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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.7x - 9.6x | 9.2x |
| Selected Fwd EBIT Multiple | 7.9x - 8.7x | 8.3x |
| Fair Value | ₩27,596 - ₩29,772 | ₩28,684 |
| Upside | 15.0% - 24.1% | 19.5% |
| Benchmarks | Ticker | Full Ticker |
| LMS Co., Ltd. | A073110 | KOSDAQ:A073110 |
| EGTRONICS Co.,Ltd. | A377330 | KOSDAQ:A377330 |
| Dongyang E&P Inc. | A079960 | KOSDAQ:A079960 |
| SPG Co., Ltd. | A058610 | KOSDAQ:A058610 |
| S-Fuelcell co., Ltd. | A288620 | KOSDAQ:A288620 |
| VITZROCELL Co.,Ltd. | A082920 | KOSDAQ:A082920 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A073110 | A377330 | A079960 | A058610 | A288620 | A082920 | ||
| KOSDAQ:A073110 | KOSDAQ:A377330 | KOSDAQ:A079960 | KOSDAQ:A058610 | KOSDAQ:A288620 | KOSDAQ:A082920 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 12.0% | 4.0% | NM- | 15.4% | |
| 3Y CAGR | NM- | NM- | 51.6% | -18.8% | NM- | 43.9% | |
| Latest Twelve Months | 57.1% | -1.5% | 20.2% | -21.8% | -66.1% | 37.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -6.1% | -10.6% | 6.6% | 4.7% | 0.1% | 19.2% | |
| Prior Fiscal Year | -11.4% | -11.3% | 8.0% | 4.1% | -7.7% | 21.4% | |
| Latest Fiscal Year | -5.4% | -11.0% | 9.4% | 3.2% | -12.3% | 24.6% | |
| Latest Twelve Months | -5.4% | -11.0% | 9.4% | 3.2% | -12.3% | 24.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.87x | 0.76x | -0.01x | 1.54x | 1.43x | 1.82x | |
| EV / LTM EBITDA | 15.7x | -11.2x | -0.1x | 30.9x | -28.4x | 5.8x | |
| EV / LTM EBIT | -15.9x | -6.9x | -0.1x | 47.8x | -11.7x | 7.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -15.9x | -6.9x | 47.8x | ||||
| Historical EV / LTM EBIT | 6.5x | 10.6x | 15.1x | ||||
| Selected EV / LTM EBIT | 8.7x | 9.2x | 9.6x | ||||
| (x) LTM EBIT | 51,911 | 51,911 | 51,911 | ||||
| (=) Implied Enterprise Value | 452,154 | 475,952 | 499,749 | ||||
| (-) Non-shareholder Claims * | 155,526 | 155,526 | 155,526 | ||||
| (=) Equity Value | 607,680 | 631,478 | 655,275 | ||||
| (/) Shares Outstanding | 22.5 | 22.5 | 22.5 | ||||
| Implied Value Range | 27,047.35 | 28,106.56 | 29,165.77 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27,047.35 | 28,106.56 | 29,165.77 | 24,000.00 | |||
| Upside / (Downside) | 12.7% | 17.1% | 21.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A073110 | A377330 | A079960 | A058610 | A288620 | A082920 | |
| Enterprise Value | 58,699 | 27,668 | (88,051) | 595,260 | 48,274 | 383,688 | |
| (+) Cash & Short Term Investments | 25,418 | 18,939 | 163,168 | 34,079 | 64,046 | 144,272 | |
| (+) Investments & Other | 5,718 | 1,747 | 82,279 | 1,627 | 698 | 11,886 | |
| (-) Debt | (53,161) | (8,046) | 0 | (73,205) | (37,830) | (632) | |
| (-) Other Liabilities | 0 | (50) | (4,479) | 0 | (91) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 36,675 | 40,257 | 152,917 | 557,761 | 75,097 | 539,214 | |
| (/) Shares Outstanding | 5.8 | 7.9 | 7.7 | 22.2 | 7.0 | 22.5 | |
| Implied Stock Price | 6,340.00 | 5,090.00 | 19,980.00 | 25,150.00 | 10,760.00 | 24,000.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6,340.00 | 5,090.00 | 19,980.00 | 25,150.00 | 10,760.00 | 24,000.00 | |
| 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 | |