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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -80.3x - -88.8x | -84.6x |
| Selected Fwd EBIT Multiple | 4.0x - 4.4x | 4.2x |
| Fair Value | ₩41,616 - ₩45,900 | ₩43,758 |
| Upside | 10.5% - 21.9% | 16.2% |
| Benchmarks | Ticker | Full Ticker |
| Komipharm International Co., Ltd. | A041960 | KOSDAQ:A041960 |
| Oscotec Inc. | A039200 | KOSDAQ:A039200 |
| ADBiotech Co., Ltd. | A179530 | KOSDAQ:A179530 |
| WooGene B&G Co., Ltd | A018620 | KOSDAQ:A018620 |
| Tdspharm Co., Ltd. | A464280 | KOSDAQ:A464280 |
| Mezzion Pharma Co.,Ltd. | A140410 | KOSDAQ:A140410 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A041960 | A039200 | A179530 | A018620 | A464280 | A140410 | ||
| KOSDAQ:A041960 | KOSDAQ:A039200 | KOSDAQ:A179530 | KOSDAQ:A018620 | KOSDAQ:A464280 | KOSDAQ:A140410 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | -34.7% | 30.4% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | -3.4% | 17.2% | NM- | |
| Latest Twelve Months | 324.5% | 90.7% | 1.2% | -101.3% | -35.7% | 16.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -6.8% | -346.9% | -36.0% | 1.6% | 13.6% | -74.1% | |
| Prior Fiscal Year | -14.7% | -659.6% | -45.6% | 1.2% | 16.7% | -45.7% | |
| Latest Fiscal Year | 10.5% | -8.0% | -37.0% | 0.4% | 13.6% | -166.0% | |
| Latest Twelve Months | 6.2% | -8.8% | -32.1% | 0.0% | 11.7% | -161.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.57x | 32.57x | 3.47x | 1.43x | 1.45x | 140.34x | |
| EV / LTM EBITDA | 64.3x | -1018.8x | -14.9x | 19.5x | 10.1x | -94.4x | |
| EV / LTM EBIT | 121.8x | -368.7x | -10.8x | -4613.5x | 12.3x | -87.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -4613.5x | -10.8x | 121.8x | ||||
| Historical EV / LTM EBIT | -638.0x | -65.6x | -15.0x | ||||
| Selected EV / LTM EBIT | -80.3x | -84.6x | -88.8x | ||||
| (x) LTM EBIT | (12,700) | (12,700) | (12,700) | ||||
| (=) Implied Enterprise Value | 1,020,409 | 1,074,115 | 1,127,821 | ||||
| (-) Non-shareholder Claims * | 27,548 | 27,548 | 27,548 | ||||
| (=) Equity Value | 1,047,957 | 1,101,663 | 1,155,369 | ||||
| (/) Shares Outstanding | 30.1 | 30.1 | 30.1 | ||||
| Implied Value Range | 34,798.70 | 36,582.06 | 38,365.43 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 34,798.70 | 36,582.06 | 38,365.43 | 37,650.00 | |||
| Upside / (Downside) | -7.6% | -2.8% | 1.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A041960 | A039200 | A179530 | A018620 | A464280 | A140410 | |
| Enterprise Value | 414,071 | 1,136,233 | 40,437 | 77,030 | 36,769 | 1,106,276 | |
| (+) Cash & Short Term Investments | 19,019 | 128,064 | 3,902 | 16,231 | 28,446 | 37,548 | |
| (+) Investments & Other | 1,018 | 2 | 1,935 | 6,112 | 0 | 0 | |
| (-) Debt | (39,030) | (14,274) | (12,522) | (30,813) | (6,597) | (10,000) | |
| (-) Other Liabilities | (2,888) | (2,906) | 2,094 | (40,337) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | (584) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 392,190 | 1,247,119 | 35,263 | 28,223 | 58,618 | 1,133,824 | |
| (/) Shares Outstanding | 71.0 | 38.3 | 12.6 | 28.9 | 5.5 | 30.1 | |
| Implied Stock Price | 5,520.00 | 32,600.00 | 2,800.00 | 977.00 | 10,600.00 | 37,650.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5,520.00 | 32,600.00 | 2,800.00 | 977.00 | 10,600.00 | 37,650.00 | |
| 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 | |