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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.9x - 2.1x | 2.0x |
| Selected Fwd Ps Multiple | 1.8x - 2.0x | 1.9x |
| Fair Value | ₩42,556 - ₩47,035 | ₩44,795 |
| Upside | 42.6% - 57.6% | 50.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Studio Dragon Corporation | - | KOSDAQ:A253450 |
| Com2uS Corporation | - | KOSDAQ:A078340 |
| NEXON Games Co., Ltd. | - | KOSDAQ:A225570 |
| SAMG Entertainment Co., Ltd. | - | KOSDAQ:A419530 |
| Cube Entertainment, Inc. | - | KOSDAQ:A182360 |
| Wemade Co.,Ltd. | - | KOSDAQ:A112040 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| A253450 | A078340 | A225570 | A419530 | A182360 | A112040 | |||
| KOSDAQ:A253450 | KOSDAQ:A078340 | KOSDAQ:A225570 | KOSDAQ:A419530 | KOSDAQ:A182360 | KOSDAQ:A112040 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 3.3% | 8.1% | NM- | NM- | 48.9% | 44.3% | ||
| 3Y CAGR | 4.1% | 7.5% | 59.5% | 44.8% | 44.8% | 28.6% | ||
| Latest Twelve Months | -27.0% | -6.2% | 32.5% | 22.4% | 53.4% | 17.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 6.2% | 8.6% | 0.6% | -26.7% | 3.6% | -2.5% | ||
| Prior Fiscal Year | 4.0% | 2.4% | 5.8% | -18.0% | 7.7% | -33.1% | ||
| Latest Fiscal Year | 6.1% | -15.5% | 12.3% | -16.7% | 7.3% | 26.5% | ||
| Latest Twelve Months | 6.1% | -15.5% | 12.3% | -16.7% | 7.3% | 26.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 6.5x | 22.9x | 11.7x | 38.2x | 4.6x | 32.6x | ||
| Price / LTM Sales | 2.8x | 0.7x | 3.1x | 2.1x | 1.1x | 1.4x | ||
| LTM P/E Ratio | 45.4x | -4.5x | 25.5x | -12.3x | 15.4x | 5.3x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.7x | 2.1x | 3.1x | |||||
| Historical LTM P/S Ratio | 1.4x | 3.4x | 23.0x | |||||
| Selected Price / Sales Multiple | 1.9x | 2.0x | 2.1x | |||||
| (x) LTM Sales | 711,871 | 711,871 | 711,871 | |||||
| (=) Equity Value | 1,363,634 | 1,435,404 | 1,507,175 | |||||
| (/) Shares Outstanding | 33.7 | 33.7 | 33.7 | |||||
| Implied Value Range | 40,430.60 | 42,558.52 | 44,686.45 | |||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 40,430.60 | 42,558.52 | 44,686.45 | 29,850.00 | ||||
| Upside / (Downside) | 35.4% | 42.6% | 49.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | A253450 | A078340 | A225570 | A419530 | A182360 | A112040 | |
| Value of Common Equity | 1,520,862 | 483,141 | 800,895 | 239,919 | 245,417 | 1,006,774 | |
| (/) Shares Outstanding | 30.1 | 11.4 | 64.0 | 7.9 | 13.9 | 33.7 | |
| Implied Stock Price | 50,600.00 | 42,300.00 | 12,520.00 | 30,200.00 | 17,670.00 | 29,850.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 50,600.00 | 42,300.00 | 12,520.00 | 30,200.00 | 17,670.00 | 29,850.00 | |
| 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 | |