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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -22.7x - -25.1x | -23.9x |
| Selected Fwd EBITDA Multiple | 4.4x - 4.9x | 4.7x |
| Fair Value | ₩461.22 - ₩472.71 | ₩466.96 |
| Upside | -25.8% - -24.0% | -24.9% |
| Benchmarks | Ticker | Full Ticker |
| ASTORY Co.,Ltd | A241840 | KOSDAQ:A241840 |
| Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
| MOBIRIX Corporation | A348030 | KOSDAQ:A348030 |
| Wemade Play Co., Ltd. | A123420 | KOSDAQ:A123420 |
| CUROHOLDINGS Co., Ltd. | A051780 | KOSDAQ:A051780 |
| VALOFE Co.,Ltd | A331520 | KOSDAQ:A331520 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A241840 | A052790 | A348030 | A123420 | A051780 | A331520 | ||
| KOSDAQ:A241840 | KOSDAQ:A052790 | KOSDAQ:A348030 | KOSDAQ:A123420 | KOSDAQ:A051780 | KOSDAQ:A331520 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 5.2% | NM- | 14.9% | NM- | NM- | |
| 3Y CAGR | NM- | 5.3% | NM- | -3.1% | NM- | -20.5% | |
| Latest Twelve Months | -172.1% | -28.4% | -306.5% | 21.2% | -138.8% | -110.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 0.9% | 42.9% | 3.6% | 9.2% | 1.4% | 5.9% | |
| Prior Fiscal Year | 13.6% | 49.4% | -2.4% | 8.1% | -3.9% | 3.0% | |
| Latest Fiscal Year | -18.8% | 39.7% | -19.8% | 7.7% | -11.4% | 3.0% | |
| Latest Twelve Months | -117.5% | 36.4% | -24.9% | 9.2% | -12.4% | -0.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 14.82x | -1.12x | 0.37x | 0.22x | 0.53x | 0.39x | |
| EV / LTM EBITDA | -12.6x | -3.1x | -1.5x | 2.3x | -4.3x | -116.7x | |
| EV / LTM EBIT | -11.1x | -3.3x | -1.3x | 8.5x | -3.7x | -9.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -12.6x | -3.1x | 2.3x | ||||
| Historical EV / LTM EBITDA | 12.9x | 17.5x | 36.1x | ||||
| Selected EV / LTM EBITDA | -22.7x | -23.9x | -25.1x | ||||
| (x) LTM EBITDA | (117) | (117) | (117) | ||||
| (=) Implied Enterprise Value | 2,666 | 2,806 | 2,947 | ||||
| (-) Non-shareholder Claims * | 17,272 | 17,272 | 17,272 | ||||
| (=) Equity Value | 19,939 | 20,079 | 20,219 | ||||
| (/) Shares Outstanding | 49.1 | 49.1 | 49.1 | ||||
| Implied Value Range | 406.43 | 409.29 | 412.15 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 406.43 | 409.29 | 412.15 | 622.00 | |||
| Upside / (Downside) | -34.7% | -34.2% | -33.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A241840 | A052790 | A348030 | A123420 | A051780 | A331520 | |
| Enterprise Value | 65,447 | (136,251) | (8,151) | 25,688 | 31,974 | 13,242 | |
| (+) Cash & Short Term Investments | 16,217 | 172,493 | 22,115 | 38,384 | 10,987 | 24,100 | |
| (+) Investments & Other | 14,878 | 40,865 | 26,368 | 152,829 | 21,616 | 1,010 | |
| (-) Debt | (3,651) | (2,929) | (718) | (98,815) | (42,689) | (7,838) | |
| (-) Other Liabilities | 0 | 0 | 0 | (10,436) | (2,375) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 92,892 | 74,178 | 39,616 | 107,651 | 19,513 | 30,514 | |
| (/) Shares Outstanding | 9.0 | 10.9 | 9.6 | 10.4 | 23.2 | 49.1 | |
| Implied Stock Price | 10,270.00 | 6,790.00 | 4,125.00 | 10,350.00 | 842.00 | 622.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10,270.00 | 6,790.00 | 4,125.00 | 10,350.00 | 842.00 | 622.00 | |
| 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 | |