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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -149.5x - -165.2x | -157.4x |
| Selected Fwd EBITDA Multiple | 7.8x - 8.7x | 8.3x |
| Fair Value | ₩71,172 - ₩78,567 | ₩74,869 |
| Upside | 15.7% - 27.8% | 21.7% |
| Benchmarks | Ticker | Full Ticker |
| Komipharm International Co., Ltd. | A041960 | KOSDAQ:A041960 |
| Korean Drug Co., Ltd. | A014570 | KOSDAQ:A014570 |
| ADBiotech Co., Ltd. | A179530 | KOSDAQ:A179530 |
| MYUNGMOON Pharm co.,Ltd | A017180 | KOSE:A017180 |
| ChoA Pharmaceutical Co., LTD. | A034940 | KOSDAQ:A034940 |
| Mezzion Pharma Co.,Ltd. | A140410 | KOSDAQ:A140410 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A041960 | A014570 | A179530 | A017180 | A034940 | A140410 | ||
| KOSDAQ:A041960 | KOSDAQ:A014570 | KOSDAQ:A179530 | KOSE:A017180 | KOSDAQ:A034940 | KOSDAQ:A140410 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 6.1% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | -21.4% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 60.1% | 47.2% | 12.1% | 8680.1% | 6.9% | 15.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 1.7% | 14.9% | -28.0% | -0.9% | -5.2% | -67.6% | |
| Prior Fiscal Year | -6.4% | 10.4% | -34.7% | 3.0% | -10.2% | -40.8% | |
| Latest Fiscal Year | 15.8% | 8.5% | -27.8% | 3.2% | -11.9% | -154.9% | |
| Latest Twelve Months | 11.8% | 8.6% | -23.0% | 6.5% | -13.3% | -148.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.87x | 0.37x | 4.58x | 0.77x | 0.91x | 231.46x | |
| EV / LTM EBITDA | 75.3x | 4.3x | -19.9x | 11.9x | -6.9x | -155.7x | |
| EV / LTM EBIT | 142.7x | 6.8x | -14.8x | 17.7x | -5.4x | -143.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -19.9x | 4.3x | 75.3x | ||||
| Historical EV / LTM EBITDA | -1353.6x | -70.7x | -16.3x | ||||
| Selected EV / LTM EBITDA | -149.5x | -157.4x | -165.2x | ||||
| (x) LTM EBITDA | (11,717) | (11,717) | (11,717) | ||||
| (=) Implied Enterprise Value | 1,751,545 | 1,843,732 | 1,935,919 | ||||
| (-) Non-shareholder Claims * | 27,548 | 27,548 | 27,548 | ||||
| (=) Equity Value | 1,779,093 | 1,871,280 | 1,963,467 | ||||
| (/) Shares Outstanding | 30.1 | 30.1 | 30.1 | ||||
| Implied Value Range | 59,076.97 | 62,138.14 | 65,199.30 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 59,076.97 | 62,138.14 | 65,199.30 | 61,500.00 | |||
| Upside / (Downside) | -3.9% | 1.0% | 6.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A041960 | A014570 | A179530 | A017180 | A034940 | A140410 | |
| Enterprise Value | 485,427 | 22,867 | 58,074 | 146,845 | 55,102 | 1,824,515 | |
| (+) Cash & Short Term Investments | 19,019 | 25,293 | 3,079 | 8,680 | 1,432 | 37,548 | |
| (+) Investments & Other | 1,018 | 228 | 1,975 | 2,902 | 3,015 | 0 | |
| (-) Debt | (39,030) | (48) | (16,193) | (95,204) | (27,731) | (10,000) | |
| (-) Other Liabilities | (2,888) | 0 | 1,777 | (6,028) | 3,128 | 0 | |
| (-) Preferred Stock | 0 | 0 | (617) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 463,546 | 48,340 | 48,094 | 57,196 | 34,945 | 1,852,063 | |
| (/) Shares Outstanding | 71.9 | 10.9 | 12.7 | 33.4 | 31.0 | 30.1 | |
| Implied Stock Price | 6,450.00 | 4,430.00 | 3,800.00 | 1,711.00 | 1,128.00 | 61,500.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6,450.00 | 4,430.00 | 3,800.00 | 1,711.00 | 1,128.00 | 61,500.00 | |
| 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 | |