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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.9x - 11.0x | 10.5x |
| Selected Fwd EBIT Multiple | 8.5x - 9.4x | 9.0x |
| Fair Value | ₩22,961 - ₩28,927 | ₩25,944 |
| Upside | 4.1% - 31.2% | 17.7% |
| Benchmarks | Ticker | Full Ticker |
| LATAM Airlines Group S.A. | LTM | SNSE:LTM |
| Ryanair Holdings plc | RYAO.F | OTCPK:RYAO.F |
| easyJet plc | EJTT.F | OTCPK:EJTT.F |
| Delta Air Lines, Inc. | DAL | NYSE:DAL |
| Asiana Airlines, Inc. | A020560 | KOSE:A020560 |
| Korean Airlines Co.,Ltd. | A003490 | KOSE:A003490 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| LTM | RYAO.F | EJTT.F | DAL | A020560 | A003490 | ||
| SNSE:LTM | OTCPK:RYAO.F | OTCPK:EJTT.F | NYSE:DAL | KOSE:A020560 | KOSE:A003490 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.4% | 15.2% | 5.1% | -2.4% | NM- | 64.0% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 45.2% | 14.0% | |
| Latest Twelve Months | 38.7% | -21.3% | 31.5% | -6.3% | -55.3% | 16.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -10.9% | -0.7% | -21.1% | -5.2% | 2.3% | 11.1% | |
| Prior Fiscal Year | 9.3% | 13.4% | 5.6% | 10.5% | 8.1% | 11.1% | |
| Latest Fiscal Year | 12.0% | 15.3% | 6.4% | 9.4% | 3.3% | 11.7% | |
| Latest Twelve Months | 13.2% | 12.4% | 6.4% | 9.3% | 3.3% | 11.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.17x | 1.70x | 0.41x | 0.78x | 0.86x | 1.16x | |
| EV / LTM EBITDA | 6.0x | 8.4x | 4.3x | 6.1x | 5.0x | 5.3x | |
| EV / LTM EBIT | 8.9x | 13.7x | 6.3x | 8.4x | 25.7x | 9.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.3x | 8.9x | 25.7x | ||||
| Historical EV / LTM EBIT | -280.3x | 6.5x | 24.0x | ||||
| Selected EV / LTM EBIT | 9.9x | 10.5x | 11.0x | ||||
| (x) LTM EBIT | 2,089,683 | 2,089,683 | 2,089,683 | ||||
| (=) Implied Enterprise Value | 20,777,199 | 21,870,736 | 22,964,273 | ||||
| (-) Non-shareholder Claims * | (12,450,263) | (12,450,263) | (12,450,263) | ||||
| (=) Equity Value | 8,326,935 | 9,420,472 | 10,514,009 | ||||
| (/) Shares Outstanding | 369.3 | 369.3 | 369.3 | ||||
| Implied Value Range | 22,545.97 | 25,506.83 | 28,467.68 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 22,545.97 | 25,506.83 | 28,467.68 | 22,050.00 | |||
| Upside / (Downside) | 2.2% | 15.7% | 29.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LTM | RYAO.F | EJTT.F | DAL | A020560 | A003490 | |
| Enterprise Value | 15,062 | 14,497 | 4,235 | 48,544 | 7,080,650 | 20,594,021 | |
| (+) Cash & Short Term Investments | 2,149 | 2,751 | 3,461 | 3,711 | 1,268,117 | 6,732,106 | |
| (+) Investments & Other | 0 | 0 | 51 | 2,819 | 426,016 | 733,872 | |
| (-) Debt | (7,091) | (2,700) | (3,315) | (23,380) | (6,692,097) | (19,425,932) | |
| (-) Other Liabilities | 11 | 0 | 0 | 0 | (107,234) | (490,310) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,130 | 14,549 | 4,432 | 31,694 | 1,975,451 | 8,143,757 | |
| (/) Shares Outstanding | 604,437.9 | 1,391.0 | 827.5 | 653.0 | 206.0 | 369.3 | |
| Implied Stock Price | 0.02 | 10.46 | 5.36 | 48.54 | 9,590.00 | 22,050.00 | |
| FX Conversion Rate to Trading Currency | 0.00 | 0.89 | 0.75 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.70 | 11.77 | 7.13 | 48.54 | 9,590.00 | 22,050.00 | |
| Trading Currency | CLP | USD | USD | USD | KRW | KRW | |
| FX Rate to Reporting Currency | 0.00 | 0.89 | 0.75 | 1.00 | 1.00 | 1.00 | |