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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.1x - 8.9x | 8.5x |
| Selected Fwd EBIT Multiple | 4.8x - 5.3x | 5.0x |
| Fair Value | ₩5,902 - ₩6,437 | ₩6,170 |
| Upside | 12.4% - 22.6% | 17.5% |
| Benchmarks | Ticker | Full Ticker |
| TRUEN Co., Ltd. | A417790 | KOSDAQ:A417790 |
| VC Inc. | A365900 | KOSDAQ:A365900 |
| PNC Technologies co., Ltd | A237750 | KOSDAQ:A237750 |
| HK Co., Ltd. | A044780 | KOSDAQ:A044780 |
| 3S KOREA Co., Ltd. | A060310 | KOSDAQ:A060310 |
| i-Components Co., Ltd | A059100 | KOSDAQ:A059100 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A417790 | A365900 | A237750 | A044780 | A060310 | A059100 | ||
| KOSDAQ:A417790 | KOSDAQ:A365900 | KOSDAQ:A237750 | KOSDAQ:A044780 | KOSDAQ:A060310 | KOSDAQ:A059100 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 13.0% | NM- | -4.7% | NM- | NM- | NM- | |
| 3Y CAGR | 16.3% | NM- | -2.0% | NM- | NM- | 9.2% | |
| Latest Twelve Months | 32.3% | 71.6% | -86.8% | -657.4% | -1862.6% | 796.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 25.5% | -2.4% | 8.3% | 2.5% | -1.4% | 4.0% | |
| Prior Fiscal Year | 24.1% | -31.2% | 13.1% | 1.3% | 2.7% | -7.8% | |
| Latest Fiscal Year | 28.8% | -10.7% | 5.2% | -4.9% | -24.0% | 7.0% | |
| Latest Twelve Months | 28.8% | -6.7% | 1.2% | -6.4% | -18.8% | 13.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.73x | 0.83x | 0.26x | 0.41x | 2.66x | 0.76x | |
| EV / LTM EBITDA | 2.4x | 191.9x | 6.8x | -11.7x | -26.4x | 3.9x | |
| EV / LTM EBIT | 2.5x | -12.4x | 21.6x | -6.5x | -14.1x | 5.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -14.1x | -6.5x | 21.6x | ||||
| Historical EV / LTM EBIT | -173.6x | 13.9x | 29.4x | ||||
| Selected EV / LTM EBIT | 8.1x | 8.5x | 8.9x | ||||
| (x) LTM EBIT | 5,032 | 5,032 | 5,032 | ||||
| (=) Implied Enterprise Value | 40,672 | 42,812 | 44,953 | ||||
| (-) Non-shareholder Claims * | 5,368 | 5,368 | 5,368 | ||||
| (=) Equity Value | 46,040 | 48,180 | 50,321 | ||||
| (/) Shares Outstanding | 6.6 | 6.6 | 6.6 | ||||
| Implied Value Range | 6,969.29 | 7,293.33 | 7,617.37 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6,969.29 | 7,293.33 | 7,617.37 | 5,250.00 | |||
| Upside / (Downside) | 32.7% | 38.9% | 45.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A417790 | A365900 | A237750 | A044780 | A060310 | A059100 | |
| Enterprise Value | 39,781 | 37,848 | 9,003 | 20,698 | 89,310 | 29,314 | |
| (+) Cash & Short Term Investments | 62,167 | 6,583 | 17,060 | 16,254 | 7,739 | 14,707 | |
| (+) Investments & Other | (0) | 16,109 | 15,262 | 625 | 9,576 | 600 | |
| (-) Debt | (92) | (35,604) | (10,694) | (13,729) | (7,657) | (9,939) | |
| (-) Other Liabilities | 0 | 504 | 0 | 0 | (13) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 101,857 | 25,440 | 30,631 | 23,848 | 98,955 | 34,682 | |
| (/) Shares Outstanding | 11.0 | 7.3 | 6.5 | 18.4 | 53.1 | 6.6 | |
| Implied Stock Price | 9,260.00 | 3,480.00 | 4,715.00 | 1,299.00 | 1,865.00 | 5,250.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9,260.00 | 3,480.00 | 4,715.00 | 1,299.00 | 1,865.00 | 5,250.00 | |
| 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 | |