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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.9x - 15.4x | 14.7x |
| Selected Fwd EBITDA Multiple | 4.8x - 5.3x | 5.1x |
| Fair Value | ₩2,286 - ₩2,701 | ₩2,494 |
| Upside | 1.2% - 19.5% | 10.3% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A002810 | A122900 | A010420 | A001250 | A095570 | A162300 | ||
| KOSE:A002810 | KOSE:A122900 | KOSE:A010420 | KOSE:A001250 | KOSE:A095570 | KOSDAQ:A162300 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 19.2% | -1.0% | NM- | 3.3% | 5.1% | 11.7% | |
| 3Y CAGR | -4.8% | 2.1% | -1.3% | 19.2% | 4.8% | -22.0% | |
| Latest Twelve Months | 5.5% | -9.3% | 183.8% | 11.5% | -2.4% | -24.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.4% | 2.1% | 2.0% | 2.1% | 23.0% | 4.7% | |
| Prior Fiscal Year | 5.5% | 2.2% | 1.0% | 2.5% | 26.3% | 4.6% | |
| Latest Fiscal Year | 5.8% | 2.1% | 2.4% | 2.6% | 24.0% | 3.1% | |
| Latest Twelve Months | 5.9% | 2.1% | 2.6% | 2.5% | 22.9% | 2.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.25x | 0.09x | 0.07x | 0.13x | 1.08x | 0.41x | |
| EV / LTM EBITDA | 4.3x | 4.1x | 2.7x | 5.0x | 4.7x | 14.3x | |
| EV / LTM EBIT | 6.5x | 6.5x | 5.3x | 6.8x | 16.2x | 17.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.7x | 4.3x | 5.0x | ||||
| Historical EV / LTM EBITDA | 11.8x | 16.6x | 17.1x | ||||
| Selected EV / LTM EBITDA | 13.9x | 14.7x | 15.4x | ||||
| (x) LTM EBITDA | 11,111 | 11,111 | 11,111 | ||||
| (=) Implied Enterprise Value | 154,786 | 162,933 | 171,079 | ||||
| (-) Non-shareholder Claims * | (67,327) | (67,327) | (67,327) | ||||
| (=) Equity Value | 87,459 | 95,606 | 103,753 | ||||
| (/) Shares Outstanding | 40.7 | 40.7 | 40.7 | ||||
| Implied Value Range | 2,146.87 | 2,346.85 | 2,546.83 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,146.87 | 2,346.85 | 2,546.83 | 2,260.00 | |||
| Upside / (Downside) | -5.0% | 3.8% | 12.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A002810 | A122900 | A010420 | A001250 | A095570 | A162300 | |
| Enterprise Value | (72,664) | 274,205 | 21,883 | 520,199 | 1,132,605 | 159,395 | |
| (+) 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 | 317,482 | 269,649 | 38,424 | 229,749 | 206,750 | 92,068 | |
| (/) Shares Outstanding | 17.6 | 31.5 | 20.5 | 82.5 | 44.8 | 40.7 | |
| Implied Stock Price | 18,010.00 | 8,570.00 | 1,875.00 | 2,785.00 | 4,620.00 | 2,260.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 18,010.00 | 8,570.00 | 1,875.00 | 2,785.00 | 4,620.00 | 2,260.00 | |
| 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 | |