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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 36.8x - 40.6x | 38.7x |
| Selected Fwd EBIT Multiple | -33.6x - -37.2x | -35.4x |
| Fair Value | ₩1,028 - ₩1,202 | ₩1,115 |
| Upside | -42.7% - -33.0% | -37.8% |
| Benchmarks | Ticker | Full Ticker |
| SH Energy & Chemical Co., Ltd. | A002360 | KOSE:A002360 |
| Bolak Company Limited | A002760 | KOSE:A002760 |
| NANOCMS Co.,Ltd | A247660 | KOSDAQ:A247660 |
| Chemtros Co., Ltd. | A220260 | KOSDAQ:A220260 |
| NANOBRICK Co., Ltd. | A286750 | KOSDAQ:A286750 |
| Spolytech Co., Ltd. | A050760 | KOSDAQ:A050760 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A002360 | A002760 | A247660 | A220260 | A286750 | A050760 | ||
| KOSE:A002360 | KOSE:A002760 | KOSDAQ:A247660 | KOSDAQ:A220260 | KOSDAQ:A286750 | KOSDAQ:A050760 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 8.0% | NM- | -46.2% | |
| 3Y CAGR | NM- | NM- | NM- | -0.4% | NM- | -46.5% | |
| Latest Twelve Months | -135.5% | -454.4% | -180.1% | 10.3% | -37.8% | 126.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -3.3% | 2.8% | -35.3% | 6.9% | -45.8% | 2.6% | |
| Prior Fiscal Year | -3.1% | 1.1% | -69.0% | 7.2% | -38.9% | -3.5% | |
| Latest Fiscal Year | -7.7% | -3.8% | -190.5% | 7.5% | -65.6% | 0.8% | |
| Latest Twelve Months | -7.7% | -3.8% | -190.5% | 7.5% | -65.6% | 0.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.26x | 1.25x | 2.82x | 2.15x | 10.80x | 0.47x | |
| EV / LTM EBITDA | -4.5x | -2285.6x | -1.7x | 14.2x | -22.2x | 8.3x | |
| EV / LTM EBIT | -3.4x | -33.3x | -1.5x | 28.5x | -16.5x | 56.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -33.3x | -3.4x | 28.5x | ||||
| Historical EV / LTM EBIT | -21.0x | 5.9x | 56.0x | ||||
| Selected EV / LTM EBIT | 36.8x | 38.7x | 40.6x | ||||
| (x) LTM EBIT | 673 | 673 | 673 | ||||
| (=) Implied Enterprise Value | 24,717 | 26,018 | 27,319 | ||||
| (-) Non-shareholder Claims * | (9,744) | (9,744) | (9,744) | ||||
| (=) Equity Value | 14,973 | 16,274 | 17,575 | ||||
| (/) Shares Outstanding | 15.4 | 15.4 | 15.4 | ||||
| Implied Value Range | 969.57 | 1,053.81 | 1,138.05 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 969.57 | 1,053.81 | 1,138.05 | 1,794.00 | |||
| Upside / (Downside) | -46.0% | -41.3% | -36.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A002360 | A002760 | A247660 | A220260 | A286750 | A050760 | |
| Enterprise Value | 32,386 | 59,734 | 13,118 | 107,296 | 57,034 | 37,448 | |
| (+) Cash & Short Term Investments | 31,496 | 3,627 | 14,433 | 36,704 | 378 | 27,102 | |
| (+) Investments & Other | 154 | 3,707 | 0 | 658 | 806 | 199 | |
| (-) Debt | (14,271) | (2,077) | (6,772) | (28,864) | (5,512) | (37,045) | |
| (-) Other Liabilities | (151) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 49,613 | 64,992 | 20,779 | 115,794 | 52,706 | 27,704 | |
| (/) Shares Outstanding | 108.8 | 59.9 | 4.3 | 26.6 | 21.5 | 15.4 | |
| Implied Stock Price | 456.00 | 1,085.00 | 4,865.00 | 4,360.00 | 2,450.00 | 1,794.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 456.00 | 1,085.00 | 4,865.00 | 4,360.00 | 2,450.00 | 1,794.00 | |
| 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 | |