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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 39.6x - 43.7x | 41.6x |
| Selected Fwd EBIT Multiple | 47.9x - 53.0x | 50.4x |
| Fair Value | ₩9,929 - ₩11,114 | ₩10,522 |
| Upside | 29.6% - 45.1% | 37.4% |
| Benchmarks | Ticker | Full Ticker |
| RF Materials Co., Ltd. | A327260 | KOSDAQ:A327260 |
| BCnC Co., Ltd. | A146320 | KOSDAQ:A146320 |
| UniTest Incorporation | A086390 | KOSDAQ:A086390 |
| Ajinextek Co., Ltd. | A059120 | KOSDAQ:A059120 |
| YAS Co., Ltd. | A255440 | KOSDAQ:A255440 |
| OKins Electronics Co.,Ltd. | A080580 | KOSDAQ:A080580 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A327260 | A146320 | A086390 | A059120 | A255440 | A080580 | ||
| KOSDAQ:A327260 | KOSDAQ:A146320 | KOSDAQ:A086390 | KOSDAQ:A059120 | KOSDAQ:A255440 | KOSDAQ:A080580 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | 7.2% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | -11.2% | |
| Latest Twelve Months | 257.6% | -186.4% | -2.8% | -33.1% | -82.0% | 858.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.4% | 6.8% | -6.8% | -1.8% | -11.3% | 2.8% | |
| Prior Fiscal Year | -0.1% | -0.1% | 4.3% | -3.7% | -12.3% | -0.5% | |
| Latest Fiscal Year | -3.3% | -2.7% | -26.1% | -16.6% | -32.1% | 2.7% | |
| Latest Twelve Months | 4.2% | -0.9% | -13.9% | -12.5% | -45.9% | 6.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.45x | 2.70x | 2.31x | 2.55x | 1.87x | 2.14x | |
| EV / LTM EBITDA | 23.9x | 23.0x | -24.3x | -32.8x | -5.0x | 11.1x | |
| EV / LTM EBIT | 58.9x | -316.3x | -16.6x | -20.5x | -4.1x | 32.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -316.3x | -16.6x | 58.9x | ||||
| Historical EV / LTM EBIT | -580.6x | 218.6x | 446.5x | ||||
| Selected EV / LTM EBIT | 39.6x | 41.6x | 43.7x | ||||
| (x) LTM EBIT | 5,381 | 5,381 | 5,381 | ||||
| (=) Implied Enterprise Value | 212,859 | 224,062 | 235,266 | ||||
| (-) Non-shareholder Claims * | (25,592) | (25,592) | (25,592) | ||||
| (=) Equity Value | 187,267 | 198,470 | 209,673 | ||||
| (/) Shares Outstanding | 19.3 | 19.3 | 19.3 | ||||
| Implied Value Range | 9,690.11 | 10,269.82 | 10,849.52 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9,690.11 | 10,269.82 | 10,849.52 | 7,660.00 | |||
| Upside / (Downside) | 26.5% | 34.1% | 41.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A327260 | A146320 | A086390 | A059120 | A255440 | A080580 | |
| Enterprise Value | 124,745 | 221,477 | 264,672 | 56,801 | 46,252 | 173,626 | |
| (+) Cash & Short Term Investments | 44,006 | 14,402 | 39,570 | 15,006 | 17,112 | 15,175 | |
| (+) Investments & Other | 5,369 | 7 | 6,529 | 36 | 38,589 | 5,710 | |
| (-) Debt | (10,238) | (84,994) | (42,505) | (971) | (4,378) | (46,219) | |
| (-) Other Liabilities | (31,599) | (263) | 2,079 | 0 | 0 | (259) | |
| (-) Preferred Stock | 0 | 0 | (935) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 132,284 | 150,628 | 269,410 | 70,872 | 97,575 | 148,034 | |
| (/) Shares Outstanding | 8.2 | 12.7 | 20.3 | 9.7 | 11.9 | 19.3 | |
| Implied Stock Price | 16,160.00 | 11,860.00 | 13,250.00 | 7,270.00 | 8,180.00 | 7,660.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16,160.00 | 11,860.00 | 13,250.00 | 7,270.00 | 8,180.00 | 7,660.00 | |
| 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 | |