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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 132.4x - 146.3x | 139.3x |
| Selected Fwd EBIT Multiple | -14.8x - -16.3x | -15.5x |
| Fair Value | ₩844.72 - ₩900.19 | ₩872.45 |
| Upside | -27.1% - -22.3% | -24.7% |
| Benchmarks | Ticker | Full Ticker |
| NC& Co.,Ltd | A092600 | KOSDAQ:A092600 |
| Alphachips, Inc. | A117670 | KOSDAQ:A117670 |
| HiDeep Inc. | A365590 | KOSDAQ:A365590 |
| LDT Inc. | A096870 | KOSDAQ:A096870 |
| YAS Co., Ltd. | A255440 | KOSDAQ:A255440 |
| POINT ENGINEERING Co.,Ltd. | A256630 | KOSDAQ:A256630 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A092600 | A117670 | A365590 | A096870 | A255440 | A256630 | ||
| KOSDAQ:A092600 | KOSDAQ:A117670 | KOSDAQ:A365590 | KOSDAQ:A096870 | KOSDAQ:A255440 | KOSDAQ:A256630 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 27.8% | -0.5% | 15.3% | -50.2% | -82.0% | 102.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -28.8% | -6.7% | -112.8% | 4.8% | -11.3% | -2.9% | |
| Prior Fiscal Year | -57.9% | -8.1% | -83.7% | -3.9% | -12.3% | -34.3% | |
| Latest Fiscal Year | -29.8% | -6.8% | -156.0% | -8.3% | -32.1% | -4.2% | |
| Latest Twelve Months | -23.8% | -7.0% | -263.3% | -2.3% | -45.9% | 0.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.32x | 0.20x | 22.49x | 1.39x | 1.87x | 1.36x | |
| EV / LTM EBITDA | -1.9x | -4.4x | -10.2x | 85.4x | -5.0x | 7.2x | |
| EV / LTM EBIT | -1.4x | -2.9x | -8.5x | -59.8x | -4.1x | 290.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -59.8x | -4.1x | -1.4x | ||||
| Historical EV / LTM EBIT | -13.2x | 16.9x | 31.7x | ||||
| Selected EV / LTM EBIT | 132.4x | 139.3x | 146.3x | ||||
| (x) LTM EBIT | 165 | 165 | 165 | ||||
| (=) Implied Enterprise Value | 21,793 | 22,940 | 24,087 | ||||
| (-) Non-shareholder Claims * | 18,088 | 18,088 | 18,088 | ||||
| (=) Equity Value | 39,880 | 41,027 | 42,174 | ||||
| (/) Shares Outstanding | 56.9 | 56.9 | 56.9 | ||||
| Implied Value Range | 700.67 | 720.83 | 740.98 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 700.67 | 720.83 | 740.98 | 1,158.00 | |||
| Upside / (Downside) | -39.5% | -37.8% | -36.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A092600 | A117670 | A365590 | A096870 | A255440 | A256630 | |
| Enterprise Value | 31,875 | 16,951 | 81,527 | 15,031 | 46,252 | 47,822 | |
| (+) Cash & Short Term Investments | 28,788 | 17,284 | 10,879 | 5,510 | 17,112 | 38,565 | |
| (+) Investments & Other | 0 | 6,763 | 86 | 0 | 38,589 | 2,560 | |
| (-) Debt | (47,409) | (1,711) | (8,429) | (5) | (4,378) | (22,923) | |
| (-) Other Liabilities | 1,309 | 6 | 0 | 0 | 0 | (114) | |
| (-) Preferred Stock | (237) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,326 | 39,293 | 84,063 | 20,536 | 97,575 | 65,910 | |
| (/) Shares Outstanding | 24.5 | 6.1 | 134.9 | 6.7 | 11.9 | 56.9 | |
| Implied Stock Price | 585.00 | 6,400.00 | 623.00 | 3,075.00 | 8,180.00 | 1,158.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 585.00 | 6,400.00 | 623.00 | 3,075.00 | 8,180.00 | 1,158.00 | |
| 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 | |