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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.6x - 3.9x | 3.8x |
| Selected Fwd EBITDA Multiple | 3.2x - 3.5x | 3.4x |
| Fair Value | ₩9,015 - ₩9,631 | ₩9,323 |
| Upside | 36.2% - 45.5% | 40.8% |
| Benchmarks | Ticker | Full Ticker |
| Korean Drug Co., Ltd. | A014570 | KOSDAQ:A014570 |
| ChoA Pharmaceutical Co., LTD. | A034940 | KOSDAQ:A034940 |
| WooGene B&G Co., Ltd | A018620 | KOSDAQ:A018620 |
| Yuyu Pharma, Inc. | A000220 | KOSE:A000220 |
| JW Shinyak Corporation | A067290 | KOSDAQ:A067290 |
| Sinil Pharmaceutical Co., Ltd. | A012790 | KOSDAQ:A012790 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A014570 | A034940 | A018620 | A000220 | A067290 | A012790 | ||
| KOSDAQ:A014570 | KOSDAQ:A034940 | KOSDAQ:A018620 | KOSE:A000220 | KOSDAQ:A067290 | KOSDAQ:A012790 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.1% | NM- | -2.2% | 10.3% | 25.3% | 8.7% | |
| 3Y CAGR | -21.4% | NM- | 18.6% | 47.4% | 19.2% | 18.5% | |
| Latest Twelve Months | -62.6% | -0.7% | -27.0% | 128.3% | 2.3% | 0.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.1% | -4.3% | 7.8% | 7.2% | 7.3% | 21.1% | |
| Prior Fiscal Year | 10.4% | -10.2% | 8.1% | 3.5% | 7.6% | 21.7% | |
| Latest Fiscal Year | 8.5% | -11.9% | 7.5% | 13.7% | 12.8% | 23.3% | |
| Latest Twelve Months | 4.8% | -12.8% | 7.3% | 13.2% | 10.9% | 22.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.40x | 0.80x | 1.44x | 0.50x | 1.06x | 0.47x | |
| EV / LTM EBITDA | 8.4x | -6.3x | 19.6x | 3.8x | 9.8x | 2.1x | |
| EV / LTM EBIT | 23.5x | -4.9x | -4636.0x | 5.6x | 12.1x | 3.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -6.3x | 8.4x | 19.6x | ||||
| Historical EV / LTM EBITDA | 1.9x | 4.2x | 15.9x | ||||
| Selected EV / LTM EBITDA | 3.6x | 3.8x | 3.9x | ||||
| (x) LTM EBITDA | 19,152 | 19,152 | 19,152 | ||||
| (=) Implied Enterprise Value | 68,331 | 71,928 | 75,524 | ||||
| (-) Non-shareholder Claims * | 35,891 | 35,891 | 35,891 | ||||
| (=) Equity Value | 104,223 | 107,819 | 111,415 | ||||
| (/) Shares Outstanding | 11.4 | 11.4 | 11.4 | ||||
| Implied Value Range | 9,161.40 | 9,477.53 | 9,793.66 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9,161.40 | 9,477.53 | 9,793.66 | 6,620.00 | |||
| Upside / (Downside) | 38.4% | 43.2% | 47.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A014570 | A034940 | A018620 | A000220 | A067290 | A012790 | |
| Enterprise Value | 26,419 | 50,024 | 77,463 | 66,337 | 93,722 | 39,419 | |
| (+) Cash & Short Term Investments | 25,753 | 1,841 | 16,231 | 45,546 | 2,869 | 35,560 | |
| (+) Investments & Other | 220 | 3,130 | 6,112 | 8,827 | 106 | 727 | |
| (-) Debt | (68) | (25,122) | (30,813) | (34,084) | (9,965) | (395) | |
| (-) Other Liabilities | 0 | 2,966 | (40,337) | (10,240) | 282 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (2,592) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 52,323 | 32,839 | 28,656 | 73,793 | 87,014 | 75,311 | |
| (/) Shares Outstanding | 10.9 | 31.0 | 28.9 | 16.2 | 53.2 | 11.4 | |
| Implied Stock Price | 4,795.00 | 1,060.00 | 992.00 | 4,560.00 | 1,635.00 | 6,620.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4,795.00 | 1,060.00 | 992.00 | 4,560.00 | 1,635.00 | 6,620.00 | |
| 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 | |