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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 30.3x - 33.5x | 31.9x |
| Selected Fwd EBITDA Multiple | 10.3x - 11.4x | 10.8x |
| Fair Value | ₩6,284 - ₩6,962 | ₩6,623 |
| Upside | 17.7% - 30.4% | 24.0% |
| Benchmarks | Ticker | Full Ticker |
| HS Valve Co., Ltd | A039610 | KOSDAQ:A039610 |
| Daechang Solution Co., Ltd. | A096350 | KOSDAQ:A096350 |
| KNR System Inc. | A199430 | KOSDAQ:A199430 |
| Neo Technical System Co., Ltd. | A085910 | KOSDAQ:A085910 |
| Seoam Machinery Industry Co.,Ltd. | A100660 | KOSDAQ:A100660 |
| CS BEARING Co., Ltd. | A297090 | KOSDAQ:A297090 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A039610 | A096350 | A199430 | A085910 | A100660 | A297090 | ||
| KOSDAQ:A039610 | KOSDAQ:A096350 | KOSDAQ:A199430 | KOSDAQ:A085910 | KOSDAQ:A100660 | KOSDAQ:A297090 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -22.8% | NM- | 1.9% | -18.6% | -15.3% | |
| 3Y CAGR | 33.3% | NM- | NM- | -16.5% | -22.0% | 6.4% | |
| Latest Twelve Months | -16.2% | -80.2% | -93.5% | 72.8% | -58.2% | 57.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.1% | -4.4% | -15.5% | 15.6% | 5.6% | 4.1% | |
| Prior Fiscal Year | 12.5% | 9.0% | -16.3% | 7.6% | 6.5% | 4.6% | |
| Latest Fiscal Year | 10.5% | 2.1% | -36.3% | 13.1% | 2.9% | 5.2% | |
| Latest Twelve Months | 10.5% | 2.1% | -36.3% | 13.1% | 2.9% | 5.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.32x | 1.89x | 4.23x | 1.30x | 0.31x | 1.42x | |
| EV / LTM EBITDA | 12.5x | 91.0x | -11.6x | 9.9x | 10.8x | 27.3x | |
| EV / LTM EBIT | 15.1x | 667.6x | -10.1x | 22.2x | -10.3x | 71.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -11.6x | 10.8x | 91.0x | ||||
| Historical EV / LTM EBITDA | -50.4x | 27.3x | 192.0x | ||||
| Selected EV / LTM EBITDA | 30.3x | 31.9x | 33.5x | ||||
| (x) LTM EBITDA | 5,494 | 5,494 | 5,494 | ||||
| (=) Implied Enterprise Value | 166,638 | 175,409 | 184,179 | ||||
| (-) Non-shareholder Claims * | (4,438) | (4,438) | (4,438) | ||||
| (=) Equity Value | 162,200 | 170,971 | 179,741 | ||||
| (/) Shares Outstanding | 27.3 | 27.3 | 27.3 | ||||
| Implied Value Range | 5,947.94 | 6,269.56 | 6,591.17 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5,947.94 | 6,269.56 | 6,591.17 | 5,340.00 | |||
| Upside / (Downside) | 11.4% | 17.4% | 23.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A039610 | A096350 | A199430 | A085910 | A100660 | A297090 | |
| Enterprise Value | 120,308 | 115,890 | 78,316 | 70,611 | 13,317 | 150,060 | |
| (+) Cash & Short Term Investments | 11,208 | 15,529 | 10,787 | 29,183 | 28,907 | 14,094 | |
| (+) Investments & Other | 3,599 | 2,203 | 4,209 | 1,322 | 2,084 | 0 | |
| (-) Debt | (27,055) | (72,557) | (12,131) | (39,146) | (81) | (18,532) | |
| (-) Other Liabilities | 0 | (5,997) | 0 | (22,326) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 108,060 | 55,068 | 81,182 | 39,644 | 44,226 | 145,622 | |
| (/) Shares Outstanding | 10.4 | 159.2 | 10.9 | 12.9 | 12.6 | 27.3 | |
| Implied Stock Price | 10,380.00 | 346.00 | 7,470.00 | 3,080.00 | 3,510.00 | 5,340.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10,380.00 | 346.00 | 7,470.00 | 3,080.00 | 3,510.00 | 5,340.00 | |
| 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 | |