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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 104.4x - 115.4x | 109.9x |
| Selected Fwd EBIT Multiple | 9.0x - 10.0x | 9.5x |
| Fair Value | ₩9,803 - ₩11,565 | ₩10,684 |
| Upside | -22.3% - -8.4% | -15.3% |
| Benchmarks | Ticker | Full Ticker |
| Nsys Co., Ltd. | A333620 | KOSDAQ:A333620 |
| JVM Co., Ltd. | A054950 | KOSDAQ:A054950 |
| WOORIM POWER TRAIN SOLUTION Co., Ltd. | A101170 | KOSDAQ:A101170 |
| Korea Parts & Fasteners Co.,Ltd | A024880 | KOSDAQ:A024880 |
| Iljin Power Co., Ltd. | A094820 | KOSDAQ:A094820 |
| COWINTECH Co. Ltd. | A282880 | KOSDAQ:A282880 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A333620 | A054950 | A101170 | A024880 | A094820 | A282880 | ||
| KOSDAQ:A333620 | KOSDAQ:A054950 | KOSDAQ:A101170 | KOSDAQ:A024880 | KOSDAQ:A094820 | KOSDAQ:A282880 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 22.8% | 23.9% | NM- | 19.3% | -6.5% | -29.6% | |
| 3Y CAGR | 10.7% | 34.9% | NM- | 216.7% | -18.3% | -18.3% | |
| Latest Twelve Months | 334.6% | 8.9% | -187.6% | -16.3% | -18.2% | -89.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.4% | 15.2% | 3.5% | 3.3% | 8.0% | 6.0% | |
| Prior Fiscal Year | 3.6% | 19.0% | 4.3% | 5.5% | 6.9% | 6.8% | |
| Latest Fiscal Year | 16.6% | 19.2% | -2.2% | 5.0% | 5.3% | 1.5% | |
| Latest Twelve Months | 15.3% | 19.9% | -4.4% | 5.2% | 5.0% | 0.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 1.58x | 0.77x | 0.45x | 0.89x | 1.01x | |
| EV / LTM EBITDA | 5.0x | 6.9x | 42.9x | 6.2x | 14.7x | 29.5x | |
| EV / LTM EBIT | 5.6x | 8.0x | -17.7x | 8.6x | 17.8x | 138.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -17.7x | 8.0x | 17.8x | ||||
| Historical EV / LTM EBIT | 10.5x | 18.2x | 80.6x | ||||
| Selected EV / LTM EBIT | 104.4x | 109.9x | 115.4x | ||||
| (x) LTM EBIT | 1,587 | 1,587 | 1,587 | ||||
| (=) Implied Enterprise Value | 165,739 | 174,462 | 183,186 | ||||
| (-) Non-shareholder Claims * | (77,948) | (77,948) | (77,948) | ||||
| (=) Equity Value | 87,792 | 96,515 | 105,238 | ||||
| (/) Shares Outstanding | 11.2 | 11.2 | 11.2 | ||||
| Implied Value Range | 7,813.70 | 8,590.08 | 9,366.46 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7,813.70 | 8,590.08 | 9,366.46 | 12,620.00 | |||
| Upside / (Downside) | -38.1% | -31.9% | -25.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A333620 | A054950 | A101170 | A024880 | A094820 | A282880 | |
| Enterprise Value | 53,648 | 256,560 | 49,534 | 353,518 | 169,046 | 219,741 | |
| (+) Cash & Short Term Investments | 18,646 | 108,123 | 16,347 | 47,309 | 53,518 | 67,433 | |
| (+) Investments & Other | 12,655 | 9,838 | 0 | 12,407 | 16,697 | 29,136 | |
| (-) Debt | (8,779) | (32,437) | (193) | (296,756) | (74,204) | (70,832) | |
| (-) Other Liabilities | (22) | 0 | 0 | (24,950) | (4,925) | (103,684) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 76,148 | 342,084 | 65,688 | 91,527 | 160,133 | 141,793 | |
| (/) Shares Outstanding | 10.3 | 11.5 | 13.2 | 19.4 | 14.9 | 11.2 | |
| Implied Stock Price | 7,370.00 | 29,700.00 | 4,970.00 | 4,730.00 | 10,760.00 | 12,620.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7,370.00 | 29,700.00 | 4,970.00 | 4,730.00 | 10,760.00 | 12,620.00 | |
| 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 | |