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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 43.8x - 48.4x | 46.1x |
| Selected Fwd EBITDA Multiple | 3.7x - 4.0x | 3.8x |
| Fair Value | ₩11,809 - ₩12,828 | ₩12,318 |
| Upside | 1.5% - 10.3% | 5.9% |
| Benchmarks | Ticker | Full Ticker |
| Contec.,Co.Ltd | A451760 | KOSDAQ:A451760 |
| Genohco., Inc. | A361390 | KOSDAQ:A361390 |
| Hizeaero Co., Ltd. | A221840 | KOSDAQ:A221840 |
| AeroSpace Technology of Korea Inc. | A067390 | KOSDAQ:A067390 |
| Lumir Inc. | A474170 | KOSDAQ:A474170 |
| Kencoa Aerospace Corporation | A274090 | KOSDAQ:A274090 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A451760 | A361390 | A221840 | A067390 | A474170 | A274090 | ||
| KOSDAQ:A451760 | KOSDAQ:A361390 | KOSDAQ:A221840 | KOSDAQ:A067390 | KOSDAQ:A474170 | KOSDAQ:A274090 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | -23.9% | 0.1% | NM- | -26.8% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 37.9% | -138.5% | 1161.3% | 194.1% | 32.4% | -51.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -31.3% | 7.1% | -2.1% | -11.5% | -10.5% | -0.1% | |
| Prior Fiscal Year | -74.5% | 4.7% | -0.3% | -14.7% | -19.9% | 6.7% | |
| Latest Fiscal Year | -10.4% | -0.8% | 2.5% | 4.2% | -3.5% | 1.0% | |
| Latest Twelve Months | -9.8% | -0.3% | 4.5% | 13.9% | -7.8% | 2.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.88x | 2.01x | 0.92x | 1.92x | 7.64x | 1.51x | |
| EV / LTM EBITDA | -19.1x | -659.0x | 20.4x | 13.8x | -97.4x | 53.9x | |
| EV / LTM EBIT | -10.4x | -53.9x | -140.4x | 29.3x | -56.2x | -30.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -659.0x | -19.1x | 20.4x | ||||
| Historical EV / LTM EBITDA | -115.1x | 18.1x | 83.1x | ||||
| Selected EV / LTM EBITDA | 43.8x | 46.1x | 48.4x | ||||
| (x) LTM EBITDA | 2,311 | 2,311 | 2,311 | ||||
| (=) Implied Enterprise Value | 101,218 | 106,546 | 111,873 | ||||
| (-) Non-shareholder Claims * | 27,921 | 27,921 | 27,921 | ||||
| (=) Equity Value | 129,139 | 134,467 | 139,794 | ||||
| (/) Shares Outstanding | 13.1 | 13.1 | 13.1 | ||||
| Implied Value Range | 9,854.40 | 10,260.91 | 10,667.43 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9,854.40 | 10,260.91 | 10,667.43 | 11,630.00 | |||
| Upside / (Downside) | -15.3% | -11.8% | -8.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A451760 | A361390 | A221840 | A067390 | A474170 | A274090 | |
| Enterprise Value | 146,544 | 108,864 | 80,349 | 382,036 | 100,065 | 124,487 | |
| (+) Cash & Short Term Investments | 108,378 | 30,707 | 9,258 | 20,864 | 29,040 | 60,291 | |
| (+) Investments & Other | 1,183 | 5,563 | 4,782 | 196 | 249 | 18,640 | |
| (-) Debt | (25,252) | (17,546) | (50,493) | (168,847) | (1,006) | (50,911) | |
| (-) Other Liabilities | (95,426) | 0 | (3,409) | 0 | 0 | (99) | |
| (-) Preferred Stock | (2,695) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 132,733 | 127,588 | 40,487 | 234,249 | 128,349 | 152,408 | |
| (/) Shares Outstanding | 14.9 | 7.5 | 18.7 | 395.0 | 17.7 | 13.1 | |
| Implied Stock Price | 8,930.00 | 17,010.00 | 2,165.00 | 593.00 | 7,240.00 | 11,630.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8,930.00 | 17,010.00 | 2,165.00 | 593.00 | 7,240.00 | 11,630.00 | |
| 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 | |