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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 48.8x - 54.0x | 51.4x |
| Selected Fwd EBIT Multiple | 10.3x - 11.4x | 10.8x |
| Fair Value | ₩6,898 - ₩7,839 | ₩7,369 |
| Upside | -23.4% - -12.9% | -18.1% |
| Benchmarks | Ticker | Full Ticker |
| Justem Co., Ltd. | A417840 | KOSDAQ:A417840 |
| Green Resource Co., Ltd. | A402490 | KOSDAQ:A402490 |
| Innox Corporation | A088390 | KOSDAQ:A088390 |
| V-One Tech Co., Ltd. | A251630 | KOSDAQ:A251630 |
| Sejin T.S Co.,Ltd | A067770 | KOSDAQ:A067770 |
| ISTE Co., Ltd. | A212710 | KOSDAQ:A212710 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A417840 | A402490 | A088390 | A251630 | A067770 | A212710 | ||
| KOSDAQ:A417840 | KOSDAQ:A402490 | KOSDAQ:A088390 | KOSDAQ:A251630 | KOSDAQ:A067770 | KOSDAQ:A212710 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | -29.9% | -36.2% | NM- | -29.8% | NM- | |
| Latest Twelve Months | 118.1% | -56.5% | 181.8% | -263.8% | 153.9% | 175.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -6.7% | 14.5% | 18.0% | 6.0% | -2.1% | -0.4% | |
| Prior Fiscal Year | -7.6% | 19.8% | 7.9% | 2.4% | -25.0% | -2.6% | |
| Latest Fiscal Year | -11.7% | 5.8% | 11.3% | -6.0% | 5.6% | 1.6% | |
| Latest Twelve Months | 2.7% | 3.7% | 16.4% | -12.5% | 3.3% | 3.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.76x | 3.90x | 2.81x | 1.54x | -1.03x | 2.16x | |
| EV / LTM EBITDA | 25.3x | 36.0x | 13.7x | -19.2x | -7.1x | 40.4x | |
| EV / LTM EBIT | 64.0x | 105.3x | 17.1x | -12.4x | -30.8x | 67.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -30.8x | 17.1x | 105.3x | ||||
| Historical EV / LTM EBIT | 0.0x | NM | 0.0x | ||||
| Selected EV / LTM EBIT | 48.8x | 51.4x | 54.0x | ||||
| (x) LTM EBIT | 1,491 | 1,491 | 1,491 | ||||
| (=) Implied Enterprise Value | 72,810 | 76,642 | 80,474 | ||||
| (-) Non-shareholder Claims * | (18,941) | (18,941) | (18,941) | ||||
| (=) Equity Value | 53,869 | 57,702 | 61,534 | ||||
| (/) Shares Outstanding | 9.3 | 9.3 | 9.3 | ||||
| Implied Value Range | 5,801.47 | 6,214.17 | 6,626.87 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5,801.47 | 6,214.17 | 6,626.87 | 9,000.00 | |||
| Upside / (Downside) | -35.5% | -31.0% | -26.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A417840 | A402490 | A088390 | A251630 | A067770 | A212710 | |
| Enterprise Value | 81,484 | 136,020 | (53,885) | 94,761 | (13,715) | 102,510 | |
| (+) Cash & Short Term Investments | 13,358 | 5,560 | 44,475 | 23,376 | 33,142 | 5,755 | |
| (+) Investments & Other | 0 | 17,059 | 210,045 | 9,997 | 530 | 939 | |
| (-) Debt | (19,276) | (42,522) | (55,718) | (22,245) | (48) | (25,635) | |
| (-) Other Liabilities | 40 | (2,275) | (34,539) | (23,929) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 75,606 | 113,842 | 110,377 | 81,960 | 19,910 | 83,569 | |
| (/) Shares Outstanding | 7.1 | 8.3 | 9.4 | 15.3 | 8.3 | 9.3 | |
| Implied Stock Price | 10,640.00 | 13,750.00 | 11,760.00 | 5,370.00 | 2,400.00 | 9,000.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10,640.00 | 13,750.00 | 11,760.00 | 5,370.00 | 2,400.00 | 9,000.00 | |
| 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 | |