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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.4x - 2.7x | 2.6x |
| Selected Fwd Revenue Multiple | 2.6x - 2.8x | 2.7x |
| Fair Value | ₩11,727 - ₩12,450 | ₩12,088 |
| Upside | -26.3% - -21.8% | -24.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
| MOBIRIX Corporation | A348030 | KOSDAQ:A348030 |
| Wemade Play Co., Ltd. | A123420 | KOSDAQ:A123420 |
| CUROHOLDINGS Co., Ltd. | A051780 | KOSDAQ:A051780 |
| RBW Inc. | A361570 | KOSDAQ:A361570 |
| Artist Studio Inc. | A200350 | KOSDAQ:A200350 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| A052790 | A348030 | A123420 | A051780 | A361570 | A200350 | |||
| KOSDAQ:A052790 | KOSDAQ:A348030 | KOSDAQ:A123420 | KOSDAQ:A051780 | KOSDAQ:A361570 | KOSDAQ:A200350 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 4.9% | NM- | 7.4% | 18.9% | 17.5% | NM- | ||
| 3Y CAGR | 11.0% | -0.4% | 4.4% | 0.1% | 1.6% | -12.7% | ||
| Latest Twelve Months | -10.9% | -38.3% | -1.0% | -23.4% | -31.6% | -34.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 39.0% | 2.7% | 3.7% | -1.1% | 5.4% | -14.4% | ||
| Prior Fiscal Year | 46.9% | -5.3% | -0.4% | -4.5% | -2.4% | -23.5% | ||
| Latest Fiscal Year | 37.0% | -23.6% | 0.9% | -13.4% | -19.6% | -47.4% | ||
| Latest Twelve Months | 37.0% | -23.6% | 0.9% | -13.4% | -19.6% | -47.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | -1.22x | 0.35x | 1.17x | 0.58x | 0.74x | 4.05x | ||
| EV / LTM EBIT | -3.3x | -1.5x | 133.6x | -4.3x | -3.8x | -8.5x | ||
| Price / LTM Sales | 0.89x | 0.83x | 0.58x | 0.24x | 1.05x | 5.83x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -1.22x | 0.58x | 1.17x | |||||
| Historical EV / LTM Revenue | 1.40x | 2.53x | 4.05x | |||||
| Selected EV / LTM Revenue | 2.45x | 2.58x | 2.70x | |||||
| (x) LTM Revenue | 27,307 | 27,307 | 27,307 | |||||
| (=) Implied Enterprise Value | 66,822 | 70,339 | 73,856 | |||||
| (-) Non-shareholder Claims * | 48,627 | 48,627 | 48,627 | |||||
| (=) Equity Value | 115,449 | 118,966 | 122,483 | |||||
| (/) Shares Outstanding | 10.0 | 10.0 | 10.0 | |||||
| Implied Value Range | 11,549.52 | 11,901.36 | 12,253.19 | |||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 11,549.52 | 11,901.36 | 12,253.19 | 15,920.00 | ||||
| Upside / (Downside) | -27.5% | -25.2% | -23.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A052790 | A348030 | A123420 | A051780 | A361570 | A200350 | |
| Enterprise Value | (149,429) | (4,760) | (9,348) | 35,488 | 47,604 | 110,509 | |
| (+) Cash & Short Term Investments | 171,016 | 27,395 | 36,436 | 1,929 | 24,678 | 48,463 | |
| (+) Investments & Other | 54,239 | 23,456 | 150,097 | 22,495 | 27,440 | 3,664 | |
| (-) Debt | (3,287) | (521) | (97,160) | (42,608) | (24,425) | (3,501) | |
| (-) Other Liabilities | 0 | 0 | (10,338) | (2,402) | (7,863) | 1 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 72,539 | 45,570 | 69,687 | 14,901 | 67,435 | 159,137 | |
| (/) Shares Outstanding | 10.9 | 9.6 | 10.4 | 23.2 | 27.6 | 10.0 | |
| Implied Stock Price | 6,640.00 | 4,745.00 | 6,700.00 | 643.00 | 2,445.00 | 15,920.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6,640.00 | 4,745.00 | 6,700.00 | 643.00 | 2,445.00 | 15,920.00 | |
| 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 | |