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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.0x - 3.4x | 3.2x |
| Selected Fwd EBITDA Multiple | 3.3x - 3.6x | 3.4x |
| Fair Value | ₩67,562 - ₩74,079 | ₩70,821 |
| Upside | 28.9% - 41.4% | 35.2% |
| Benchmarks | Ticker | Full Ticker |
| YBM Net, Inc. | A057030 | KOSDAQ:A057030 |
| Digital Daesung Co., Ltd. | A068930 | KOSDAQ:A068930 |
| Kukbo Design Co., Ltd. | A066620 | KOSDAQ:A066620 |
| Ibkimyoung Co., Ltd. | A339950 | KOSDAQ:A339950 |
| Creverse, Inc. | A096240 | KOSDAQ:A096240 |
| MegaStudyEdu Co. Ltd | A215200 | KOSDAQ:A215200 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A057030 | A068930 | A066620 | A339950 | A096240 | A215200 | ||
| KOSDAQ:A057030 | KOSDAQ:A068930 | KOSDAQ:A066620 | KOSDAQ:A339950 | KOSDAQ:A096240 | KOSDAQ:A215200 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -0.1% | 6.7% | 27.4% | NM- | -4.1% | 15.1% | |
| 3Y CAGR | -5.6% | 3.9% | 15.5% | 15.6% | -12.6% | 8.5% | |
| Latest Twelve Months | -28.0% | 17.7% | 40.0% | 29.8% | -28.8% | 3.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.3% | 18.0% | 8.4% | 22.5% | 20.9% | 22.0% | |
| Prior Fiscal Year | 14.9% | 18.3% | 8.2% | 22.3% | 21.4% | 21.9% | |
| Latest Fiscal Year | 11.1% | 18.0% | 9.6% | 26.8% | 15.0% | 21.8% | |
| Latest Twelve Months | 10.6% | 19.3% | 11.7% | 26.6% | 14.3% | 22.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.48x | 1.18x | -0.13x | 0.64x | 0.72x | 0.54x | |
| EV / LTM EBITDA | 4.5x | 6.1x | -1.1x | 2.4x | 5.0x | 2.4x | |
| EV / LTM EBIT | 11.1x | 9.8x | -1.1x | 4.1x | 24.0x | 3.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -1.1x | 4.5x | 6.1x | ||||
| Historical EV / LTM EBITDA | 2.5x | 4.1x | 6.1x | ||||
| Selected EV / LTM EBITDA | 3.0x | 3.2x | 3.4x | ||||
| (x) LTM EBITDA | 208,926 | 208,926 | 208,926 | ||||
| (=) Implied Enterprise Value | 635,865 | 669,332 | 702,799 | ||||
| (-) Non-shareholder Claims * | 60,853 | 60,853 | 60,853 | ||||
| (=) Equity Value | 696,718 | 730,185 | 763,651 | ||||
| (/) Shares Outstanding | 10.8 | 10.8 | 10.8 | ||||
| Implied Value Range | 64,757.20 | 67,867.78 | 70,978.37 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 64,757.20 | 67,867.78 | 70,978.37 | 52,400.00 | |||
| Upside / (Downside) | 23.6% | 29.5% | 35.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A057030 | A068930 | A066620 | A339950 | A096240 | A215200 | |
| Enterprise Value | 27,350 | 272,082 | (96,793) | 70,740 | 163,558 | 502,915 | |
| (+) Cash & Short Term Investments | 36,997 | 29,159 | 174,647 | 22,799 | 35,476 | 97,405 | |
| (+) Investments & Other | 555 | 21,528 | 43,189 | 11,648 | 2,005 | 47,438 | |
| (-) Debt | (7,933) | (93,410) | (353) | (16,593) | (81,993) | (69,369) | |
| (-) Other Liabilities | (0) | (28,377) | 0 | 3,121 | 740 | (14,621) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 56,969 | 200,982 | 120,691 | 91,714 | 119,786 | 563,768 | |
| (/) Shares Outstanding | 16.2 | 26.1 | 6.6 | 43.4 | 8.4 | 10.8 | |
| Implied Stock Price | 3,520.00 | 7,700.00 | 18,260.00 | 2,115.00 | 14,200.00 | 52,400.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,520.00 | 7,700.00 | 18,260.00 | 2,115.00 | 14,200.00 | 52,400.00 | |
| 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 | |