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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.4x - 8.2x | 7.8x |
| Selected Fwd EBITDA Multiple | 8.6x - 9.5x | 9.1x |
| Fair Value | ₩2,909 - ₩3,190 | ₩3,050 |
| Upside | 45.1% - 59.1% | 52.1% |
| 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 | 0.56x | 0.67x | 0.86x | 0.86x | 0.40x | 0.59x | |
| EV / LTM EBITDA | 8.0x | 5.5x | 4.4x | 8.3x | 3.0x | 4.9x | |
| EV / LTM EBIT | 11.6x | 8.3x | 9.2x | 10.2x | 4.5x | 6.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.0x | 5.5x | 8.3x | ||||
| Historical EV / LTM EBITDA | 4.9x | 12.0x | 14.8x | ||||
| Selected EV / LTM EBITDA | 7.4x | 7.8x | 8.2x | ||||
| (x) LTM EBITDA | 12,709 | 12,709 | 12,709 | ||||
| (=) Implied Enterprise Value | 94,514 | 99,488 | 104,463 | ||||
| (-) Non-shareholder Claims * | 8,400 | 8,400 | 8,400 | ||||
| (=) Equity Value | 102,914 | 107,888 | 112,862 | ||||
| (/) Shares Outstanding | 35.4 | 35.4 | 35.4 | ||||
| Implied Value Range | 2,907.79 | 3,048.34 | 3,188.89 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,907.79 | 3,048.34 | 3,188.89 | 2,005.00 | |||
| Upside / (Downside) | 45.0% | 52.0% | 59.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A002600 | A208140 | A073560 | A353810 | A005180 | A003310 | |
| Enterprise Value | 240,701 | 121,377 | 252,519 | 330,837 | 588,484 | 62,562 | |
| (+) 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 | 93,060 | 86,613 | 101,641 | 186,582 | 752,437 | 70,962 | |
| (/) Shares Outstanding | 0.6 | 32.7 | 69.2 | 33.1 | 8.8 | 35.4 | |
| Implied Stock Price | 155,100.00 | 2,650.00 | 1,468.00 | 5,640.00 | 85,100.00 | 2,005.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 155,100.00 | 2,650.00 | 1,468.00 | 5,640.00 | 85,100.00 | 2,005.00 | |
| 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 | |