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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.1x - 14.5x | 13.8x |
| Selected Fwd EBITDA Multiple | 8.9x - 9.9x | 9.4x |
| Fair Value | ₩1,467 - ₩2,272 | ₩1,869 |
| Upside | -29.5% - 9.2% | -10.1% |
| Benchmarks | Ticker | Full Ticker |
| CS Holdings Co., Ltd. | A000590 | KOSE:A000590 |
| BMT Co., Ltd. | A086670 | KOSDAQ:A086670 |
| Youngsin Metal Industrial Co., Ltd. | A007530 | KOSDAQ:A007530 |
| Oriental Precision & Engineering Co.,Ltd. | A014940 | KOSDAQ:A014940 |
| Cheil Grinding Wheel Ind. Co., Ltd. | A001560 | KOSE:A001560 |
| Woojin Plaimm Co., Ltd. | A049800 | KOSE:A049800 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A000590 | A086670 | A007530 | A014940 | A001560 | A049800 | ||
| KOSE:A000590 | KOSDAQ:A086670 | KOSDAQ:A007530 | KOSDAQ:A014940 | KOSE:A001560 | KOSE:A049800 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.9% | 6.7% | -0.2% | 36.5% | -3.2% | 31.2% | |
| 3Y CAGR | 2.8% | 18.6% | 18.0% | 47.3% | -3.8% | -22.6% | |
| Latest Twelve Months | 12.4% | -41.5% | 19.7% | 81.7% | -19.3% | -31.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.9% | 12.4% | 6.5% | 9.8% | 10.9% | 9.1% | |
| Prior Fiscal Year | 13.1% | 14.4% | 5.9% | 9.4% | 12.4% | 8.2% | |
| Latest Fiscal Year | 17.8% | 9.5% | 6.8% | 13.0% | 10.4% | 5.7% | |
| Latest Twelve Months | 17.8% | 9.5% | 6.8% | 13.0% | 10.4% | 5.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -0.38x | 1.30x | 0.52x | 1.15x | 0.18x | 0.79x | |
| EV / LTM EBITDA | -2.1x | 13.7x | 7.6x | 8.8x | 1.7x | 14.0x | |
| EV / LTM EBIT | -2.4x | 27.3x | 14.6x | 9.6x | 2.5x | 94.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -2.1x | 7.6x | 13.7x | ||||
| Historical EV / LTM EBITDA | 5.1x | 8.0x | 14.0x | ||||
| Selected EV / LTM EBITDA | 13.1x | 13.8x | 14.5x | ||||
| (x) LTM EBITDA | 11,852 | 11,852 | 11,852 | ||||
| (=) Implied Enterprise Value | 155,553 | 163,740 | 171,927 | ||||
| (-) Non-shareholder Claims * | (123,675) | (123,675) | (123,675) | ||||
| (=) Equity Value | 31,878 | 40,065 | 48,252 | ||||
| (/) Shares Outstanding | 20.0 | 20.0 | 20.0 | ||||
| Implied Value Range | 1,593.90 | 2,003.25 | 2,412.60 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,593.90 | 2,003.25 | 2,412.60 | 2,080.00 | |||
| Upside / (Downside) | -23.4% | -3.7% | 16.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A000590 | A086670 | A007530 | A014940 | A001560 | A049800 | |
| Enterprise Value | (73,415) | 172,551 | 86,532 | 235,669 | 17,458 | 165,275 | |
| (+) Cash & Short Term Investments | 193,341 | 17,867 | 26,183 | 41,253 | 29,252 | 6,847 | |
| (+) Investments & Other | 19,379 | 352 | 410 | 5,389 | 14,102 | 604 | |
| (-) Debt | (990) | (108,565) | (62,950) | (44,554) | (35) | (131,128) | |
| (-) Other Liabilities | (62,740) | (80) | 0 | 0 | (128) | 2 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 75,575 | 82,127 | 50,175 | 237,757 | 60,649 | 41,600 | |
| (/) Shares Outstanding | 1.0 | 9.1 | 22.1 | 45.5 | 6.7 | 20.0 | |
| Implied Stock Price | 73,400.00 | 9,000.00 | 2,270.00 | 5,220.00 | 9,040.00 | 2,080.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 73,400.00 | 9,000.00 | 2,270.00 | 5,220.00 | 9,040.00 | 2,080.00 | |
| 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 | |