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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 36.7x - 40.6x | 38.6x |
| Selected Fwd EBIT Multiple | 17.5x - 19.4x | 18.5x |
| Fair Value | ₩144,999 - ₩158,051 | ₩151,525 |
| Upside | -20.3% - -13.2% | -16.7% |
| Benchmarks | Ticker | Full Ticker |
| JUSUNG ENGINEERING Co.,Ltd. | A036930 | KOSDAQ:A036930 |
| Techwing, Inc. | A089030 | KOSDAQ:A089030 |
| Disco Corporation | 6146 | TSE:6146 |
| Wonik QnC Corporation | A074600 | KOSDAQ:A074600 |
| Global Standard Technology, Limited | A083450 | KOSDAQ:A083450 |
| EO Technics Co., Ltd. | A039030 | KOSDAQ:A039030 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A036930 | A089030 | 6146 | A074600 | A083450 | A039030 | ||
| KOSDAQ:A036930 | KOSDAQ:A089030 | TSE:6146 | KOSDAQ:A074600 | KOSDAQ:A083450 | KOSDAQ:A039030 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 27.3% | -0.5% | 35.6% | 27.1% | 21.9% | 34.4% | |
| 3Y CAGR | -1.8% | -13.0% | 22.2% | 1.5% | 8.4% | -26.4% | |
| Latest Twelve Months | 409.0% | 137.0% | 37.3% | -6.2% | 44.4% | 47.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.4% | 13.6% | 35.9% | 11.9% | 15.4% | 14.4% | |
| Prior Fiscal Year | 10.2% | 2.4% | 39.5% | 10.3% | 15.2% | 9.8% | |
| Latest Fiscal Year | 23.7% | 12.8% | 42.4% | 10.2% | 17.1% | 9.7% | |
| Latest Twelve Months | 26.2% | 11.1% | 42.4% | 8.5% | 17.4% | 12.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.60x | 7.78x | 10.84x | 1.49x | 0.69x | 6.16x | |
| EV / LTM EBITDA | 8.6x | 41.6x | 23.8x | 9.1x | 3.7x | 44.4x | |
| EV / LTM EBIT | 9.9x | 69.8x | 25.6x | 17.5x | 4.0x | 51.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.0x | 17.5x | 69.8x | ||||
| Historical EV / LTM EBIT | 8.0x | 31.9x | 50.0x | ||||
| Selected EV / LTM EBIT | 36.7x | 38.6x | 40.6x | ||||
| (x) LTM EBIT | 39,905 | 39,905 | 39,905 | ||||
| (=) Implied Enterprise Value | 1,464,557 | 1,541,639 | 1,618,721 | ||||
| (-) Non-shareholder Claims * | 254,164 | 254,164 | 254,164 | ||||
| (=) Equity Value | 1,718,722 | 1,795,804 | 1,872,886 | ||||
| (/) Shares Outstanding | 12.1 | 12.1 | 12.1 | ||||
| Implied Value Range | 142,017.86 | 148,387.14 | 154,756.42 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 142,017.86 | 148,387.14 | 154,756.42 | 182,000.00 | |||
| Upside / (Downside) | -22.0% | -18.5% | -15.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A036930 | A089030 | 6146 | A074600 | A083450 | A039030 | |
| Enterprise Value | 1,176,900 | 1,346,067 | 4,160,056 | 1,344,355 | 236,473 | 1,948,427 | |
| (+) Cash & Short Term Investments | 259,579 | 21,269 | 229,167 | 42,370 | 110,896 | 248,777 | |
| (+) Investments & Other | 9,720 | 3,327 | 7,372 | 2,667 | 23,917 | 20,311 | |
| (-) Debt | (50,249) | (263,702) | 0 | (794,252) | (13,496) | (9,101) | |
| (-) Other Liabilities | 0 | 2,781 | (348) | (108,023) | (9,030) | (5,823) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,395,949 | 1,109,742 | 4,396,247 | 487,117 | 348,759 | 2,202,592 | |
| (/) Shares Outstanding | 45.7 | 35.7 | 108.4 | 26.3 | 17.9 | 12.1 | |
| Implied Stock Price | 30,550.00 | 31,050.00 | 40,550.00 | 18,530.00 | 19,510.00 | 182,000.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 30,550.00 | 31,050.00 | 40,550.00 | 18,530.00 | 19,510.00 | 182,000.00 | |
| Trading Currency | KRW | KRW | JPY | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |