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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.9x - 5.4x | 5.1x |
| Selected Fwd EBITDA Multiple | 5.7x - 6.2x | 5.9x |
| Fair Value | ₩2,918 - ₩3,596 | ₩3,257 |
| Upside | 11.2% - 37.0% | 24.1% |
| Benchmarks | Ticker | Full Ticker |
| Hyundai Corporation | A011760 | KOSE:A011760 |
| AJ Networks Co.,Ltd. | A095570 | KOSE:A095570 |
| Samyung Trading Co., Ltd. | A002810 | KOSE:A002810 |
| SK Networks Company Limited | A001740 | KOSE:A001740 |
| Shin Steel Co.,Ltd. | A162300 | KOSDAQ:A162300 |
| GS Global Corp. | A001250 | KOSE:A001250 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A011760 | A095570 | A002810 | A001740 | A162300 | A001250 | ||
| KOSE:A011760 | KOSE:A095570 | KOSE:A002810 | KOSE:A001740 | KOSDAQ:A162300 | KOSE:A001250 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 21.5% | 5.1% | 19.2% | -6.8% | 11.7% | 3.3% | |
| 3Y CAGR | 44.8% | 4.8% | -4.8% | -11.9% | -22.0% | 19.2% | |
| Latest Twelve Months | 26.8% | -2.4% | 5.5% | -41.4% | -24.6% | 11.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 1.3% | 23.0% | 6.4% | 9.8% | 4.7% | 2.1% | |
| Prior Fiscal Year | 1.6% | 26.3% | 5.5% | 12.1% | 4.6% | 2.5% | |
| Latest Fiscal Year | 1.8% | 24.0% | 5.8% | 8.7% | 3.1% | 2.6% | |
| Latest Twelve Months | 1.9% | 22.9% | 5.9% | 7.2% | 2.8% | 2.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.08x | 1.05x | 0.14x | 0.22x | 0.42x | 0.12x | |
| EV / LTM EBITDA | 4.3x | 4.6x | 2.4x | 3.0x | 14.7x | 4.9x | |
| EV / LTM EBIT | 4.5x | 15.8x | 3.7x | 14.1x | 17.9x | 6.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.4x | 4.3x | 14.7x | ||||
| Historical EV / LTM EBITDA | 4.9x | 6.3x | 13.9x | ||||
| Selected EV / LTM EBITDA | 4.9x | 5.1x | 5.4x | ||||
| (x) LTM EBITDA | 103,272 | 103,272 | 103,272 | ||||
| (=) Implied Enterprise Value | 501,494 | 527,888 | 554,283 | ||||
| (-) Non-shareholder Claims * | (290,450) | (290,450) | (290,450) | ||||
| (=) Equity Value | 211,044 | 237,438 | 263,833 | ||||
| (/) Shares Outstanding | 82.5 | 82.5 | 82.5 | ||||
| Implied Value Range | 2,558.26 | 2,878.21 | 3,198.16 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,558.26 | 2,878.21 | 3,198.16 | 2,625.00 | |||
| Upside / (Downside) | -2.5% | 9.6% | 21.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A011760 | A095570 | A002810 | A001740 | A162300 | A001250 | |
| Enterprise Value | 586,428 | 1,101,503 | (125,901) | 1,566,893 | 163,061 | 507,000 | |
| (+) Cash & Short Term Investments | 308,165 | 207,748 | 274,965 | 642,383 | 15,603 | 104,353 | |
| (+) Investments & Other | 239,878 | 67,458 | 194,771 | 403,123 | 2,235 | 99,639 | |
| (-) Debt | (783,973) | (1,201,014) | (21,173) | (1,811,398) | (85,165) | (456,849) | |
| (-) Other Liabilities | (5,708) | (48) | (58,417) | 1,254 | 0 | (37,594) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 344,791 | 175,648 | 264,245 | 802,255 | 95,734 | 216,550 | |
| (/) Shares Outstanding | 13.0 | 44.8 | 17.6 | 194.0 | 40.7 | 82.5 | |
| Implied Stock Price | 26,500.00 | 3,925.00 | 14,990.00 | 4,135.00 | 2,350.00 | 2,625.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26,500.00 | 3,925.00 | 14,990.00 | 4,135.00 | 2,350.00 | 2,625.00 | |
| 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 | |