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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 2.7x - 3.0x | 2.9x |
Selected Fwd EBITDA Multiple | 2.5x - 2.8x | 2.6x |
Fair Value | ₩3,278 - ₩3,355 | ₩3,317 |
Upside | 51.1% - 54.6% | 52.8% |
Benchmarks | Ticker | Full Ticker |
Digital Daesung Co., Ltd. | A068930 | KOSDAQ:A068930 |
YBM Net, Inc. | A057030 | KOSDAQ:A057030 |
Ibkimyoung Co., Ltd. | A339950 | KOSDAQ:A339950 |
I-Scream Edu Co.,Ltd. | A289010 | KOSDAQ:A289010 |
STACO LINK Co., Ltd. | A060240 | KOSDAQ:A060240 |
MegaMD Co., Ltd. | A133750 | KOSDAQ:A133750 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
A068930 | A057030 | A339950 | A289010 | A060240 | A133750 | ||
KOSDAQ:A068930 | KOSDAQ:A057030 | KOSDAQ:A339950 | KOSDAQ:A289010 | KOSDAQ:A060240 | KOSDAQ:A133750 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 6.7% | -0.1% | NM- | NM- | NM- | -8.6% | |
3Y CAGR | 3.9% | -5.6% | 15.6% | NM- | NM- | -26.0% | |
Latest Twelve Months | 17.7% | -28.0% | 29.8% | 67.0% | -195.9% | 31.3% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 18.0% | 12.3% | 22.5% | 2.7% | -56.7% | 17.2% | |
Prior Fiscal Year | 18.3% | 14.9% | 22.3% | -4.2% | -72.5% | 5.6% | |
Latest Fiscal Year | 18.0% | 11.1% | 26.8% | 6.3% | -144.7% | 20.3% | |
Latest Twelve Months | 19.3% | 10.6% | 26.6% | 4.9% | -109.1% | 18.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.27x | 0.51x | 0.64x | 0.29x | 0.69x | 0.45x | |
EV / LTM EBITDA | 6.6x | 4.8x | 2.4x | 5.8x | -0.6x | 2.5x | |
EV / LTM EBIT | 10.6x | 11.9x | 4.1x | -10.7x | -0.6x | 11.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -0.6x | 4.8x | 6.6x | ||||
Historical EV / LTM EBITDA | -14.7x | 1.5x | 4.6x | ||||
Selected EV / LTM EBITDA | 2.7x | 2.9x | 3.0x | ||||
(x) LTM EBITDA | 6,597 | 6,597 | 6,597 | ||||
(=) Implied Enterprise Value | 17,880 | 18,821 | 19,762 | ||||
(-) Non-shareholder Claims * | 56,192 | 56,192 | 56,192 | ||||
(=) Equity Value | 74,072 | 75,013 | 75,954 | ||||
(/) Shares Outstanding | 22.1 | 22.1 | 22.1 | ||||
Implied Value Range | 3,355.48 | 3,398.11 | 3,440.74 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 3,355.48 | 3,398.11 | 3,440.74 | 2,170.00 | |||
Upside / (Downside) | 54.6% | 56.6% | 58.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A068930 | A057030 | A339950 | A289010 | A060240 | A133750 | |
Enterprise Value | 292,702 | 29,778 | 71,173 | 29,895 | 12,517 | (8,289) | |
(+) Cash & Short Term Investments | 29,159 | 36,997 | 22,799 | 9,308 | 68 | 34,852 | |
(+) Investments & Other | 21,528 | 555 | 11,648 | 1,218 | 2,472 | 25,207 | |
(-) Debt | (93,410) | (7,933) | (16,593) | (13,740) | (8,679) | (3,867) | |
(-) Other Liabilities | (28,377) | (0) | 3,121 | (5) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 221,603 | 59,397 | 92,148 | 26,676 | 6,378 | 47,903 | |
(/) Shares Outstanding | 26.1 | 16.2 | 43.4 | 13.6 | 3.2 | 22.1 | |
Implied Stock Price | 8,490.00 | 3,670.00 | 2,125.00 | 1,960.00 | 1,976.00 | 2,170.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 8,490.00 | 3,670.00 | 2,125.00 | 1,960.00 | 1,976.00 | 2,170.00 | |
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 |