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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.5x - 10.5x | 10.0x |
| Selected Fwd EBIT Multiple | 8.3x - 9.2x | 8.8x |
| Fair Value | ₩32,484 - ₩35,159 | ₩33,822 |
| Upside | 13.8% - 23.1% | 18.5% |
| Benchmarks | Ticker | Full Ticker |
| LMS Co., Ltd. | A073110 | KOSDAQ:A073110 |
| GnCenergy Co., Ltd | A119850 | KOSDAQ:A119850 |
| Seoho Electric Co.,Ltd | A065710 | KOSDAQ:A065710 |
| ILJIN Holdings Co.,Ltd. | A015860 | KOSE:A015860 |
| NOVATECH Co., Ltd. | A285490 | KOSDAQ:A285490 |
| VITZROCELL Co.,Ltd. | A082920 | KOSDAQ:A082920 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A073110 | A119850 | A065710 | A015860 | A285490 | A082920 | ||
| KOSDAQ:A073110 | KOSDAQ:A119850 | KOSDAQ:A065710 | KOSE:A015860 | KOSDAQ:A285490 | KOSDAQ:A082920 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 28.5% | -33.1% | 18.2% | 17.9% | 15.4% | |
| 3Y CAGR | NM- | 66.1% | -51.9% | 22.1% | -27.4% | 43.9% | |
| Latest Twelve Months | -2371.8% | 310.6% | -9.9% | 50.1% | -47.1% | 51.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -6.8% | 7.2% | 17.9% | 3.4% | 30.0% | 19.8% | |
| Prior Fiscal Year | -11.4% | 6.6% | 19.6% | 3.8% | 27.7% | 21.4% | |
| Latest Fiscal Year | -5.4% | 14.0% | 3.5% | 3.9% | 19.2% | 24.6% | |
| Latest Twelve Months | -16.8% | 19.4% | 14.4% | 4.4% | 17.9% | 25.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.14x | 1.47x | 1.39x | 0.24x | 1.29x | 2.09x | |
| EV / LTM EBITDA | -27.0x | 6.8x | 9.3x | 4.1x | 5.6x | 6.8x | |
| EV / LTM EBIT | -6.8x | 7.6x | 9.7x | 5.5x | 7.2x | 8.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -6.8x | 7.2x | 9.7x | ||||
| Historical EV / LTM EBIT | 6.5x | 10.6x | 15.1x | ||||
| Selected EV / LTM EBIT | 9.5x | 10.0x | 10.5x | ||||
| (x) LTM EBIT | 58,347 | 58,347 | 58,347 | ||||
| (=) Implied Enterprise Value | 555,737 | 584,986 | 614,235 | ||||
| (-) Non-shareholder Claims * | 158,898 | 158,898 | 158,898 | ||||
| (=) Equity Value | 714,635 | 743,884 | 773,134 | ||||
| (/) Shares Outstanding | 22.5 | 22.5 | 22.5 | ||||
| Implied Value Range | 31,807.84 | 33,109.70 | 34,411.56 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 31,807.84 | 33,109.70 | 34,411.56 | 28,550.00 | |||
| Upside / (Downside) | 11.4% | 16.0% | 20.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A073110 | A119850 | A065710 | A015860 | A285490 | A082920 | |
| Enterprise Value | 67,299 | 407,194 | 100,520 | 464,272 | 86,732 | 482,542 | |
| (+) Cash & Short Term Investments | 17,023 | 30,995 | 34,127 | 571,281 | 91,842 | 145,107 | |
| (+) Investments & Other | 3,707 | 38,615 | 28,320 | 36,191 | 6,027 | 15,104 | |
| (-) Debt | (51,875) | (6,165) | (64) | (240,756) | (260) | (1,312) | |
| (-) Other Liabilities | 0 | (2,623) | (1,121) | (583,585) | (4,442) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 36,154 | 468,016 | 161,781 | 247,402 | 179,899 | 641,440 | |
| (/) Shares Outstanding | 5.8 | 15.5 | 4.5 | 46.0 | 9.3 | 22.5 | |
| Implied Stock Price | 6,250.00 | 30,150.00 | 35,800.00 | 5,380.00 | 19,250.00 | 28,550.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6,250.00 | 30,150.00 | 35,800.00 | 5,380.00 | 19,250.00 | 28,550.00 | |
| 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 | |