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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.8x - 5.3x | 5.0x |
| Selected Fwd EBITDA Multiple | 3.4x - 3.7x | 3.5x |
| Fair Value | ₩8,561 - ₩9,469 | ₩9,015 |
| Upside | -37.2% - -30.5% | -33.9% |
| Benchmarks | Ticker | Full Ticker |
| Netmarble Corporation | A251270 | KOSE:A251270 |
| NEXON Co., Ltd. | 3659 | TSE:3659 |
| Mgame Corp. | A058630 | KOSDAQ:A058630 |
| NEOWIZ HOLDINGS Corporation | A042420 | KOSDAQ:A042420 |
| T3 Entertainment Inc. | A204610 | KOSDAQ:A204610 |
| Webzen Inc. | A069080 | KOSDAQ:A069080 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A251270 | 3659 | A058630 | A042420 | A204610 | A069080 | ||
| KOSE:A251270 | TSE:3659 | KOSDAQ:A058630 | KOSDAQ:A042420 | KOSDAQ:A204610 | KOSDAQ:A069080 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.5% | 5.6% | 9.6% | -0.2% | 17.2% | 0.7% | |
| 3Y CAGR | 8.7% | 13.1% | -10.7% | 6.5% | 7.4% | -17.1% | |
| Latest Twelve Months | 314.7% | 35.0% | -21.5% | 5.2% | 43.2% | -19.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.7% | 36.6% | 32.0% | 13.2% | 16.4% | 34.7% | |
| Prior Fiscal Year | 3.5% | 33.3% | 28.3% | 9.9% | 16.7% | 28.8% | |
| Latest Fiscal Year | 13.6% | 33.3% | 18.5% | 10.4% | 20.6% | 28.6% | |
| Latest Twelve Months | 13.6% | 34.2% | 19.8% | 10.4% | 20.6% | 27.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.88x | 3.13x | 0.18x | 0.03x | 0.41x | 1.89x | |
| EV / LTM EBITDA | 6.5x | 9.2x | 1.0x | 0.3x | 2.0x | 6.6x | |
| EV / LTM EBIT | 11.3x | 9.8x | 1.1x | 0.6x | 2.3x | 7.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.3x | 2.0x | 9.2x | ||||
| Historical EV / LTM EBITDA | 0.8x | 1.3x | 13.0x | ||||
| Selected EV / LTM EBITDA | 4.8x | 5.0x | 5.3x | ||||
| (x) LTM EBITDA | 52,516 | 52,516 | 52,516 | ||||
| (=) Implied Enterprise Value | 250,845 | 264,048 | 277,250 | ||||
| (-) Non-shareholder Claims * | (2,040) | (2,040) | (2,040) | ||||
| (=) Equity Value | 248,805 | 262,008 | 275,210 | ||||
| (/) Shares Outstanding | 29.5 | 29.5 | 29.5 | ||||
| Implied Value Range | 8,443.58 | 8,891.63 | 9,339.67 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8,443.58 | 8,891.63 | 9,339.67 | 13,630.00 | |||
| Upside / (Downside) | -38.1% | -34.8% | -31.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A251270 | 3659 | A058630 | A042420 | A204610 | A069080 | |
| Enterprise Value | 2,277,535 | 1,419,961 | (5,771) | 13,341 | 23,570 | 403,673 | |
| (+) Cash & Short Term Investments | 691,661 | 585,846 | 85,257 | 336,538 | 82,710 | 0 | |
| (+) Investments & Other | 2,918,953 | 61,277 | 16,133 | 144,482 | 5,236 | 0 | |
| (-) Debt | (1,692,635) | (37,923) | (735) | (3,799) | (4,445) | 0 | |
| (-) Other Liabilities | (57,818) | (10,834) | (11) | (354,609) | (8,154) | (2,040) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,137,696 | 2,018,327 | 94,873 | 135,953 | 98,918 | 401,633 | |
| (/) Shares Outstanding | 81.9 | 805.7 | 18.6 | 6.4 | 52.6 | 29.5 | |
| Implied Stock Price | 50,500.00 | 2,505.00 | 5,100.00 | 21,300.00 | 1,879.00 | 13,630.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 50,500.00 | 2,505.00 | 5,100.00 | 21,300.00 | 1,879.00 | 13,630.00 | |
| Trading Currency | KRW | JPY | KRW | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |