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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 75.1x - 83.0x | 79.0x |
| Selected Fwd EBIT Multiple | 51.7x - 57.1x | 54.4x |
| Fair Value | ₩166.59 - ₩1,239 | ₩702.95 |
| Upside | -85.6% - 7.5% | -39.0% |
| Benchmarks | Ticker | Full Ticker |
| Korea Fuel-Tech Corporation | A123410 | KOSDAQ:A123410 |
| DAE-IL Corporation | A092200 | KOSE:A092200 |
| CTR Mobility Co.,Ltd. | A308170 | KOSE:A308170 |
| Hyundai Industrial Co., Ltd. | A170030 | KOSDAQ:A170030 |
| Sewon Co.,Ltd | A234100 | KOSDAQ:A234100 |
| Samkee Corp. | A122350 | KOSDAQ:A122350 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A123410 | A092200 | A308170 | A170030 | A234100 | A122350 | ||
| KOSDAQ:A123410 | KOSE:A092200 | KOSE:A308170 | KOSDAQ:A170030 | KOSDAQ:A234100 | KOSDAQ:A122350 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 35.1% | NM- | -17.8% | 28.1% | -36.6% | -2.4% | |
| 3Y CAGR | 60.9% | -6.5% | 3.1% | -6.1% | NM- | NM- | |
| Latest Twelve Months | 7.0% | -39.0% | 2291.1% | -29.3% | -91.2% | -34.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.3% | -0.6% | 0.8% | 5.0% | 3.7% | 0.8% | |
| Prior Fiscal Year | 5.2% | 4.9% | 0.0% | 5.0% | 4.6% | 1.5% | |
| Latest Fiscal Year | 5.1% | 3.0% | 0.9% | 3.3% | 0.3% | 0.9% | |
| Latest Twelve Months | 5.1% | 3.0% | 0.9% | 3.3% | 0.3% | 0.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.24x | 0.67x | 0.40x | 0.04x | 0.22x | 0.79x | |
| EV / LTM EBITDA | 2.8x | 7.7x | 9.1x | 1.0x | 6.1x | 8.1x | |
| EV / LTM EBIT | 4.7x | 22.2x | 43.8x | 1.3x | 69.0x | 83.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.3x | 22.2x | 69.0x | ||||
| Historical EV / LTM EBIT | 57.6x | 83.3x | 224.9x | ||||
| Selected EV / LTM EBIT | 75.1x | 79.0x | 83.0x | ||||
| (x) LTM EBIT | 5,143 | 5,143 | 5,143 | ||||
| (=) Implied Enterprise Value | 386,016 | 406,332 | 426,649 | ||||
| (-) Non-shareholder Claims * | (380,534) | (380,534) | (380,534) | ||||
| (=) Equity Value | 5,482 | 25,798 | 46,115 | ||||
| (/) Shares Outstanding | 38.0 | 38.0 | 38.0 | ||||
| Implied Value Range | 144.40 | 679.59 | 1,214.78 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 144.40 | 679.59 | 1,214.78 | 1,153.00 | |||
| Upside / (Downside) | -87.5% | -41.1% | 5.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A123410 | A092200 | A308170 | A170030 | A234100 | A122350 | |
| Enterprise Value | 174,083 | 482,049 | 171,961 | 11,602 | 47,825 | 424,303 | |
| (+) Cash & Short Term Investments | 52,542 | 44,507 | 2,972 | 62,491 | 106,354 | 27,634 | |
| (+) Investments & Other | 9,128 | 5,917 | 26,267 | 20,026 | 87,771 | 4,027 | |
| (-) Debt | (101,181) | (334,110) | (150,229) | (5,796) | (22,952) | (346,177) | |
| (-) Other Liabilities | (5,947) | (25,363) | 0 | 0 | (146,921) | (66,018) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 128,626 | 173,000 | 50,971 | 88,323 | 72,077 | 43,770 | |
| (/) Shares Outstanding | 27.8 | 38.7 | 8.6 | 14.9 | 65.5 | 38.0 | |
| Implied Stock Price | 4,620.00 | 4,465.00 | 5,920.00 | 5,910.00 | 1,100.00 | 1,153.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4,620.00 | 4,465.00 | 5,920.00 | 5,910.00 | 1,100.00 | 1,153.00 | |
| 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 | |