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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.7x - 7.4x | 7.0x |
| Selected Fwd EBITDA Multiple | 6.9x - 7.6x | 7.3x |
| Fair Value | ₩112,719 - ₩155,912 | ₩134,315 |
| Upside | -16.8% - 15.1% | -0.8% |
| Benchmarks | Ticker | Full Ticker |
| Ecopro Co., Ltd. | A086520 | KOSDAQ:A086520 |
| Sangsin Energy Display Precision Co.,Ltd. | A091580 | KOSDAQ:A091580 |
| LS ELECTRIC Co., Ltd. | A010120 | KOSE:A010120 |
| Vitzro Tech Co. Ltd | A042370 | KOSDAQ:A042370 |
| LMS Co., Ltd. | A073110 | KOSDAQ:A073110 |
| LS Corp. | A006260 | KOSE:A006260 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A086520 | A091580 | A010120 | A042370 | A073110 | A006260 | ||
| KOSDAQ:A086520 | KOSDAQ:A091580 | KOSE:A010120 | KOSDAQ:A042370 | KOSDAQ:A073110 | KOSE:A006260 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -14.8% | 14.9% | 5.8% | -27.4% | 23.0% | |
| 3Y CAGR | NM- | -34.1% | 25.1% | 18.9% | 15.9% | 26.6% | |
| Latest Twelve Months | -120.2% | -80.5% | 22.7% | 54.5% | 522.5% | 21.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.5% | 14.8% | 9.7% | 14.8% | 3.3% | 5.6% | |
| Prior Fiscal Year | 6.4% | 14.5% | 9.7% | 13.3% | 0.8% | 5.3% | |
| Latest Fiscal Year | -3.0% | 3.4% | 11.0% | 16.9% | 5.5% | 5.7% | |
| Latest Twelve Months | -3.0% | 3.4% | 11.0% | 16.9% | 5.5% | 5.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.34x | 0.65x | 1.52x | 0.56x | 0.87x | 0.43x | |
| EV / LTM EBITDA | -112.1x | 19.1x | 13.8x | 3.3x | 15.6x | 7.6x | |
| EV / LTM EBIT | -35.7x | -19.9x | 17.8x | 4.7x | -15.9x | 10.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -112.1x | 13.8x | 19.1x | ||||
| Historical EV / LTM EBITDA | 5.8x | 7.6x | 10.8x | ||||
| Selected EV / LTM EBITDA | 6.7x | 7.0x | 7.4x | ||||
| (x) LTM EBITDA | 1,566,652 | 1,566,652 | 1,566,652 | ||||
| (=) Implied Enterprise Value | 10,440,221 | 10,989,706 | 11,539,191 | ||||
| (-) Non-shareholder Claims * | (8,139,067) | (8,139,067) | (8,139,067) | ||||
| (=) Equity Value | 2,301,154 | 2,850,639 | 3,400,124 | ||||
| (/) Shares Outstanding | 27.3 | 27.3 | 27.3 | ||||
| Implied Value Range | 84,144.82 | 104,237.50 | 124,330.18 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 84,144.82 | 104,237.50 | 124,330.18 | 135,400.00 | |||
| Upside / (Downside) | -37.9% | -23.0% | -8.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A086520 | A091580 | A010120 | A042370 | A073110 | A006260 | |
| Enterprise Value | 10,451,281 | 161,826 | 6,931,585 | 239,745 | 58,584 | 11,841,924 | |
| (+) Cash & Short Term Investments | 1,030,512 | 64,153 | 724,944 | 161,123 | 25,418 | 1,814,557 | |
| (+) Investments & Other | 304,358 | 1,574 | 149,475 | 13,317 | 5,718 | 743,699 | |
| (-) Debt | (3,211,295) | (127,857) | (1,226,634) | (28,515) | (53,161) | (8,408,030) | |
| (-) Other Liabilities | (2,233,019) | 0 | (51,336) | (188,383) | 0 | (2,289,293) | |
| (-) Preferred Stock | 0 | 0 | (8,607) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,341,838 | 99,695 | 6,519,427 | 197,286 | 36,559 | 3,702,857 | |
| (/) Shares Outstanding | 134.5 | 13.3 | 29.7 | 26.2 | 5.8 | 27.3 | |
| Implied Stock Price | 47,150.00 | 7,480.00 | 219,500.00 | 7,530.00 | 6,320.00 | 135,400.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 47,150.00 | 7,480.00 | 219,500.00 | 7,530.00 | 6,320.00 | 135,400.00 | |
| 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 | |