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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 | |