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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.7x - 10.8x | 10.3x |
| Selected Fwd EBITDA Multiple | 37.5x - 41.4x | 39.4x |
| Fair Value | ₩1,769 - ₩2,054 | ₩1,911 |
| Upside | -29.5% - -18.2% | -23.9% |
| Benchmarks | Ticker | Full Ticker |
| Sungmoon Electronics Co., Ltd. | A014910 | KOSE:A014910 |
| CQV Co., Ltd. | A101240 | KOSDAQ:A101240 |
| Jeonjinbio Co., Ltd. | A110020 | KOSDAQ:A110020 |
| SH Energy & Chemical Co., Ltd. | A002360 | KOSE:A002360 |
| NANOCMS Co.,Ltd | A247660 | KOSDAQ:A247660 |
| ENBIO Co., Ltd. | A352940 | KOSDAQ:A352940 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A014910 | A101240 | A110020 | A002360 | A247660 | A352940 | ||
| KOSE:A014910 | KOSDAQ:A101240 | KOSDAQ:A110020 | KOSE:A002360 | KOSDAQ:A247660 | KOSDAQ:A352940 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 71.8% | 6.1% | NM- | NM- | NM- | -13.1% | |
| 3Y CAGR | -20.2% | 21.1% | NM- | NM- | NM- | -2.5% | |
| Latest Twelve Months | 23.2% | 55.2% | 323.4% | -434.3% | -243.4% | 522.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.6% | 20.3% | -27.6% | -1.2% | -25.5% | 4.9% | |
| Prior Fiscal Year | 5.0% | 17.4% | 3.8% | -1.0% | -49.7% | -2.2% | |
| Latest Fiscal Year | 5.8% | 22.9% | 13.0% | -5.8% | -168.3% | 8.9% | |
| Latest Twelve Months | 5.8% | 22.9% | 13.0% | -5.8% | -168.3% | 8.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.83x | 0.20x | 0.84x | 0.26x | 3.85x | 1.06x | |
| EV / LTM EBITDA | 14.4x | 0.9x | 6.5x | -4.5x | -2.3x | 12.0x | |
| EV / LTM EBIT | 36.1x | 1.2x | 14.0x | -3.4x | -2.0x | 27.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -4.5x | 0.9x | 14.4x | ||||
| Historical EV / LTM EBITDA | -45.9x | 15.9x | 32.4x | ||||
| Selected EV / LTM EBITDA | 9.7x | 10.3x | 10.8x | ||||
| (x) LTM EBITDA | 3,157 | 3,157 | 3,157 | ||||
| (=) Implied Enterprise Value | 30,771 | 32,391 | 34,010 | ||||
| (-) Non-shareholder Claims * | (10,242) | (10,242) | (10,242) | ||||
| (=) Equity Value | 20,529 | 22,148 | 23,768 | ||||
| (/) Shares Outstanding | 10.9 | 10.9 | 10.9 | ||||
| Implied Value Range | 1,888.98 | 2,038.00 | 2,187.02 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,888.98 | 2,038.00 | 2,187.02 | 2,510.00 | |||
| Upside / (Downside) | -24.7% | -18.8% | -12.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A014910 | A101240 | A110020 | A002360 | A247660 | A352940 | |
| Enterprise Value | 39,883 | 11,674 | 15,855 | 32,386 | 17,111 | 37,520 | |
| (+) Cash & Short Term Investments | 3,776 | 11,356 | 6,748 | 31,496 | 14,433 | 3,049 | |
| (+) Investments & Other | 5,777 | 34,519 | 0 | 154 | 0 | 1,511 | |
| (-) Debt | (25,664) | (19,350) | (93) | (14,271) | (6,772) | (14,803) | |
| (-) Other Liabilities | (379) | 0 | 0 | (151) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,393 | 38,199 | 22,511 | 49,613 | 24,773 | 27,278 | |
| (/) Shares Outstanding | 20.8 | 8.9 | 9.1 | 108.8 | 4.3 | 10.9 | |
| Implied Stock Price | 1,127.00 | 4,295.00 | 2,485.00 | 456.00 | 5,800.00 | 2,510.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,127.00 | 4,295.00 | 2,485.00 | 456.00 | 5,800.00 | 2,510.00 | |
| 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 | |