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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.3x - 3.6x | 3.4x |
| Selected Fwd Revenue Multiple | 2.8x - 3.0x | 2.9x |
| Fair Value | ₩12,641 - ₩13,752 | ₩13,196 |
| Upside | -6.8% - 1.3% | -2.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Tokai Carbon Korea Co., Ltd. | A064760 | KOSDAQ:A064760 |
| Hana Materials Inc. | A166090 | KOSDAQ:A166090 |
| KNJ Co., Ltd. | A272110 | KOSDAQ:A272110 |
| Tfe Inc. | A425420 | KOSDAQ:A425420 |
| ISC Co., Ltd. | A095340 | KOSDAQ:A095340 |
| Koh Young Technology Inc. | A098460 | KOSDAQ:A098460 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| A064760 | A166090 | A272110 | A425420 | A095340 | A098460 | |||
| KOSDAQ:A064760 | KOSDAQ:A166090 | KOSDAQ:A272110 | KOSDAQ:A425420 | KOSDAQ:A095340 | KOSDAQ:A098460 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 10.0% | NM- | 2.0% | 13.1% | 14.8% | -1.8% | ||
| 3Y CAGR | 0.6% | NM- | 10.2% | 0.8% | 6.4% | -6.4% | ||
| Latest Twelve Months | 21.7% | 7.7% | 31.4% | -8.3% | 24.4% | -10.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 34.9% | 20.5% | 14.5% | 10.9% | 20.0% | 11.7% | ||
| Prior Fiscal Year | 29.4% | 17.7% | 22.1% | 11.5% | 7.7% | 9.1% | ||
| Latest Fiscal Year | 29.3% | 17.3% | 22.7% | 6.0% | 25.2% | 1.6% | ||
| Latest Twelve Months | 29.3% | 17.3% | 22.7% | 6.0% | 25.2% | 1.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.60x | 2.43x | 2.35x | 2.27x | 3.92x | 3.75x | ||
| EV / LTM EBIT | 8.9x | 14.1x | 10.3x | 38.1x | 15.6x | 228.5x | ||
| Price / LTM Sales | 3.63x | 2.20x | 2.07x | 2.58x | 5.84x | 4.42x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 2.27x | 2.43x | 3.92x | |||||
| Historical EV / LTM Revenue | 2.78x | 4.02x | 7.26x | |||||
| Selected EV / LTM Revenue | 3.27x | 3.44x | 3.61x | |||||
| (x) LTM Revenue | 202,538 | 202,538 | 202,538 | |||||
| (=) Implied Enterprise Value | 662,059 | 696,905 | 731,750 | |||||
| (-) Non-shareholder Claims * | 137,934 | 137,934 | 137,934 | |||||
| (=) Equity Value | 799,993 | 834,838 | 869,684 | |||||
| (/) Shares Outstanding | 66.0 | 66.0 | 66.0 | |||||
| Implied Value Range | 12,124.75 | 12,652.86 | 13,180.98 | |||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 12,124.75 | 12,652.86 | 13,180.98 | 13,570.00 | ||||
| Upside / (Downside) | -10.7% | -6.8% | -2.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A064760 | A166090 | A272110 | A425420 | A095340 | A098460 | |
| Enterprise Value | 717,031 | 612,432 | 145,970 | 166,711 | 683,972 | 757,417 | |
| (+) Cash & Short Term Investments | 285,333 | 42,369 | 17,189 | 55,431 | 346,641 | 151,959 | |
| (+) Investments & Other | (0) | 77,143 | 27,405 | 726 | 8,299 | 1,520 | |
| (-) Debt | (649) | (178,697) | (61,608) | (32,995) | (20,466) | (15,545) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (353) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,001,715 | 553,247 | 128,956 | 189,873 | 1,018,094 | 895,351 | |
| (/) Shares Outstanding | 11.7 | 19.4 | 7.8 | 11.0 | 20.5 | 66.0 | |
| Implied Stock Price | 85,800.00 | 28,500.00 | 16,500.00 | 17,200.00 | 49,750.00 | 13,570.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 85,800.00 | 28,500.00 | 16,500.00 | 17,200.00 | 49,750.00 | 13,570.00 | |
| 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 | |