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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.6x - 2.8x | 2.7x |
| Selected Fwd Revenue Multiple | 2.0x - 2.2x | 2.1x |
| Fair Value | ₩4,905 - ₩5,406 | ₩5,155 |
| Upside | 3.7% - 14.3% | 9.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| ISAAC Engineering Co.,Ltd | A351330 | KOSDAQ:A351330 |
| BRIDGETEC Corp. | A064480 | KOSDAQ:A064480 |
| Linkgenesis Co., Ltd. | A219420 | KOSDAQ:A219420 |
| Kwangmu Co.,Ltd. | A029480 | KOSDAQ:A029480 |
| Osangjaiel Co., Ltd. | A053980 | KOSDAQ:A053980 |
| Suresofttech Inc. | A298830 | KOSDAQ:A298830 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| A351330 | A064480 | A219420 | A029480 | A053980 | A298830 | |||
| KOSDAQ:A351330 | KOSDAQ:A064480 | KOSDAQ:A219420 | KOSDAQ:A029480 | KOSDAQ:A053980 | KOSDAQ:A298830 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 15.9% | 4.1% | 2.8% | -24.2% | 9.5% | 24.9% | ||
| 3Y CAGR | 16.7% | -7.1% | -6.5% | -29.9% | 8.9% | 34.0% | ||
| Latest Twelve Months | -31.9% | -18.6% | -7.7% | -73.1% | 13.2% | 40.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 0.0% | 3.8% | 16.2% | -11.8% | 2.1% | 16.7% | ||
| Prior Fiscal Year | 0.1% | 7.8% | 9.9% | -10.8% | 6.1% | 18.4% | ||
| Latest Fiscal Year | -7.0% | -7.5% | -0.6% | -72.1% | 6.8% | 8.9% | ||
| Latest Twelve Months | -7.0% | -7.5% | -0.6% | -72.1% | 6.8% | 8.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.70x | 0.22x | 1.37x | -5.48x | 0.14x | 2.70x | ||
| EV / LTM EBIT | -10.0x | -3.0x | -225.0x | 7.6x | 2.0x | 30.4x | ||
| Price / LTM Sales | 0.80x | 1.20x | 4.35x | 18.49x | 0.50x | 2.78x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -5.48x | 0.22x | 1.37x | |||||
| Historical EV / LTM Revenue | 0.03x | 2.70x | 7.45x | |||||
| Selected EV / LTM Revenue | 2.57x | 2.71x | 2.84x | |||||
| (x) LTM Revenue | 88,803 | 88,803 | 88,803 | |||||
| (=) Implied Enterprise Value | 228,245 | 240,258 | 252,271 | |||||
| (-) Non-shareholder Claims * | 7,168 | 7,168 | 7,168 | |||||
| (=) Equity Value | 235,412 | 247,425 | 259,438 | |||||
| (/) Shares Outstanding | 52.2 | 52.2 | 52.2 | |||||
| Implied Value Range | 4,510.39 | 4,740.55 | 4,970.71 | |||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4,510.39 | 4,740.55 | 4,970.71 | 4,730.00 | ||||
| Upside / (Downside) | -4.6% | 0.2% | 5.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A351330 | A064480 | A219420 | A029480 | A053980 | A298830 | |
| Enterprise Value | 47,578 | 9,653 | 17,918 | (124,120) | (33,107) | 239,707 | |
| (+) Cash & Short Term Investments | 11,735 | 21,298 | 36,211 | 176,445 | 42,202 | 41,057 | |
| (+) Investments & Other | 986 | 23,859 | 4,973 | 88,338 | 49,430 | 10,565 | |
| (-) Debt | (5,278) | (2,497) | (243) | (19,958) | (20) | (30,874) | |
| (-) Other Liabilities | (234) | 0 | (1,910) | 0 | 0 | (13,581) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 54,787 | 52,313 | 56,949 | 120,705 | 58,505 | 246,875 | |
| (/) Shares Outstanding | 8.3 | 10.7 | 11.3 | 55.0 | 18.9 | 52.2 | |
| Implied Stock Price | 6,610.00 | 4,890.00 | 5,060.00 | 2,195.00 | 3,100.00 | 4,730.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6,610.00 | 4,890.00 | 5,060.00 | 2,195.00 | 3,100.00 | 4,730.00 | |
| 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 | |