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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -76.3x - -84.3x | -80.3x |
| Selected Fwd EBIT Multiple | 4.1x - 4.5x | 4.3x |
| Fair Value | ₩42,341 - ₩46,730 | ₩44,536 |
| Upside | 14.3% - 26.1% | 20.2% |
| Benchmarks | Ticker | Full Ticker |
| Hanall Biopharma Co., Ltd. | A009420 | KOSE:A009420 |
| Oscotec Inc. | A039200 | KOSDAQ:A039200 |
| WooGene B&G Co., Ltd | A018620 | KOSDAQ:A018620 |
| Komipharm International Co., Ltd. | A041960 | KOSDAQ:A041960 |
| ADBiotech Co., Ltd. | A179530 | KOSDAQ:A179530 |
| Mezzion Pharma Co.,Ltd. | A140410 | KOSDAQ:A140410 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A009420 | A039200 | A018620 | A041960 | A179530 | A140410 | ||
| KOSE:A009420 | KOSDAQ:A039200 | KOSDAQ:A018620 | KOSDAQ:A041960 | KOSDAQ:A179530 | KOSDAQ:A140410 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -57.7% | NM- | -34.7% | NM- | NM- | NM- | |
| 3Y CAGR | -71.6% | NM- | -3.4% | NM- | NM- | NM- | |
| Latest Twelve Months | -107.8% | 90.7% | -101.3% | 230.1% | 1.2% | 1.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.0% | -346.9% | 1.6% | -7.9% | -36.0% | -71.9% | |
| Prior Fiscal Year | 1.3% | -659.6% | 1.2% | -14.7% | -45.6% | -45.7% | |
| Latest Fiscal Year | 0.2% | -8.0% | 0.4% | 10.5% | -37.0% | -166.0% | |
| Latest Twelve Months | -0.2% | -8.8% | 0.0% | 9.5% | -32.1% | -163.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 9.27x | 32.18x | 1.43x | 6.85x | 2.99x | 130.92x | |
| EV / LTM EBITDA | 444.9x | -1006.6x | 19.4x | 47.4x | -12.8x | -86.1x | |
| EV / LTM EBIT | -4624.7x | -364.3x | -4603.1x | 72.0x | -9.3x | -80.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -4624.7x | -364.3x | 72.0x | ||||
| Historical EV / LTM EBIT | -638.0x | -65.6x | -15.0x | ||||
| Selected EV / LTM EBIT | -76.3x | -80.3x | -84.3x | ||||
| (x) LTM EBIT | (13,752) | (13,752) | (13,752) | ||||
| (=) Implied Enterprise Value | 1,048,983 | 1,104,193 | 1,159,403 | ||||
| (-) Non-shareholder Claims * | 19,604 | 19,604 | 19,604 | ||||
| (=) Equity Value | 1,068,587 | 1,123,797 | 1,179,006 | ||||
| (/) Shares Outstanding | 30.1 | 30.1 | 30.1 | ||||
| Implied Value Range | 35,485.50 | 37,318.90 | 39,152.29 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 35,485.50 | 37,318.90 | 39,152.29 | 37,050.00 | |||
| Upside / (Downside) | -4.2% | 0.7% | 5.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A009420 | A039200 | A018620 | A041960 | A179530 | A140410 | |
| Enterprise Value | 1,319,509 | 1,124,530 | 76,972 | 407,584 | 35,073 | 1,096,095 | |
| (+) Cash & Short Term Investments | 13,550 | 128,064 | 16,231 | 21,013 | 3,902 | 21,081 | |
| (+) Investments & Other | 33,459 | 2 | 6,112 | 1,011 | 1,935 | 3 | |
| (-) Debt | (1,611) | (14,274) | (30,813) | (44,368) | (12,522) | (1,481) | |
| (-) Other Liabilities | 0 | (2,906) | (40,337) | (3,107) | 2,094 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (584) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,364,907 | 1,235,416 | 28,165 | 382,133 | 29,898 | 1,115,699 | |
| (/) Shares Outstanding | 50.7 | 38.2 | 28.9 | 71.0 | 11.7 | 30.1 | |
| Implied Stock Price | 26,900.00 | 32,300.00 | 975.00 | 5,380.00 | 2,565.00 | 37,050.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26,900.00 | 32,300.00 | 975.00 | 5,380.00 | 2,565.00 | 37,050.00 | |
| 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 | |