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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -77.5x - -85.7x | -81.6x |
| Selected Fwd EBIT Multiple | 4.3x - 4.7x | 4.5x |
| Fair Value | ₩44,995 - ₩49,636 | ₩47,315 |
| Upside | 21.1% - 33.6% | 27.4% |
| Benchmarks | Ticker | Full Ticker |
| Hanall Biopharma Co., Ltd. | A009420 | KOSE:A009420 |
| MYUNGMOON Pharm co.,Ltd | A017180 | KOSE:A017180 |
| Komipharm International Co., Ltd. | A041960 | KOSDAQ:A041960 |
| Korean Drug Co., Ltd. | A014570 | KOSDAQ:A014570 |
| ChoA Pharmaceutical Co., LTD. | A034940 | KOSDAQ:A034940 |
| Mezzion Pharma Co.,Ltd. | A140410 | KOSDAQ:A140410 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A009420 | A017180 | A041960 | A014570 | A034940 | A140410 | ||
| KOSE:A009420 | KOSE:A017180 | KOSDAQ:A041960 | KOSDAQ:A014570 | KOSDAQ:A034940 | KOSDAQ:A140410 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -57.7% | NM- | NM- | 3.7% | NM- | NM- | |
| 3Y CAGR | -71.6% | NM- | NM- | -28.6% | NM- | NM- | |
| Latest Twelve Months | -107.8% | 200.1% | 230.1% | -82.8% | -11.8% | 1.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.0% | -4.7% | -7.9% | 13.0% | -7.8% | -70.2% | |
| Prior Fiscal Year | 1.3% | 0.6% | -14.7% | 8.3% | -14.0% | -45.7% | |
| Latest Fiscal Year | 0.2% | 1.0% | 10.5% | 5.6% | -15.7% | -166.0% | |
| Latest Twelve Months | -0.2% | 1.0% | 9.5% | 1.7% | -15.7% | -166.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.78x | 0.77x | 6.81x | 0.42x | 0.72x | 126.31x | |
| EV / LTM EBITDA | 421.6x | 24.2x | 47.1x | 8.7x | -6.1x | -81.5x | |
| EV / LTM EBIT | -4382.3x | 74.2x | 71.6x | 24.5x | -4.6x | -76.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -4382.3x | 24.5x | 74.2x | ||||
| Historical EV / LTM EBIT | -638.0x | -66.5x | -15.0x | ||||
| Selected EV / LTM EBIT | -77.5x | -81.6x | -85.7x | ||||
| (x) LTM EBIT | (14,300) | (14,300) | (14,300) | ||||
| (=) Implied Enterprise Value | 1,108,381 | 1,166,717 | 1,225,053 | ||||
| (-) Non-shareholder Claims * | 27,004 | 27,004 | 27,004 | ||||
| (=) Equity Value | 1,135,385 | 1,193,721 | 1,252,057 | ||||
| (/) Shares Outstanding | 30.0 | 30.0 | 30.0 | ||||
| Implied Value Range | 37,836.91 | 39,780.97 | 41,725.02 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 37,836.91 | 39,780.97 | 41,725.02 | 37,150.00 | |||
| Upside / (Downside) | 1.8% | 7.1% | 12.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A009420 | A017180 | A041960 | A014570 | A034940 | A140410 | |
| Enterprise Value | 1,238,325 | 145,227 | 409,804 | 27,564 | 45,082 | 1,087,769 | |
| (+) Cash & Short Term Investments | 13,550 | 3,151 | 21,013 | 25,753 | 5,447 | 28,617 | |
| (+) Investments & Other | 33,459 | 2,982 | 1,011 | 220 | 3,068 | 3 | |
| (-) Debt | (1,611) | (88,903) | (44,368) | (68) | (24,689) | (1,616) | |
| (-) Other Liabilities | 0 | (6,031) | (3,107) | 0 | 2,815 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,283,723 | 56,427 | 384,353 | 53,469 | 31,723 | 1,114,773 | |
| (/) Shares Outstanding | 50.7 | 33.4 | 71.4 | 10.9 | 31.0 | 30.0 | |
| Implied Stock Price | 25,300.00 | 1,688.00 | 5,380.00 | 4,900.00 | 1,024.00 | 37,150.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 25,300.00 | 1,688.00 | 5,380.00 | 4,900.00 | 1,024.00 | 37,150.00 | |
| 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 | |