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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.9x - 8.7x | 8.3x |
| Selected Fwd EBIT Multiple | 5.8x - 6.4x | 6.1x |
| Fair Value | ₩5,699 - ₩6,586 | ₩6,143 |
| Upside | -23.3% - -11.4% | -17.3% |
| Benchmarks | Ticker | Full Ticker |
| Kukbo Design Co., Ltd. | A066620 | KOSDAQ:A066620 |
| JLS Co.,Ltd. | A040420 | KOSDAQ:A040420 |
| MegaStudy Co., Ltd. | A072870 | KOSDAQ:A072870 |
| YBM Net, Inc. | A057030 | KOSDAQ:A057030 |
| Multicampus Corporation | A067280 | KOSDAQ:A067280 |
| Digital Daesung Co., Ltd. | A068930 | KOSDAQ:A068930 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A066620 | A040420 | A072870 | A057030 | A067280 | A068930 | ||
| KOSDAQ:A066620 | KOSDAQ:A040420 | KOSDAQ:A072870 | KOSDAQ:A057030 | KOSDAQ:A067280 | KOSDAQ:A068930 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 28.3% | -4.7% | 60.8% | 1.6% | 10.0% | 2.3% | |
| 3Y CAGR | 15.9% | -15.9% | 17.3% | -8.4% | 13.7% | -2.1% | |
| Latest Twelve Months | 40.6% | -37.2% | 20.5% | -46.8% | -10.0% | 15.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.3% | 13.5% | 10.6% | 5.4% | 9.4% | 12.1% | |
| Prior Fiscal Year | 8.1% | 14.4% | 9.6% | 8.5% | 11.2% | 11.8% | |
| Latest Fiscal Year | 9.5% | 9.6% | 17.7% | 4.8% | 11.0% | 10.9% | |
| Latest Twelve Months | 11.6% | 9.0% | 15.1% | 4.3% | 10.5% | 12.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -0.11x | 0.80x | 0.09x | 0.48x | 0.23x | 1.15x | |
| EV / LTM EBITDA | -0.9x | 5.2x | 0.3x | 4.5x | 1.4x | 6.0x | |
| EV / LTM EBIT | -0.9x | 8.9x | 0.6x | 11.2x | 2.2x | 9.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -0.9x | 2.2x | 11.2x | ||||
| Historical EV / LTM EBIT | 4.8x | 8.2x | 11.3x | ||||
| Selected EV / LTM EBIT | 7.9x | 8.3x | 8.7x | ||||
| (x) LTM EBIT | 27,650 | 27,650 | 27,650 | ||||
| (=) Implied Enterprise Value | 217,476 | 228,922 | 240,368 | ||||
| (-) Non-shareholder Claims * | (71,100) | (71,100) | (71,100) | ||||
| (=) Equity Value | 146,377 | 157,823 | 169,269 | ||||
| (/) Shares Outstanding | 26.1 | 26.1 | 26.1 | ||||
| Implied Value Range | 5,607.95 | 6,046.48 | 6,485.00 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5,607.95 | 6,046.48 | 6,485.00 | 7,430.00 | |||
| Upside / (Downside) | -24.5% | -18.6% | -12.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A066620 | A040420 | A072870 | A057030 | A067280 | A068930 | |
| Enterprise Value | (87,936) | 83,231 | 12,261 | 27,512 | 81,351 | 265,034 | |
| (+) Cash & Short Term Investments | 174,647 | 14,890 | 75,642 | 36,997 | 167,000 | 29,159 | |
| (+) Investments & Other | 43,189 | 182 | 138,666 | 555 | 1,244 | 21,528 | |
| (-) Debt | (353) | (4,786) | (64,820) | (7,933) | (34,598) | (93,410) | |
| (-) Other Liabilities | 0 | 0 | (35,474) | (0) | (4,893) | (28,377) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 129,547 | 93,517 | 126,276 | 57,131 | 210,104 | 193,935 | |
| (/) Shares Outstanding | 6.6 | 14.9 | 11.4 | 16.2 | 5.9 | 26.1 | |
| Implied Stock Price | 19,600.00 | 6,260.00 | 11,070.00 | 3,530.00 | 35,450.00 | 7,430.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19,600.00 | 6,260.00 | 11,070.00 | 3,530.00 | 35,450.00 | 7,430.00 | |
| 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 | |