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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.0x - 14.3x | 13.6x |
| Selected Fwd EBIT Multiple | 2.4x - 2.6x | 2.5x |
| Fair Value | ₩2,007 - ₩2,203 | ₩2,105 |
| Upside | 13.4% - 24.5% | 18.9% |
| Benchmarks | Ticker | Full Ticker |
| Webzen Inc. | A069080 | KOSDAQ:A069080 |
| Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
| Gravity Co., Ltd. | GRVY | NasdaqGM:GRVY |
| MOBIRIX Corporation | A348030 | KOSDAQ:A348030 |
| Com2uS Holdings Corporation | A063080 | KOSDAQ:A063080 |
| Genie Music Corporation | A043610 | KOSDAQ:A043610 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A069080 | A052790 | GRVY | A348030 | A063080 | A043610 | ||
| KOSDAQ:A069080 | KOSDAQ:A052790 | NasdaqGM:GRVY | KOSDAQ:A348030 | KOSDAQ:A063080 | KOSDAQ:A043610 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 1.0% | 5.8% | 34.5% | NM- | NM- | NM- | |
| 3Y CAGR | -19.2% | 5.1% | 18.3% | NM- | NM- | -10.6% | |
| Latest Twelve Months | 9.3% | -29.7% | -54.3% | -176.3% | -6346.4% | -48.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 32.2% | 39.0% | 20.4% | 2.7% | 6.4% | 4.4% | |
| Prior Fiscal Year | 25.4% | 46.9% | 20.9% | -5.3% | -0.1% | 4.8% | |
| Latest Fiscal Year | 25.4% | 37.0% | 14.1% | -23.6% | -8.6% | 2.5% | |
| Latest Twelve Months | 25.4% | 37.0% | 14.1% | -23.6% | -8.6% | 2.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -0.34x | -1.24x | 0.07x | 0.32x | 1.59x | 0.31x | |
| EV / LTM EBITDA | -1.2x | -3.1x | 0.5x | -1.6x | -29.3x | 5.8x | |
| EV / LTM EBIT | -1.3x | -3.4x | 0.5x | -1.4x | -18.5x | 12.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -18.5x | -1.4x | 0.5x | ||||
| Historical EV / LTM EBIT | 12.2x | 12.4x | 20.2x | ||||
| Selected EV / LTM EBIT | 13.0x | 13.6x | 14.3x | ||||
| (x) LTM EBIT | 7,603 | 7,603 | 7,603 | ||||
| (=) Implied Enterprise Value | 98,523 | 103,709 | 108,894 | ||||
| (-) Non-shareholder Claims * | 8,615 | 8,615 | 8,615 | ||||
| (=) Equity Value | 107,138 | 112,324 | 117,509 | ||||
| (/) Shares Outstanding | 58.1 | 58.1 | 58.1 | ||||
| Implied Value Range | 1,843.54 | 1,932.77 | 2,022.00 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,843.54 | 1,932.77 | 2,022.00 | 1,770.00 | |||
| Upside / (Downside) | 4.2% | 9.2% | 14.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A069080 | A052790 | GRVY | A348030 | A063080 | A043610 | |
| Enterprise Value | (208,592) | (153,143) | 13,861 | (5,481) | (219,924) | 94,249 | |
| (+) Cash & Short Term Investments | 455,174 | 171,016 | 559,804 | 27,395 | 48,605 | 100,151 | |
| (+) Investments & Other | 135,495 | 54,239 | 1,767 | 23,456 | 457,888 | 2,474 | |
| (-) Debt | (5,750) | (3,287) | (3,212) | (521) | (189,702) | (33,161) | |
| (-) Other Liabilities | (2,099) | 0 | (691) | 0 | 28,832 | (60,850) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 374,229 | 68,825 | 571,528 | 44,850 | 125,700 | 102,864 | |
| (/) Shares Outstanding | 29.5 | 10.9 | 6.9 | 9.6 | 6.6 | 58.1 | |
| Implied Stock Price | 12,700.00 | 6,300.00 | 82,247.28 | 4,670.00 | 19,060.00 | 1,770.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1,484.34 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12,700.00 | 6,300.00 | 55.41 | 4,670.00 | 19,060.00 | 1,770.00 | |
| Trading Currency | KRW | KRW | USD | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1,484.34 | 1.00 | 1.00 | 1.00 | |