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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.4x - 3.8x | 3.6x |
| Selected Fwd EBITDA Multiple | 2.7x - 3.0x | 2.9x |
| Fair Value | ₩8,045 - ₩8,442 | ₩8,243 |
| Upside | -14.8% - -10.6% | -12.7% |
| Benchmarks | Ticker | Full Ticker |
| Intelligent Digital Integrated Security Co., Ltd. | A143160 | KOSDAQ:A143160 |
| SCD Co., Ltd. | A042110 | KOSDAQ:A042110 |
| SEOWONINTECH. Co., Ltd. | A093920 | KOSDAQ:A093920 |
| Ymc Co., Ltd. | A155650 | KOSDAQ:A155650 |
| ActRO Co., Ltd | A290740 | KOSDAQ:A290740 |
| Hanla IMS Co., Ltd. | A092460 | KOSDAQ:A092460 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A143160 | A042110 | A093920 | A155650 | A290740 | A092460 | ||
| KOSDAQ:A143160 | KOSDAQ:A042110 | KOSDAQ:A093920 | KOSDAQ:A155650 | KOSDAQ:A290740 | KOSDAQ:A092460 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 22.2% | 12.5% | -13.4% | NM- | -13.9% | 54.2% | |
| 3Y CAGR | 2.3% | 0.5% | -12.8% | -12.5% | 39.1% | 123.2% | |
| Latest Twelve Months | -11.5% | 12.5% | -16.1% | -30.5% | -38.3% | 91.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.7% | 5.3% | 7.0% | 9.9% | 5.3% | 8.8% | |
| Prior Fiscal Year | 13.0% | 4.3% | 5.9% | 10.2% | 7.1% | 9.4% | |
| Latest Fiscal Year | 10.2% | 5.6% | 5.6% | 7.7% | 4.5% | 17.6% | |
| Latest Twelve Months | 10.1% | 5.2% | 5.4% | 6.9% | 3.9% | 18.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.36x | 0.00x | -0.14x | 0.29x | 0.08x | 0.81x | |
| EV / LTM EBITDA | 3.6x | 0.0x | -2.5x | 4.2x | 2.1x | 4.4x | |
| EV / LTM EBIT | 7.2x | 0.0x | -3.9x | 9.8x | 18.1x | 5.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -2.5x | 2.1x | 4.2x | ||||
| Historical EV / LTM EBITDA | 3.9x | 13.9x | 65.1x | ||||
| Selected EV / LTM EBITDA | 3.4x | 3.6x | 3.8x | ||||
| (x) LTM EBITDA | 19,767 | 19,767 | 19,767 | ||||
| (=) Implied Enterprise Value | 67,182 | 70,718 | 74,254 | ||||
| (-) Non-shareholder Claims * | 71,801 | 71,801 | 71,801 | ||||
| (=) Equity Value | 138,984 | 142,520 | 146,056 | ||||
| (/) Shares Outstanding | 16.8 | 16.8 | 16.8 | ||||
| Implied Value Range | 8,263.65 | 8,473.89 | 8,684.13 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8,263.65 | 8,473.89 | 8,684.13 | 9,440.00 | |||
| Upside / (Downside) | -12.5% | -10.2% | -8.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A143160 | A042110 | A093920 | A155650 | A290740 | A092460 | |
| Enterprise Value | 115,495 | 176 | (32,830) | 49,810 | 16,246 | 86,967 | |
| (+) Cash & Short Term Investments | 161,017 | 69,366 | 148,733 | 33,203 | 27,948 | 72,323 | |
| (+) Investments & Other | 39,109 | 118 | 2,451 | 10,569 | 3,436 | 10,212 | |
| (-) Debt | (53,430) | (306) | (11,206) | (23,663) | (256) | (10,734) | |
| (-) Other Liabilities | (111,618) | 0 | (3,732) | (9,694) | (49) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 150,573 | 69,353 | 103,416 | 60,225 | 47,325 | 158,768 | |
| (/) Shares Outstanding | 9.8 | 48.3 | 18.6 | 17.7 | 9.2 | 16.8 | |
| Implied Stock Price | 15,300.00 | 1,435.00 | 5,560.00 | 3,400.00 | 5,160.00 | 9,440.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15,300.00 | 1,435.00 | 5,560.00 | 3,400.00 | 5,160.00 | 9,440.00 | |
| 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 | |