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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.9x - 17.6x | 16.7x |
| Selected Fwd EBIT Multiple | 1.1x - 1.2x | 1.1x |
| Fair Value | ₩12,974 - ₩13,968 | ₩13,471 |
| Upside | 41.3% - 52.2% | 46.7% |
| Benchmarks | Ticker | Full Ticker |
| YUNSUNG F&C Co.,Ltd | A372170 | KOSDAQ:A372170 |
| JVM Co., Ltd. | A054950 | KOSDAQ:A054950 |
| COWINTECH Co. Ltd. | A282880 | KOSDAQ:A282880 |
| Nsys Co., Ltd. | A333620 | KOSDAQ:A333620 |
| Iljin Power Co., Ltd. | A094820 | KOSDAQ:A094820 |
| ONEJOON Co., Ltd. | A382840 | KOSDAQ:A382840 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A372170 | A054950 | A282880 | A333620 | A094820 | A382840 | ||
| KOSDAQ:A372170 | KOSDAQ:A054950 | KOSDAQ:A282880 | KOSDAQ:A333620 | KOSDAQ:A094820 | KOSDAQ:A382840 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 23.9% | -29.6% | 22.8% | -6.5% | -21.4% | |
| 3Y CAGR | NM- | 34.9% | -18.3% | 10.7% | -18.3% | -9.9% | |
| Latest Twelve Months | 20.5% | 3.0% | -84.2% | 463.6% | -21.9% | 137.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.6% | 14.8% | 6.9% | 13.3% | 8.1% | 7.2% | |
| Prior Fiscal Year | 8.5% | 19.0% | 6.8% | 3.6% | 6.9% | 2.8% | |
| Latest Fiscal Year | 11.8% | 19.2% | 1.5% | 16.6% | 5.3% | 6.0% | |
| Latest Twelve Months | 11.8% | 19.2% | 1.5% | 16.6% | 5.3% | 6.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.97x | 1.15x | 0.88x | 0.76x | 0.78x | 0.59x | |
| EV / LTM EBITDA | 7.2x | 5.2x | 23.0x | 4.2x | 11.4x | 7.2x | |
| EV / LTM EBIT | 8.2x | 6.0x | 59.9x | 4.6x | 14.6x | 9.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.6x | 8.2x | 59.9x | ||||
| Historical EV / LTM EBIT | -303.6x | 10.8x | 235.6x | ||||
| Selected EV / LTM EBIT | 15.9x | 16.7x | 17.6x | ||||
| (x) LTM EBIT | 9,035 | 9,035 | 9,035 | ||||
| (=) Implied Enterprise Value | 143,558 | 151,113 | 158,669 | ||||
| (-) Non-shareholder Claims * | 53,751 | 53,751 | 53,751 | ||||
| (=) Equity Value | 197,308 | 204,864 | 212,420 | ||||
| (/) Shares Outstanding | 15.2 | 15.2 | 15.2 | ||||
| Implied Value Range | 12,989.96 | 13,487.40 | 13,984.83 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12,989.96 | 13,487.40 | 13,984.83 | 9,180.00 | |||
| Upside / (Downside) | 41.5% | 46.9% | 52.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A372170 | A054950 | A282880 | A333620 | A094820 | A382840 | |
| Enterprise Value | 263,213 | 186,280 | 213,182 | 48,114 | 145,688 | 85,687 | |
| (+) Cash & Short Term Investments | 15,500 | 106,463 | 66,246 | 23,665 | 48,964 | 38,095 | |
| (+) Investments & Other | 11,373 | 11,328 | 28,417 | 12,554 | 15,691 | 28,917 | |
| (-) Debt | (25,182) | (31,672) | (60,159) | (8,483) | (74,281) | (13,261) | |
| (-) Other Liabilities | 0 | 0 | (104,044) | (12) | (5,247) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 264,904 | 272,400 | 143,643 | 75,838 | 130,815 | 139,438 | |
| (/) Shares Outstanding | 8.0 | 11.5 | 11.2 | 10.3 | 14.9 | 15.2 | |
| Implied Stock Price | 33,200.00 | 23,650.00 | 12,780.00 | 7,340.00 | 8,790.00 | 9,180.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 33,200.00 | 23,650.00 | 12,780.00 | 7,340.00 | 8,790.00 | 9,180.00 | |
| 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 | |