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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.5x - 8.3x | 7.9x |
| Selected Fwd EBITDA Multiple | 6.7x - 7.4x | 7.0x |
| Fair Value | ₩141,329 - ₩188,258 | ₩164,793 |
| Upside | -11.3% - 18.2% | 3.4% |
| Benchmarks | Ticker | Full Ticker |
| Ecopro Co., Ltd. | A086520 | KOSDAQ:A086520 |
| Hyosung Heavy Industries Corporation | A298040 | KOSE:A298040 |
| Shin Heung Energy & Electronics Co.,Ltd. | A243840 | KOSDAQ:A243840 |
| CS Wind Corporation | A112610 | KOSE:A112610 |
| LS Eco Energy Ltd. | A229640 | KOSE:A229640 |
| LS Corp. | A006260 | KOSE:A006260 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A086520 | A298040 | A243840 | A112610 | A229640 | A006260 | ||
| KOSDAQ:A086520 | KOSE:A298040 | KOSDAQ:A243840 | KOSE:A112610 | KOSE:A229640 | KOSE:A006260 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 14.2% | 14.0% | 38.8% | 9.7% | 23.0% | |
| 3Y CAGR | NM- | 29.4% | 6.9% | 44.5% | 14.3% | 26.6% | |
| Latest Twelve Months | -120.3% | 8.4% | -36.5% | 257.0% | 39.5% | 24.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.5% | 6.2% | 15.9% | 11.6% | 4.9% | 5.6% | |
| Prior Fiscal Year | 6.4% | 8.0% | 16.4% | 11.8% | 5.1% | 5.3% | |
| Latest Fiscal Year | -3.0% | 7.7% | 16.2% | 13.7% | 6.0% | 5.7% | |
| Latest Twelve Months | -1.8% | 8.3% | 15.5% | 17.5% | 6.3% | 5.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.33x | 1.33x | 1.33x | 0.98x | 1.23x | 0.45x | |
| EV / LTM EBITDA | -111.6x | 16.1x | 8.6x | 5.6x | 19.4x | 7.8x | |
| EV / LTM EBIT | -35.5x | 19.7x | -322.9x | 8.0x | 22.2x | 11.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -111.6x | 8.6x | 19.4x | ||||
| Historical EV / LTM EBITDA | 5.8x | 7.6x | 10.8x | ||||
| Selected EV / LTM EBITDA | 7.5x | 7.9x | 8.3x | ||||
| (x) LTM EBITDA | 1,640,202 | 1,640,202 | 1,640,202 | ||||
| (=) Implied Enterprise Value | 12,307,051 | 12,954,791 | 13,602,530 | ||||
| (-) Non-shareholder Claims * | (8,327,246) | (8,327,246) | (8,327,246) | ||||
| (=) Equity Value | 3,979,805 | 4,627,545 | 5,275,284 | ||||
| (/) Shares Outstanding | 27.3 | 27.3 | 27.3 | ||||
| Implied Value Range | 145,527.00 | 169,212.48 | 192,897.96 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 145,527.00 | 169,212.48 | 192,897.96 | 159,300.00 | |||
| Upside / (Downside) | -8.6% | 6.2% | 21.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A086520 | A298040 | A243840 | A112610 | A229640 | A006260 | |
| Enterprise Value | 10,421,704 | 6,572,366 | 516,140 | 3,151,127 | 1,114,045 | 12,683,709 | |
| (+) Cash & Short Term Investments | 1,003,505 | 443,131 | 107,384 | 348,737 | 47,708 | 2,218,742 | |
| (+) Investments & Other | 244,412 | 35,834 | 68 | 21,708 | 13 | 751,162 | |
| (-) Debt | (3,687,538) | (1,136,676) | (466,205) | (1,431,180) | (159,614) | (8,924,116) | |
| (-) Other Liabilities | (2,230,487) | (150,688) | 0 | (45,394) | (14,989) | (2,373,034) | |
| (-) Preferred Stock | 0 | 0 | (3,347) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,751,596 | 5,763,968 | 154,040 | 2,044,999 | 987,163 | 4,356,463 | |
| (/) Shares Outstanding | 134.4 | 9.3 | 38.6 | 41.4 | 30.3 | 27.3 | |
| Implied Stock Price | 42,800.00 | 619,000.00 | 3,995.00 | 49,350.00 | 32,550.00 | 159,300.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 42,800.00 | 619,000.00 | 3,995.00 | 49,350.00 | 32,550.00 | 159,300.00 | |
| 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 | |