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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.8x - 13.0x | 12.4x |
| Selected Fwd EBITDA Multiple | 2.9x - 3.2x | 3.0x |
| Fair Value | ₩788.56 - ₩896.55 | ₩842.56 |
| Upside | 14.6% - 30.3% | 22.5% |
| Benchmarks | Ticker | Full Ticker |
| Billions Co.,Ltd. | A044480 | KOSDAQ:A044480 |
| KODI CO., LTD | A080530 | KOSDAQ:A080530 |
| H.PIO Co., Ltd. | A357230 | KOSDAQ:A357230 |
| Able C&C Co., Ltd. | A078520 | KOSE:A078520 |
| NOVAREX Co.,Ltd. | A194700 | KOSDAQ:A194700 |
| Hurum Co., Ltd. | A353190 | KOSDAQ:A353190 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A044480 | A080530 | A357230 | A078520 | A194700 | A353190 | ||
| KOSDAQ:A044480 | KOSDAQ:A080530 | KOSDAQ:A357230 | KOSE:A078520 | KOSDAQ:A194700 | KOSDAQ:A353190 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 15.8% | 6.7% | -1.4% | 11.2% | NM- | |
| 3Y CAGR | NM- | 68.0% | -16.9% | NM- | -3.2% | 16.6% | |
| Latest Twelve Months | -96.5% | 50.3% | -46.6% | 41.4% | -4.4% | -38.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -1.4% | 4.0% | 12.5% | 2.2% | 12.2% | 2.6% | |
| Prior Fiscal Year | 19.2% | 4.8% | 11.4% | 7.9% | 11.2% | 6.0% | |
| Latest Fiscal Year | 0.5% | 7.3% | 5.8% | 11.6% | 10.9% | 3.3% | |
| Latest Twelve Months | 0.5% | 7.3% | 5.8% | 11.6% | 10.9% | 3.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.07x | 0.73x | 0.40x | 0.64x | 0.53x | 0.38x | |
| EV / LTM EBITDA | 14.6x | 9.9x | 6.8x | 5.5x | 4.8x | 11.4x | |
| EV / LTM EBIT | -1.0x | 37.0x | 12.1x | 8.6x | 6.8x | 35.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.8x | 6.8x | 14.6x | ||||
| Historical EV / LTM EBITDA | -39.3x | 11.4x | 12.3x | ||||
| Selected EV / LTM EBITDA | 11.8x | 12.4x | 13.0x | ||||
| (x) LTM EBITDA | 3,262 | 3,262 | 3,262 | ||||
| (=) Implied Enterprise Value | 38,394 | 40,415 | 42,436 | ||||
| (-) Non-shareholder Claims * | (9,345) | (9,345) | (9,345) | ||||
| (=) Equity Value | 29,049 | 31,070 | 33,091 | ||||
| (/) Shares Outstanding | 39.4 | 39.4 | 39.4 | ||||
| Implied Value Range | 737.71 | 789.02 | 840.34 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 737.71 | 789.02 | 840.34 | 688.00 | |||
| Upside / (Downside) | 7.2% | 14.7% | 22.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A044480 | A080530 | A357230 | A078520 | A194700 | A353190 | |
| Enterprise Value | 2,812 | 56,114 | 95,379 | 169,847 | 157,873 | 36,437 | |
| (+) Cash & Short Term Investments | 5,957 | 24,232 | 49,815 | 20,144 | 31,192 | 17,752 | |
| (+) Investments & Other | 26,321 | 905 | 15,786 | 3 | 9,325 | 2,554 | |
| (-) Debt | (16,787) | (27,225) | (16,943) | (13,098) | (24,609) | (21,749) | |
| (-) Other Liabilities | 37 | 0 | (39,401) | 0 | (1,007) | (3,821) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (4,080) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 18,339 | 54,026 | 104,636 | 176,896 | 172,774 | 27,092 | |
| (/) Shares Outstanding | 40.7 | 45.8 | 41.3 | 26.0 | 17.7 | 39.4 | |
| Implied Stock Price | 451.00 | 1,180.00 | 2,535.00 | 6,800.00 | 9,760.00 | 688.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 451.00 | 1,180.00 | 2,535.00 | 6,800.00 | 9,760.00 | 688.00 | |
| 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 | |