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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.6x - 8.5x | 8.1x |
| Selected Fwd EBITDA Multiple | 4.7x - 5.1x | 4.9x |
| Fair Value | ₩10,554 - ₩11,827 | ₩11,190 |
| Upside | 31.8% - 47.6% | 39.7% |
| Benchmarks | Ticker | Full Ticker |
| Kyung Dong Pharmaceutical Co., Ltd. | A011040 | KOSDAQ:A011040 |
| Whan In Pharm Co.,Ltd. | A016580 | KOSE:A016580 |
| Yuyu Pharma, Inc. | A000220 | KOSE:A000220 |
| JW Lifescience Corporation | A234080 | KOSE:A234080 |
| DongKoo Bio & Pharma Co., Ltd. | A006620 | KOSDAQ:A006620 |
| Ahn-Gook Pharmaceutical Co., Ltd. | A001540 | KOSDAQ:A001540 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A011040 | A016580 | A000220 | A234080 | A006620 | A001540 | ||
| KOSDAQ:A011040 | KOSE:A016580 | KOSE:A000220 | KOSE:A234080 | KOSDAQ:A006620 | KOSDAQ:A001540 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -23.9% | -0.1% | 10.3% | 4.5% | NM- | 18.0% | |
| 3Y CAGR | -29.3% | -5.5% | 47.4% | 7.4% | 14.8% | 61.3% | |
| Latest Twelve Months | 161.6% | -27.6% | 128.3% | 13.7% | -18.6% | 89.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.1% | 17.0% | 7.2% | 24.0% | 9.3% | 4.5% | |
| Prior Fiscal Year | -11.7% | 16.0% | 3.5% | 22.4% | 9.6% | 4.3% | |
| Latest Fiscal Year | 4.1% | 11.5% | 13.7% | 23.2% | 8.0% | 5.3% | |
| Latest Twelve Months | 5.1% | 10.7% | 13.2% | 21.6% | 7.5% | 6.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.50x | 0.38x | 0.51x | 0.95x | 0.66x | 0.39x | |
| EV / LTM EBITDA | 10.0x | 3.6x | 3.9x | 4.4x | 8.8x | 6.1x | |
| EV / LTM EBIT | 20.0x | 5.4x | 5.8x | 6.3x | 15.7x | 11.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.6x | 4.4x | 10.0x | ||||
| Historical EV / LTM EBITDA | 5.2x | 7.1x | 33.3x | ||||
| Selected EV / LTM EBITDA | 7.6x | 8.1x | 8.5x | ||||
| (x) LTM EBITDA | 18,029 | 18,029 | 18,029 | ||||
| (=) Implied Enterprise Value | 137,898 | 145,156 | 152,414 | ||||
| (-) Non-shareholder Claims * | (17,500) | (17,500) | (17,500) | ||||
| (=) Equity Value | 120,398 | 127,656 | 134,914 | ||||
| (/) Shares Outstanding | 11.4 | 11.4 | 11.4 | ||||
| Implied Value Range | 10,593.43 | 11,232.02 | 11,870.61 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10,593.43 | 11,232.02 | 11,870.61 | 8,010.00 | |||
| Upside / (Downside) | 32.3% | 40.2% | 48.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A011040 | A016580 | A000220 | A234080 | A006620 | A001540 | |
| Enterprise Value | 98,020 | 98,836 | 68,440 | 228,781 | 161,150 | 108,537 | |
| (+) Cash & Short Term Investments | 32,582 | 54,601 | 45,546 | 26,465 | 39,651 | 31,749 | |
| (+) Investments & Other | 68,323 | 31,625 | 8,827 | 2,062 | 50,883 | 27,619 | |
| (-) Debt | (36,205) | (788) | (34,084) | (65,299) | (96,418) | (77,879) | |
| (-) Other Liabilities | (261) | 0 | (10,240) | 0 | (44) | 1,012 | |
| (-) Preferred Stock | 0 | 0 | (2,592) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 162,459 | 184,274 | 75,897 | 192,008 | 155,222 | 91,037 | |
| (/) Shares Outstanding | 26.9 | 15.3 | 16.2 | 15.5 | 27.0 | 11.4 | |
| Implied Stock Price | 6,030.00 | 12,070.00 | 4,690.00 | 12,400.00 | 5,740.00 | 8,010.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6,030.00 | 12,070.00 | 4,690.00 | 12,400.00 | 5,740.00 | 8,010.00 | |
| 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 | |