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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.9x - 8.7x | 8.3x |
| Selected Fwd EBIT Multiple | 9.8x - 10.8x | 10.3x |
| Fair Value | ₩14,636 - ₩15,905 | ₩15,271 |
| Upside | -0.2% - 8.4% | 4.1% |
| Benchmarks | Ticker | Full Ticker |
| Quality Reliability Technology Inc. | A405100 | KOSDAQ:A405100 |
| D.I Corporation | A003160 | KOSE:A003160 |
| RFHIC Corporation | A218410 | KOSDAQ:A218410 |
| Exicon Co., Ltd. | A092870 | KOSDAQ:A092870 |
| UNISEM Co., Ltd. | A036200 | KOSDAQ:A036200 |
| Micro Contact Solution Co., Ltd. | A098120 | KOSDAQ:A098120 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A405100 | A003160 | A218410 | A092870 | A036200 | A098120 | ||
| KOSDAQ:A405100 | KOSE:A003160 | KOSDAQ:A218410 | KOSDAQ:A092870 | KOSDAQ:A036200 | KOSDAQ:A098120 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -6.6% | NM- | -38.9% | NM- | -15.9% | 76.5% | |
| 3Y CAGR | -33.9% | -53.1% | -29.5% | NM- | -38.7% | 8.6% | |
| Latest Twelve Months | 1628.9% | 490.8% | 741.4% | -215.2% | -42.0% | 79.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.1% | 3.2% | 0.4% | -3.9% | 11.5% | 11.2% | |
| Prior Fiscal Year | 1.4% | 2.3% | 0.3% | 1.8% | 7.5% | 11.5% | |
| Latest Fiscal Year | 7.3% | 0.8% | 1.3% | -50.3% | 4.6% | 14.6% | |
| Latest Twelve Months | 7.9% | 4.6% | 4.0% | -63.8% | 4.6% | 16.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.14x | 1.58x | 2.67x | 2.24x | 0.48x | 1.28x | |
| EV / LTM EBITDA | 8.6x | 23.7x | 24.5x | -4.2x | 8.3x | 6.8x | |
| EV / LTM EBIT | 26.9x | 34.0x | 66.4x | -3.5x | 10.5x | 7.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.5x | 26.9x | 66.4x | ||||
| Historical EV / LTM EBIT | 3.9x | 9.3x | 20.4x | ||||
| Selected EV / LTM EBIT | 7.9x | 8.3x | 8.7x | ||||
| (x) LTM EBIT | 13,155 | 13,155 | 13,155 | ||||
| (=) Implied Enterprise Value | 103,905 | 109,373 | 114,842 | ||||
| (-) Non-shareholder Claims * | 21,459 | 21,459 | 21,459 | ||||
| (=) Equity Value | 125,364 | 130,833 | 136,301 | ||||
| (/) Shares Outstanding | 8.3 | 8.3 | 8.3 | ||||
| Implied Value Range | 15,080.89 | 15,738.76 | 16,396.62 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15,080.89 | 15,738.76 | 16,396.62 | 14,670.00 | |||
| Upside / (Downside) | 2.8% | 7.3% | 11.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A405100 | A003160 | A218410 | A092870 | A036200 | A098120 | |
| Enterprise Value | 142,684 | 432,163 | 372,125 | 49,985 | 103,772 | 100,489 | |
| (+) Cash & Short Term Investments | 18,712 | 48,440 | 194,446 | 36,936 | 74,631 | 23,405 | |
| (+) Investments & Other | 112 | 20,832 | 36,992 | 53,042 | 106 | 1 | |
| (-) Debt | (13,491) | (91,606) | (57,127) | (7,187) | (5,430) | (1,896) | |
| (-) Other Liabilities | 0 | (16,196) | (48,382) | 0 | (112) | (50) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 148,017 | 393,634 | 498,052 | 132,776 | 172,966 | 121,948 | |
| (/) Shares Outstanding | 11.7 | 26.0 | 25.3 | 12.5 | 29.4 | 8.3 | |
| Implied Stock Price | 12,670.00 | 15,130.00 | 19,660.00 | 10,620.00 | 5,880.00 | 14,670.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12,670.00 | 15,130.00 | 19,660.00 | 10,620.00 | 5,880.00 | 14,670.00 | |
| 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 | |