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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -8.1x - -9.0x | -8.6x |
| Selected Fwd EBIT Multiple | 3.1x - 3.4x | 3.3x |
| Fair Value | ₩1,962 - ₩2,369 | ₩2,165 |
| Upside | -14.2% - 3.7% | -5.2% |
| Benchmarks | Ticker | Full Ticker |
| RF Materials Co., Ltd. | A327260 | KOSDAQ:A327260 |
| YC Corporation | A232140 | KOSDAQ:A232140 |
| ASFLOW Co., LTD. | A159010 | KOSDAQ:A159010 |
| JI-Tech Co., Ltd. | A417500 | KOSDAQ:A417500 |
| INVENIA Co., Ltd. | A079950 | KOSDAQ:A079950 |
| APACT Co., Ltd. | A200470 | KOSDAQ:A200470 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A327260 | A232140 | A159010 | A417500 | A079950 | A200470 | ||
| KOSDAQ:A327260 | KOSDAQ:A232140 | KOSDAQ:A159010 | KOSDAQ:A417500 | KOSDAQ:A079950 | KOSDAQ:A200470 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 15.3% | NM- | NM- | |
| 3Y CAGR | NM- | -42.1% | NM- | 7.4% | NM- | NM- | |
| Latest Twelve Months | -16.3% | 46.9% | -198.5% | 187.0% | -28.5% | 28.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.2% | 10.3% | 6.5% | 15.6% | -32.0% | -3.7% | |
| Prior Fiscal Year | -0.1% | 3.4% | 7.3% | 8.2% | -62.3% | -24.6% | |
| Latest Fiscal Year | -3.3% | 5.0% | -2.2% | 11.9% | -49.7% | -24.8% | |
| Latest Twelve Months | -0.8% | 4.2% | -7.3% | 13.4% | -60.8% | -21.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.83x | 4.47x | 1.05x | 2.08x | 2.00x | 2.01x | |
| EV / LTM EBITDA | 13.9x | 54.3x | -32.5x | 9.4x | -3.4x | 57.7x | |
| EV / LTM EBIT | -107.0x | 106.9x | -14.3x | 15.5x | -3.3x | -9.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -107.0x | -3.3x | 106.9x | ||||
| Historical EV / LTM EBIT | -13.5x | 23.5x | 40.5x | ||||
| Selected EV / LTM EBIT | -8.1x | -8.6x | -9.0x | ||||
| (x) LTM EBIT | (18,786) | (18,786) | (18,786) | ||||
| (=) Implied Enterprise Value | 152,989 | 161,041 | 169,093 | ||||
| (-) Non-shareholder Claims * | (80,668) | (80,668) | (80,668) | ||||
| (=) Equity Value | 72,321 | 80,373 | 88,425 | ||||
| (/) Shares Outstanding | 42.4 | 42.4 | 42.4 | ||||
| Implied Value Range | 1,707.21 | 1,897.29 | 2,087.36 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,707.21 | 1,897.29 | 2,087.36 | 2,285.00 | |||
| Upside / (Downside) | -25.3% | -17.0% | -8.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A327260 | A232140 | A159010 | A417500 | A079950 | A200470 | |
| Enterprise Value | 38,080 | 966,424 | 86,906 | 117,808 | 42,182 | 177,465 | |
| (+) Cash & Short Term Investments | 52,380 | 83,476 | 29,879 | 15,023 | 1,610 | 7,756 | |
| (+) Investments & Other | 3,319 | 54,515 | 570 | 8,639 | 1 | 0 | |
| (-) Debt | (16,411) | (116,364) | (67,918) | (38,958) | (29,368) | (88,423) | |
| (-) Other Liabilities | (29,889) | (93,927) | 0 | 681 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 47,478 | 894,123 | 49,437 | 103,194 | 14,425 | 96,797 | |
| (/) Shares Outstanding | 8.2 | 80.3 | 12.9 | 31.3 | 21.8 | 42.4 | |
| Implied Stock Price | 5,800.00 | 11,140.00 | 3,825.00 | 3,300.00 | 662.00 | 2,285.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5,800.00 | 11,140.00 | 3,825.00 | 3,300.00 | 662.00 | 2,285.00 | |
| 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 | |