Peoplebio Inc

Stock Price

1,785.00 KRW

Fair Value

1,847.78 KRW

Metrics	Range	Conclusion
Selected LTM Revenue Multiple	12.8x - 14.1x	13.5x
Selected Fwd Revenue Multiple	10.2x - 11.2x	10.7x
Fair Value	₩1,751 - ₩1,945	₩1,848
Upside	-1.9% - 9.0%	3.5%

Multiples Valuation: EV / Revenue

Stock Price

1,785.00 KRW

Fair Value

1,847.78 KRW

Upside

3.5%

LTM Revenue Multiple

Proj Revenue Multiple

Fair Value

Benchmark Editor


Select LTM Revenue Multiple

	Benchmark Companies
	A373110	A363250	A263050	A235980	A168330	A304840
	KOSDAQ:A373110	KOSDAQ:A363250	KOSDAQ:A263050	KOSDAQ:A235980	KOSDAQ:A168330	KOSDAQ:A304840
Historical Revenue Growth
5Y CAGR	86.6%	NM-	87.7%	NM-	27.6%	NM-
3Y CAGR	-0.5%	NM-	406.0%	NM-	14.9%	86.3%
Latest Twelve Months	-16.8%	91.7%	52.9%	NM	3.4%	-29.8%

Historical EBIT Profit Margin
5 Year Average Margin	-600.7%	-1019.2%	-12628.7%	-1798.0%	-33.3%	-471.7%
Prior Fiscal Year	-795.4%	-1057.3%	-22622.8%	NA	-21.8%	-342.4%
Latest Fiscal Year	-482.3%	-837.6%	-279.9%	NA	-16.9%	-308.2%
Latest Twelve Months	-701.7%	-924.2%	-205.5%	-643.6%	-16.2%	-312.0%

Current Trading Multiples
EV / LTM Revenue	14.53x	37.25x	5.43x	94.92x	3.15x	12.69x
EV / LTM EBIT	-2.1x	-4.0x	-2.6x	-14.7x	-19.4x	-4.1x
Price / LTM Sales	13.94x	38.85x	4.44x	111.75x	2.99x	12.06x


	Low	Mid	High

Benchmark EV / LTM Revenue	3.15x	14.53x	94.92x
Historical EV / LTM Revenue	14.05x	31.05x	256.28x

Selected EV / LTM Revenue	12.79x	13.47x	14.14x
(x) LTM Revenue	3,132	3,132	3,132
(=) Implied Enterprise Value	40,076	42,185	44,294
(-) Non-shareholder Claims *	(1,948)	(1,948)	(1,948)
(=) Equity Value	38,128	40,237	42,346
(/) Shares Outstanding	21.2	21.2	21.2
Implied Value Range	1,800.99	1,900.62	2,000.25
FX Rate: KRW/KRW	1.0	1.0	1.0		Market Price
Implied Value Range (Trading Cur)	1,800.99	1,900.62	2,000.25		1,785.00
Upside / (Downside)	0.9%	6.5%	12.1%

Supporting Calculations

Equity Waterfall

Financials

Historical Multiples


Equity Waterfall

	Benchmark Companies
(in millions)	A373110	A363250	A263050	A235980	A168330	A304840

Enterprise Value	21,577	39,435	57,179	234,370	70,486	39,737
(+) Cash & Short Term Investments	3,655	4,024	8,230	43,402	1,991	3,414
(+) Investments & Other	1,130	3,838	69	0	603	4,101
(-) Debt	(5,656)	(3,885)	(16,402)	(1,857)	(5,879)	(10,256)
(-) Other Liabilities	0	(2,285)	(2,301)	0	366	1,087
(-) Preferred Stock	0	0	0	0	0	(295)
(-) Other	0	0	0	0	0	0
Value of Common Equity	20,707	41,128	46,775	275,915	67,567	37,789
(/) Shares Outstanding	10.9	6.8	36.8	34.3	31.6	21.2
Implied Stock Price	1,893.00	6,030.00	1,270.00	8,050.00	2,140.00	1,785.00
FX Conversion Rate to Trading Currency	1.00	1.00	1.00	1.00	1.00	1.00
Implied Stock Price (Trading Cur)	1,893.00	6,030.00	1,270.00	8,050.00	2,140.00	1,785.00

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

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