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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.8x - 8.7x | 8.2x |
| Selected Fwd EBIT Multiple | 5.8x - 6.4x | 6.1x |
| Fair Value | ₩5,662 - ₩6,545 | ₩6,104 |
| Upside | -24.3% - -12.5% | -18.4% |
| Benchmarks | Ticker | Full Ticker |
| MegaStudy Co., Ltd. | A072870 | KOSDAQ:A072870 |
| YBM Net, Inc. | A057030 | KOSDAQ:A057030 |
| Kukbo Design Co., Ltd. | A066620 | KOSDAQ:A066620 |
| Multicampus Corporation | A067280 | KOSDAQ:A067280 |
| JLS Co.,Ltd. | A040420 | KOSDAQ:A040420 |
| Digital Daesung Co., Ltd. | A068930 | KOSDAQ:A068930 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A072870 | A057030 | A066620 | A067280 | A040420 | A068930 | ||
| KOSDAQ:A072870 | KOSDAQ:A057030 | KOSDAQ:A066620 | KOSDAQ:A067280 | KOSDAQ:A040420 | KOSDAQ:A068930 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 60.8% | 1.6% | 28.3% | 10.0% | -4.7% | 2.3% | |
| 3Y CAGR | 17.3% | -8.4% | 15.9% | 13.7% | -15.9% | -2.1% | |
| Latest Twelve Months | 20.5% | -46.8% | 40.6% | -10.0% | -37.2% | 15.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.6% | 5.4% | 8.3% | 9.4% | 13.5% | 12.1% | |
| Prior Fiscal Year | 9.6% | 8.5% | 8.1% | 11.2% | 14.4% | 11.8% | |
| Latest Fiscal Year | 17.7% | 4.8% | 9.5% | 11.0% | 9.6% | 10.9% | |
| Latest Twelve Months | 15.1% | 4.3% | 11.6% | 10.5% | 9.0% | 12.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.08x | 0.50x | -0.10x | 0.23x | 0.78x | 1.15x | |
| EV / LTM EBITDA | 0.3x | 4.7x | -0.9x | 1.4x | 5.0x | 6.0x | |
| EV / LTM EBIT | 0.5x | 11.5x | -0.9x | 2.2x | 8.7x | 9.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -0.9x | 2.2x | 11.5x | ||||
| Historical EV / LTM EBIT | 4.8x | 8.2x | 11.3x | ||||
| Selected EV / LTM EBIT | 7.8x | 8.2x | 8.7x | ||||
| (x) LTM EBIT | 27,650 | 27,650 | 27,650 | ||||
| (=) Implied Enterprise Value | 216,499 | 227,894 | 239,289 | ||||
| (-) Non-shareholder Claims * | (71,100) | (71,100) | (71,100) | ||||
| (=) Equity Value | 145,400 | 156,794 | 168,189 | ||||
| (/) Shares Outstanding | 26.1 | 26.1 | 26.1 | ||||
| Implied Value Range | 5,570.53 | 6,007.08 | 6,443.63 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5,570.53 | 6,007.08 | 6,443.63 | 7,480.00 | |||
| Upside / (Downside) | -25.5% | -19.7% | -13.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A072870 | A057030 | A066620 | A067280 | A040420 | A068930 | |
| Enterprise Value | 10,550 | 28,402 | (86,548) | 78,684 | 81,289 | 266,340 | |
| (+) Cash & Short Term Investments | 75,642 | 36,997 | 174,647 | 167,000 | 14,890 | 29,159 | |
| (+) Investments & Other | 138,666 | 555 | 43,189 | 1,244 | 182 | 21,528 | |
| (-) Debt | (64,820) | (7,933) | (353) | (34,598) | (4,786) | (93,410) | |
| (-) Other Liabilities | (35,474) | (0) | 0 | (4,893) | 0 | (28,377) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 124,564 | 58,021 | 130,935 | 207,437 | 91,574 | 195,240 | |
| (/) Shares Outstanding | 11.4 | 16.2 | 6.6 | 5.9 | 14.9 | 26.1 | |
| Implied Stock Price | 10,920.00 | 3,585.00 | 19,810.00 | 35,000.00 | 6,130.00 | 7,480.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10,920.00 | 3,585.00 | 19,810.00 | 35,000.00 | 6,130.00 | 7,480.00 | |
| 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 | |