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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.6x - 15.1x | 14.4x |
| Selected Fwd EBITDA Multiple | 4.7x - 5.2x | 4.9x |
| Fair Value | ₩2,200 - ₩2,606 | ₩2,403 |
| Upside | -0.4% - 17.9% | 8.7% |
| Benchmarks | Ticker | Full Ticker |
| Samyung Trading Co., Ltd. | A002810 | KOSE:A002810 |
| Hyundai Corporation | A011760 | KOSE:A011760 |
| Hansol PNS Co.,Ltd. | A010420 | KOSE:A010420 |
| SK Networks Company Limited | A001740 | KOSE:A001740 |
| AJ Networks Co.,Ltd. | A095570 | KOSE:A095570 |
| Shin Steel Co.,Ltd. | A162300 | KOSDAQ:A162300 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A002810 | A011760 | A010420 | A001740 | A095570 | A162300 | ||
| KOSE:A002810 | KOSE:A011760 | KOSE:A010420 | KOSE:A001740 | KOSE:A095570 | KOSDAQ:A162300 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 19.2% | 21.5% | NM- | -6.8% | 5.1% | 11.7% | |
| 3Y CAGR | -4.8% | 44.8% | -1.3% | -11.9% | 4.8% | -22.0% | |
| Latest Twelve Months | 5.5% | 26.8% | 183.8% | -41.4% | -2.4% | -24.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.4% | 1.3% | 2.0% | 9.8% | 23.0% | 4.7% | |
| Prior Fiscal Year | 5.5% | 1.6% | 1.0% | 12.1% | 26.3% | 4.6% | |
| Latest Fiscal Year | 5.8% | 1.8% | 2.4% | 8.7% | 24.0% | 3.1% | |
| Latest Twelve Months | 5.9% | 1.9% | 2.6% | 7.2% | 22.9% | 2.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.20x | 0.07x | 0.07x | 0.23x | 1.06x | 0.40x | |
| EV / LTM EBITDA | 3.4x | 3.9x | 2.7x | 3.2x | 4.7x | 14.2x | |
| EV / LTM EBIT | 5.2x | 4.2x | 5.3x | 14.8x | 16.0x | 17.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.7x | 3.4x | 4.7x | ||||
| Historical EV / LTM EBITDA | 11.8x | 16.6x | 17.1x | ||||
| Selected EV / LTM EBITDA | 13.6x | 14.4x | 15.1x | ||||
| (x) LTM EBITDA | 11,111 | 11,111 | 11,111 | ||||
| (=) Implied Enterprise Value | 151,624 | 159,605 | 167,585 | ||||
| (-) Non-shareholder Claims * | (67,327) | (67,327) | (67,327) | ||||
| (=) Equity Value | 84,298 | 92,278 | 100,258 | ||||
| (/) Shares Outstanding | 40.7 | 40.7 | 40.7 | ||||
| Implied Value Range | 2,069.27 | 2,265.16 | 2,461.05 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,069.27 | 2,265.16 | 2,461.05 | 2,210.00 | |||
| Upside / (Downside) | -6.4% | 2.5% | 11.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A002810 | A011760 | A010420 | A001740 | A095570 | A162300 | |
| Enterprise Value | (98,578) | 542,842 | 21,944 | 1,636,738 | 1,114,929 | 157,358 | |
| (+) Cash & Short Term Investments | 274,965 | 308,165 | 21,462 | 642,383 | 207,748 | 15,603 | |
| (+) Investments & Other | 194,771 | 239,878 | 1,891 | 403,123 | 67,458 | 2,235 | |
| (-) Debt | (21,173) | (783,973) | (4,031) | (1,811,398) | (1,201,014) | (85,165) | |
| (-) Other Liabilities | (58,417) | (5,708) | (2,781) | 1,254 | (48) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 291,569 | 301,204 | 38,486 | 872,100 | 189,073 | 90,031 | |
| (/) Shares Outstanding | 17.6 | 13.0 | 20.5 | 194.0 | 44.8 | 40.7 | |
| Implied Stock Price | 16,540.00 | 23,150.00 | 1,878.00 | 4,495.00 | 4,225.00 | 2,210.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16,540.00 | 23,150.00 | 1,878.00 | 4,495.00 | 4,225.00 | 2,210.00 | |
| 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 | |