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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21.9x - 24.2x | 23.0x |
| Selected Fwd EBITDA Multiple | 5.7x - 6.3x | 6.0x |
| Fair Value | ₩8,869 - ₩9,391 | ₩9,130 |
| Upside | 10.0% - 16.5% | 13.3% |
| Benchmarks | Ticker | Full Ticker |
| Motrex Co., Ltd | A118990 | KOSDAQ:A118990 |
| Daedong Gear Co., Ltd. | A008830 | KOSDAQ:A008830 |
| INFAC Corporation | A023810 | KOSE:A023810 |
| Automobile & PCB Inc. | A015260 | KOSE:A015260 |
| ECOCAB Co.,Ltd | A128540 | KOSDAQ:A128540 |
| Inics Corp. | A452400 | KOSDAQ:A452400 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A118990 | A008830 | A023810 | A015260 | A128540 | A452400 | ||
| KOSDAQ:A118990 | KOSDAQ:A008830 | KOSE:A023810 | KOSE:A015260 | KOSDAQ:A128540 | KOSDAQ:A452400 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 32.8% | 7.0% | 22.5% | NM- | 42.6% | NM- | |
| 3Y CAGR | 10.7% | -4.9% | 12.4% | NM- | NM- | -57.3% | |
| Latest Twelve Months | 19.1% | -34.6% | -3.2% | -1870.1% | 262.1% | -70.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.9% | 6.0% | 7.9% | -4.1% | -0.1% | 6.9% | |
| Prior Fiscal Year | 13.6% | 5.3% | 8.5% | 1.5% | 5.1% | 10.6% | |
| Latest Fiscal Year | 11.9% | 4.6% | 8.0% | -2.9% | 18.0% | 0.8% | |
| Latest Twelve Months | 12.2% | 4.1% | 7.8% | -3.8% | 18.0% | 2.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.81x | 1.07x | 0.61x | 0.20x | 0.49x | 0.35x | |
| EV / LTM EBITDA | 6.7x | 26.5x | 7.7x | -5.4x | 2.7x | 14.2x | |
| EV / LTM EBIT | 10.3x | 111.0x | 17.2x | -3.4x | 3.4x | -319.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -5.4x | 6.7x | 26.5x | ||||
| Historical EV / LTM EBITDA | 8.8x | 8.8x | 8.8x | ||||
| Selected EV / LTM EBITDA | 21.9x | 23.0x | 24.2x | ||||
| (x) LTM EBITDA | 2,643 | 2,643 | 2,643 | ||||
| (=) Implied Enterprise Value | 57,866 | 60,911 | 63,957 | ||||
| (-) Non-shareholder Claims * | 35,466 | 35,466 | 35,466 | ||||
| (=) Equity Value | 93,332 | 96,377 | 99,423 | ||||
| (/) Shares Outstanding | 9.1 | 9.1 | 9.1 | ||||
| Implied Value Range | 10,288.52 | 10,624.25 | 10,959.99 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10,288.52 | 10,624.25 | 10,959.99 | 8,060.00 | |||
| Upside / (Downside) | 27.6% | 31.8% | 36.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A118990 | A008830 | A023810 | A015260 | A128540 | A452400 | |
| Enterprise Value | 541,177 | 262,123 | 344,577 | 23,224 | 66,891 | 37,650 | |
| (+) Cash & Short Term Investments | 103,346 | 426 | 13,740 | 4,026 | 20,096 | 36,119 | |
| (+) Investments & Other | 21,043 | 1,520 | 1,153 | 27,641 | 612 | 1,432 | |
| (-) Debt | (404,381) | (91,599) | (263,538) | (36,286) | (44,609) | (2,017) | |
| (-) Other Liabilities | (35,852) | 0 | (38,932) | (24) | 0 | (68) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 225,333 | 172,471 | 57,000 | 18,582 | 42,990 | 73,116 | |
| (/) Shares Outstanding | 24.8 | 9.0 | 10.0 | 44.9 | 26.0 | 9.1 | |
| Implied Stock Price | 9,080.00 | 19,190.00 | 5,700.00 | 414.00 | 1,654.00 | 8,060.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9,080.00 | 19,190.00 | 5,700.00 | 414.00 | 1,654.00 | 8,060.00 | |
| 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 | |