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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.8x - 7.6x | 7.2x |
| Selected Fwd EBITDA Multiple | 5.7x - 6.3x | 6.0x |
| Fair Value | ₩29,387 - ₩31,717 | ₩30,552 |
| Upside | 3.7% - 11.9% | 7.8% |
| Benchmarks | Ticker | Full Ticker |
| GnCenergy Co., Ltd | A119850 | KOSDAQ:A119850 |
| LMS Co., Ltd. | A073110 | KOSDAQ:A073110 |
| Seoho Electric Co.,Ltd | A065710 | KOSDAQ:A065710 |
| NOVATECH Co., Ltd. | A285490 | KOSDAQ:A285490 |
| ILJIN Holdings Co.,Ltd. | A015860 | KOSE:A015860 |
| VITZROCELL Co.,Ltd. | A082920 | KOSDAQ:A082920 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A119850 | A073110 | A065710 | A285490 | A015860 | A082920 | ||
| KOSDAQ:A119850 | KOSDAQ:A073110 | KOSDAQ:A065710 | KOSDAQ:A285490 | KOSE:A015860 | KOSDAQ:A082920 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 25.7% | -27.4% | -30.9% | 19.9% | 11.3% | 13.5% | |
| 3Y CAGR | 55.7% | 15.9% | -49.1% | -22.9% | 13.0% | 33.5% | |
| Latest Twelve Months | 242.3% | -127.2% | -9.7% | -40.2% | 37.3% | 40.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.2% | 3.0% | 18.4% | 33.0% | 5.7% | 27.3% | |
| Prior Fiscal Year | 8.1% | 0.8% | 20.2% | 31.1% | 5.7% | 27.7% | |
| Latest Fiscal Year | 15.8% | 5.5% | 4.3% | 24.5% | 5.5% | 31.4% | |
| Latest Twelve Months | 19.6% | -4.2% | 14.9% | 23.2% | 5.9% | 31.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.99x | 1.22x | 1.65x | 1.20x | 0.27x | 2.06x | |
| EV / LTM EBITDA | 10.2x | -28.8x | 11.1x | 5.2x | 4.5x | 6.6x | |
| EV / LTM EBIT | 11.3x | -7.2x | 11.4x | 6.7x | 6.0x | 8.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -28.8x | 5.2x | 11.1x | ||||
| Historical EV / LTM EBITDA | 5.2x | 6.8x | 10.3x | ||||
| Selected EV / LTM EBITDA | 6.8x | 7.2x | 7.6x | ||||
| (x) LTM EBITDA | 71,042 | 71,042 | 71,042 | ||||
| (=) Implied Enterprise Value | 485,880 | 511,453 | 537,025 | ||||
| (-) Non-shareholder Claims * | 162,979 | 162,979 | 162,979 | ||||
| (=) Equity Value | 648,859 | 674,432 | 700,005 | ||||
| (/) Shares Outstanding | 22.5 | 22.5 | 22.5 | ||||
| Implied Value Range | 28,880.22 | 30,018.43 | 31,156.65 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 28,880.22 | 30,018.43 | 31,156.65 | 28,350.00 | |||
| Upside / (Downside) | 1.9% | 5.9% | 9.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A119850 | A073110 | A065710 | A285490 | A015860 | A082920 | |
| Enterprise Value | 497,767 | 71,464 | 120,177 | 81,966 | 514,396 | 473,968 | |
| (+) Cash & Short Term Investments | 43,299 | 17,023 | 34,127 | 91,842 | 571,281 | 151,718 | |
| (+) Investments & Other | 37,914 | 3,707 | 28,320 | 6,027 | 36,191 | 11,969 | |
| (-) Debt | (13,168) | (51,875) | (64) | (260) | (240,756) | (707) | |
| (-) Other Liabilities | (2,619) | 0 | (1,121) | (4,442) | (583,585) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 563,193 | 40,319 | 181,439 | 175,133 | 297,526 | 636,947 | |
| (/) Shares Outstanding | 14.9 | 5.8 | 4.5 | 9.3 | 46.0 | 22.5 | |
| Implied Stock Price | 37,700.00 | 6,970.00 | 40,150.00 | 18,740.00 | 6,470.00 | 28,350.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 37,700.00 | 6,970.00 | 40,150.00 | 18,740.00 | 6,470.00 | 28,350.00 | |
| 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 | |