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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.8x - 4.2x | 4.0x |
| Selected Fwd EBITDA Multiple | 3.7x - 4.1x | 3.9x |
| Fair Value | ₩7,543 - ₩8,693 | ₩8,118 |
| Upside | 37.9% - 58.9% | 48.4% |
| Benchmarks | Ticker | Full Ticker |
| FIT Holding Co., Ltd. | 3712 | TWSE:3712 |
| Unitrontech Co., Ltd. | A142210 | KOSDAQ:A142210 |
| RN2 Technologies Co., Ltd. | A148250 | KOSDAQ:A148250 |
| Korea Computer Inc. | A054040 | KOSDAQ:A054040 |
| KHVATEC Co.,Ltd. | A060720 | KOSDAQ:A060720 |
| SEKONIX Co., Ltd. | A053450 | KOSDAQ:A053450 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 3712 | A142210 | A148250 | A054040 | A060720 | A053450 | ||
| TWSE:3712 | KOSDAQ:A142210 | KOSDAQ:A148250 | KOSDAQ:A054040 | KOSDAQ:A060720 | KOSDAQ:A053450 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 91.2% | 29.4% | NM- | 10.3% | 15.6% | 7.4% | |
| 3Y CAGR | 35.1% | 26.0% | -48.7% | 0.0% | 1.4% | -1.4% | |
| Latest Twelve Months | 70.2% | 19.2% | -69.9% | -33.5% | -16.0% | -9.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.3% | 4.8% | 20.6% | 8.4% | 13.2% | 7.8% | |
| Prior Fiscal Year | 7.9% | 5.4% | 17.0% | 8.1% | 14.0% | 9.3% | |
| Latest Fiscal Year | 8.8% | 5.4% | 5.2% | 4.8% | 13.7% | 9.2% | |
| Latest Twelve Months | 8.8% | 5.4% | 5.2% | 4.8% | 13.7% | 9.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.66x | 0.23x | 4.65x | 0.03x | 0.62x | 0.28x | |
| EV / LTM EBITDA | 19.0x | 4.4x | 88.7x | 0.5x | 4.5x | 3.1x | |
| EV / LTM EBIT | 25.3x | 4.6x | -24.3x | 0.9x | 8.8x | 9.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.5x | 4.5x | 88.7x | ||||
| Historical EV / LTM EBITDA | 3.1x | 4.7x | 105.2x | ||||
| Selected EV / LTM EBITDA | 3.8x | 4.0x | 4.2x | ||||
| (x) LTM EBITDA | 42,341 | 42,341 | 42,341 | ||||
| (=) Implied Enterprise Value | 161,617 | 170,123 | 178,629 | ||||
| (-) Non-shareholder Claims * | (49,564) | (49,564) | (49,564) | ||||
| (=) Equity Value | 112,053 | 120,559 | 129,066 | ||||
| (/) Shares Outstanding | 14.6 | 14.6 | 14.6 | ||||
| Implied Value Range | 7,660.03 | 8,241.52 | 8,823.00 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7,660.03 | 8,241.52 | 8,823.00 | 5,470.00 | |||
| Upside / (Downside) | 40.0% | 50.7% | 61.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3712 | A142210 | A148250 | A054040 | A060720 | A053450 | |
| Enterprise Value | 45,678 | 166,982 | 66,541 | 10,973 | 192,435 | 129,581 | |
| (+) Cash & Short Term Investments | 8,633 | 41,414 | 14,186 | 47,825 | 73,515 | 23,123 | |
| (+) Investments & Other | 6,566 | 16,438 | 0 | 1,253 | 8,899 | 1,502 | |
| (-) Debt | (40,398) | (113,750) | (8,735) | (365) | (71,747) | (73,911) | |
| (-) Other Liabilities | (9,090) | (5,838) | 0 | 0 | 1,185 | (278) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,389 | 105,245 | 71,993 | 59,685 | 204,287 | 80,017 | |
| (/) Shares Outstanding | 246.2 | 18.9 | 9.2 | 13.3 | 22.0 | 14.6 | |
| Implied Stock Price | 46.25 | 5,560.00 | 7,800.00 | 4,495.00 | 9,270.00 | 5,470.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 46.25 | 5,560.00 | 7,800.00 | 4,495.00 | 9,270.00 | 5,470.00 | |
| Trading Currency | TWD | KRW | KRW | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |