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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.6x - 3.9x | 3.7x |
| Selected Fwd EBITDA Multiple | 2.4x - 2.7x | 2.5x |
| Fair Value | ₩8,142 - ₩8,834 | ₩8,488 |
| Upside | 0.8% - 9.3% | 5.1% |
| Benchmarks | Ticker | Full Ticker |
| Sambo Motors Co., Ltd | A053700 | KOSDAQ:A053700 |
| DY DEOKYANG Co.,Ltd. | A024900 | KOSE:A024900 |
| Inics Corp. | A452400 | KOSDAQ:A452400 |
| Kyung Chang Industrial Co., Ltd. | A024910 | KOSDAQ:A024910 |
| Wooshin Systems Co., Ltd. | A017370 | KOSE:A017370 |
| YOUNGHWA TECH Co., Ltd. | A265560 | KOSDAQ:A265560 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A053700 | A024900 | A452400 | A024910 | A017370 | A265560 | ||
| KOSDAQ:A053700 | KOSE:A024900 | KOSDAQ:A452400 | KOSDAQ:A024910 | KOSE:A017370 | KOSDAQ:A265560 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 25.7% | 7.9% | NM- | 9.9% | 28.9% | 87.5% | |
| 3Y CAGR | 20.7% | -11.8% | -57.3% | -8.4% | NM- | 59.0% | |
| Latest Twelve Months | 7.7% | -25.0% | -70.5% | -31.8% | 62.7% | 16.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.4% | 2.2% | 6.9% | 7.8% | 6.1% | 12.9% | |
| Prior Fiscal Year | 6.9% | 2.1% | 10.6% | 7.5% | 9.2% | 14.6% | |
| Latest Fiscal Year | 7.0% | 1.1% | 0.8% | 5.8% | 8.4% | 20.8% | |
| Latest Twelve Months | 7.2% | 1.2% | 2.4% | 5.2% | 7.8% | 16.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.23x | 0.03x | 0.37x | 0.41x | 0.29x | 0.66x | |
| EV / LTM EBITDA | 3.1x | 2.6x | 15.1x | 7.9x | 3.7x | 3.9x | |
| EV / LTM EBIT | 6.3x | 6.2x | -337.5x | 31.6x | 4.1x | 4.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.6x | 3.7x | 15.1x | ||||
| Historical EV / LTM EBITDA | -122.3x | 10.3x | 37.8x | ||||
| Selected EV / LTM EBITDA | 3.6x | 3.7x | 3.9x | ||||
| (x) LTM EBITDA | 17,404 | 17,404 | 17,404 | ||||
| (=) Implied Enterprise Value | 61,922 | 65,182 | 68,441 | ||||
| (-) Non-shareholder Claims * | 16,476 | 16,476 | 16,476 | ||||
| (=) Equity Value | 78,398 | 81,657 | 84,917 | ||||
| (/) Shares Outstanding | 10.5 | 10.5 | 10.5 | ||||
| Implied Value Range | 7,494.22 | 7,805.76 | 8,117.30 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7,494.22 | 7,805.76 | 8,117.30 | 8,080.00 | |||
| Upside / (Downside) | -7.2% | -3.4% | 0.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A053700 | A024900 | A452400 | A024910 | A017370 | A265560 | |
| Enterprise Value | 363,635 | 59,784 | 39,827 | 267,827 | 175,510 | 68,050 | |
| (+) Cash & Short Term Investments | 205,420 | 80,526 | 36,119 | 19,431 | 86,195 | 30,208 | |
| (+) Investments & Other | 19,561 | 2,325 | 1,432 | 4,046 | 9,875 | 50 | |
| (-) Debt | (497,259) | (61,491) | (2,017) | (221,212) | (164,396) | (13,781) | |
| (-) Other Liabilities | 4 | 4,465 | (68) | (9,956) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 91,361 | 85,609 | 75,293 | 60,137 | 107,185 | 84,526 | |
| (/) Shares Outstanding | 22.2 | 32.4 | 9.1 | 35.6 | 15.2 | 10.5 | |
| Implied Stock Price | 4,110.00 | 2,640.00 | 8,300.00 | 1,690.00 | 7,050.00 | 8,080.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4,110.00 | 2,640.00 | 8,300.00 | 1,690.00 | 7,050.00 | 8,080.00 | |
| 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 | |