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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 27.0x - 29.9x | 28.5x |
| Selected Fwd EBITDA Multiple | 26.0x - 28.7x | 27.3x |
| Fair Value | ₩8,768 - ₩10,590 | ₩9,679 |
| Upside | -3.3% - 16.8% | 6.7% |
| Benchmarks | Ticker | Full Ticker |
| Huons Global Co., Ltd. | A084110 | KOSDAQ:A084110 |
| Ilyang Pharmaceutical Co.,Ltd | A007570 | KOSE:A007570 |
| Kyung Dong Pharmaceutical Co., Ltd. | A011040 | KOSDAQ:A011040 |
| Dongwha Pharm.Co.,Ltd | A000020 | KOSE:A000020 |
| JW Lifescience Corporation | A234080 | KOSE:A234080 |
| Jeil Pharma Holdings Inc | A002620 | KOSE:A002620 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A084110 | A007570 | A011040 | A000020 | A234080 | A002620 | ||
| KOSDAQ:A084110 | KOSE:A007570 | KOSDAQ:A011040 | KOSE:A000020 | KOSE:A234080 | KOSE:A002620 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.0% | -13.3% | -23.9% | 9.5% | 4.5% | -29.3% | |
| 3Y CAGR | 9.3% | -7.6% | -29.3% | -1.5% | 7.4% | 605.5% | |
| Latest Twelve Months | -9.9% | -13.3% | 161.6% | 7.6% | 13.7% | -38.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.2% | 10.5% | 6.1% | 10.7% | 24.0% | 1.7% | |
| Prior Fiscal Year | 20.0% | 10.6% | -11.7% | 9.0% | 22.4% | 4.2% | |
| Latest Fiscal Year | 16.9% | 7.7% | 4.1% | 7.1% | 23.2% | 0.4% | |
| Latest Twelve Months | 17.0% | 8.0% | 5.1% | 6.3% | 21.6% | 1.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.15x | 1.13x | 0.52x | 0.47x | 0.97x | 0.35x | |
| EV / LTM EBITDA | 6.8x | 14.2x | 10.3x | 7.5x | 4.5x | 28.0x | |
| EV / LTM EBIT | 9.6x | 25.0x | 20.6x | 24.5x | 6.5x | -62.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.5x | 7.5x | 14.2x | ||||
| Historical EV / LTM EBITDA | -990.2x | 12.2x | 26.9x | ||||
| Selected EV / LTM EBITDA | 27.0x | 28.5x | 29.9x | ||||
| (x) LTM EBITDA | 9,665 | 9,665 | 9,665 | ||||
| (=) Implied Enterprise Value | 261,269 | 275,020 | 288,772 | ||||
| (-) Non-shareholder Claims * | (131,091) | (131,091) | (131,091) | ||||
| (=) Equity Value | 130,179 | 143,930 | 157,681 | ||||
| (/) Shares Outstanding | 15.4 | 15.4 | 15.4 | ||||
| Implied Value Range | 8,480.09 | 9,375.85 | 10,271.62 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8,480.09 | 9,375.85 | 10,271.62 | 9,070.00 | |||
| Upside / (Downside) | -6.5% | 3.4% | 13.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A084110 | A007570 | A011040 | A000020 | A234080 | A002620 | |
| Enterprise Value | 934,401 | 308,237 | 101,253 | 223,915 | 234,355 | 270,325 | |
| (+) Cash & Short Term Investments | 289,382 | 13,036 | 32,582 | 39,654 | 26,465 | 70,550 | |
| (+) Investments & Other | 98,869 | 44,051 | 68,323 | 60,156 | 2,062 | 93,363 | |
| (-) Debt | (285,581) | (114,649) | (36,205) | (103,805) | (65,299) | (160,796) | |
| (-) Other Liabilities | (454,511) | (3,721) | (261) | (26,958) | 0 | (134,207) | |
| (-) Preferred Stock | (7,054) | (1,113) | 0 | (1,154) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 575,506 | 245,841 | 165,692 | 191,808 | 197,583 | 139,235 | |
| (/) Shares Outstanding | 12.2 | 18.0 | 26.9 | 27.7 | 15.5 | 15.4 | |
| Implied Stock Price | 47,250.00 | 13,680.00 | 6,150.00 | 6,920.00 | 12,760.00 | 9,070.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 47,250.00 | 13,680.00 | 6,150.00 | 6,920.00 | 12,760.00 | 9,070.00 | |
| 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 | |