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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.2x - 10.2x | 9.7x |
| Selected Fwd EBITDA Multiple | 4.9x - 5.4x | 5.1x |
| Fair Value | ₩6,363 - ₩7,056 | ₩6,709 |
| Upside | 26.5% - 40.3% | 33.4% |
| Benchmarks | Ticker | Full Ticker |
| MYUNGMOON Pharm co.,Ltd | A017180 | KOSE:A017180 |
| Daehan Nupharm Co.,Ltd. | A054670 | KOSDAQ:A054670 |
| Korea Arlico Pharm Co.,Ltd. | A260660 | KOSDAQ:A260660 |
| RP Bio Inc. | A314140 | KOSDAQ:A314140 |
| Daihan Pharmaceutical Co.,Ltd. | A023910 | KOSDAQ:A023910 |
| DongKoo Bio & Pharma Co., Ltd. | A006620 | KOSDAQ:A006620 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A017180 | A054670 | A260660 | A314140 | A023910 | A006620 | ||
| KOSE:A017180 | KOSDAQ:A054670 | KOSDAQ:A260660 | KOSDAQ:A314140 | KOSDAQ:A023910 | KOSDAQ:A006620 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -1.5% | -36.6% | 1.9% | 0.4% | NM- | |
| 3Y CAGR | NM- | -8.5% | -41.8% | -17.9% | 3.9% | 14.8% | |
| Latest Twelve Months | 168.5% | 4.7% | 5.4% | -32.7% | -1.5% | -18.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -1.9% | 14.9% | 5.8% | 8.6% | 23.3% | 9.3% | |
| Prior Fiscal Year | 3.0% | 10.9% | 4.2% | 8.4% | 22.7% | 9.6% | |
| Latest Fiscal Year | 3.2% | 11.3% | 0.8% | 4.9% | 22.2% | 8.0% | |
| Latest Twelve Months | 3.2% | 11.0% | 2.1% | 6.5% | 21.7% | 7.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.76x | 0.59x | 0.48x | 0.48x | 0.23x | 0.59x | |
| EV / LTM EBITDA | 23.7x | 5.3x | 23.0x | 7.3x | 1.1x | 7.8x | |
| EV / LTM EBIT | 72.7x | 6.5x | -36.2x | 43.4x | 1.3x | 13.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.1x | 7.3x | 23.7x | ||||
| Historical EV / LTM EBITDA | 4.8x | 6.7x | 17.8x | ||||
| Selected EV / LTM EBITDA | 9.2x | 9.7x | 10.2x | ||||
| (x) LTM EBITDA | 18,323 | 18,323 | 18,323 | ||||
| (=) Implied Enterprise Value | 168,496 | 177,364 | 186,233 | ||||
| (-) Non-shareholder Claims * | (5,928) | (5,928) | (5,928) | ||||
| (=) Equity Value | 162,568 | 171,436 | 180,304 | ||||
| (/) Shares Outstanding | 27.0 | 27.0 | 27.0 | ||||
| Implied Value Range | 6,011.66 | 6,339.60 | 6,667.54 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6,011.66 | 6,339.60 | 6,667.54 | 5,030.00 | |||
| Upside / (Downside) | 19.5% | 26.0% | 32.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A017180 | A054670 | A260660 | A314140 | A023910 | A006620 | |
| Enterprise Value | 142,352 | 119,628 | 94,146 | 59,571 | 46,394 | 141,950 | |
| (+) Cash & Short Term Investments | 3,151 | 34,002 | 14,802 | 18,055 | 107,015 | 39,651 | |
| (+) Investments & Other | 2,982 | 17,481 | 8,135 | 66 | 26,265 | 50,883 | |
| (-) Debt | (88,903) | (69,776) | (49,414) | (26,041) | (41) | (96,418) | |
| (-) Other Liabilities | (6,031) | 0 | 0 | 0 | 0 | (44) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 53,552 | 101,335 | 67,669 | 51,652 | 179,634 | 136,022 | |
| (/) Shares Outstanding | 33.4 | 14.0 | 15.3 | 8.7 | 5.9 | 27.0 | |
| Implied Stock Price | 1,602.00 | 7,220.00 | 4,415.00 | 5,960.00 | 30,550.00 | 5,030.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,602.00 | 7,220.00 | 4,415.00 | 5,960.00 | 30,550.00 | 5,030.00 | |
| 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 | |