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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.8x - 8.6x | 8.2x |
| Selected Fwd EBITDA Multiple | 8.9x - 9.8x | 9.4x |
| Fair Value | ₩3,011 - ₩3,304 | ₩3,158 |
| Upside | 38.8% - 52.2% | 45.5% |
| Benchmarks | Ticker | Full Ticker |
| Choheung Corporation | A002600 | KOSE:A002600 |
| JUNGDAWN Co., Ltd. | A208140 | KOSDAQ:A208140 |
| Woorison F&G Co., Ltd. | A073560 | KOSDAQ:A073560 |
| EASY BIO,Inc. | A353810 | KOSDAQ:A353810 |
| Binggrae Co., Ltd. | A005180 | KOSE:A005180 |
| Daejoo Inc. | A003310 | KOSDAQ:A003310 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A002600 | A208140 | A073560 | A353810 | A005180 | A003310 | ||
| KOSE:A002600 | KOSDAQ:A208140 | KOSDAQ:A073560 | KOSDAQ:A353810 | KOSE:A005180 | KOSDAQ:A003310 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 18.4% | 13.1% | NM- | 19.7% | 21.2% | |
| 3Y CAGR | 6.5% | -6.4% | -2.9% | 26.8% | 33.4% | 38.4% | |
| Latest Twelve Months | 22.6% | -48.1% | 77.1% | 64.0% | 11.4% | 25.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.1% | 13.9% | 18.9% | 13.2% | 9.2% | 8.0% | |
| Prior Fiscal Year | 6.1% | 22.8% | 11.6% | 14.7% | 12.5% | 9.7% | |
| Latest Fiscal Year | 7.1% | 12.1% | 19.6% | 10.4% | 13.3% | 12.0% | |
| Latest Twelve Months | 7.1% | 12.1% | 19.6% | 10.4% | 13.3% | 12.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.57x | 0.68x | 0.85x | 0.84x | 0.15x | 0.68x | |
| EV / LTM EBITDA | 8.0x | 5.7x | 4.3x | 8.1x | 1.1x | 5.6x | |
| EV / LTM EBIT | 11.6x | 8.5x | 9.0x | 10.0x | 1.7x | 7.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.1x | 5.7x | 8.1x | ||||
| Historical EV / LTM EBITDA | 5.6x | 12.0x | 14.8x | ||||
| Selected EV / LTM EBITDA | 7.8x | 8.2x | 8.6x | ||||
| (x) LTM EBITDA | 12,709 | 12,709 | 12,709 | ||||
| (=) Implied Enterprise Value | 98,945 | 104,153 | 109,360 | ||||
| (-) Non-shareholder Claims * | 8,400 | 8,400 | 8,400 | ||||
| (=) Equity Value | 107,345 | 112,552 | 117,760 | ||||
| (/) Shares Outstanding | 35.4 | 35.4 | 35.4 | ||||
| Implied Value Range | 3,032.99 | 3,180.13 | 3,327.27 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3,032.99 | 3,180.13 | 3,327.27 | 2,170.00 | |||
| Upside / (Downside) | 39.8% | 46.5% | 53.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A002600 | A208140 | A073560 | A353810 | A005180 | A003310 | |
| Enterprise Value | 241,901 | 124,155 | 249,195 | 321,574 | 213,248 | 68,402 | |
| (+) Cash & Short Term Investments | 53,538 | 32,133 | 38,270 | 62,505 | 245,899 | 10,958 | |
| (+) Investments & Other | 709 | 2,160 | 18,037 | 7,696 | 16,741 | 4,758 | |
| (-) Debt | (201,888) | (68,112) | (192,375) | (209,628) | (98,686) | (7,317) | |
| (-) Other Liabilities | 0 | (945) | (14,810) | (4,828) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 94,260 | 89,391 | 98,317 | 177,319 | 377,201 | 76,801 | |
| (/) Shares Outstanding | 0.6 | 32.7 | 69.2 | 33.1 | 4.1 | 35.4 | |
| Implied Stock Price | 157,100.00 | 2,735.00 | 1,420.00 | 5,360.00 | 92,900.00 | 2,170.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 157,100.00 | 2,735.00 | 1,420.00 | 5,360.00 | 92,900.00 | 2,170.00 | |
| 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 | |