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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.9x - 9.8x | 9.4x |
| Selected Fwd EBITDA Multiple | 9.1x - 10.0x | 9.6x |
| Fair Value | ₩2,643 - ₩3,174 | ₩2,908 |
| Upside | -16.6% - 0.1% | -8.3% |
| Benchmarks | Ticker | Full Ticker |
| A-Tech Solution Co., Ltd. | A071670 | KOSDAQ:A071670 |
| Daechang Solution Co., Ltd. | A096350 | KOSDAQ:A096350 |
| Seoam Machinery Industry Co.,Ltd. | A100660 | KOSDAQ:A100660 |
| Narae Nanotech Corporation | A137080 | KOSDAQ:A137080 |
| CS BEARING Co., Ltd. | A297090 | KOSDAQ:A297090 |
| Neo Technical System Co., Ltd. | A085910 | KOSDAQ:A085910 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A071670 | A096350 | A100660 | A137080 | A297090 | A085910 | ||
| KOSDAQ:A071670 | KOSDAQ:A096350 | KOSDAQ:A100660 | KOSDAQ:A137080 | KOSDAQ:A297090 | KOSDAQ:A085910 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.1% | -22.8% | -18.6% | NM- | -15.3% | 1.9% | |
| 3Y CAGR | -8.8% | NM- | -22.0% | NM- | 6.4% | -16.5% | |
| Latest Twelve Months | -6.0% | -80.2% | -46.6% | -66.8% | 57.4% | 72.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.3% | -4.4% | 5.6% | -4.8% | 4.1% | 15.6% | |
| Prior Fiscal Year | 4.5% | 9.0% | 6.5% | -19.0% | 4.6% | 7.6% | |
| Latest Fiscal Year | 3.9% | 2.1% | 2.9% | -41.5% | 5.2% | 13.1% | |
| Latest Twelve Months | 3.9% | 2.1% | 2.8% | -41.5% | 5.2% | 13.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.53x | 1.98x | 0.34x | 2.71x | 2.25x | 1.32x | |
| EV / LTM EBITDA | 13.4x | 95.3x | 11.6x | -6.5x | 43.2x | 10.1x | |
| EV / LTM EBIT | 102.6x | 698.7x | -11.1x | -5.0x | 113.5x | 22.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -6.5x | 13.4x | 95.3x | ||||
| Historical EV / LTM EBITDA | 5.1x | 10.1x | 15.9x | ||||
| Selected EV / LTM EBITDA | 8.9x | 9.4x | 9.8x | ||||
| (x) LTM EBITDA | 7,115 | 7,115 | 7,115 | ||||
| (=) Implied Enterprise Value | 63,373 | 66,708 | 70,043 | ||||
| (-) Non-shareholder Claims * | (30,967) | (30,967) | (30,967) | ||||
| (=) Equity Value | 32,406 | 35,741 | 39,076 | ||||
| (/) Shares Outstanding | 12.9 | 12.9 | 12.9 | ||||
| Implied Value Range | 2,517.63 | 2,776.77 | 3,035.90 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,517.63 | 2,776.77 | 3,035.90 | 3,170.00 | |||
| Upside / (Downside) | -20.6% | -12.4% | -4.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A071670 | A096350 | A100660 | A137080 | A297090 | A085910 | |
| Enterprise Value | 152,509 | 121,301 | 14,335 | 109,391 | 237,596 | 71,770 | |
| (+) Cash & Short Term Investments | 5,437 | 15,529 | 28,353 | 6,904 | 14,094 | 29,183 | |
| (+) Investments & Other | 457 | 2,203 | 2,142 | 324 | 0 | 1,322 | |
| (-) Debt | (98,284) | (72,557) | (101) | (79,957) | (18,532) | (39,146) | |
| (-) Other Liabilities | (718) | (5,997) | 0 | 0 | 0 | (22,326) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 59,400 | 60,479 | 44,730 | 36,662 | 233,159 | 40,802 | |
| (/) Shares Outstanding | 10.0 | 159.2 | 12.6 | 11.1 | 27.3 | 12.9 | |
| Implied Stock Price | 5,940.00 | 380.00 | 3,550.00 | 3,315.00 | 8,550.00 | 3,170.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5,940.00 | 380.00 | 3,550.00 | 3,315.00 | 8,550.00 | 3,170.00 | |
| 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 | |