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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18.8x - 20.8x | 19.8x |
| Selected Fwd EBITDA Multiple | 3.4x - 3.8x | 3.6x |
| Fair Value | ₩3,958 - ₩4,246 | ₩4,102 |
| Upside | -23.0% - -17.4% | -20.2% |
| Benchmarks | Ticker | Full Ticker |
| JVM Co., Ltd. | A054950 | KOSDAQ:A054950 |
| CNTUS Co.,Ltd | A352700 | KOSDAQ:A352700 |
| Cheil Grinding Wheel Ind. Co., Ltd. | A001560 | KOSE:A001560 |
| Daedong Corporation | A000490 | KOSE:A000490 |
| DK-Lok Corporation | A105740 | KOSDAQ:A105740 |
| WOORIM POWER TRAIN SOLUTION Co., Ltd. | A101170 | KOSDAQ:A101170 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A054950 | A352700 | A001560 | A000490 | A105740 | A101170 | ||
| KOSDAQ:A054950 | KOSDAQ:A352700 | KOSE:A001560 | KOSE:A000490 | KOSDAQ:A105740 | KOSDAQ:A101170 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 15.1% | 2.8% | -3.2% | 6.0% | -21.2% | -9.9% | |
| 3Y CAGR | 25.1% | -54.1% | -3.8% | -0.1% | -31.5% | -25.0% | |
| Latest Twelve Months | 7.1% | 33.1% | -35.3% | -33.8% | -55.3% | -83.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.2% | 23.9% | 10.8% | 6.7% | 10.3% | 10.6% | |
| Prior Fiscal Year | 22.1% | 5.7% | 12.4% | 7.1% | 13.6% | 10.8% | |
| Latest Fiscal Year | 22.2% | 8.1% | 10.4% | 4.7% | 3.7% | 3.6% | |
| Latest Twelve Months | 22.8% | 8.1% | 8.6% | 4.7% | 5.1% | 1.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.23x | 0.04x | 0.28x | 0.86x | 0.98x | 0.79x | |
| EV / LTM EBITDA | 5.4x | 0.5x | 3.3x | 18.1x | 19.1x | 44.2x | |
| EV / LTM EBIT | 6.2x | 1.9x | 5.0x | 76.2x | 92.0x | -18.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.5x | 5.4x | 19.1x | ||||
| Historical EV / LTM EBITDA | 4.5x | 6.9x | 14.0x | ||||
| Selected EV / LTM EBITDA | 18.8x | 19.8x | 20.8x | ||||
| (x) LTM EBITDA | 1,154 | 1,154 | 1,154 | ||||
| (=) Implied Enterprise Value | 21,677 | 22,817 | 23,958 | ||||
| (-) Non-shareholder Claims * | 16,154 | 16,154 | 16,154 | ||||
| (=) Equity Value | 37,831 | 38,971 | 40,112 | ||||
| (/) Shares Outstanding | 13.2 | 13.2 | 13.2 | ||||
| Implied Value Range | 2,862.28 | 2,948.60 | 3,034.92 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,862.28 | 2,948.60 | 3,034.92 | 5,140.00 | |||
| Upside / (Downside) | -44.3% | -42.6% | -41.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A054950 | A352700 | A001560 | A000490 | A105740 | A101170 | |
| Enterprise Value | 200,698 | 2,002 | 24,226 | 1,209,263 | 93,591 | 51,781 | |
| (+) Cash & Short Term Investments | 108,123 | 58,621 | 28,208 | 68,317 | 21,950 | 16,347 | |
| (+) Investments & Other | 9,838 | 8,462 | 13,942 | 7,543 | 307 | 0 | |
| (-) Debt | (32,437) | (548) | (30) | (850,928) | (38,252) | (193) | |
| (-) Other Liabilities | 0 | (86) | (129) | (169,491) | (44) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (10,466) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 286,222 | 68,451 | 66,217 | 254,238 | 77,553 | 67,935 | |
| (/) Shares Outstanding | 11.5 | 26.3 | 6.7 | 23.4 | 9.9 | 13.2 | |
| Implied Stock Price | 24,850.00 | 2,605.00 | 9,870.00 | 10,850.00 | 7,840.00 | 5,140.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 24,850.00 | 2,605.00 | 9,870.00 | 10,850.00 | 7,840.00 | 5,140.00 | |
| 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 | |