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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 113.8x - 125.8x | 119.8x |
| Selected Fwd EBITDA Multiple | 3.8x - 4.2x | 4.0x |
| Fair Value | ₩12,577 - ₩13,599 | ₩13,088 |
| Upside | -1.4% - 6.7% | 2.7% |
| Benchmarks | Ticker | Full Ticker |
| Genohco., Inc. | A361390 | KOSDAQ:A361390 |
| Hizeaero Co., Ltd. | A221840 | KOSDAQ:A221840 |
| Contec.,Co.Ltd | A451760 | KOSDAQ:A451760 |
| AeroSpace Technology of Korea Inc. | A067390 | KOSDAQ:A067390 |
| Lumir Inc. | A474170 | KOSDAQ:A474170 |
| Kencoa Aerospace Corporation | A274090 | KOSDAQ:A274090 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A361390 | A221840 | A451760 | A067390 | A474170 | A274090 | ||
| KOSDAQ:A361390 | KOSDAQ:A221840 | KOSDAQ:A451760 | KOSDAQ:A067390 | KOSDAQ:A474170 | KOSDAQ:A274090 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -23.9% | NM- | 0.1% | NM- | -26.8% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -117.9% | 1039.2% | 38.8% | 128.9% | 79.0% | -86.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.8% | -1.7% | -33.5% | -12.0% | -10.8% | 0.2% | |
| Prior Fiscal Year | 4.7% | -0.3% | -74.5% | -14.7% | -19.9% | 6.7% | |
| Latest Fiscal Year | -0.8% | 2.5% | -10.4% | 4.2% | -3.5% | 1.0% | |
| Latest Twelve Months | -0.8% | 2.5% | -10.4% | 4.2% | -3.5% | 1.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.98x | 0.85x | 2.11x | 2.24x | 8.89x | 1.50x | |
| EV / LTM EBITDA | -242.4x | 33.2x | -20.2x | 53.7x | -250.5x | 156.2x | |
| EV / LTM EBIT | -51.9x | -32.8x | -11.9x | -59.0x | -105.6x | -24.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -250.5x | -20.2x | 53.7x | ||||
| Historical EV / LTM EBITDA | -115.1x | 18.1x | 156.2x | ||||
| Selected EV / LTM EBITDA | 113.8x | 119.8x | 125.8x | ||||
| (x) LTM EBITDA | 829 | 829 | 829 | ||||
| (=) Implied Enterprise Value | 94,382 | 99,349 | 104,317 | ||||
| (-) Non-shareholder Claims * | 37,548 | 37,548 | 37,548 | ||||
| (=) Equity Value | 131,930 | 136,897 | 141,865 | ||||
| (/) Shares Outstanding | 13.1 | 13.1 | 13.1 | ||||
| Implied Value Range | 10,067.32 | 10,446.38 | 10,825.44 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10,067.32 | 10,446.38 | 10,825.44 | 12,750.00 | |||
| Upside / (Downside) | -21.0% | -18.1% | -15.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A361390 | A221840 | A451760 | A067390 | A474170 | A274090 | |
| Enterprise Value | 112,636 | 73,172 | 144,151 | 384,484 | 126,685 | 129,538 | |
| (+) Cash & Short Term Investments | 32,299 | 7,245 | 118,764 | 18,691 | 32,610 | 73,298 | |
| (+) Investments & Other | 5,370 | 4,989 | 1,179 | 196 | 241 | 17,960 | |
| (-) Debt | (17,241) | (52,315) | (24,285) | (182,947) | (3,533) | (53,610) | |
| (-) Other Liabilities | 0 | (3,357) | (95,519) | 0 | 0 | (100) | |
| (-) Preferred Stock | 0 | 0 | (1,882) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 133,064 | 29,734 | 142,407 | 220,423 | 156,004 | 167,086 | |
| (/) Shares Outstanding | 7.5 | 18.7 | 14.7 | 395.0 | 17.7 | 13.1 | |
| Implied Stock Price | 17,740.00 | 1,590.00 | 9,670.00 | 558.00 | 8,800.00 | 12,750.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17,740.00 | 1,590.00 | 9,670.00 | 558.00 | 8,800.00 | 12,750.00 | |
| 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 | |