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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -25.3x - -28.0x | -26.7x |
| Selected Fwd EBIT Multiple | 13.6x - 15.1x | 14.3x |
| Fair Value | ₩10,839 - ₩11,693 | ₩11,266 |
| Upside | -33.3% - -28.1% | -30.7% |
| Benchmarks | Ticker | Full Ticker |
| Kencoa Aerospace Corporation | A274090 | KOSDAQ:A274090 |
| Hizeaero Co., Ltd. | A221840 | KOSDAQ:A221840 |
| AeroSpace Technology of Korea Inc. | A067390 | KOSDAQ:A067390 |
| Contec.,Co.Ltd | A451760 | KOSDAQ:A451760 |
| Hanwha Systems Co., Ltd. | A272210 | KOSE:A272210 |
| Genohco., Inc. | A361390 | KOSDAQ:A361390 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A274090 | A221840 | A067390 | A451760 | A272210 | A361390 | ||
| KOSDAQ:A274090 | KOSDAQ:A221840 | KOSDAQ:A067390 | KOSDAQ:A451760 | KOSE:A272210 | KOSDAQ:A361390 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | 16.1% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 17.6% | NM- | |
| Latest Twelve Months | -710.2% | 50.7% | 82.1% | 10.1% | 48.1% | -288.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -7.2% | -8.8% | -24.2% | -42.1% | 4.6% | 5.3% | |
| Prior Fiscal Year | 1.0% | -5.6% | -21.6% | -85.7% | 5.0% | 2.1% | |
| Latest Fiscal Year | -6.2% | -2.6% | -3.8% | -17.7% | 6.5% | -3.8% | |
| Latest Twelve Months | -6.2% | -2.6% | -3.8% | -17.7% | 6.5% | -3.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.44x | 0.82x | 2.08x | 2.20x | 1.91x | 1.79x | |
| EV / LTM EBITDA | 149.8x | 32.1x | 49.9x | -21.0x | 18.2x | -218.5x | |
| EV / LTM EBIT | -23.2x | -31.7x | -54.8x | -12.4x | 29.6x | -46.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -54.8x | -23.2x | 29.6x | ||||
| Historical EV / LTM EBIT | -46.8x | 41.1x | 103.1x | ||||
| Selected EV / LTM EBIT | -25.3x | -26.7x | -28.0x | ||||
| (x) LTM EBIT | (2,171) | (2,171) | (2,171) | ||||
| (=) Implied Enterprise Value | 54,960 | 57,853 | 60,746 | ||||
| (-) Non-shareholder Claims * | 20,428 | 20,428 | 20,428 | ||||
| (=) Equity Value | 75,388 | 78,281 | 81,173 | ||||
| (/) Shares Outstanding | 7.5 | 7.5 | 7.5 | ||||
| Implied Value Range | 10,050.69 | 10,436.34 | 10,821.98 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10,050.69 | 10,436.34 | 10,821.98 | 16,260.00 | |||
| Upside / (Downside) | -38.2% | -35.8% | -33.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A274090 | A221840 | A067390 | A451760 | A272210 | A361390 | |
| Enterprise Value | 124,165 | 70,647 | 357,034 | 145,329 | 5,361,593 | 101,535 | |
| (+) Cash & Short Term Investments | 73,298 | 7,245 | 18,691 | 118,764 | 320,969 | 32,299 | |
| (+) Investments & Other | 17,960 | 4,989 | 196 | 1,179 | 1,888,186 | 5,370 | |
| (-) Debt | (53,610) | (52,315) | (182,947) | (24,285) | (473,194) | (17,241) | |
| (-) Other Liabilities | (100) | (3,357) | 0 | (95,519) | 73,638 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (1,882) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 161,713 | 27,209 | 192,973 | 143,585 | 7,171,192 | 121,963 | |
| (/) Shares Outstanding | 13.1 | 18.7 | 360.0 | 14.7 | 187.0 | 7.5 | |
| Implied Stock Price | 12,340.00 | 1,455.00 | 536.00 | 9,750.00 | 38,350.00 | 16,260.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12,340.00 | 1,455.00 | 536.00 | 9,750.00 | 38,350.00 | 16,260.00 | |
| 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 | |