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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -6.7x - -7.4x | -7.1x |
| Selected Fwd EBIT Multiple | 3.0x - 3.3x | 3.2x |
| Fair Value | ₩1,864 - ₩2,255 | ₩2,059 |
| Upside | -13.1% - 5.1% | -4.0% |
| Benchmarks | Ticker | Full Ticker |
| APS Inc. | A054620 | KOSDAQ:A054620 |
| VM Inc. | A089970 | KOSDAQ:A089970 |
| ASFLOW Co., LTD. | A159010 | KOSDAQ:A159010 |
| ADTechnology Co.,Ltd. | A200710 | KOSDAQ:A200710 |
| Anapass, Inc. | A123860 | KOSDAQ:A123860 |
| APACT Co., Ltd. | A200470 | KOSDAQ:A200470 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A054620 | A089970 | A159010 | A200710 | A123860 | A200470 | ||
| KOSDAQ:A054620 | KOSDAQ:A089970 | KOSDAQ:A159010 | KOSDAQ:A200710 | KOSDAQ:A123860 | KOSDAQ:A200470 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 36.9% | NM- | |
| Latest Twelve Months | -27.3% | 21.6% | -129.3% | 2.6% | 401.0% | 6.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -37.1% | 7.1% | 7.4% | -3.0% | -5.2% | -1.9% | |
| Prior Fiscal Year | -45.1% | -42.2% | 7.3% | -17.4% | 5.6% | -24.6% | |
| Latest Fiscal Year | -25.1% | -12.2% | -2.2% | -15.9% | 11.0% | -24.8% | |
| Latest Twelve Months | -25.1% | -12.2% | -2.2% | -15.9% | 11.0% | -24.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.09x | 2.65x | 1.23x | 1.39x | 0.91x | 1.95x | |
| EV / LTM EBITDA | -0.6x | -26.8x | 68.3x | -14.6x | 6.8x | 429.5x | |
| EV / LTM EBIT | -0.4x | -21.7x | -55.2x | -8.7x | 8.3x | -7.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -55.2x | -8.7x | 8.3x | ||||
| Historical EV / LTM EBIT | -13.5x | 23.5x | 40.5x | ||||
| Selected EV / LTM EBIT | -6.7x | -7.1x | -7.4x | ||||
| (x) LTM EBIT | (21,533) | (21,533) | (21,533) | ||||
| (=) Implied Enterprise Value | 144,652 | 152,266 | 159,879 | ||||
| (-) Non-shareholder Claims * | (78,436) | (78,436) | (78,436) | ||||
| (=) Equity Value | 66,216 | 73,829 | 81,442 | ||||
| (/) Shares Outstanding | 42.4 | 42.4 | 42.4 | ||||
| Implied Value Range | 1,563.09 | 1,742.81 | 1,922.53 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,563.09 | 1,742.81 | 1,922.53 | 2,145.00 | |||
| Upside / (Downside) | -27.1% | -18.7% | -10.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A054620 | A089970 | A159010 | A200710 | A123860 | A200470 | |
| Enterprise Value | 8,924 | 185,331 | 102,351 | 147,801 | 165,627 | 169,303 | |
| (+) Cash & Short Term Investments | 68,351 | 93,748 | 29,539 | 89,851 | 78,419 | 14,160 | |
| (+) Investments & Other | 182,782 | 935 | 480 | 17,815 | 0 | 0 | |
| (-) Debt | (133,206) | (578) | (68,780) | (60,037) | (7,882) | (92,597) | |
| (-) Other Liabilities | (25,636) | 0 | 0 | (463) | 0 | 0 | |
| (-) Preferred Stock | (699) | (17,276) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 100,516 | 262,159 | 63,590 | 194,967 | 236,164 | 90,867 | |
| (/) Shares Outstanding | 17.7 | 22.0 | 12.9 | 13.0 | 12.1 | 42.4 | |
| Implied Stock Price | 5,690.00 | 11,900.00 | 4,920.00 | 15,050.00 | 19,480.00 | 2,145.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5,690.00 | 11,900.00 | 4,920.00 | 15,050.00 | 19,480.00 | 2,145.00 | |
| 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 | |