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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.4x - 12.6x | 12.0x |
| Selected Fwd EBITDA Multiple | 19.0x - 21.0x | 20.0x |
| Fair Value | ₩50,129 - ₩55,384 | ₩52,757 |
| Upside | 47.7% - 63.1% | 55.4% |
| Benchmarks | Ticker | Full Ticker |
| KZ Precision Corporation | A036560 | KOSDAQ:A036560 |
| Yujin Technology Co.,Ltd. | A240600 | KOSDAQ:A240600 |
| Hana Technology Co., Ltd. | A299030 | KOSDAQ:A299030 |
| Creative & Innovative System Corporation | A222080 | KOSDAQ:A222080 |
| TSI Co., Ltd. | A277880 | KOSDAQ:A277880 |
| YUNSUNG F&C Co.,Ltd | A372170 | KOSDAQ:A372170 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A036560 | A240600 | A299030 | A222080 | A277880 | A372170 | ||
| KOSDAQ:A036560 | KOSDAQ:A240600 | KOSDAQ:A299030 | KOSDAQ:A222080 | KOSDAQ:A277880 | KOSDAQ:A372170 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.9% | NM- | NM- | NM- | 23.3% | NM- | |
| 3Y CAGR | 16.4% | NM- | NM- | 55.1% | 201.9% | NM- | |
| Latest Twelve Months | -22.9% | -121.7% | -761.9% | 54.9% | 359.3% | 22.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.2% | 10.2% | -2.3% | 11.1% | 1.7% | 11.9% | |
| Prior Fiscal Year | 17.2% | 17.9% | -2.2% | 13.3% | 1.5% | 9.6% | |
| Latest Fiscal Year | 16.3% | -5.9% | -24.4% | 12.6% | 6.6% | 13.5% | |
| Latest Twelve Months | 16.3% | -5.9% | -24.4% | 12.6% | 6.6% | 13.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.65x | 0.63x | 2.29x | 0.84x | 0.74x | 0.99x | |
| EV / LTM EBITDA | 10.1x | -10.7x | -9.4x | 6.7x | 11.1x | 7.3x | |
| EV / LTM EBIT | 12.2x | -5.0x | -8.1x | 7.2x | 12.8x | 8.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -10.7x | 6.7x | 11.1x | ||||
| Historical EV / LTM EBITDA | 7.3x | 29.6x | 51.9x | ||||
| Selected EV / LTM EBITDA | 11.4x | 12.0x | 12.6x | ||||
| (x) LTM EBITDA | 36,630 | 36,630 | 36,630 | ||||
| (=) Implied Enterprise Value | 416,417 | 438,334 | 460,251 | ||||
| (-) Non-shareholder Claims * | 1,692 | 1,692 | 1,692 | ||||
| (=) Equity Value | 418,109 | 440,026 | 461,942 | ||||
| (/) Shares Outstanding | 8.0 | 8.0 | 8.0 | ||||
| Implied Value Range | 52,400.86 | 55,147.64 | 57,894.42 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 52,400.86 | 55,147.64 | 57,894.42 | 33,950.00 | |||
| Upside / (Downside) | 54.3% | 62.4% | 70.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A036560 | A240600 | A299030 | A222080 | A277880 | A372170 | |
| Enterprise Value | (265,542) | 19,755 | 214,246 | 427,106 | 197,636 | 269,197 | |
| (+) Cash & Short Term Investments | 33,399 | 18,891 | 36,070 | 131,205 | 13,117 | 15,500 | |
| (+) Investments & Other | 451,491 | 5,367 | 9,855 | 18,496 | 887 | 11,373 | |
| (-) Debt | (32,869) | (14,119) | (96,275) | (5,073) | (89,117) | (25,182) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (27) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (2,337) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 186,480 | 29,893 | 163,896 | 571,734 | 120,159 | 270,889 | |
| (/) Shares Outstanding | 15.8 | 6.9 | 8.0 | 77.4 | 20.2 | 8.0 | |
| Implied Stock Price | 11,840.00 | 4,360.00 | 20,500.00 | 7,390.00 | 5,960.00 | 33,950.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11,840.00 | 4,360.00 | 20,500.00 | 7,390.00 | 5,960.00 | 33,950.00 | |
| 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 | |