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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.2x - 5.7x | 5.5x |
| Selected Fwd EBITDA Multiple | 5.0x - 5.6x | 5.3x |
| Fair Value | ₩15,768 - ₩17,274 | ₩16,521 |
| Upside | 11.1% - 21.7% | 16.4% |
| Benchmarks | Ticker | Full Ticker |
| WOORIM POWER TRAIN SOLUTION Co., Ltd. | A101170 | KOSDAQ:A101170 |
| Neo Technical System Co., Ltd. | A085910 | KOSDAQ:A085910 |
| Iljin Power Co., Ltd. | A094820 | KOSDAQ:A094820 |
| Kishin Corporation | A092440 | KOSE:A092440 |
| DK-Lok Corporation | A105740 | KOSDAQ:A105740 |
| DYPNF Co.,Ltd | A104460 | KOSDAQ:A104460 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A101170 | A085910 | A094820 | A092440 | A105740 | A104460 | ||
| KOSDAQ:A101170 | KOSDAQ:A085910 | KOSDAQ:A094820 | KOSE:A092440 | KOSDAQ:A105740 | KOSDAQ:A104460 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -9.9% | 1.9% | -4.8% | -14.4% | -21.2% | -1.4% | |
| 3Y CAGR | -25.0% | -16.5% | -15.0% | -24.0% | -31.5% | 68.7% | |
| Latest Twelve Months | -58.8% | 72.8% | -17.1% | -24.1% | -76.3% | 136.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.1% | 15.6% | 9.5% | 9.9% | 10.6% | 6.4% | |
| Prior Fiscal Year | 10.8% | 7.6% | 8.3% | 8.1% | 13.6% | 8.0% | |
| Latest Fiscal Year | 3.6% | 13.1% | 6.8% | 5.7% | 3.7% | 9.7% | |
| Latest Twelve Months | 3.6% | 13.1% | 6.8% | 4.5% | 3.7% | 9.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.70x | 1.29x | 0.72x | 0.05x | 0.99x | 0.44x | |
| EV / LTM EBITDA | 19.6x | 9.9x | 10.6x | 1.1x | 26.9x | 4.5x | |
| EV / LTM EBIT | -31.3x | 22.1x | 13.5x | 5.0x | -514.9x | 5.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.1x | 10.6x | 26.9x | ||||
| Historical EV / LTM EBITDA | -31.6x | 4.9x | 79.2x | ||||
| Selected EV / LTM EBITDA | 5.2x | 5.5x | 5.7x | ||||
| (x) LTM EBITDA | 27,260 | 27,260 | 27,260 | ||||
| (=) Implied Enterprise Value | 141,148 | 148,576 | 156,005 | ||||
| (-) Non-shareholder Claims * | 14,206 | 14,206 | 14,206 | ||||
| (=) Equity Value | 155,354 | 162,783 | 170,212 | ||||
| (/) Shares Outstanding | 9.7 | 9.7 | 9.7 | ||||
| Implied Value Range | 16,072.17 | 16,840.72 | 17,609.27 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16,072.17 | 16,840.72 | 17,609.27 | 14,190.00 | |||
| Upside / (Downside) | 13.3% | 18.7% | 24.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A101170 | A085910 | A094820 | A092440 | A105740 | A104460 | |
| Enterprise Value | 50,013 | 70,161 | 138,396 | 6,527 | 96,819 | 122,954 | |
| (+) Cash & Short Term Investments | 15,441 | 29,183 | 48,964 | 31,612 | 14,146 | 64,402 | |
| (+) Investments & Other | 0 | 1,322 | 15,691 | 29,833 | 206 | 3,778 | |
| (-) Debt | (295) | (39,146) | (74,281) | (958) | (36,044) | (53,974) | |
| (-) Other Liabilities | 0 | (22,326) | (5,247) | 0 | (48) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 65,159 | 39,194 | 123,522 | 67,014 | 75,080 | 137,161 | |
| (/) Shares Outstanding | 13.2 | 12.9 | 14.9 | 29.2 | 9.9 | 9.7 | |
| Implied Stock Price | 4,930.00 | 3,045.00 | 8,300.00 | 2,295.00 | 7,590.00 | 14,190.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4,930.00 | 3,045.00 | 8,300.00 | 2,295.00 | 7,590.00 | 14,190.00 | |
| 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 | |