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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.3x - 7.0x | 6.7x |
| Selected Fwd EBITDA Multiple | 4.7x - 5.2x | 5.0x |
| Fair Value | ₩25,615 - ₩27,524 | ₩26,570 |
| Upside | 19.1% - 28.0% | 23.6% |
| Benchmarks | Ticker | Full Ticker |
| KNR System Inc. | A199430 | KOSDAQ:A199430 |
| Daechang Solution Co., Ltd. | A096350 | KOSDAQ:A096350 |
| CS BEARING Co., Ltd. | A297090 | KOSDAQ:A297090 |
| Seoam Machinery Industry Co.,Ltd. | A100660 | KOSDAQ:A100660 |
| A-Tech Solution Co., Ltd. | A071670 | KOSDAQ:A071670 |
| JVM Co., Ltd. | A054950 | KOSDAQ:A054950 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A199430 | A096350 | A297090 | A100660 | A071670 | A054950 | ||
| KOSDAQ:A199430 | KOSDAQ:A096350 | KOSDAQ:A297090 | KOSDAQ:A100660 | KOSDAQ:A071670 | KOSDAQ:A054950 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -22.8% | -15.3% | -18.6% | -1.1% | 15.1% | |
| 3Y CAGR | NM- | NM- | 6.4% | -22.0% | -8.8% | 25.1% | |
| Latest Twelve Months | -93.5% | -80.2% | 57.4% | -58.2% | -6.0% | 2.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -15.5% | -4.4% | 4.1% | 5.6% | 5.3% | 18.9% | |
| Prior Fiscal Year | -16.3% | 9.0% | 4.6% | 6.5% | 4.5% | 22.1% | |
| Latest Fiscal Year | -36.3% | 2.1% | 5.2% | 2.9% | 3.9% | 22.2% | |
| Latest Twelve Months | -36.3% | 2.1% | 5.2% | 2.9% | 3.9% | 22.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.14x | 1.88x | 1.34x | 0.30x | 0.52x | 1.01x | |
| EV / LTM EBITDA | -11.4x | 90.8x | 25.8x | 10.3x | 13.3x | 4.6x | |
| EV / LTM EBIT | -9.9x | 665.7x | 67.6x | -9.9x | 101.7x | 5.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -11.4x | 13.3x | 90.8x | ||||
| Historical EV / LTM EBITDA | 4.6x | 7.6x | 10.0x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.7x | 7.0x | ||||
| (x) LTM EBITDA | 35,443 | 35,443 | 35,443 | ||||
| (=) Implied Enterprise Value | 224,199 | 235,999 | 247,799 | ||||
| (-) Non-shareholder Claims * | 86,120 | 86,120 | 86,120 | ||||
| (=) Equity Value | 310,319 | 322,119 | 333,919 | ||||
| (/) Shares Outstanding | 11.5 | 11.5 | 11.5 | ||||
| Implied Value Range | 26,942.15 | 27,966.63 | 28,991.11 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 26,942.15 | 27,966.63 | 28,991.11 | 21,500.00 | |||
| Upside / (Downside) | 25.3% | 30.1% | 34.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A199430 | A096350 | A297090 | A100660 | A071670 | A054950 | |
| Enterprise Value | 76,795 | 115,572 | 141,606 | 12,750 | 151,109 | 161,517 | |
| (+) Cash & Short Term Investments | 10,787 | 15,529 | 14,094 | 28,907 | 5,437 | 106,463 | |
| (+) Investments & Other | 4,209 | 2,203 | 0 | 2,084 | 457 | 11,328 | |
| (-) Debt | (12,131) | (72,557) | (18,532) | (81) | (98,284) | (31,672) | |
| (-) Other Liabilities | 0 | (5,997) | 0 | 0 | (718) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 79,660 | 54,749 | 137,168 | 43,659 | 58,000 | 247,636 | |
| (/) Shares Outstanding | 10.9 | 159.2 | 27.3 | 12.6 | 10.0 | 11.5 | |
| Implied Stock Price | 7,330.00 | 344.00 | 5,030.00 | 3,465.00 | 5,800.00 | 21,500.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7,330.00 | 344.00 | 5,030.00 | 3,465.00 | 5,800.00 | 21,500.00 | |
| 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 | |