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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 42.5x - 46.9x | 44.7x |
| Selected Fwd EBITDA Multiple | 18.7x - 20.7x | 19.7x |
| Fair Value | ₩3,236 - ₩3,606 | ₩3,421 |
| Upside | -18.8% - -9.5% | -14.2% |
| Benchmarks | Ticker | Full Ticker |
| Kukje Pharma Co., Ltd. | A002720 | KOSE:A002720 |
| JW Lifescience Corporation | A234080 | KOSE:A234080 |
| BCWORLD PHARM. Co., Ltd. | A200780 | KOSDAQ:A200780 |
| Ilyang Pharmaceutical Co.,Ltd | A007570 | KOSE:A007570 |
| Kyung Dong Pharmaceutical Co., Ltd. | A011040 | KOSDAQ:A011040 |
| KUKJEON PHARMACEUTICAL Co., Ltd | A307750 | KOSDAQ:A307750 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A002720 | A234080 | A200780 | A007570 | A011040 | A307750 | ||
| KOSE:A002720 | KOSE:A234080 | KOSDAQ:A200780 | KOSE:A007570 | KOSDAQ:A011040 | KOSDAQ:A307750 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.4% | 4.5% | 28.2% | -13.3% | -23.9% | NM- | |
| 3Y CAGR | 53.4% | 7.4% | 36.2% | -7.6% | -29.3% | -8.8% | |
| Latest Twelve Months | 116.4% | 13.7% | -23.7% | -13.3% | 161.6% | -55.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 24.0% | 9.3% | 10.5% | 6.1% | 6.0% | |
| Prior Fiscal Year | 1.6% | 22.4% | 18.4% | 10.6% | -11.7% | 7.9% | |
| Latest Fiscal Year | 6.3% | 23.2% | 12.3% | 7.7% | 4.1% | 4.0% | |
| Latest Twelve Months | 5.5% | 21.6% | 12.1% | 8.0% | 5.1% | 3.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.69x | 0.94x | 1.58x | 1.11x | 0.50x | 1.57x | |
| EV / LTM EBITDA | 12.7x | 4.3x | 13.0x | 13.9x | 9.9x | 51.4x | |
| EV / LTM EBIT | 19.8x | 6.3x | 91.1x | 24.5x | 19.9x | -190.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.3x | 12.7x | 13.9x | ||||
| Historical EV / LTM EBITDA | 25.4x | 33.0x | 53.5x | ||||
| Selected EV / LTM EBITDA | 42.5x | 44.7x | 46.9x | ||||
| (x) LTM EBITDA | 4,143 | 4,143 | 4,143 | ||||
| (=) Implied Enterprise Value | 175,961 | 185,222 | 194,484 | ||||
| (-) Non-shareholder Claims * | (13,939) | (13,939) | (13,939) | ||||
| (=) Equity Value | 162,022 | 171,283 | 180,544 | ||||
| (/) Shares Outstanding | 50.0 | 50.0 | 50.0 | ||||
| Implied Value Range | 3,242.65 | 3,428.00 | 3,613.35 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3,242.65 | 3,428.00 | 3,613.35 | 3,985.00 | |||
| Upside / (Downside) | -18.6% | -14.0% | -9.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A002720 | A234080 | A200780 | A007570 | A011040 | A307750 | |
| Enterprise Value | 111,155 | 226,458 | 117,325 | 301,588 | 97,750 | 213,054 | |
| (+) Cash & Short Term Investments | 9,932 | 26,465 | 7,143 | 13,036 | 32,582 | 38,582 | |
| (+) Investments & Other | 4,603 | 2,062 | 2,999 | 44,051 | 68,323 | 5,185 | |
| (-) Debt | (29,467) | (65,299) | (86,917) | (114,649) | (36,205) | (57,868) | |
| (-) Other Liabilities | (11) | 0 | 479 | (3,721) | (261) | 161 | |
| (-) Preferred Stock | 0 | 0 | 0 | (1,113) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 96,213 | 189,686 | 41,028 | 239,192 | 162,189 | 199,115 | |
| (/) Shares Outstanding | 20.4 | 15.5 | 9.3 | 18.0 | 26.9 | 50.0 | |
| Implied Stock Price | 4,725.00 | 12,250.00 | 4,420.00 | 13,310.00 | 6,020.00 | 3,985.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4,725.00 | 12,250.00 | 4,420.00 | 13,310.00 | 6,020.00 | 3,985.00 | |
| 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 | |