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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.7x - 17.4x | 16.5x |
| Selected Fwd EBITDA Multiple | 5.2x - 5.7x | 5.4x |
| Fair Value | ₩13,492 - ₩14,318 | ₩13,905 |
| Upside | 18.5% - 25.7% | 22.1% |
| Benchmarks | Ticker | Full Ticker |
| Taihan Fiber Optics Co., Ltd | A010170 | KOSDAQ:A010170 |
| FINEDIGITAL Inc. | A038950 | KOSDAQ:A038950 |
| Yw Company Limited | A051390 | KOSDAQ:A051390 |
| Eyesvision Corp. | A031310 | KOSDAQ:A031310 |
| Inno Instrument Inc. | A215790 | KOSDAQ:A215790 |
| Asia Pacific Satellite Inc. | A211270 | KOSDAQ:A211270 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A010170 | A038950 | A051390 | A031310 | A215790 | A211270 | ||
| KOSDAQ:A010170 | KOSDAQ:A038950 | KOSDAQ:A051390 | KOSDAQ:A031310 | KOSDAQ:A215790 | KOSDAQ:A211270 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 12.6% | 15.5% | NM- | -0.2% | |
| 3Y CAGR | NM- | NM- | 17.4% | -36.0% | NM- | 71.9% | |
| Latest Twelve Months | -43.1% | -302.2% | -16.1% | -72.0% | -58.6% | -25.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -7.6% | 1.7% | 22.7% | 4.8% | -5.0% | 13.1% | |
| Prior Fiscal Year | -8.6% | 1.3% | 18.8% | 5.0% | -32.3% | 21.4% | |
| Latest Fiscal Year | -14.5% | -3.4% | 35.3% | 1.5% | -54.5% | 13.5% | |
| Latest Twelve Months | -14.5% | -3.4% | 35.3% | 1.5% | -54.5% | 13.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.99x | -0.51x | 0.83x | 0.41x | 0.74x | 1.47x | |
| EV / LTM EBITDA | -6.8x | 15.1x | 2.3x | 28.1x | -1.4x | 10.8x | |
| EV / LTM EBIT | -5.1x | 8.7x | 2.6x | -99.1x | -1.1x | 11.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -6.8x | 2.3x | 28.1x | ||||
| Historical EV / LTM EBITDA | 6.8x | 12.6x | 65.5x | ||||
| Selected EV / LTM EBITDA | 15.7x | 16.5x | 17.4x | ||||
| (x) LTM EBITDA | 7,932 | 7,932 | 7,932 | ||||
| (=) Implied Enterprise Value | 124,610 | 131,168 | 137,727 | ||||
| (-) Non-shareholder Claims * | 85,138 | 85,138 | 85,138 | ||||
| (=) Equity Value | 209,748 | 216,306 | 222,865 | ||||
| (/) Shares Outstanding | 15.1 | 15.1 | 15.1 | ||||
| Implied Value Range | 13,906.90 | 14,341.74 | 14,776.58 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13,906.90 | 14,341.74 | 14,776.58 | 11,390.00 | |||
| Upside / (Downside) | 22.1% | 25.9% | 29.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A010170 | A038950 | A051390 | A031310 | A215790 | A211270 | |
| Enterprise Value | 151,114 | (48,375) | 13,698 | (12,934) | 30,368 | 86,649 | |
| (+) Cash & Short Term Investments | 22,008 | 67,105 | 15,333 | 29,924 | 13,465 | 82,702 | |
| (+) Investments & Other | 3,680 | 12,054 | 0 | 87,474 | 390 | 2,734 | |
| (-) Debt | (119,200) | (1,045) | 0 | (18,042) | (26,096) | (298) | |
| (-) Other Liabilities | 0 | (3,413) | 0 | (48,067) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 57,603 | 26,325 | 29,031 | 38,355 | 18,127 | 171,787 | |
| (/) Shares Outstanding | 109.5 | 8.2 | 8.0 | 24.4 | 40.3 | 15.1 | |
| Implied Stock Price | 526.00 | 3,210.00 | 3,615.00 | 1,570.00 | 450.00 | 11,390.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 526.00 | 3,210.00 | 3,615.00 | 1,570.00 | 450.00 | 11,390.00 | |
| 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 | |