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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.3x - 3.7x | 3.5x |
| Selected Fwd Revenue Multiple | 1.0x - 1.1x | 1.1x |
| Fair Value | ₩7,619 - ₩8,379 | ₩7,999 |
| Upside | 31.1% - 44.2% | 37.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
| MOBIRIX Corporation | A348030 | KOSDAQ:A348030 |
| Dragonfly GF Co., Ltd | A030350 | KOSDAQ:A030350 |
| Next Entertainment World Co., Ltd. | A160550 | KOSDAQ:A160550 |
| Barunson Co., Ltd. | A018700 | KOSDAQ:A018700 |
| Dexter Studios Co.,Ltd. | A206560 | KOSDAQ:A206560 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| A052790 | A348030 | A030350 | A160550 | A018700 | A206560 | |||
| KOSDAQ:A052790 | KOSDAQ:A348030 | KOSDAQ:A030350 | KOSDAQ:A160550 | KOSDAQ:A018700 | KOSDAQ:A206560 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 4.9% | NM- | 21.1% | -5.4% | 59.6% | -0.7% | ||
| 3Y CAGR | 11.0% | -0.4% | 63.9% | -7.2% | 24.0% | 7.7% | ||
| Latest Twelve Months | -10.9% | -38.3% | 258.4% | -12.3% | 10.4% | -20.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 39.0% | 2.7% | -95.1% | -1.7% | -12.4% | -5.9% | ||
| Prior Fiscal Year | 46.9% | -5.3% | -135.2% | -4.2% | -14.7% | -0.3% | ||
| Latest Fiscal Year | 37.0% | -23.6% | -114.0% | -18.0% | -10.4% | -16.8% | ||
| Latest Twelve Months | 37.0% | -23.6% | -53.5% | -18.0% | -10.4% | -16.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | -1.25x | 0.20x | 0.20x | 0.87x | 0.22x | 2.60x | ||
| EV / LTM EBIT | -3.4x | -0.8x | -0.4x | -4.8x | -2.1x | -15.5x | ||
| Price / LTM Sales | 0.85x | 0.68x | 0.43x | 0.49x | 0.39x | 2.79x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -1.25x | 0.20x | 0.87x | |||||
| Historical EV / LTM Revenue | 2.60x | 2.60x | 4.45x | |||||
| Selected EV / LTM Revenue | 3.32x | 3.49x | 3.67x | |||||
| (x) LTM Revenue | 53,688 | 53,688 | 53,688 | |||||
| (=) Implied Enterprise Value | 178,193 | 187,572 | 196,950 | |||||
| (-) Non-shareholder Claims * | 10,195 | 10,195 | 10,195 | |||||
| (=) Equity Value | 188,388 | 197,767 | 207,145 | |||||
| (/) Shares Outstanding | 25.2 | 25.2 | 25.2 | |||||
| Implied Value Range | 7,489.06 | 7,861.89 | 8,234.72 | |||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 7,489.06 | 7,861.89 | 8,234.72 | 5,810.00 | ||||
| Upside / (Downside) | 28.9% | 35.3% | 41.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A052790 | A348030 | A030350 | A160550 | A018700 | A206560 | |
| Enterprise Value | (156,311) | (12,876) | 6,327 | 97,508 | 15,024 | 135,956 | |
| (+) Cash & Short Term Investments | 171,016 | 27,395 | 2,812 | 54,209 | 7,703 | 35,301 | |
| (+) Investments & Other | 54,239 | 23,456 | 9,425 | 43,115 | 9,969 | 8,374 | |
| (-) Debt | (3,287) | (521) | (5,443) | (105,781) | (6,119) | (27,614) | |
| (-) Other Liabilities | 0 | 0 | 382 | (34,354) | 174 | (5,690) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (177) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 65,657 | 37,455 | 13,503 | 54,696 | 26,750 | 146,151 | |
| (/) Shares Outstanding | 10.9 | 9.6 | 13.9 | 27.9 | 34.4 | 25.2 | |
| Implied Stock Price | 6,010.00 | 3,900.00 | 973.00 | 1,960.00 | 777.00 | 5,810.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6,010.00 | 3,900.00 | 973.00 | 1,960.00 | 777.00 | 5,810.00 | |
| 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 | |