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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.0x - 3.3x | 3.2x |
| Selected Fwd EBITDA Multiple | 4.7x - 5.2x | 5.0x |
| Fair Value | ₩1,973 - ₩2,278 | ₩2,125 |
| Upside | 19.3% - 37.7% | 28.5% |
| Benchmarks | Ticker | Full Ticker |
| Motrex Co., Ltd | A118990 | KOSDAQ:A118990 |
| Daedong Gear Co., Ltd. | A008830 | KOSDAQ:A008830 |
| Automobile & PCB Inc. | A015260 | KOSE:A015260 |
| Orient Precision Industries Inc | A065500 | KOSDAQ:A065500 |
| CHASYS Co., Ltd. | A033250 | KOSE:A033250 |
| ECOCAB Co.,Ltd | A128540 | KOSDAQ:A128540 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A118990 | A008830 | A015260 | A065500 | A033250 | A128540 | ||
| KOSDAQ:A118990 | KOSDAQ:A008830 | KOSE:A015260 | KOSDAQ:A065500 | KOSE:A033250 | KOSDAQ:A128540 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 32.8% | 7.0% | NM- | 22.6% | 19.7% | 42.6% | |
| 3Y CAGR | 10.7% | -4.9% | NM- | 4.9% | 35.7% | NM- | |
| Latest Twelve Months | 19.1% | -34.6% | -1870.1% | -23.3% | 8.8% | 262.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.9% | 6.0% | -4.1% | 2.0% | 8.2% | -0.1% | |
| Prior Fiscal Year | 13.6% | 5.3% | 1.5% | 3.2% | 17.9% | 5.1% | |
| Latest Fiscal Year | 11.9% | 4.6% | -2.9% | 2.3% | 12.4% | 18.0% | |
| Latest Twelve Months | 12.2% | 4.1% | -3.8% | 2.3% | 12.7% | 18.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.81x | 1.07x | 0.20x | 1.37x | 0.56x | 0.49x | |
| EV / LTM EBITDA | 6.7x | 26.5x | -5.4x | 60.2x | 4.4x | 2.7x | |
| EV / LTM EBIT | 10.3x | 111.0x | -3.4x | 189.8x | 9.1x | 3.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -5.4x | 6.7x | 60.2x | ||||
| Historical EV / LTM EBITDA | -1786.6x | -22.0x | 13.2x | ||||
| Selected EV / LTM EBITDA | 3.0x | 3.2x | 3.3x | ||||
| (x) LTM EBITDA | 24,927 | 24,927 | 24,927 | ||||
| (=) Implied Enterprise Value | 74,909 | 78,851 | 82,794 | ||||
| (-) Non-shareholder Claims * | (23,901) | (23,901) | (23,901) | ||||
| (=) Equity Value | 51,008 | 54,950 | 58,893 | ||||
| (/) Shares Outstanding | 26.0 | 26.0 | 26.0 | ||||
| Implied Value Range | 1,962.49 | 2,114.18 | 2,265.86 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,962.49 | 2,114.18 | 2,265.86 | 1,654.00 | |||
| Upside / (Downside) | 18.7% | 27.8% | 37.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A118990 | A008830 | A015260 | A065500 | A033250 | A128540 | |
| Enterprise Value | 541,177 | 262,123 | 23,224 | 239,697 | 52,495 | 66,891 | |
| (+) Cash & Short Term Investments | 103,346 | 426 | 4,026 | 3,786 | 5,123 | 20,096 | |
| (+) Investments & Other | 21,043 | 1,520 | 27,641 | 17,045 | 1,054 | 612 | |
| (-) Debt | (404,381) | (91,599) | (36,286) | (25,752) | (17,904) | (44,609) | |
| (-) Other Liabilities | (35,852) | 0 | (24) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 225,333 | 172,471 | 18,582 | 234,776 | 40,768 | 42,990 | |
| (/) Shares Outstanding | 24.8 | 9.0 | 44.9 | 31.7 | 32.0 | 26.0 | |
| Implied Stock Price | 9,080.00 | 19,190.00 | 414.00 | 7,400.00 | 1,274.00 | 1,654.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9,080.00 | 19,190.00 | 414.00 | 7,400.00 | 1,274.00 | 1,654.00 | |
| 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 | |