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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 1.4x - 1.5x | 1.4x |
| Selected Fwd EBIT Multiple | 0.9x - 1.0x | 1.0x |
| Fair Value | ₩22,374 - ₩22,592 | ₩22,483 |
| Upside | 48.2% - 49.6% | 48.9% |
| Benchmarks | Ticker | Full Ticker |
| Netmarble Corporation | A251270 | KOSE:A251270 |
| NEXON Co., Ltd. | 3659 | TSE:3659 |
| Mgame Corp. | A058630 | KOSDAQ:A058630 |
| NEOWIZ HOLDINGS Corporation | A042420 | KOSDAQ:A042420 |
| T3 Entertainment Inc. | A204610 | KOSDAQ:A204610 |
| Webzen Inc. | A069080 | KOSDAQ:A069080 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A251270 | 3659 | A058630 | A042420 | A204610 | A069080 | ||
| KOSE:A251270 | TSE:3659 | KOSDAQ:A058630 | KOSDAQ:A042420 | KOSDAQ:A204610 | KOSDAQ:A069080 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.5% | 5.6% | 12.1% | -7.5% | 18.2% | 1.0% | |
| 3Y CAGR | 16.6% | 13.6% | -13.7% | 1.6% | 4.7% | -19.2% | |
| Latest Twelve Months | 495.6% | 37.0% | -27.2% | -47.6% | 43.1% | -21.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.3% | 34.1% | 28.3% | 8.0% | 15.1% | 31.8% | |
| Prior Fiscal Year | -3.9% | 31.2% | 26.2% | 4.6% | 14.8% | 25.4% | |
| Latest Fiscal Year | 7.8% | 31.0% | 15.4% | 5.5% | 17.7% | 25.4% | |
| Latest Twelve Months | 9.3% | 31.9% | 16.8% | 4.5% | 18.2% | 23.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.14x | 3.55x | 0.32x | 0.17x | 0.64x | -0.13x | |
| EV / LTM EBITDA | 7.7x | 10.4x | 1.6x | 1.8x | 3.0x | -0.5x | |
| EV / LTM EBIT | 12.2x | 11.1x | 1.9x | 3.8x | 3.5x | -0.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.9x | 3.8x | 12.2x | ||||
| Historical EV / LTM EBIT | -0.7x | 2.7x | 9.6x | ||||
| Selected EV / LTM EBIT | 1.4x | 1.4x | 1.5x | ||||
| (x) LTM EBIT | 45,467 | 45,467 | 45,467 | ||||
| (=) Implied Enterprise Value | 61,570 | 64,811 | 68,052 | ||||
| (-) Non-shareholder Claims * | 590,226 | 590,226 | 590,226 | ||||
| (=) Equity Value | 651,797 | 655,037 | 658,278 | ||||
| (/) Shares Outstanding | 29.1 | 29.1 | 29.1 | ||||
| Implied Value Range | 22,424.08 | 22,535.57 | 22,647.05 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 22,424.08 | 22,535.57 | 22,647.05 | 15,100.00 | |||
| Upside / (Downside) | 48.5% | 49.2% | 50.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A251270 | 3659 | A058630 | A042420 | A204610 | A069080 | |
| Enterprise Value | 3,106,970 | 1,590,999 | 31,807 | 63,604 | 39,659 | (151,317) | |
| (+) Cash & Short Term Investments | 679,038 | 585,846 | 85,257 | 345,761 | 73,605 | 471,551 | |
| (+) Investments & Other | 2,890,518 | 61,277 | 16,133 | 146,125 | 5,805 | 126,070 | |
| (-) Debt | (1,568,055) | (37,923) | (735) | (3,626) | (525) | (5,356) | |
| (-) Other Liabilities | (53,109) | (10,834) | (11) | (358,846) | (8,463) | (2,040) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,055,363 | 2,189,365 | 132,450 | 193,017 | 110,081 | 438,909 | |
| (/) Shares Outstanding | 81.9 | 798.0 | 18.6 | 6.3 | 52.9 | 29.1 | |
| Implied Stock Price | 61,700.00 | 2,743.50 | 7,120.00 | 30,550.00 | 2,080.00 | 15,100.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 61,700.00 | 2,743.50 | 7,120.00 | 30,550.00 | 2,080.00 | 15,100.00 | |
| Trading Currency | KRW | JPY | KRW | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |