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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.4x - 13.7x | 13.0x |
| Selected Fwd EBITDA Multiple | 30.4x - 33.6x | 32.0x |
| Fair Value | ₩11,031 - ₩11,920 | ₩11,476 |
| Upside | -5.1% - 2.5% | -1.3% |
| Benchmarks | Ticker | Full Ticker |
| Enertork Ltd. | A019990 | KOSDAQ:A019990 |
| DAEYANG ELECTRIC.Co.,Ltd. | A108380 | KOSDAQ:A108380 |
| Atum Co.,Ltd | A355690 | KOSDAQ:A355690 |
| Seoul Electronics & Telecom Co., Ltd. | A027040 | KOSDAQ:A027040 |
| Magatouch Co.,Ltd. | A446540 | KOSDAQ:A446540 |
| Semyung Electric Machinery Co.,Ltd | A017510 | KOSDAQ:A017510 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A019990 | A108380 | A355690 | A027040 | A446540 | A017510 | ||
| KOSDAQ:A019990 | KOSDAQ:A108380 | KOSDAQ:A355690 | KOSDAQ:A027040 | KOSDAQ:A446540 | KOSDAQ:A017510 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -10.9% | 2.2% | NM- | NM- | 3.1% | 10.6% | |
| 3Y CAGR | -31.0% | 23.3% | NM- | NM- | 19.1% | 19.9% | |
| Latest Twelve Months | 72.4% | 127.6% | 70.0% | 93.2% | -29.0% | 252.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.7% | 5.8% | -6.0% | -2.4% | 11.7% | 16.1% | |
| Prior Fiscal Year | 1.2% | 4.7% | -5.9% | -4.8% | 4.5% | 19.0% | |
| Latest Fiscal Year | 3.4% | 10.7% | -2.2% | -2.4% | 15.7% | 23.8% | |
| Latest Twelve Months | 3.5% | 11.6% | -2.2% | -0.3% | 5.4% | 46.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.49x | 0.48x | 1.33x | 0.46x | 1.38x | 5.75x | |
| EV / LTM EBITDA | 71.4x | 4.2x | -59.8x | -167.3x | 25.4x | 12.4x | |
| EV / LTM EBIT | -203.4x | 5.4x | -13.0x | -12.2x | -45.4x | 12.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -167.3x | 4.2x | 71.4x | ||||
| Historical EV / LTM EBITDA | 8.2x | 9.7x | 50.8x | ||||
| Selected EV / LTM EBITDA | 12.4x | 13.0x | 13.7x | ||||
| (x) LTM EBITDA | 11,107 | 11,107 | 11,107 | ||||
| (=) Implied Enterprise Value | 137,397 | 144,628 | 151,859 | ||||
| (-) Non-shareholder Claims * | 39,503 | 39,503 | 39,503 | ||||
| (=) Equity Value | 176,899 | 184,131 | 191,362 | ||||
| (/) Shares Outstanding | 15.2 | 15.2 | 15.2 | ||||
| Implied Value Range | 11,602.99 | 12,077.30 | 12,551.62 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11,602.99 | 12,077.30 | 12,551.62 | 11,630.00 | |||
| Upside / (Downside) | -0.2% | 3.8% | 7.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A019990 | A108380 | A355690 | A027040 | A446540 | A017510 | |
| Enterprise Value | 57,345 | 102,120 | 48,437 | 17,249 | 71,225 | 137,808 | |
| (+) Cash & Short Term Investments | 6,410 | 93,202 | 7,277 | 4,720 | 19,177 | 15,006 | |
| (+) Investments & Other | 7,397 | 28,524 | 555 | 20,104 | 0 | 24,497 | |
| (-) Debt | (243) | (148) | (19,441) | (25,510) | (4,617) | 0 | |
| (-) Other Liabilities | 0 | 0 | (1,210) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 70,909 | 223,698 | 35,619 | 16,562 | 85,784 | 177,311 | |
| (/) Shares Outstanding | 9.6 | 9.2 | 5.4 | 69.6 | 20.8 | 15.2 | |
| Implied Stock Price | 7,410.00 | 24,200.00 | 6,590.00 | 238.00 | 4,130.00 | 11,630.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7,410.00 | 24,200.00 | 6,590.00 | 238.00 | 4,130.00 | 11,630.00 | |
| 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 | |