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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -7.7x - -8.5x | -8.1x |
| Selected Fwd EBITDA Multiple | 2.8x - 3.1x | 3.0x |
| Fair Value | ₩6,629 - ₩7,245 | ₩6,937 |
| Upside | -5.3% - 3.5% | -0.9% |
| Benchmarks | Ticker | Full Ticker |
| TOMATOSYSTEM Co.,Ltd. | A393210 | KOSDAQ:A393210 |
| Korea Computer & Systems Inc. | A115500 | KOSDAQ:A115500 |
| CLOBOT Co., Ltd | A466100 | KOSDAQ:A466100 |
| UANGEL Corporation | A072130 | KOSE:A072130 |
| SPSoft Inc. | A443670 | KOSDAQ:A443670 |
| ISAAC Engineering Co.,Ltd | A351330 | KOSDAQ:A351330 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A393210 | A115500 | A466100 | A072130 | A443670 | A351330 | ||
| KOSDAQ:A393210 | KOSDAQ:A115500 | KOSDAQ:A466100 | KOSE:A072130 | KOSDAQ:A443670 | KOSDAQ:A351330 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -9.4% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | -20.1% | NM- | -17.2% | NM- | NM- | |
| Latest Twelve Months | NM | -23.1% | 13.9% | 228.2% | NM | -1418.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -2.5% | 7.7% | -20.8% | 6.1% | 11.6% | 1.4% | |
| Prior Fiscal Year | 12.1% | 7.3% | -20.3% | -0.4% | 17.0% | 1.1% | |
| Latest Fiscal Year | -13.7% | 7.8% | -20.9% | 3.9% | 9.9% | -5.3% | |
| Latest Twelve Months | -10.4% | 8.1% | -18.1% | 5.3% | 9.2% | -7.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.10x | 3.68x | 12.18x | 0.55x | 2.69x | 0.75x | |
| EV / LTM EBITDA | -39.3x | 45.6x | -67.2x | 10.3x | 29.3x | -10.7x | |
| EV / LTM EBIT | -32.8x | 52.8x | -62.0x | 16.0x | 46.6x | -8.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -67.2x | 10.3x | 45.6x | ||||
| Historical EV / LTM EBITDA | -132.9x | -0.3x | 113.0x | ||||
| Selected EV / LTM EBITDA | -7.7x | -8.1x | -8.5x | ||||
| (x) LTM EBITDA | (4,925) | (4,925) | (4,925) | ||||
| (=) Implied Enterprise Value | 37,943 | 39,940 | 41,937 | ||||
| (-) Non-shareholder Claims * | 6,414 | 6,414 | 6,414 | ||||
| (=) Equity Value | 44,356 | 46,353 | 48,350 | ||||
| (/) Shares Outstanding | 8.3 | 8.3 | 8.3 | ||||
| Implied Value Range | 5,351.55 | 5,592.48 | 5,833.42 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5,351.55 | 5,592.48 | 5,833.42 | 7,000.00 | |||
| Upside / (Downside) | -23.5% | -20.1% | -16.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A393210 | A115500 | A466100 | A072130 | A443670 | A351330 | |
| Enterprise Value | 94,696 | 107,258 | 421,008 | 33,777 | 133,087 | 51,606 | |
| (+) Cash & Short Term Investments | 7,498 | 5,930 | 53,480 | 11,345 | 35,507 | 20,856 | |
| (+) Investments & Other | 5,803 | 2,768 | 637 | 25,485 | 4,115 | 1,029 | |
| (-) Debt | (220) | (253) | (767) | (3,628) | (1,252) | (15,289) | |
| (-) Other Liabilities | 502 | 0 | (67) | 21 | 0 | (182) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 108,278 | 115,703 | 474,292 | 67,000 | 171,458 | 58,020 | |
| (/) Shares Outstanding | 15.4 | 11.7 | 24.7 | 12.4 | 24.7 | 8.3 | |
| Implied Stock Price | 7,040.00 | 9,870.00 | 19,240.00 | 5,420.00 | 6,930.00 | 7,000.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7,040.00 | 9,870.00 | 19,240.00 | 5,420.00 | 6,930.00 | 7,000.00 | |
| 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 | |