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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -19.1x - -21.1x | -20.1x |
| Selected Fwd EBITDA Multiple | 2.1x - 2.3x | 2.2x |
| Fair Value | ₩593.89 - ₩627.17 | ₩610.53 |
| Upside | 43.1% - 51.1% | 47.1% |
| Benchmarks | Ticker | Full Ticker |
| Csa Cosmic Co., Ltd. | A083660 | KOSDAQ:A083660 |
| INNOGENE Co.,Ltd. | A344860 | KOSDAQ:A344860 |
| Icure Pharmaceutical Incorporation | A175250 | KOSDAQ:A175250 |
| HuM&C Co., Ltd. | A263920 | KOSDAQ:A263920 |
| Outin Futures Co., Ltd | A227610 | KOSDAQ:A227610 |
| Billions Co.,Ltd. | A044480 | KOSDAQ:A044480 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A083660 | A344860 | A175250 | A263920 | A227610 | A044480 | ||
| KOSDAQ:A083660 | KOSDAQ:A344860 | KOSDAQ:A175250 | KOSDAQ:A263920 | KOSDAQ:A227610 | KOSDAQ:A044480 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 149.4% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | -31.2% | NM- | 95.0% | NM- | NM- | |
| Latest Twelve Months | 70.2% | -51.0% | 55.0% | -22.9% | -97.7% | -109.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -5.7% | 15.3% | -24.1% | -6.6% | -12.7% | 0.6% | |
| Prior Fiscal Year | -10.3% | 14.4% | -32.9% | 17.6% | 4.8% | 19.2% | |
| Latest Fiscal Year | -7.7% | 9.6% | -13.3% | 14.9% | -4.6% | 0.5% | |
| Latest Twelve Months | -4.4% | 8.1% | -10.7% | 14.0% | 0.0% | -1.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.30x | 1.09x | 1.50x | 1.18x | 1.24x | 0.16x | |
| EV / LTM EBITDA | -75.8x | 13.4x | -14.0x | 8.4x | 2978.4x | -11.5x | |
| EV / LTM EBIT | -42.6x | 20.0x | -7.0x | 11.6x | -26.5x | -2.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -75.8x | 8.4x | 2978.4x | ||||
| Historical EV / LTM EBITDA | -173.6x | 2.9x | 128.2x | ||||
| Selected EV / LTM EBITDA | -19.1x | -20.1x | -21.1x | ||||
| (x) LTM EBITDA | (486) | (486) | (486) | ||||
| (=) Implied Enterprise Value | 9,286 | 9,774 | 10,263 | ||||
| (-) Non-shareholder Claims * | 11,292 | 11,292 | 11,292 | ||||
| (=) Equity Value | 20,578 | 21,067 | 21,555 | ||||
| (/) Shares Outstanding | 40.7 | 40.7 | 40.7 | ||||
| Implied Value Range | 506.05 | 518.07 | 530.08 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 506.05 | 518.07 | 530.08 | 415.00 | |||
| Upside / (Downside) | 21.9% | 24.8% | 27.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A083660 | A344860 | A175250 | A263920 | A227610 | A044480 | |
| Enterprise Value | 119,479 | 9,409 | 113,372 | 56,315 | 47,201 | 5,583 | |
| (+) Cash & Short Term Investments | 11,036 | 12,419 | 6,747 | 6,450 | 7,810 | 3,152 | |
| (+) Investments & Other | 584 | 13 | 1,983 | 638 | 1,576 | 24,940 | |
| (-) Debt | (9,652) | (55) | (39,424) | (11,317) | (23,233) | (16,971) | |
| (-) Other Liabilities | 0 | 0 | 1,206 | 0 | 2,342 | 171 | |
| (-) Preferred Stock | 0 | 0 | (2,792) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 121,447 | 21,786 | 81,092 | 52,086 | 35,697 | 16,875 | |
| (/) Shares Outstanding | 59.2 | 12.0 | 37.4 | 9.8 | 35.4 | 40.7 | |
| Implied Stock Price | 2,050.00 | 1,811.00 | 2,170.00 | 5,310.00 | 1,007.00 | 415.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,050.00 | 1,811.00 | 2,170.00 | 5,310.00 | 1,007.00 | 415.00 | |
| 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 | |