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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.9x - 18.7x | 17.8x |
| Selected Fwd EBIT Multiple | 5.4x - 6.0x | 5.7x |
| Fair Value | ₩2,389 - ₩2,814 | ₩2,602 |
| Upside | 7.4% - 26.5% | 16.9% |
| Benchmarks | Ticker | Full Ticker |
| Samyung Trading Co., Ltd. | A002810 | KOSE:A002810 |
| iMarketKorea Inc. | A122900 | KOSE:A122900 |
| Hansol PNS Co.,Ltd. | A010420 | KOSE:A010420 |
| GS Global Corp. | A001250 | KOSE:A001250 |
| AJ Networks Co.,Ltd. | A095570 | KOSE:A095570 |
| Shin Steel Co.,Ltd. | A162300 | KOSDAQ:A162300 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A002810 | A122900 | A010420 | A001250 | A095570 | A162300 | ||
| KOSE:A002810 | KOSE:A122900 | KOSE:A010420 | KOSE:A001250 | KOSE:A095570 | KOSDAQ:A162300 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 14.8% | -3.0% | NM- | 6.1% | 36.0% | 13.7% | |
| 3Y CAGR | -8.5% | -0.5% | -10.0% | 26.3% | 14.8% | -24.0% | |
| Latest Twelve Months | 4.5% | -15.0% | 379.7% | 9.1% | -9.1% | -29.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.5% | 1.5% | 0.7% | 1.4% | 5.5% | 4.2% | |
| Prior Fiscal Year | 3.6% | 1.5% | -0.5% | 1.9% | 8.4% | 4.0% | |
| Latest Fiscal Year | 3.8% | 1.3% | 1.1% | 1.9% | 7.2% | 2.7% | |
| Latest Twelve Months | 3.9% | 1.3% | 1.3% | 1.9% | 6.7% | 2.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.17x | 0.08x | 0.07x | 0.12x | 1.05x | 0.40x | |
| EV / LTM EBITDA | 2.9x | 3.9x | 2.6x | 5.0x | 4.6x | 14.2x | |
| EV / LTM EBIT | 4.4x | 6.2x | 5.2x | 6.7x | 15.8x | 17.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.4x | 6.2x | 15.8x | ||||
| Historical EV / LTM EBIT | 13.4x | 18.0x | 20.2x | ||||
| Selected EV / LTM EBIT | 16.9x | 17.8x | 18.7x | ||||
| (x) LTM EBIT | 9,130 | 9,130 | 9,130 | ||||
| (=) Implied Enterprise Value | 154,067 | 162,176 | 170,285 | ||||
| (-) Non-shareholder Claims * | (67,327) | (67,327) | (67,327) | ||||
| (=) Equity Value | 86,740 | 94,849 | 102,958 | ||||
| (/) Shares Outstanding | 40.7 | 40.7 | 40.7 | ||||
| Implied Value Range | 2,129.23 | 2,328.28 | 2,527.33 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,129.23 | 2,328.28 | 2,527.33 | 2,225.00 | |||
| Upside / (Downside) | -4.3% | 4.6% | 13.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A002810 | A122900 | A010420 | A001250 | A095570 | A162300 | |
| Enterprise Value | (113,385) | 263,507 | 21,780 | 511,950 | 1,099,937 | 157,969 | |
| (+) Cash & Short Term Investments | 274,965 | 198,620 | 21,462 | 104,353 | 207,748 | 15,603 | |
| (+) Investments & Other | 194,771 | 24,250 | 1,891 | 99,639 | 67,458 | 2,235 | |
| (-) Debt | (21,173) | (179,844) | (4,031) | (456,849) | (1,201,014) | (85,165) | |
| (-) Other Liabilities | (58,417) | (47,582) | (2,781) | (37,594) | (48) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 276,761 | 258,952 | 38,322 | 221,500 | 174,082 | 90,642 | |
| (/) Shares Outstanding | 17.6 | 31.5 | 20.5 | 82.5 | 44.8 | 40.7 | |
| Implied Stock Price | 15,700.00 | 8,230.00 | 1,870.00 | 2,685.00 | 3,890.00 | 2,225.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15,700.00 | 8,230.00 | 1,870.00 | 2,685.00 | 3,890.00 | 2,225.00 | |
| 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 | |