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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.8x - 10.8x | 10.3x |
| Selected Fwd EBITDA Multiple | 10.0x - 11.0x | 10.5x |
| Fair Value | ₩5,078 - ₩5,869 | ₩5,474 |
| Upside | -16.3% - -3.3% | -9.8% |
| Benchmarks | Ticker | Full Ticker |
| Yuyu Pharma, Inc. | A000220 | KOSE:A000220 |
| Kyung Dong Pharmaceutical Co., Ltd. | A011040 | KOSDAQ:A011040 |
| JW Lifescience Corporation | A234080 | KOSE:A234080 |
| Ilyang Pharmaceutical Co.,Ltd | A007570 | KOSE:A007570 |
| Dongwha Pharm.Co.,Ltd | A000020 | KOSE:A000020 |
| Sinsin Pharmaceutical Co., Ltd | A002800 | KOSDAQ:A002800 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A000220 | A011040 | A234080 | A007570 | A000020 | A002800 | ||
| KOSE:A000220 | KOSDAQ:A011040 | KOSE:A234080 | KOSE:A007570 | KOSE:A000020 | KOSDAQ:A002800 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.3% | -23.9% | 4.5% | -13.3% | 9.5% | 26.1% | |
| 3Y CAGR | 47.4% | -29.3% | 7.4% | -7.6% | -1.5% | 68.5% | |
| Latest Twelve Months | 128.3% | 161.6% | 13.7% | -13.3% | 7.6% | 23.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.2% | 6.1% | 24.0% | 10.5% | 10.7% | 6.1% | |
| Prior Fiscal Year | 3.5% | -11.7% | 22.4% | 10.6% | 9.0% | 9.7% | |
| Latest Fiscal Year | 13.7% | 4.1% | 23.2% | 7.7% | 7.1% | 10.5% | |
| Latest Twelve Months | 13.2% | 5.1% | 21.6% | 8.0% | 6.3% | 11.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.52x | 0.51x | 0.95x | 1.11x | 0.46x | 1.21x | |
| EV / LTM EBITDA | 3.9x | 10.0x | 4.4x | 13.9x | 7.3x | 10.9x | |
| EV / LTM EBIT | 5.8x | 20.1x | 6.3x | 24.5x | 23.8x | 17.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.9x | 7.3x | 13.9x | ||||
| Historical EV / LTM EBITDA | -2107.6x | 13.6x | 720.2x | ||||
| Selected EV / LTM EBITDA | 9.8x | 10.3x | 10.8x | ||||
| (x) LTM EBITDA | 11,853 | 11,853 | 11,853 | ||||
| (=) Implied Enterprise Value | 115,879 | 121,978 | 128,077 | ||||
| (-) Non-shareholder Claims * | (37,002) | (37,002) | (37,002) | ||||
| (=) Equity Value | 78,877 | 84,976 | 91,075 | ||||
| (/) Shares Outstanding | 15.2 | 15.2 | 15.2 | ||||
| Implied Value Range | 5,199.38 | 5,601.40 | 6,003.42 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5,199.38 | 5,601.40 | 6,003.42 | 6,070.00 | |||
| Upside / (Downside) | -14.3% | -7.7% | -1.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A000220 | A011040 | A234080 | A007570 | A000020 | A002800 | |
| Enterprise Value | 68,683 | 98,828 | 228,781 | 301,767 | 217,817 | 129,087 | |
| (+) Cash & Short Term Investments | 45,546 | 32,582 | 26,465 | 13,036 | 39,654 | 959 | |
| (+) Investments & Other | 8,827 | 68,323 | 2,062 | 44,051 | 60,156 | 7,442 | |
| (-) Debt | (34,084) | (36,205) | (65,299) | (114,649) | (103,805) | (45,717) | |
| (-) Other Liabilities | (10,240) | (261) | 0 | (3,721) | (26,958) | 315 | |
| (-) Preferred Stock | (2,592) | 0 | 0 | (1,113) | (1,154) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 76,139 | 163,267 | 192,008 | 239,371 | 185,710 | 92,085 | |
| (/) Shares Outstanding | 16.2 | 26.9 | 15.5 | 18.0 | 27.7 | 15.2 | |
| Implied Stock Price | 4,705.00 | 6,060.00 | 12,400.00 | 13,320.00 | 6,700.00 | 6,070.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4,705.00 | 6,060.00 | 12,400.00 | 13,320.00 | 6,700.00 | 6,070.00 | |
| 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 | |