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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 37.5x - 41.5x | 39.5x |
| Selected Fwd EBIT Multiple | 38.7x - 42.8x | 40.7x |
| Fair Value | ₩37,132 - ₩41,973 | ₩39,553 |
| Upside | -38.2% - -30.2% | -34.2% |
| Benchmarks | Ticker | Full Ticker |
| DAEYANG ELECTRIC.Co.,Ltd. | A108380 | KOSDAQ:A108380 |
| Seoho Electric Co.,Ltd | A065710 | KOSDAQ:A065710 |
| CS Wind Corporation | A112610 | KOSE:A112610 |
| Elentec Co., Ltd. | A054210 | KOSDAQ:A054210 |
| S-Fuelcell co., Ltd. | A288620 | KOSDAQ:A288620 |
| Shinsung Delta Tech Co.,Ltd. | A065350 | KOSDAQ:A065350 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A108380 | A065710 | A112610 | A054210 | A288620 | A065350 | ||
| KOSDAQ:A108380 | KOSDAQ:A065710 | KOSE:A112610 | KOSDAQ:A054210 | KOSDAQ:A288620 | KOSDAQ:A065350 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.5% | -33.1% | 33.5% | -10.4% | NM- | 20.3% | |
| 3Y CAGR | 36.0% | -51.9% | 36.2% | -23.1% | NM- | -6.0% | |
| Latest Twelve Months | 215.6% | 62.9% | 122.6% | -19.6% | -482.6% | 38.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.8% | 17.6% | 7.6% | 4.1% | -1.3% | 3.6% | |
| Prior Fiscal Year | 1.8% | 19.6% | 6.8% | 4.1% | -7.7% | 3.4% | |
| Latest Fiscal Year | 8.0% | 3.5% | 8.3% | 2.9% | -12.3% | 3.2% | |
| Latest Twelve Months | 9.1% | 15.7% | 10.9% | 3.1% | -25.2% | 3.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.70x | 1.28x | 0.89x | 0.63x | 2.01x | 1.98x | |
| EV / LTM EBITDA | 6.1x | 7.9x | 5.3x | 8.5x | -12.5x | 33.2x | |
| EV / LTM EBIT | 7.8x | 8.1x | 8.2x | 20.6x | -8.0x | 57.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -8.0x | 8.1x | 20.6x | ||||
| Historical EV / LTM EBIT | 11.6x | 35.8x | 159.7x | ||||
| Selected EV / LTM EBIT | 37.5x | 39.5x | 41.5x | ||||
| (x) LTM EBIT | 32,392 | 32,392 | 32,392 | ||||
| (=) Implied Enterprise Value | 1,215,008 | 1,278,956 | 1,342,904 | ||||
| (-) Non-shareholder Claims * | (240,591) | (240,591) | (240,591) | ||||
| (=) Equity Value | 974,417 | 1,038,365 | 1,102,312 | ||||
| (/) Shares Outstanding | 27.2 | 27.2 | 27.2 | ||||
| Implied Value Range | 35,845.30 | 38,197.71 | 40,550.12 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 35,845.30 | 38,197.71 | 40,550.12 | 60,100.00 | |||
| Upside / (Downside) | -40.4% | -36.4% | -32.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A108380 | A065710 | A112610 | A054210 | A288620 | A065350 | |
| Enterprise Value | 148,339 | 118,060 | 2,678,607 | 323,897 | 53,650 | 1,874,347 | |
| (+) Cash & Short Term Investments | 93,202 | 24,288 | 313,845 | 70,219 | 56,470 | 95,647 | |
| (+) Investments & Other | 28,524 | 23,303 | 22,806 | 18,946 | 3,703 | 51,379 | |
| (-) Debt | (148) | (53) | (1,246,477) | (212,058) | (36,401) | (276,108) | |
| (-) Other Liabilities | 0 | (1,105) | (42,860) | 0 | (91) | (111,509) | |
| (-) Preferred Stock | 0 | 0 | 0 | (1,909) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 269,916 | 164,493 | 1,725,921 | 199,095 | 77,331 | 1,633,755 | |
| (/) Shares Outstanding | 9.2 | 4.5 | 41.4 | 24.9 | 7.0 | 27.2 | |
| Implied Stock Price | 29,200.00 | 36,400.00 | 41,650.00 | 8,000.00 | 11,080.00 | 60,100.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 29,200.00 | 36,400.00 | 41,650.00 | 8,000.00 | 11,080.00 | 60,100.00 | |
| 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 | |