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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 26.6x - 29.4x | 28.0x |
Selected Fwd EBIT Multiple | 11.2x - 12.3x | 11.7x |
Fair Value | ₩35,413 - ₩38,253 | ₩36,833 |
Upside | 9.6% - 18.4% | 14.0% |
Benchmarks | Ticker | Full Ticker |
Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
Gravity Co., Ltd. | GRVY | NasdaqGM:GRVY |
Chorokbaem Media Co., Ltd. | A047820 | KOSDAQ:A047820 |
CUROHOLDINGS Co., Ltd. | A051780 | KOSDAQ:A051780 |
Samhwa Networks Co., Ltd. | A046390 | KOSDAQ:A046390 |
Wemade Co.,Ltd. | A112040 | KOSDAQ:A112040 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
A052790 | GRVY | A047820 | A051780 | A046390 | A112040 | ||
KOSDAQ:A052790 | NasdaqGM:GRVY | KOSDAQ:A047820 | KOSDAQ:A051780 | KOSDAQ:A046390 | KOSDAQ:A112040 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 5.8% | 6.9% | NM- | NM- | 31.1% | NM- | |
3Y CAGR | 5.1% | -11.5% | NM- | NM- | -54.5% | -64.1% | |
Latest Twelve Months | -29.7% | -50.3% | -230.7% | -150.0% | -211.9% | 130.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 39.6% | 20.5% | -3.9% | -1.4% | 2.9% | -3.8% | |
Prior Fiscal Year | 46.9% | 20.9% | -1.5% | -4.5% | -2.9% | -18.3% | |
Latest Fiscal Year | 37.0% | 14.1% | -10.7% | -13.4% | 1.4% | 0.6% | |
Latest Twelve Months | 34.0% | 13.2% | -8.9% | -14.5% | -7.8% | 4.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | -1.15x | 0.15x | 0.18x | 0.50x | 1.10x | 1.16x | |
EV / LTM EBITDA | -3.2x | 1.1x | 1.6x | -4.1x | -22.2x | 13.8x | |
EV / LTM EBIT | -3.4x | 1.2x | -2.1x | -3.5x | -14.1x | 26.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -14.1x | -3.4x | 1.2x | ||||
Historical EV / LTM EBIT | -32.8x | -21.9x | 82.4x | ||||
Selected EV / LTM EBIT | 26.6x | 28.0x | 29.4x | ||||
(x) LTM EBIT | 30,774 | 30,774 | 30,774 | ||||
(=) Implied Enterprise Value | 819,281 | 862,401 | 905,522 | ||||
(-) Non-shareholder Claims * | 284,409 | 284,409 | 284,409 | ||||
(=) Equity Value | 1,103,690 | 1,146,810 | 1,189,930 | ||||
(/) Shares Outstanding | 33.7 | 33.7 | 33.7 | ||||
Implied Value Range | 32,705.22 | 33,982.98 | 35,260.74 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 32,705.22 | 33,982.98 | 35,260.74 | 32,300.00 | |||
Upside / (Downside) | 1.3% | 5.2% | 9.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A052790 | GRVY | A047820 | A051780 | A046390 | A112040 | |
Enterprise Value | (138,217) | 37,047 | 39,716 | 31,325 | 31,410 | 805,606 | |
(+) Cash & Short Term Investments | 172,493 | 583,196 | 180,094 | 10,987 | 17,353 | 448,788 | |
(+) Investments & Other | 40,865 | 670 | 13,946 | 21,616 | 3,145 | 457,179 | |
(-) Debt | (2,929) | (3,390) | (79,419) | (42,689) | (997) | (178,030) | |
(-) Other Liabilities | 0 | (713) | (22,472) | (2,375) | 1 | (416,810) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (26,718) | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 72,211 | 616,810 | 131,866 | 18,864 | 50,912 | 1,090,015 | |
(/) Shares Outstanding | 10.9 | 6.9 | 24.4 | 23.2 | 39.6 | 33.7 | |
Implied Stock Price | 6,610.00 | 88,763.63 | 5,400.00 | 814.00 | 1,286.00 | 32,300.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1,374.05 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 6,610.00 | 64.60 | 5,400.00 | 814.00 | 1,286.00 | 32,300.00 | |
Trading Currency | KRW | USD | KRW | KRW | KRW | KRW | |
FX Rate to Reporting Currency | 1.00 | 1,374.05 | 1.00 | 1.00 | 1.00 | 1.00 |