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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.3x - 1.5x | 1.4x |
| Selected Fwd Revenue Multiple | 1.0x - 1.2x | 1.1x |
| Fair Value | ₩2,023 - ₩2,318 | ₩2,170 |
| Upside | 32.8% - 52.1% | 42.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| ASTORY Co.,Ltd | A241840 | KOSDAQ:A241840 |
| Com2uS Holdings Corporation | A063080 | KOSDAQ:A063080 |
| Mgame Corp. | A058630 | KOSDAQ:A058630 |
| HANBIT SOFT Inc. | A047080 | KOSDAQ:A047080 |
| Devsisters corporation | A194480 | KOSDAQ:A194480 |
| JOYCITY Corporation | A067000 | KOSDAQ:A067000 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| A241840 | A063080 | A058630 | A047080 | A194480 | A067000 | |||
| KOSDAQ:A241840 | KOSDAQ:A063080 | KOSDAQ:A058630 | KOSDAQ:A047080 | KOSDAQ:A194480 | KOSDAQ:A067000 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | NM- | 6.4% | 17.3% | -5.3% | 44.4% | 6.7% | ||
| 3Y CAGR | -36.9% | 4.6% | 14.4% | -19.6% | -13.8% | -10.8% | ||
| Latest Twelve Months | -74.0% | -2.5% | 2.2% | 28.4% | 46.6% | -4.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 7.0% | 6.0% | 28.5% | -4.2% | -6.3% | 10.4% | ||
| Prior Fiscal Year | 12.3% | -0.1% | 26.2% | -25.2% | -29.8% | 16.9% | ||
| Latest Fiscal Year | -23.7% | -8.6% | 15.4% | -4.2% | 11.5% | 8.1% | ||
| Latest Twelve Months | -23.7% | -8.6% | 15.4% | -4.2% | 11.5% | 8.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.97x | 0.69x | 0.08x | 0.73x | 1.14x | 1.09x | ||
| EV / LTM EBIT | -12.5x | -10.2x | 0.5x | -17.4x | 9.9x | 13.4x | ||
| Price / LTM Sales | 4.90x | 0.87x | 1.04x | 0.94x | 1.92x | 0.71x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.08x | 0.73x | 2.97x | |||||
| Historical EV / LTM Revenue | 1.09x | 1.90x | 3.62x | |||||
| Selected EV / LTM Revenue | 1.34x | 1.41x | 1.48x | |||||
| (x) LTM Revenue | 142,850 | 142,850 | 142,850 | |||||
| (=) Implied Enterprise Value | 191,204 | 201,267 | 211,331 | |||||
| (-) Non-shareholder Claims * | (53,889) | (53,889) | (53,889) | |||||
| (=) Equity Value | 137,315 | 147,378 | 157,442 | |||||
| (/) Shares Outstanding | 69.9 | 69.9 | 69.9 | |||||
| Implied Value Range | 1,964.35 | 2,108.31 | 2,252.27 | |||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1,964.35 | 2,108.31 | 2,252.27 | 1,524.00 | ||||
| Upside / (Downside) | 28.9% | 38.3% | 47.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A241840 | A063080 | A058630 | A047080 | A194480 | A067000 | |
| Enterprise Value | 47,613 | (200,535) | (6,894) | 24,899 | 292,319 | 160,422 | |
| (+) Cash & Short Term Investments | 21,943 | 48,605 | 81,085 | 15,829 | 100,495 | 23,391 | |
| (+) Investments & Other | 12,684 | 457,888 | 15,439 | 2,044 | 94,382 | 28,431 | |
| (-) Debt | (6,033) | (189,702) | (840) | (5,760) | (8,179) | (104,753) | |
| (-) Other Liabilities | 0 | 28,832 | (56) | (5,288) | (3,066) | (958) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 76,207 | 145,089 | 88,734 | 31,723 | 475,950 | 106,533 | |
| (/) Shares Outstanding | 9.3 | 6.6 | 18.6 | 24.8 | 10.8 | 69.9 | |
| Implied Stock Price | 8,210.00 | 22,000.00 | 4,770.00 | 1,278.00 | 44,050.00 | 1,524.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8,210.00 | 22,000.00 | 4,770.00 | 1,278.00 | 44,050.00 | 1,524.00 | |
| 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 | |