | |
| (/) Shares Outstanding | 16.4 | 19.5 | 16.0 | 12.1 | 10.8 | 15.8 | |
| Implied Stock Price | 3,135.00 | 3,870.00 | 3,420.00 | 2,285.00 | 3,665.00 | 2,795.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,135.00 | 3,870.00 | 3,420.00 | 2,285.00 | 3,665.00 | 2,795.00 | |
| 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 | |