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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -109.8x - -121.3x | -115.6x |
| Selected Fwd EBIT Multiple | 38.1x - 42.1x | 40.1x |
| Fair Value | ₩6,238 - ₩8,553 | ₩7,395 |
| Upside | -46.3% - -26.3% | -36.3% |
| Benchmarks | Ticker | Full Ticker |
| Dongwha Pharm.Co.,Ltd | A000020 | KOSE:A000020 |
| JW Lifescience Corporation | A234080 | KOSE:A234080 |
| Kyung Dong Pharmaceutical Co., Ltd. | A011040 | KOSDAQ:A011040 |
| Dong-A ST Co., Ltd. | A170900 | KOSE:A170900 |
| BCWORLD PHARM. Co., Ltd. | A200780 | KOSDAQ:A200780 |
| HANDOK Inc. | A002390 | KOSE:A002390 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A000020 | A234080 | A011040 | A170900 | A200780 | A002390 | ||
| KOSE:A000020 | KOSE:A234080 | KOSDAQ:A011040 | KOSE:A170900 | KOSDAQ:A200780 | KOSE:A002390 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.1% | 3.8% | -36.1% | NM- | NM- | NM- | |
| 3Y CAGR | -15.8% | 8.1% | -45.0% | NM- | NM- | NM- | |
| Latest Twelve Months | -28.2% | 16.2% | 110.5% | -323.7% | -76.4% | -120.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.9% | 16.7% | 3.1% | 2.4% | -0.2% | 4.3% | |
| Prior Fiscal Year | 5.2% | 14.9% | -15.3% | 1.7% | 8.5% | 2.4% | |
| Latest Fiscal Year | 2.9% | 16.1% | 1.4% | -3.6% | 2.0% | -0.5% | |
| Latest Twelve Months | 2.9% | 16.1% | 1.4% | -3.6% | 2.0% | -0.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.41x | 1.07x | 0.49x | 0.84x | 1.65x | 0.74x | |
| EV / LTM EBITDA | 5.8x | 4.6x | 11.8x | 140.9x | 13.4x | 18.0x | |
| EV / LTM EBIT | 14.2x | 6.7x | 36.1x | -23.3x | 82.2x | -144.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -23.3x | 14.2x | 82.2x | ||||
| Historical EV / LTM EBIT | -144.7x | 13.8x | 15.8x | ||||
| Selected EV / LTM EBIT | -109.8x | -115.6x | -121.3x | ||||
| (x) LTM EBIT | (2,603) | (2,603) | (2,603) | ||||
| (=) Implied Enterprise Value | 285,828 | 300,872 | 315,915 | ||||
| (-) Non-shareholder Claims * | (216,897) | (216,897) | (216,897) | ||||
| (=) Equity Value | 68,931 | 83,974 | 99,018 | ||||
| (/) Shares Outstanding | 13.8 | 13.8 | 13.8 | ||||
| Implied Value Range | 5,008.22 | 6,101.22 | 7,194.23 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5,008.22 | 6,101.22 | 7,194.23 | 11,610.00 | |||
| Upside / (Downside) | -56.9% | -47.4% | -38.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A000020 | A234080 | A011040 | A170900 | A200780 | A002390 | |
| Enterprise Value | 190,800 | 237,904 | 94,747 | 582,882 | 123,049 | 376,692 | |
| (+) Cash & Short Term Investments | 43,497 | 9,622 | 30,913 | 301,078 | 7,911 | 56,044 | |
| (+) Investments & Other | 65,942 | 559 | 69,556 | 82,549 | 2,921 | 102,250 | |
| (-) Debt | (96,989) | (69,238) | (38,677) | (495,663) | (88,954) | (373,394) | |
| (-) Other Liabilities | (28,304) | 0 | (276) | (38,522) | 657 | (1,798) | |
| (-) Preferred Stock | (1,154) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 173,791 | 178,847 | 156,262 | 432,325 | 45,585 | 159,795 | |
| (/) Shares Outstanding | 27.7 | 15.5 | 26.9 | 9.2 | 9.2 | 13.8 | |
| Implied Stock Price | 6,270.00 | 11,550.00 | 5,800.00 | 47,200.00 | 4,935.00 | 11,610.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6,270.00 | 11,550.00 | 5,800.00 | 47,200.00 | 4,935.00 | 11,610.00 | |
| 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 | |