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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 39.9x - 44.1x | 42.0x |
Selected Fwd EBITDA Multiple | 17.1x - 18.8x | 17.9x |
Fair Value | ₩2,972 - ₩3,314 | ₩3,143 |
Upside | -18.0% - -8.6% | -13.3% |
Benchmarks | Ticker | Full Ticker |
Kukje Pharma Co., Ltd. | A002720 | KOSE:A002720 |
JW Lifescience Corporation | A234080 | KOSE:A234080 |
Kyung Dong Pharmaceutical Co., Ltd. | A011040 | KOSDAQ:A011040 |
BCWORLD PHARM. Co., Ltd. | A200780 | KOSDAQ:A200780 |
Whan In Pharm Co.,Ltd. | A016580 | KOSE:A016580 |
KUKJEON PHARMACEUTICAL Co., Ltd | A307750 | KOSDAQ:A307750 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
A002720 | A234080 | A011040 | A200780 | A016580 | A307750 | ||
KOSE:A002720 | KOSE:A234080 | KOSDAQ:A011040 | KOSDAQ:A200780 | KOSE:A016580 | KOSDAQ:A307750 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 2.4% | 4.5% | -23.9% | 28.2% | -0.1% | NM- | |
3Y CAGR | 53.4% | 7.4% | -29.3% | 36.2% | -5.5% | -8.8% | |
Latest Twelve Months | 116.4% | 13.7% | 161.6% | -23.7% | -27.6% | -55.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 5.0% | 24.0% | 6.1% | 9.3% | 17.0% | 6.0% | |
Prior Fiscal Year | 1.6% | 22.4% | -11.7% | 18.4% | 16.0% | 7.9% | |
Latest Fiscal Year | 6.3% | 23.2% | 4.1% | 12.3% | 11.5% | 4.0% | |
Latest Twelve Months | 5.5% | 21.6% | 5.1% | 12.1% | 10.7% | 3.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.72x | 0.97x | 0.52x | 1.59x | 0.43x | 1.45x | |
EV / LTM EBITDA | 13.2x | 4.5x | 10.3x | 13.1x | 4.0x | 47.3x | |
EV / LTM EBIT | 20.6x | 6.5x | 20.6x | 91.6x | 6.0x | -174.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 4.0x | 10.3x | 13.2x | ||||
Historical EV / LTM EBITDA | 25.4x | 33.0x | 53.5x | ||||
Selected EV / LTM EBITDA | 39.9x | 42.0x | 44.1x | ||||
(x) LTM EBITDA | 4,143 | 4,143 | 4,143 | ||||
(=) Implied Enterprise Value | 165,125 | 173,816 | 182,507 | ||||
(-) Non-shareholder Claims * | (13,939) | (13,939) | (13,939) | ||||
(=) Equity Value | 151,186 | 159,877 | 168,568 | ||||
(/) Shares Outstanding | 50.0 | 50.0 | 50.0 | ||||
Implied Value Range | 3,025.78 | 3,199.71 | 3,373.65 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 3,025.78 | 3,199.71 | 3,373.65 | 3,625.00 | |||
Upside / (Downside) | -16.5% | -11.7% | -6.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A002720 | A234080 | A011040 | A200780 | A016580 | A307750 | |
Enterprise Value | 115,838 | 234,355 | 101,253 | 117,696 | 112,271 | 195,066 | |
(+) Cash & Short Term Investments | 9,932 | 26,465 | 32,582 | 7,143 | 54,601 | 38,582 | |
(+) Investments & Other | 4,603 | 2,062 | 68,323 | 2,999 | 31,625 | 5,185 | |
(-) Debt | (29,467) | (65,299) | (36,205) | (86,917) | (788) | (57,868) | |
(-) Other Liabilities | (11) | 0 | (261) | 479 | 0 | 161 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 100,896 | 197,583 | 165,692 | 41,400 | 197,709 | 181,127 | |
(/) Shares Outstanding | 20.4 | 15.5 | 26.9 | 9.3 | 15.3 | 50.0 | |
Implied Stock Price | 4,955.00 | 12,760.00 | 6,150.00 | 4,460.00 | 12,950.00 | 3,625.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 4,955.00 | 12,760.00 | 6,150.00 | 4,460.00 | 12,950.00 | 3,625.00 | |
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 |