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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 56.2x - 62.2x | 59.2x |
| Selected Fwd EBITDA Multiple | 3.3x - 3.6x | 3.5x |
| Fair Value | ₩5,080 - ₩5,885 | ₩5,483 |
| Upside | -12.0% - 2.0% | -5.0% |
| Benchmarks | Ticker | Full Ticker |
| Mirai Semiconductors Co., Ltd. | A254490 | KOSDAQ:A254490 |
| GO Element Co., Ltd. | A311320 | KOSDAQ:A311320 |
| Jahwa Electronics. Co., Ltd | A033240 | KOSE:A033240 |
| KEM Tech Corp. | A106080 | KOSDAQ:A106080 |
| Sensorview Co., LTD | A321370 | KOSDAQ:A321370 |
| Fine M-Tec CO.,LTD. | A441270 | KOSDAQ:A441270 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A254490 | A311320 | A033240 | A106080 | A321370 | A441270 | ||
| KOSDAQ:A254490 | KOSDAQ:A311320 | KOSE:A033240 | KOSDAQ:A106080 | KOSDAQ:A321370 | KOSDAQ:A441270 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 27.9% | NM- | NM- | NM- | |
| 3Y CAGR | 17.4% | NM- | 36.2% | NM- | NM- | NM- | |
| Latest Twelve Months | -2.1% | 377.3% | 285.0% | 36.5% | 14.4% | -86.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.4% | 15.1% | 7.3% | -14.9% | -162.7% | 6.1% | |
| Prior Fiscal Year | 4.1% | 8.7% | 5.3% | -79.7% | -187.4% | 8.6% | |
| Latest Fiscal Year | 2.6% | 16.5% | 15.1% | -14.4% | -87.0% | 1.2% | |
| Latest Twelve Months | 2.5% | 16.5% | 15.1% | -14.4% | -87.0% | 1.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.50x | 1.79x | 0.55x | 3.34x | 3.23x | 0.81x | |
| EV / LTM EBITDA | 20.4x | 10.9x | 3.6x | -23.3x | -3.7x | 69.0x | |
| EV / LTM EBIT | 21.1x | 15.1x | 8.3x | -14.6x | -3.2x | -38.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -23.3x | 3.6x | 20.4x | ||||
| Historical EV / LTM EBITDA | 69.0x | 69.0x | 69.0x | ||||
| Selected EV / LTM EBITDA | 56.2x | 59.2x | 62.2x | ||||
| (x) LTM EBITDA | 4,472 | 4,472 | 4,472 | ||||
| (=) Implied Enterprise Value | 251,527 | 264,766 | 278,004 | ||||
| (-) Non-shareholder Claims * | (95,038) | (95,038) | (95,038) | ||||
| (=) Equity Value | 156,490 | 169,728 | 182,966 | ||||
| (/) Shares Outstanding | 37.0 | 37.0 | 37.0 | ||||
| Implied Value Range | 4,232.57 | 4,590.63 | 4,948.68 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4,232.57 | 4,590.63 | 4,948.68 | 5,770.00 | |||
| Upside / (Downside) | -26.6% | -20.4% | -14.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A254490 | A311320 | A033240 | A106080 | A321370 | A441270 | |
| Enterprise Value | 241,502 | 80,281 | 375,536 | 58,877 | 50,441 | 308,370 | |
| (+) Cash & Short Term Investments | 9,092 | 18,887 | 76,683 | 13,923 | 16,255 | 15,671 | |
| (+) Investments & Other | 0 | 44 | 30,204 | 0 | 534 | 27,665 | |
| (-) Debt | (39,944) | (8,219) | (214,316) | (14,996) | (14,902) | (113,839) | |
| (-) Other Liabilities | 0 | (2,312) | (0) | 0 | 0 | (24,535) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 210,650 | 88,680 | 268,107 | 57,805 | 52,328 | 213,333 | |
| (/) Shares Outstanding | 14.4 | 12.6 | 20.7 | 25.1 | 42.2 | 37.0 | |
| Implied Stock Price | 14,590.00 | 7,030.00 | 12,960.00 | 2,300.00 | 1,240.00 | 5,770.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 14,590.00 | 7,030.00 | 12,960.00 | 2,300.00 | 1,240.00 | 5,770.00 | |
| 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 | |