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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -10.8x - -12.0x | -11.4x |
| Selected Fwd EBIT Multiple | 47.4x - 52.4x | 49.9x |
| Fair Value | ₩25,594 - ₩49,287 | ₩37,441 |
| Upside | -56.8% - -16.7% | -36.8% |
| Benchmarks | Ticker | Full Ticker |
| Trinseo PLC | TSE | NYSE:TSE |
| DuPont de Nemours, Inc. | DD | NYSE:DD |
| Kingfa Sci. & Tech. Co., Ltd. | 600143 | SHSE:600143 |
| Eastman Chemical Company | EMN | NYSE:EMN |
| Formosa Chemicals & Fibre Corporation | 1326 | TWSE:1326 |
| Lotte Chemical Corporation | A011170 | KOSE:A011170 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TSE | DD | 600143 | EMN | 1326 | A011170 | ||
| NYSE:TSE | NYSE:DD | SHSE:600143 | NYSE:EMN | TWSE:1326 | KOSE:A011170 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -44.6% | -1.7% | -0.3% | 2.1% | NM- | NM- | |
| 3Y CAGR | -84.2% | -0.5% | -14.0% | -9.5% | NM- | NM- | |
| Latest Twelve Months | 81.8% | 18.3% | 67.8% | 33.2% | -107.3% | -145.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.6% | 14.7% | 7.3% | 13.3% | 2.7% | 1.4% | |
| Prior Fiscal Year | -3.6% | 14.1% | 3.0% | 11.6% | -0.9% | -1.8% | |
| Latest Fiscal Year | 0.1% | 15.1% | 3.0% | 14.7% | -0.4% | -4.3% | |
| Latest Twelve Months | -0.4% | 15.8% | 3.0% | 15.1% | -0.5% | -4.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.62x | 2.70x | 0.81x | 1.51x | 0.30x | 0.53x | |
| EV / LTM EBITDA | 11.2x | 10.7x | 13.2x | 7.3x | 7.7x | 26.7x | |
| EV / LTM EBIT | -146.7x | 17.1x | 27.3x | 10.0x | -56.1x | -12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -146.7x | 10.0x | 27.3x | ||||
| Historical EV / LTM EBIT | -31.7x | -12.3x | 24.3x | ||||
| Selected EV / LTM EBIT | -10.8x | -11.4x | -12.0x | ||||
| (x) LTM EBIT | (883,379) | (883,379) | (883,379) | ||||
| (=) Implied Enterprise Value | 9,570,225 | 10,073,921 | 10,577,617 | ||||
| (-) Non-shareholder Claims * | (8,411,745) | (8,411,745) | (8,411,745) | ||||
| (=) Equity Value | 1,158,480 | 1,662,176 | 2,165,872 | ||||
| (/) Shares Outstanding | 42.2 | 42.2 | 42.2 | ||||
| Implied Value Range | 27,473.52 | 39,418.75 | 51,363.98 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27,473.52 | 39,418.75 | 51,363.98 | 59,200.00 | |||
| Upside / (Downside) | -53.6% | -33.4% | -13.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TSE | DD | 600143 | EMN | 1326 | A011170 | |
| Enterprise Value | 2,098 | 33,860 | 53,982 | 14,079 | 105,057 | 10,908,040 | |
| (+) Cash & Short Term Investments | 126 | 1,762 | 5,571 | 418 | 76,377 | 3,485,603 | |
| (+) Investments & Other | 221 | 1,071 | 1,153 | 18 | 165,475 | 4,402,428 | |
| (-) Debt | (2,358) | (7,705) | (29,624) | (5,112) | (162,003) | (10,664,153) | |
| (-) Other Liabilities | 0 | (434) | (2,742) | (73) | (32,832) | (5,635,623) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 87 | 28,554 | 28,340 | 9,330 | 152,074 | 2,496,295 | |
| (/) Shares Outstanding | 35.7 | 418.5 | 2,583.4 | 115.5 | 5,849.0 | 42.2 | |
| Implied Stock Price | 2.45 | 68.23 | 10.97 | 80.81 | 26.00 | 59,200.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.45 | 68.23 | 10.97 | 80.81 | 26.00 | 59,200.00 | |
| Trading Currency | USD | USD | CNY | USD | TWD | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |