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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 28.1x - 31.1x | 29.6x |
| Selected Fwd EBIT Multiple | 15.0x - 16.6x | 15.8x |
| Fair Value | ₩47,321 - ₩51,491 | ₩49,406 |
| Upside | 4.2% - 13.4% | 8.8% |
| Benchmarks | Ticker | Full Ticker |
| Linkgenesis Co., Ltd. | A219420 | KOSDAQ:A219420 |
| ISAAC Engineering Co.,Ltd | A351330 | KOSDAQ:A351330 |
| Suresofttech Inc. | A298830 | KOSDAQ:A298830 |
| Kwangmu Co.,Ltd. | A029480 | KOSDAQ:A029480 |
| Itcencts Co.,Ltd. | A031820 | KOSE:A031820 |
| Cafe24 Corp. | A042000 | KOSDAQ:A042000 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A219420 | A351330 | A298830 | A029480 | A031820 | A042000 | ||
| KOSDAQ:A219420 | KOSDAQ:A351330 | KOSDAQ:A298830 | KOSDAQ:A029480 | KOSE:A031820 | KOSDAQ:A042000 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 9.0% | NM- | 42.6% | 26.5% | |
| 3Y CAGR | NM- | NM- | 5.4% | NM- | 3.9% | NM- | |
| Latest Twelve Months | -93.4% | -998.2% | -15.0% | -140.6% | -29.5% | 244.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.8% | -0.4% | 16.1% | -15.0% | 1.8% | -0.5% | |
| Prior Fiscal Year | 9.9% | 0.1% | 18.4% | -10.8% | 1.8% | 0.6% | |
| Latest Fiscal Year | -0.6% | -7.0% | 8.9% | -72.1% | 2.0% | 10.5% | |
| Latest Twelve Months | 0.8% | -8.6% | 8.6% | -80.9% | 1.3% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.43x | 0.79x | 2.89x | 1.31x | 0.05x | 2.96x | |
| EV / LTM EBITDA | 20.0x | -11.3x | 22.4x | -1.8x | 2.6x | 14.4x | |
| EV / LTM EBIT | 178.7x | -9.2x | 33.7x | -1.6x | 4.2x | 26.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -9.2x | 4.2x | 178.7x | ||||
| Historical EV / LTM EBIT | -70.3x | -8.7x | 84.1x | ||||
| Selected EV / LTM EBIT | 28.1x | 29.6x | 31.1x | ||||
| (x) LTM EBIT | 34,554 | 34,554 | 34,554 | ||||
| (=) Implied Enterprise Value | 971,618 | 1,022,756 | 1,073,894 | ||||
| (-) Non-shareholder Claims * | 186,300 | 186,300 | 186,300 | ||||
| (=) Equity Value | 1,157,918 | 1,209,056 | 1,260,194 | ||||
| (/) Shares Outstanding | 24.2 | 24.2 | 24.2 | ||||
| Implied Value Range | 47,891.06 | 50,006.10 | 52,121.14 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 47,891.06 | 50,006.10 | 52,121.14 | 45,400.00 | |||
| Upside / (Downside) | 5.5% | 10.1% | 14.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A219420 | A351330 | A298830 | A029480 | A031820 | A042000 | |
| Enterprise Value | 17,248 | 55,419 | 258,081 | (43,627) | 54,608 | 911,389 | |
| (+) Cash & Short Term Investments | 35,523 | 20,856 | 46,005 | 165,619 | 108,106 | 141,460 | |
| (+) Investments & Other | 4,885 | 1,029 | 11,028 | 51,966 | 62,090 | 63,170 | |
| (-) Debt | (206) | (15,289) | (34,540) | (20,360) | (96,900) | (18,330) | |
| (-) Other Liabilities | (1,795) | (182) | (12,299) | 0 | (52,730) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 55,655 | 61,832 | 268,274 | 153,598 | 75,173 | 1,097,689 | |
| (/) Shares Outstanding | 11.3 | 8.3 | 52.2 | 56.3 | 121.1 | 24.2 | |
| Implied Stock Price | 4,945.00 | 7,460.00 | 5,140.00 | 2,730.00 | 621.00 | 45,400.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4,945.00 | 7,460.00 | 5,140.00 | 2,730.00 | 621.00 | 45,400.00 | |
| 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 | |