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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 24.6x - 27.1x | 25.9x |
| Selected Fwd EBIT Multiple | 23.9x - 26.4x | 25.2x |
| Fair Value | ₩1,576 - ₩1,843 | ₩1,710 |
| Upside | -31.0% - -19.3% | -25.2% |
| Benchmarks | Ticker | Full Ticker |
| ITEK, Inc. | A119830 | KOSDAQ:A119830 |
| Vessel Co., Ltd. | A177350 | KOSDAQ:A177350 |
| ICD Co., Ltd. | A040910 | KOSDAQ:A040910 |
| Alphachips, Inc. | A117670 | KOSDAQ:A117670 |
| AUK Corp. | A017900 | KOSE:A017900 |
| Neontech Co.,Ltd. | A306620 | KOSDAQ:A306620 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A119830 | A177350 | A040910 | A117670 | A017900 | A306620 | ||
| KOSDAQ:A119830 | KOSDAQ:A177350 | KOSDAQ:A040910 | KOSDAQ:A117670 | KOSE:A017900 | KOSDAQ:A306620 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | 19.4% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | -40.3% | NM- | |
| Latest Twelve Months | 26.5% | 8.9% | 31.5% | 10.6% | 133.4% | 67.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.5% | -22.8% | -8.1% | -6.4% | -0.1% | -0.7% | |
| Prior Fiscal Year | -12.8% | -50.5% | -63.0% | -8.1% | -3.5% | 2.5% | |
| Latest Fiscal Year | -7.9% | -46.8% | -18.2% | -6.8% | 1.1% | 3.5% | |
| Latest Twelve Months | -7.9% | -46.8% | -18.2% | -6.8% | 1.1% | 3.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.60x | 1.43x | 0.46x | 0.50x | 0.02x | 1.29x | |
| EV / LTM EBITDA | 7.0x | -3.2x | -3.3x | -11.1x | 0.3x | 24.8x | |
| EV / LTM EBIT | -7.6x | -3.1x | -2.5x | -7.4x | 1.6x | 37.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -7.6x | -3.1x | 1.6x | ||||
| Historical EV / LTM EBIT | -471.4x | -40.7x | 252.6x | ||||
| Selected EV / LTM EBIT | 24.6x | 25.9x | 27.1x | ||||
| (x) LTM EBIT | 3,626 | 3,626 | 3,626 | ||||
| (=) Implied Enterprise Value | 89,060 | 93,747 | 98,435 | ||||
| (-) Non-shareholder Claims * | (40,066) | (40,066) | (40,066) | ||||
| (=) Equity Value | 48,994 | 53,681 | 58,368 | ||||
| (/) Shares Outstanding | 41.7 | 41.7 | 41.7 | ||||
| Implied Value Range | 1,173.72 | 1,286.01 | 1,398.30 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,173.72 | 1,286.01 | 1,398.30 | 2,285.00 | |||
| Upside / (Downside) | -48.6% | -43.7% | -38.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A119830 | A177350 | A040910 | A117670 | A017900 | A306620 | |
| Enterprise Value | 34,939 | 36,663 | 67,310 | 42,083 | (32,033) | 135,448 | |
| (+) Cash & Short Term Investments | 122,368 | 1,185 | 26,509 | 8,257 | 89,632 | 30,353 | |
| (+) Investments & Other | 5,047 | 328 | 7,110 | 6,770 | 34,227 | 629 | |
| (-) Debt | (35,321) | (19,602) | (34,104) | (6,956) | (216) | (54,999) | |
| (-) Other Liabilities | (3,772) | 0 | (30) | 5 | (199) | (16,049) | |
| (-) Preferred Stock | (948) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 122,314 | 18,573 | 66,795 | 50,159 | 91,410 | 95,381 | |
| (/) Shares Outstanding | 21.6 | 17.7 | 16.3 | 61.4 | 50.4 | 41.7 | |
| Implied Stock Price | 5,660.00 | 1,049.00 | 4,095.00 | 817.00 | 1,815.00 | 2,285.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5,660.00 | 1,049.00 | 4,095.00 | 817.00 | 1,815.00 | 2,285.00 | |
| 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 | |