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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.9x - 15.3x | 14.6x |
| Selected Fwd EBIT Multiple | 11.0x - 12.1x | 11.5x |
| Fair Value | ₩42,279 - ₩53,422 | ₩47,850 |
| Upside | -20.4% - 0.6% | -9.9% |
| Benchmarks | Ticker | Full Ticker |
| Huons Global Co., Ltd. | A084110 | KOSDAQ:A084110 |
| JW Holdings Corporation | A096760 | KOSE:A096760 |
| Boryung Corporation | A003850 | KOSE:A003850 |
| Dong-A ST Co., Ltd. | A170900 | KOSE:A170900 |
| Dong-A Socio Holdings Co., Ltd. | A000640 | KOSE:A000640 |
| Chong Kun Dang Holdings Corp. | A001630 | KOSE:A001630 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A084110 | A096760 | A003850 | A170900 | A000640 | A001630 | ||
| KOSDAQ:A084110 | KOSE:A096760 | KOSE:A003850 | KOSE:A170900 | KOSE:A000640 | KOSE:A001630 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.0% | 89.4% | 12.5% | NM- | 9.2% | -16.3% | |
| 3Y CAGR | 8.5% | 33.2% | 19.4% | NM- | 10.1% | 1.0% | |
| Latest Twelve Months | -16.0% | 2.5% | -4.4% | -52.8% | 14.4% | 73.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.3% | 10.8% | 7.2% | 1.6% | 6.1% | 3.3% | |
| Prior Fiscal Year | 15.3% | 15.5% | 7.9% | 1.7% | 6.8% | 1.9% | |
| Latest Fiscal Year | 12.0% | 16.5% | 6.9% | -3.6% | 6.2% | 3.7% | |
| Latest Twelve Months | 12.0% | 16.3% | 6.4% | -1.9% | 6.4% | 3.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.19x | 0.98x | 0.54x | 0.84x | 0.55x | 0.58x | |
| EV / LTM EBITDA | 7.0x | 4.7x | 5.1x | 35.9x | 4.2x | 7.2x | |
| EV / LTM EBIT | 10.0x | 6.0x | 8.5x | -44.3x | 8.6x | 16.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -44.3x | 8.5x | 10.0x | ||||
| Historical EV / LTM EBIT | -22.6x | 13.2x | 151.5x | ||||
| Selected EV / LTM EBIT | 13.9x | 14.6x | 15.3x | ||||
| (x) LTM EBIT | 34,813 | 34,813 | 34,813 | ||||
| (=) Implied Enterprise Value | 482,193 | 507,572 | 532,951 | ||||
| (-) Non-shareholder Claims * | (302,666) | (302,666) | (302,666) | ||||
| (=) Equity Value | 179,527 | 204,906 | 230,284 | ||||
| (/) Shares Outstanding | 4.8 | 4.8 | 4.8 | ||||
| Implied Value Range | 37,711.32 | 43,042.33 | 48,373.35 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 37,711.32 | 43,042.33 | 48,373.35 | 53,100.00 | |||
| Upside / (Downside) | -29.0% | -18.9% | -8.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A084110 | A096760 | A003850 | A170900 | A000640 | A001630 | |
| Enterprise Value | 967,287 | 889,914 | 550,754 | 608,001 | 746,941 | 555,452 | |
| (+) Cash & Short Term Investments | 289,382 | 99,345 | 37,173 | 257,861 | 142,022 | 53,209 | |
| (+) Investments & Other | 98,869 | 24,250 | 286,335 | 75,406 | 641,956 | 393,531 | |
| (-) Debt | (285,581) | (427,158) | (159,738) | (475,990) | (746,784) | (486,882) | |
| (-) Other Liabilities | (454,511) | (297,086) | 0 | (34,607) | (14,423) | (262,525) | |
| (-) Preferred Stock | (7,054) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 608,392 | 289,266 | 714,524 | 430,671 | 769,712 | 252,786 | |
| (/) Shares Outstanding | 12.2 | 69.9 | 84.0 | 9.2 | 6.4 | 4.8 | |
| Implied Stock Price | 49,950.00 | 4,140.00 | 8,510.00 | 47,000.00 | 119,600.00 | 53,100.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 49,950.00 | 4,140.00 | 8,510.00 | 47,000.00 | 119,600.00 | 53,100.00 | |
| 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 | |