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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -284.3x - -314.2x | -299.3x |
| Selected Fwd EBIT Multiple | 9.2x - 10.2x | 9.7x |
| Fair Value | ₩34,198 - ₩37,916 | ₩36,057 |
| Upside | -10.5% - -0.7% | -5.6% |
| Benchmarks | Ticker | Full Ticker |
| INVENIA Co., Ltd. | A079950 | KOSDAQ:A079950 |
| HD Hyundai Energy Solutions Co.,Ltd. | A322000 | KOSE:A322000 |
| ITEK, Inc. | A119830 | KOSDAQ:A119830 |
| Hansung Cleantech Co., Ltd. | A066980 | KOSDAQ:A066980 |
| Neontech Co.,Ltd. | A306620 | KOSDAQ:A306620 |
| Philoptics Co., Ltd. | A161580 | KOSDAQ:A161580 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A079950 | A322000 | A119830 | A066980 | A306620 | A161580 | ||
| KOSDAQ:A079950 | KOSE:A322000 | KOSDAQ:A119830 | KOSDAQ:A066980 | KOSDAQ:A306620 | KOSDAQ:A161580 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -30.8% | NM- | NM- | 19.4% | NM- | |
| 3Y CAGR | NM- | -28.6% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 21.5% | 560.9% | -73.3% | -1052.0% | -136.3% | -154.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -34.3% | 3.5% | -1.5% | -3.8% | -1.7% | 0.6% | |
| Prior Fiscal Year | -62.3% | 3.2% | -12.8% | 0.4% | 2.5% | 3.4% | |
| Latest Fiscal Year | -49.7% | 0.8% | -7.9% | -32.7% | 3.5% | 3.4% | |
| Latest Twelve Months | -43.8% | 5.1% | -9.4% | -31.5% | -5.4% | -0.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.31x | 0.95x | 1.01x | 0.64x | 2.02x | 3.21x | |
| EV / LTM EBITDA | -5.6x | 12.2x | 13.2x | -2.5x | -81.4x | 179.9x | |
| EV / LTM EBIT | -5.3x | 18.6x | -10.7x | -2.0x | -37.7x | -405.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -37.7x | -5.3x | 18.6x | ||||
| Historical EV / LTM EBIT | -14.4x | 22.6x | 126.7x | ||||
| Selected EV / LTM EBIT | -284.3x | -299.3x | -314.2x | ||||
| (x) LTM EBIT | (2,271) | (2,271) | (2,271) | ||||
| (=) Implied Enterprise Value | 645,595 | 679,573 | 713,552 | ||||
| (-) Non-shareholder Claims * | (26,309) | (26,309) | (26,309) | ||||
| (=) Equity Value | 619,285 | 653,264 | 687,242 | ||||
| (/) Shares Outstanding | 23.4 | 23.4 | 23.4 | ||||
| Implied Value Range | 26,466.59 | 27,918.75 | 29,370.91 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 26,466.59 | 27,918.75 | 29,370.91 | 38,200.00 | |||
| Upside / (Downside) | -30.7% | -26.9% | -23.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A079950 | A322000 | A119830 | A066980 | A306620 | A161580 | |
| Enterprise Value | 40,895 | 405,421 | 62,008 | 86,886 | 133,533 | 920,142 | |
| (+) Cash & Short Term Investments | 1,679 | 127,714 | 101,137 | 17,666 | 30,852 | 117,905 | |
| (+) Investments & Other | 1 | 2,307 | 4,196 | 6,719 | 661 | 11,443 | |
| (-) Debt | (30,917) | (19,683) | (31,088) | (43,210) | (61,625) | (77,316) | |
| (-) Other Liabilities | 0 | 0 | (2,929) | (2,834) | (16,186) | (78,342) | |
| (-) Preferred Stock | 0 | 0 | (1,037) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,658 | 515,760 | 132,287 | 65,227 | 87,235 | 893,832 | |
| (/) Shares Outstanding | 21.8 | 11.2 | 22.0 | 51.9 | 43.3 | 23.4 | |
| Implied Stock Price | 535.00 | 46,050.00 | 6,020.00 | 1,256.00 | 2,015.00 | 38,200.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 535.00 | 46,050.00 | 6,020.00 | 1,256.00 | 2,015.00 | 38,200.00 | |
| 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 | |