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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.9x - 17.5x | 16.7x |
| Selected Fwd EBIT Multiple | 11.5x - 12.7x | 12.1x |
| Fair Value | ₩1,944 - ₩2,230 | ₩2,087 |
| Upside | 33.5% - 53.1% | 43.3% |
| Benchmarks | Ticker | Full Ticker |
| ASTORY Co.,Ltd | A241840 | KOSDAQ:A241840 |
| Com2uS Holdings Corporation | A063080 | KOSDAQ:A063080 |
| Mgame Corp. | A058630 | KOSDAQ:A058630 |
| HANBIT SOFT Inc. | A047080 | KOSDAQ:A047080 |
| Devsisters corporation | A194480 | KOSDAQ:A194480 |
| JOYCITY Corporation | A067000 | KOSDAQ:A067000 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A241840 | A063080 | A058630 | A047080 | A194480 | A067000 | ||
| KOSDAQ:A241840 | KOSDAQ:A063080 | KOSDAQ:A058630 | KOSDAQ:A047080 | KOSDAQ:A194480 | KOSDAQ:A067000 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 12.1% | NM- | NM- | 7.2% | |
| 3Y CAGR | NM- | NM- | -13.7% | NM- | -21.7% | -17.2% | |
| Latest Twelve Months | -150.1% | -319.4% | -39.9% | 78.4% | 156.6% | -54.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.0% | 6.0% | 28.5% | -4.2% | -6.3% | 10.4% | |
| Prior Fiscal Year | 12.3% | -6.5% | 26.2% | -25.2% | -29.8% | 16.9% | |
| Latest Fiscal Year | -23.7% | -0.1% | 15.4% | -4.2% | 11.5% | 8.1% | |
| Latest Twelve Months | -23.7% | -6.8% | 15.4% | -4.2% | 11.5% | 8.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.28x | 0.74x | 0.11x | 0.77x | 1.17x | 1.12x | |
| EV / LTM EBITDA | -17.4x | -21.8x | 0.6x | -100.1x | 7.5x | 10.0x | |
| EV / LTM EBIT | -13.8x | -10.8x | 0.7x | -18.2x | 10.2x | 13.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -18.2x | -10.8x | 10.2x | ||||
| Historical EV / LTM EBIT | 13.8x | 25.6x | 39.3x | ||||
| Selected EV / LTM EBIT | 15.9x | 16.7x | 17.5x | ||||
| (x) LTM EBIT | 11,615 | 11,615 | 11,615 | ||||
| (=) Implied Enterprise Value | 184,279 | 193,978 | 203,677 | ||||
| (-) Non-shareholder Claims * | (53,889) | (53,889) | (53,889) | ||||
| (=) Equity Value | 130,390 | 140,089 | 149,788 | ||||
| (/) Shares Outstanding | 69.9 | 69.9 | 69.9 | ||||
| Implied Value Range | 1,865.29 | 2,004.04 | 2,142.78 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,865.29 | 2,004.04 | 2,142.78 | 1,456.00 | |||
| Upside / (Downside) | 28.1% | 37.6% | 47.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A241840 | A063080 | A058630 | A047080 | A194480 | A067000 | |
| Enterprise Value | 43,900 | (242,719) | (8,569) | 24,427 | 269,629 | 155,668 | |
| (+) Cash & Short Term Investments | 21,943 | 36,279 | 81,085 | 15,829 | 100,495 | 23,391 | |
| (+) Investments & Other | 12,684 | 511,227 | 15,439 | 2,044 | 94,382 | 28,431 | |
| (-) Debt | (6,033) | (183,259) | (840) | (5,760) | (8,179) | (104,753) | |
| (-) Other Liabilities | 0 | 19,274 | (56) | (5,288) | (3,066) | (958) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 72,494 | 140,802 | 87,060 | 31,251 | 453,260 | 101,779 | |
| (/) Shares Outstanding | 9.3 | 6.6 | 18.6 | 24.8 | 10.8 | 69.9 | |
| Implied Stock Price | 7,810.00 | 21,350.00 | 4,680.00 | 1,259.00 | 41,950.00 | 1,456.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7,810.00 | 21,350.00 | 4,680.00 | 1,259.00 | 41,950.00 | 1,456.00 | |
| 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 | |