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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -18.4x - -20.3x | -19.3x |
| Selected Fwd EBITDA Multiple | 4.0x - 4.4x | 4.2x |
| Fair Value | ₩447.60 - ₩457.65 | ₩452.63 |
| Upside | -25.9% - -24.2% | -25.1% |
| Benchmarks | Ticker | Full Ticker |
| ASTORY Co.,Ltd | A241840 | KOSDAQ:A241840 |
| Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
| MOBIRIX Corporation | A348030 | KOSDAQ:A348030 |
| Wemade Play Co., Ltd. | A123420 | KOSDAQ:A123420 |
| CUROHOLDINGS Co., Ltd. | A051780 | KOSDAQ:A051780 |
| VALOFE Co.,Ltd | A331520 | KOSDAQ:A331520 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A241840 | A052790 | A348030 | A123420 | A051780 | A331520 | ||
| KOSDAQ:A241840 | KOSDAQ:A052790 | KOSDAQ:A348030 | KOSDAQ:A123420 | KOSDAQ:A051780 | KOSDAQ:A331520 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 5.2% | NM- | 14.9% | NM- | NM- | |
| 3Y CAGR | NM- | 5.3% | NM- | -3.1% | NM- | -20.5% | |
| Latest Twelve Months | -172.1% | -28.4% | -306.5% | 21.2% | -138.8% | -110.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 0.9% | 42.9% | 3.6% | 9.2% | 1.4% | 5.9% | |
| Prior Fiscal Year | 13.6% | 49.4% | -2.4% | 8.1% | -3.9% | 3.0% | |
| Latest Fiscal Year | -18.8% | 39.7% | -19.8% | 7.7% | -11.4% | 3.0% | |
| Latest Twelve Months | -117.5% | 36.4% | -24.9% | 9.2% | -12.4% | -0.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 18.37x | -1.13x | 0.45x | 1.23x | 0.54x | 0.35x | |
| EV / LTM EBITDA | -15.6x | -3.1x | -1.8x | 13.3x | -4.4x | -105.4x | |
| EV / LTM EBIT | -13.7x | -3.3x | -1.6x | 48.4x | -3.7x | -8.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -15.6x | -3.1x | 13.3x | ||||
| Historical EV / LTM EBITDA | 12.9x | 17.5x | 36.1x | ||||
| Selected EV / LTM EBITDA | -18.4x | -19.3x | -20.3x | ||||
| (x) LTM EBITDA | (117) | (117) | (117) | ||||
| (=) Implied Enterprise Value | 2,153 | 2,267 | 2,380 | ||||
| (-) Non-shareholder Claims * | 17,272 | 17,272 | 17,272 | ||||
| (=) Equity Value | 19,426 | 19,539 | 19,652 | ||||
| (/) Shares Outstanding | 49.1 | 49.1 | 49.1 | ||||
| Implied Value Range | 395.97 | 398.28 | 400.59 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 395.97 | 398.28 | 400.59 | 604.00 | |||
| Upside / (Downside) | -34.4% | -34.1% | -33.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A241840 | A052790 | A348030 | A123420 | A051780 | A331520 | |
| Enterprise Value | 81,004 | (136,906) | (4,309) | (2,186) | 33,666 | 12,359 | |
| (+) Cash & Short Term Investments | 16,217 | 172,493 | 22,115 | 38,384 | 10,987 | 24,100 | |
| (+) Investments & Other | 14,878 | 40,865 | 26,368 | 152,829 | 21,616 | 1,010 | |
| (-) Debt | (3,651) | (2,929) | (718) | (98,815) | (42,689) | (7,838) | |
| (-) Other Liabilities | 0 | 0 | 0 | (10,436) | (2,375) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 108,449 | 73,522 | 43,457 | 79,776 | 21,205 | 29,631 | |
| (/) Shares Outstanding | 9.0 | 10.9 | 9.6 | 10.4 | 23.2 | 49.1 | |
| Implied Stock Price | 11,990.00 | 6,730.00 | 4,525.00 | 7,670.00 | 915.00 | 604.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11,990.00 | 6,730.00 | 4,525.00 | 7,670.00 | 915.00 | 604.00 | |
| 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 | |