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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.0x - 7.8x | 7.4x |
| Selected Fwd EBIT Multiple | 5.3x - 5.9x | 5.6x |
| Fair Value | ₩15,161 - ₩16,955 | ₩16,058 |
| Upside | 22.7% - 37.2% | 29.9% |
| Benchmarks | Ticker | Full Ticker |
| BCWORLD PHARM. Co., Ltd. | A200780 | KOSDAQ:A200780 |
| DAE HWA Pharmaceutical Co., Ltd. | A067080 | KOSDAQ:A067080 |
| Kukje Pharma Co., Ltd. | A002720 | KOSE:A002720 |
| Kyung Dong Pharmaceutical Co., Ltd. | A011040 | KOSDAQ:A011040 |
| Yuyu Pharma, Inc. | A000220 | KOSE:A000220 |
| JW Lifescience Corporation | A234080 | KOSE:A234080 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A200780 | A067080 | A002720 | A011040 | A000220 | A234080 | ||
| KOSDAQ:A200780 | KOSDAQ:A067080 | KOSE:A002720 | KOSDAQ:A011040 | KOSE:A000220 | KOSE:A234080 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 3.2% | 3.8% | -36.1% | 9.3% | 3.8% | |
| 3Y CAGR | NM- | 26.9% | NM- | -45.0% | 118.9% | 8.1% | |
| Latest Twelve Months | 289.5% | 936.3% | 1488.7% | 127.4% | 43.6% | 20.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.5% | 3.1% | 1.8% | 2.0% | 3.2% | 16.5% | |
| Prior Fiscal Year | 8.5% | 1.4% | -1.5% | -15.3% | -0.5% | 14.9% | |
| Latest Fiscal Year | 2.0% | 4.5% | 4.3% | 1.4% | 9.4% | 16.1% | |
| Latest Twelve Months | 4.6% | 4.4% | 5.0% | 2.5% | 7.4% | 15.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.53x | 2.32x | 0.63x | 0.54x | 0.53x | 0.90x | |
| EV / LTM EBITDA | 10.2x | 26.9x | 9.2x | 11.4x | 4.6x | 4.0x | |
| EV / LTM EBIT | 33.5x | 52.8x | 12.6x | 22.1x | 7.2x | 5.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.2x | 22.1x | 52.8x | ||||
| Historical EV / LTM EBIT | 4.6x | 8.1x | 10.0x | ||||
| Selected EV / LTM EBIT | 7.0x | 7.4x | 7.8x | ||||
| (x) LTM EBIT | 37,463 | 37,463 | 37,463 | ||||
| (=) Implied Enterprise Value | 262,786 | 276,617 | 290,448 | ||||
| (-) Non-shareholder Claims * | (29,244) | (29,244) | (29,244) | ||||
| (=) Equity Value | 233,542 | 247,373 | 261,204 | ||||
| (/) Shares Outstanding | 15.5 | 15.5 | 15.5 | ||||
| Implied Value Range | 15,082.25 | 15,975.45 | 16,868.66 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15,082.25 | 15,975.45 | 16,868.66 | 12,360.00 | |||
| Upside / (Downside) | 22.0% | 29.3% | 36.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A200780 | A067080 | A002720 | A011040 | A000220 | A234080 | |
| Enterprise Value | 115,889 | 412,645 | 106,729 | 105,538 | 72,017 | 220,634 | |
| (+) Cash & Short Term Investments | 5,631 | 6,780 | 12,537 | 33,420 | 28,781 | 27,291 | |
| (+) Investments & Other | 3,078 | 3,823 | 4,605 | 66,386 | 9,746 | 0 | |
| (-) Debt | (86,406) | (98,217) | (29,477) | (46,404) | (28,671) | (56,536) | |
| (-) Other Liabilities | (50) | (4,651) | (15) | (254) | (10,632) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (2,592) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 38,142 | 320,380 | 94,380 | 158,687 | 68,648 | 191,389 | |
| (/) Shares Outstanding | 8.4 | 17.5 | 20.4 | 26.9 | 15.8 | 15.5 | |
| Implied Stock Price | 4,520.00 | 18,290.00 | 4,635.00 | 5,890.00 | 4,355.00 | 12,360.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4,520.00 | 18,290.00 | 4,635.00 | 5,890.00 | 4,355.00 | 12,360.00 | |
| 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 | |