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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 2.9x - 3.3x | 3.1x |
| Selected Fwd EBIT Multiple | 2.8x - 3.1x | 3.0x |
| Fair Value | ₩8,223 - ₩8,519 | ₩8,371 |
| Upside | 26.7% - 31.3% | 29.0% |
| Benchmarks | Ticker | Full Ticker |
| T3 Entertainment Inc. | A204610 | KOSDAQ:A204610 |
| Gravity Co., Ltd. | GRVY | NasdaqGM:GRVY |
| Webzen Inc. | A069080 | KOSDAQ:A069080 |
| Asphere Innovations Public Company Limited | AS | SET:AS |
| NEOWIZ HOLDINGS Corporation | A042420 | KOSDAQ:A042420 |
| Mgame Corp. | A058630 | KOSDAQ:A058630 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A204610 | GRVY | A069080 | AS | A042420 | A058630 | ||
| KOSDAQ:A204610 | NasdaqGM:GRVY | KOSDAQ:A069080 | SET:AS | KOSDAQ:A042420 | KOSDAQ:A058630 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 18.2% | 6.9% | 1.0% | 21.4% | -7.5% | 12.1% | |
| 3Y CAGR | 4.7% | -11.5% | -19.2% | -36.0% | 1.6% | -13.7% | |
| Latest Twelve Months | 43.1% | -50.3% | -21.8% | -56.4% | -47.6% | -27.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.1% | 20.5% | 31.8% | 19.8% | 8.0% | 28.3% | |
| Prior Fiscal Year | 14.8% | 20.9% | 25.4% | 13.0% | 4.6% | 26.2% | |
| Latest Fiscal Year | 17.7% | 14.1% | 25.4% | 12.8% | 5.5% | 15.4% | |
| Latest Twelve Months | 18.2% | 13.2% | 23.3% | 9.6% | 4.5% | 16.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.57x | 0.16x | -0.23x | 0.85x | 0.10x | 0.22x | |
| EV / LTM EBITDA | 2.7x | 1.1x | -0.8x | 8.1x | 1.0x | 1.1x | |
| EV / LTM EBIT | 3.1x | 1.2x | -1.0x | 8.9x | 2.2x | 1.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.0x | 2.2x | 8.9x | ||||
| Historical EV / LTM EBIT | 0.4x | 3.6x | 11.1x | ||||
| Selected EV / LTM EBIT | 2.9x | 3.1x | 3.3x | ||||
| (x) LTM EBIT | 15,317 | 15,317 | 15,317 | ||||
| (=) Implied Enterprise Value | 45,099 | 47,472 | 49,846 | ||||
| (-) Non-shareholder Claims * | 100,644 | 100,644 | 100,644 | ||||
| (=) Equity Value | 145,742 | 148,116 | 150,490 | ||||
| (/) Shares Outstanding | 18.6 | 18.6 | 18.6 | ||||
| Implied Value Range | 7,834.53 | 7,962.12 | 8,089.72 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7,834.53 | 7,962.12 | 8,089.72 | 6,490.00 | |||
| Upside / (Downside) | 20.7% | 22.7% | 24.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A204610 | GRVY | A069080 | AS | A042420 | A058630 | |
| Enterprise Value | 35,918 | 36,275 | (170,211) | (127) | 35,172 | 20,087 | |
| (+) Cash & Short Term Investments | 73,605 | 583,196 | 471,551 | 380 | 345,761 | 85,257 | |
| (+) Investments & Other | 5,805 | 670 | 126,070 | 986 | 146,125 | 16,133 | |
| (-) Debt | (525) | (3,390) | (5,356) | (125) | (3,626) | (735) | |
| (-) Other Liabilities | (8,463) | (713) | (2,040) | 14 | (358,846) | (11) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 106,340 | 616,038 | 420,015 | 1,128 | 164,586 | 120,731 | |
| (/) Shares Outstanding | 52.6 | 6.9 | 29.1 | 499.2 | 6.3 | 18.6 | |
| Implied Stock Price | 2,020.00 | 88,652.53 | 14,450.00 | 2.26 | 26,050.00 | 6,490.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1,361.79 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,020.00 | 65.10 | 14,450.00 | 2.26 | 26,050.00 | 6,490.00 | |
| Trading Currency | KRW | USD | KRW | THB | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1,361.79 | 1.00 | 1.00 | 1.00 | 1.00 | |