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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -109.7x - -121.3x | -115.5x |
| Selected Fwd EBITDA Multiple | 7.2x - 7.9x | 7.6x |
| Fair Value | ₩11,861 - ₩13,682 | ₩12,772 |
| Upside | -25.4% - -14.0% | -19.7% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A333620 | A054950 | A101170 | A024880 | A094820 | A282880 | ||
| KOSDAQ:A333620 | KOSDAQ:A054950 | KOSDAQ:A101170 | KOSDAQ:A024880 | KOSDAQ:A094820 | KOSDAQ:A282880 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 22.8% | 15.1% | -9.9% | 13.4% | -4.8% | -15.2% | |
| 3Y CAGR | 12.9% | 25.1% | -25.0% | 46.4% | -15.0% | 2.8% | |
| Latest Twelve Months | -80.0% | 17.9% | -118.7% | -16.6% | -19.8% | -109.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.0% | 19.5% | 9.6% | 6.1% | 9.2% | 7.1% | |
| Prior Fiscal Year | 5.3% | 22.1% | 10.8% | 7.5% | 8.3% | 8.5% | |
| Latest Fiscal Year | 18.4% | 22.2% | 3.6% | 7.1% | 6.8% | 3.8% | |
| Latest Twelve Months | 2.6% | 23.9% | -2.8% | 6.9% | 6.3% | -0.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.96x | 1.65x | 1.07x | 0.46x | 0.84x | 1.24x | |
| EV / LTM EBITDA | 36.6x | 6.9x | -38.3x | 6.6x | 13.3x | -140.6x | |
| EV / LTM EBIT | 282.4x | 7.8x | -10.9x | 9.4x | 17.9x | -31.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -38.3x | 6.9x | 36.6x | ||||
| Historical EV / LTM EBITDA | 9.0x | 14.1x | 60.7x | ||||
| Selected EV / LTM EBITDA | -109.7x | -115.5x | -121.3x | ||||
| (x) LTM EBITDA | (1,733) | (1,733) | (1,733) | ||||
| (=) Implied Enterprise Value | 190,122 | 200,129 | 210,135 | ||||
| (-) Non-shareholder Claims * | (61,049) | (61,049) | (61,049) | ||||
| (=) Equity Value | 129,074 | 139,080 | 149,086 | ||||
| (/) Shares Outstanding | 11.2 | 11.2 | 11.2 | ||||
| Implied Value Range | 11,487.89 | 12,378.49 | 13,269.09 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11,487.89 | 12,378.49 | 13,269.09 | 15,900.00 | |||
| Upside / (Downside) | -27.7% | -22.1% | -16.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A333620 | A054950 | A101170 | A024880 | A094820 | A282880 | |
| Enterprise Value | 57,668 | 286,288 | 56,096 | 350,548 | 166,560 | 239,695 | |
| (+) Cash & Short Term Investments | 22,253 | 120,837 | 13,812 | 58,254 | 46,804 | 84,027 | |
| (+) Investments & Other | 5,967 | 4,882 | 0 | 12,427 | 19,529 | 30,355 | |
| (-) Debt | (12,068) | (31,914) | (123) | (289,678) | (74,250) | (74,890) | |
| (-) Other Liabilities | (668) | 0 | 0 | (24,350) | (5,396) | (100,541) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 73,152 | 380,093 | 69,785 | 107,201 | 153,247 | 178,646 | |
| (/) Shares Outstanding | 10.3 | 11.5 | 13.2 | 19.4 | 14.8 | 11.2 | |
| Implied Stock Price | 7,080.00 | 33,000.00 | 5,280.00 | 5,540.00 | 10,330.00 | 15,900.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7,080.00 | 33,000.00 | 5,280.00 | 5,540.00 | 10,330.00 | 15,900.00 | |
| 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 | |