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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.4x - 11.5x | 11.0x |
| Selected Fwd EBITDA Multiple | 10.4x - 11.5x | 10.9x |
| Fair Value | ₩3,691 - ₩4,073 | ₩3,882 |
| Upside | 6.2% - 17.2% | 11.7% |
| Benchmarks | Ticker | Full Ticker |
| Soosung Webtoon co., Ltd. | A084180 | KOSDAQ:A084180 |
| Neo Technical System Co., Ltd. | A085910 | KOSDAQ:A085910 |
| A-Tech Solution Co., Ltd. | A071670 | KOSDAQ:A071670 |
| Global SM Tech Limited | A900070 | KOSDAQ:A900070 |
| Narae Nanotech Corporation | A137080 | KOSDAQ:A137080 |
| Formetal Co., Ltd. | A119500 | KOSDAQ:A119500 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A084180 | A085910 | A071670 | A900070 | A137080 | A119500 | ||
| KOSDAQ:A084180 | KOSDAQ:A085910 | KOSDAQ:A071670 | KOSDAQ:A900070 | KOSDAQ:A137080 | KOSDAQ:A119500 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 1.9% | -1.1% | 4.6% | NM- | -1.7% | |
| 3Y CAGR | NM- | -16.5% | -8.8% | -4.6% | NM- | -3.5% | |
| Latest Twelve Months | 162.1% | 72.8% | -6.0% | 32.1% | -66.8% | -12.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -6.3% | 15.6% | 5.3% | 11.2% | -4.8% | 7.0% | |
| Prior Fiscal Year | -17.8% | 7.6% | 4.5% | 9.2% | -19.0% | 6.4% | |
| Latest Fiscal Year | 6.7% | 13.1% | 3.9% | 11.0% | -41.5% | 6.2% | |
| Latest Twelve Months | 6.7% | 13.1% | 3.9% | 11.0% | -41.5% | 6.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.11x | 1.33x | 0.54x | 0.13x | 2.72x | 0.61x | |
| EV / LTM EBITDA | 31.7x | 10.2x | 13.6x | 1.2x | -6.6x | 10.0x | |
| EV / LTM EBIT | 1405.4x | 22.7x | 104.5x | 2.9x | -5.0x | 26.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -6.6x | 10.2x | 31.7x | ||||
| Historical EV / LTM EBITDA | 9.5x | 10.8x | 14.0x | ||||
| Selected EV / LTM EBITDA | 10.4x | 11.0x | 11.5x | ||||
| (x) LTM EBITDA | 4,017 | 4,017 | 4,017 | ||||
| (=) Implied Enterprise Value | 41,808 | 44,008 | 46,208 | ||||
| (-) Non-shareholder Claims * | 762 | 762 | 762 | ||||
| (=) Equity Value | 42,569 | 44,770 | 46,970 | ||||
| (/) Shares Outstanding | 11.6 | 11.6 | 11.6 | ||||
| Implied Value Range | 3,663.52 | 3,852.89 | 4,042.26 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3,663.52 | 3,852.89 | 4,042.26 | 3,475.00 | |||
| Upside / (Downside) | 5.4% | 10.9% | 16.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A084180 | A085910 | A071670 | A900070 | A137080 | A119500 | |
| Enterprise Value | 144,809 | 72,220 | 155,509 | 16,604 | 109,834 | 39,617 | |
| (+) Cash & Short Term Investments | 13,633 | 29,183 | 5,437 | 35,138 | 6,904 | 4,763 | |
| (+) Investments & Other | 1,611 | 1,322 | 457 | 0 | 324 | 193 | |
| (-) Debt | (52,814) | (39,146) | (98,284) | (9,279) | (79,957) | (4,194) | |
| (-) Other Liabilities | (12,119) | (22,326) | (718) | (20,231) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 95,119 | 41,253 | 62,400 | 22,233 | 37,104 | 40,379 | |
| (/) Shares Outstanding | 17.9 | 12.9 | 10.0 | 52.6 | 11.1 | 11.6 | |
| Implied Stock Price | 5,300.00 | 3,205.00 | 6,240.00 | 423.00 | 3,355.00 | 3,475.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5,300.00 | 3,205.00 | 6,240.00 | 423.00 | 3,355.00 | 3,475.00 | |
| 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 | |