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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 30.0x - 33.2x | 31.6x |
| Selected Fwd EBITDA Multiple | 5.2x - 5.7x | 5.5x |
| Fair Value | ₩26,699 - ₩29,521 | ₩28,110 |
| Upside | -27.1% - -19.3% | -23.2% |
| Benchmarks | Ticker | Full Ticker |
| HD Hyundai Energy Solutions Co.,Ltd. | A322000 | KOSE:A322000 |
| SFA Semicon Co., Ltd. | A036540 | KOSDAQ:A036540 |
| Duk San Neolux Co.,Ltd | A213420 | KOSDAQ:A213420 |
| TEMC Co., Ltd. | A425040 | KOSDAQ:A425040 |
| Wonik IPS Co., Ltd. | A240810 | KOSDAQ:A240810 |
| Philoptics Co., Ltd. | A161580 | KOSDAQ:A161580 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A322000 | A036540 | A213420 | A425040 | A240810 | A161580 | ||
| KOSE:A322000 | KOSDAQ:A036540 | KOSDAQ:A213420 | KOSDAQ:A425040 | KOSDAQ:A240810 | KOSDAQ:A161580 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -12.7% | -12.2% | NM- | NM- | -7.1% | NM- | |
| 3Y CAGR | -7.1% | -25.7% | 2.9% | 32.2% | -36.3% | NM- | |
| Latest Twelve Months | 205.5% | -1.1% | 17.3% | 28.9% | 598.8% | 320.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.2% | 13.3% | 28.4% | 14.5% | 11.2% | 3.0% | |
| Prior Fiscal Year | 5.8% | 7.7% | 25.5% | 13.9% | 3.9% | 5.3% | |
| Latest Fiscal Year | 3.4% | 11.3% | 29.4% | 11.7% | 7.0% | 5.1% | |
| Latest Twelve Months | 6.3% | 10.1% | 31.3% | 13.0% | 9.4% | 5.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.91x | 1.46x | 3.89x | 0.94x | 1.55x | 2.34x | |
| EV / LTM EBITDA | 14.5x | 14.6x | 12.4x | 7.2x | 16.5x | 43.7x | |
| EV / LTM EBIT | 25.4x | -60.9x | 14.7x | 14.0x | 39.1x | 68.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.2x | 14.5x | 16.5x | ||||
| Historical EV / LTM EBITDA | -22.8x | 14.8x | 43.8x | ||||
| Selected EV / LTM EBITDA | 30.0x | 31.6x | 33.2x | ||||
| (x) LTM EBITDA | 19,999 | 19,999 | 19,999 | ||||
| (=) Implied Enterprise Value | 600,721 | 632,338 | 663,955 | ||||
| (-) Non-shareholder Claims * | (2,562) | (2,562) | (2,562) | ||||
| (=) Equity Value | 598,160 | 629,777 | 661,394 | ||||
| (/) Shares Outstanding | 22.9 | 22.9 | 22.9 | ||||
| Implied Value Range | 26,136.80 | 27,518.31 | 28,899.82 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 26,136.80 | 27,518.31 | 28,899.82 | 36,600.00 | |||
| Upside / (Downside) | -28.6% | -24.8% | -21.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A322000 | A036540 | A213420 | A425040 | A240810 | A161580 | |
| Enterprise Value | 362,205 | 507,976 | 751,204 | 244,612 | 1,157,386 | 840,179 | |
| (+) Cash & Short Term Investments | 129,195 | 104,982 | 97,096 | 84,653 | 190,832 | 130,103 | |
| (+) Investments & Other | 2,254 | 0 | 29,782 | 8,573 | 26,980 | 8,418 | |
| (-) Debt | (14,293) | (93,709) | (83,035) | (91,695) | (7,973) | (59,885) | |
| (-) Other Liabilities | 0 | (1,119) | (5,349) | (95,441) | 0 | (81,198) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 479,360 | 518,129 | 789,698 | 150,703 | 1,367,225 | 837,618 | |
| (/) Shares Outstanding | 11.2 | 164.0 | 24.6 | 21.2 | 48.7 | 22.9 | |
| Implied Stock Price | 42,800.00 | 3,160.00 | 32,150.00 | 7,120.00 | 28,100.00 | 36,600.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 42,800.00 | 3,160.00 | 32,150.00 | 7,120.00 | 28,100.00 | 36,600.00 | |
| 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 | |