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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 3.3x - 3.6x | 3.5x |
| Selected Fwd EBIT Multiple | 3.3x - 3.7x | 3.5x |
| Fair Value | ₩42,964 - ₩45,199 | ₩44,081 |
| Upside | 22.2% - 28.6% | 25.4% |
| Benchmarks | Ticker | Full Ticker |
| Kukbo Design Co., Ltd. | A066620 | KOSDAQ:A066620 |
| Digital Daesung Co., Ltd. | A068930 | KOSDAQ:A068930 |
| JLS Co.,Ltd. | A040420 | KOSDAQ:A040420 |
| MegaStudy Co., Ltd. | A072870 | KOSDAQ:A072870 |
| MegaMD Co., Ltd. | A133750 | KOSDAQ:A133750 |
| Multicampus Corporation | A067280 | KOSDAQ:A067280 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A066620 | A068930 | A040420 | A072870 | A133750 | A067280 | ||
| KOSDAQ:A066620 | KOSDAQ:A068930 | KOSDAQ:A040420 | KOSDAQ:A072870 | KOSDAQ:A133750 | KOSDAQ:A067280 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 28.3% | 2.3% | -4.7% | 60.8% | NM- | 10.0% | |
| 3Y CAGR | 15.9% | -2.1% | -15.9% | 17.3% | -29.1% | 13.7% | |
| Latest Twelve Months | 40.6% | 15.3% | -37.2% | 20.5% | 453.8% | -10.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.3% | 12.1% | 13.5% | 10.6% | 2.2% | 9.4% | |
| Prior Fiscal Year | 8.1% | 11.8% | 14.4% | 9.6% | -10.8% | 11.2% | |
| Latest Fiscal Year | 9.5% | 10.9% | 9.6% | 17.7% | 6.3% | 11.0% | |
| Latest Twelve Months | 11.6% | 12.0% | 9.0% | 15.1% | 3.9% | 10.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -0.10x | 1.15x | 0.81x | 0.10x | 0.45x | 0.23x | |
| EV / LTM EBITDA | -0.9x | 6.0x | 5.2x | 0.3x | 2.4x | 1.4x | |
| EV / LTM EBIT | -0.9x | 9.6x | 9.0x | 0.7x | 11.3x | 2.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -0.9x | 9.0x | 11.3x | ||||
| Historical EV / LTM EBIT | 1.9x | 4.6x | 14.4x | ||||
| Selected EV / LTM EBIT | 3.3x | 3.5x | 3.6x | ||||
| (x) LTM EBIT | 36,477 | 36,477 | 36,477 | ||||
| (=) Implied Enterprise Value | 120,298 | 126,629 | 132,960 | ||||
| (-) Non-shareholder Claims * | 128,754 | 128,754 | 128,754 | ||||
| (=) Equity Value | 249,051 | 255,383 | 261,714 | ||||
| (/) Shares Outstanding | 5.9 | 5.9 | 5.9 | ||||
| Implied Value Range | 42,021.35 | 43,089.63 | 44,157.91 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 42,021.35 | 43,089.63 | 44,157.91 | 35,150.00 | |||
| Upside / (Downside) | 19.5% | 22.6% | 25.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A066620 | A068930 | A040420 | A072870 | A133750 | A067280 | |
| Enterprise Value | (87,209) | 269,211 | 84,276 | 13,744 | (8,621) | 79,573 | |
| (+) Cash & Short Term Investments | 174,647 | 29,159 | 14,890 | 75,642 | 34,852 | 167,000 | |
| (+) Investments & Other | 43,189 | 21,528 | 182 | 138,666 | 25,207 | 1,244 | |
| (-) Debt | (353) | (93,410) | (4,786) | (64,820) | (3,867) | (34,598) | |
| (-) Other Liabilities | 0 | (28,377) | 0 | (35,474) | 0 | (4,893) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 130,275 | 198,111 | 94,562 | 127,758 | 47,572 | 208,326 | |
| (/) Shares Outstanding | 6.6 | 26.1 | 14.9 | 11.4 | 22.1 | 5.9 | |
| Implied Stock Price | 19,710.00 | 7,590.00 | 6,330.00 | 11,200.00 | 2,155.00 | 35,150.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19,710.00 | 7,590.00 | 6,330.00 | 11,200.00 | 2,155.00 | 35,150.00 | |
| 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 | |