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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 19.0x - 21.0x | 20.0x |
Selected Fwd EBIT Multiple | 266.8x - 294.9x | 280.9x |
Fair Value | ₩2,521 - ₩2,649 | ₩2,585 |
Upside | -35.5% - -32.2% | -33.9% |
Benchmarks | Ticker | Full Ticker |
Farmsco | A036580 | KOSE:A036580 |
FOODWELL Co., Ltd. | A005670 | KOSDAQ:A005670 |
Haitai Confectionery&Foods Co.,ltd. | A101530 | KOSE:A101530 |
FarmStory Co., Ltd. | A027710 | KOSDAQ:A027710 |
Samyang Corporation | A145990 | KOSE:A145990 |
Hanil Feed Co., Ltd. | A005860 | KOSDAQ:A005860 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
A036580 | A005670 | A101530 | A027710 | A145990 | A005860 | ||
KOSE:A036580 | KOSDAQ:A005670 | KOSE:A101530 | KOSDAQ:A027710 | KOSE:A145990 | KOSDAQ:A005860 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 20.5% | 10.2% | 16.2% | 40.9% | 11.1% | -2.4% | |
3Y CAGR | 14.0% | 31.7% | 23.5% | 15.4% | 17.5% | -34.9% | |
Latest Twelve Months | 33.9% | 45.2% | -5.8% | -8.3% | -1.4% | -11.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 2.2% | 4.2% | 5.8% | 2.2% | 4.3% | 0.8% | |
Prior Fiscal Year | 1.7% | 3.6% | 7.3% | 1.7% | 4.3% | 0.4% | |
Latest Fiscal Year | 3.4% | 5.1% | 7.8% | 2.8% | 5.0% | 0.9% | |
Latest Twelve Months | 3.3% | 5.1% | 7.6% | 2.0% | 4.9% | 0.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.48x | 0.43x | 0.59x | 0.40x | 0.19x | 0.24x | |
EV / LTM EBITDA | 8.9x | 4.8x | 4.7x | 14.0x | 2.4x | 18.5x | |
EV / LTM EBIT | 14.5x | 8.5x | 7.7x | 20.0x | 4.0x | 39.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 4.0x | 8.5x | 20.0x | ||||
Historical EV / LTM EBIT | -31.2x | 64.2x | 130.0x | ||||
Selected EV / LTM EBIT | 19.0x | 20.0x | 21.0x | ||||
(x) LTM EBIT | 2,621 | 2,621 | 2,621 | ||||
(=) Implied Enterprise Value | 49,801 | 52,422 | 55,043 | ||||
(-) Non-shareholder Claims * | 51,260 | 51,260 | 51,260 | ||||
(=) Equity Value | 101,061 | 103,682 | 106,303 | ||||
(/) Shares Outstanding | 39.4 | 39.4 | 39.4 | ||||
Implied Value Range | 2,564.76 | 2,631.28 | 2,697.80 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 2,564.76 | 2,631.28 | 2,697.80 | 3,910.00 | |||
Upside / (Downside) | -34.4% | -32.7% | -31.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A036580 | A005670 | A101530 | A027710 | A145990 | A005860 | |
Enterprise Value | 738,537 | 120,711 | 370,378 | 578,283 | 519,305 | 102,809 | |
(+) Cash & Short Term Investments | 188,435 | 15,709 | 9,940 | 62,536 | 439,288 | 44,624 | |
(+) Investments & Other | 24,479 | 0 | 28,378 | 86,445 | 673,622 | 36,048 | |
(-) Debt | (841,223) | (65,362) | (222,733) | (532,227) | (886,673) | (28,687) | |
(-) Other Liabilities | (16,378) | (19,485) | (868) | (49,705) | (212,607) | (726) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 93,850 | 51,573 | 185,093 | 145,331 | 532,934 | 154,068 | |
(/) Shares Outstanding | 35.0 | 9.4 | 26.5 | 110.6 | 10.0 | 39.4 | |
Implied Stock Price | 2,680.00 | 5,470.00 | 6,980.00 | 1,314.00 | 53,100.00 | 3,910.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2,680.00 | 5,470.00 | 6,980.00 | 1,314.00 | 53,100.00 | 3,910.00 | |
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 |