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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.3x - 16.9x | 16.1x |
| Selected Fwd EBIT Multiple | 12.7x - 14.0x | 13.4x |
| Fair Value | ₩147,628 - ₩161,155 | ₩154,391 |
| Upside | -3.4% - 5.4% | 1.0% |
| Benchmarks | Ticker | Full Ticker |
| LG CNS Co., Ltd. | A064400 | KOSE:A064400 |
| EO Technics Co., Ltd. | A039030 | KOSDAQ:A039030 |
| SARA Vietnam Joint Stock Company | SRA | HNX:SRA |
| Petrolimex Information Technology and Telecommunication Joint Stock Company | PIA | HNX:PIA |
| LOTTE INNOVATE Co.,Ltd | A286940 | KOSE:A286940 |
| Hyundai Autoever Corporation | A307950 | KOSE:A307950 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A064400 | A039030 | SRA | PIA | A286940 | A307950 | ||
| KOSE:A064400 | KOSDAQ:A039030 | HNX:SRA | HNX:PIA | KOSE:A286940 | KOSE:A307950 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 19.2% | 34.4% | NM- | -2.3% | -8.9% | 22.8% | |
| 3Y CAGR | 15.9% | -26.4% | -19.0% | 1.8% | -13.4% | 32.7% | |
| Latest Twelve Months | 29.7% | 47.1% | 2.8% | -26.9% | -55.8% | 21.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.9% | 14.4% | 19.6% | 11.4% | 4.0% | 5.4% | |
| Prior Fiscal Year | 8.3% | 9.8% | -1.2% | 13.1% | 4.7% | 5.9% | |
| Latest Fiscal Year | 8.5% | 9.7% | 23.1% | 11.2% | 2.2% | 6.0% | |
| Latest Twelve Months | 9.1% | 12.0% | 12.2% | 9.7% | 2.0% | 5.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.90x | 7.37x | 1.24x | 0.61x | 0.33x | 0.96x | |
| EV / LTM EBITDA | 8.2x | 53.1x | 2.3x | 5.6x | 4.5x | 10.0x | |
| EV / LTM EBIT | 9.8x | 61.5x | 10.2x | 6.3x | 16.3x | 16.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.3x | 10.2x | 61.5x | ||||
| Historical EV / LTM EBIT | 13.9x | 27.7x | 33.6x | ||||
| Selected EV / LTM EBIT | 15.3x | 16.1x | 16.9x | ||||
| (x) LTM EBIT | 220,404 | 220,404 | 220,404 | ||||
| (=) Implied Enterprise Value | 3,365,844 | 3,542,994 | 3,720,143 | ||||
| (-) Non-shareholder Claims * | 524,235 | 524,235 | 524,235 | ||||
| (=) Equity Value | 3,890,079 | 4,067,229 | 4,244,379 | ||||
| (/) Shares Outstanding | 27.4 | 27.4 | 27.4 | ||||
| Implied Value Range | 141,858.50 | 148,318.57 | 154,778.64 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 141,858.50 | 148,318.57 | 154,778.64 | 152,900.00 | |||
| Upside / (Downside) | -7.2% | -3.0% | 1.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A064400 | A039030 | SRA | PIA | A286940 | A307950 | |
| Enterprise Value | 5,419,148 | 2,311,492 | (477,889) | 87,778 | 387,789 | 3,668,627 | |
| (+) Cash & Short Term Investments | 1,833,999 | 248,777 | 3,665 | 27,662 | 144,577 | 727,384 | |
| (+) Investments & Other | 208,735 | 20,311 | 661,000 | 0 | 16,656 | 48,593 | |
| (-) Debt | (647,893) | (9,101) | (48,536) | 0 | (196,744) | (226,527) | |
| (-) Other Liabilities | (7,956) | (5,823) | 0 | 0 | (29,265) | (25,215) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,806,033 | 2,565,656 | 138,240 | 115,440 | 323,012 | 4,192,862 | |
| (/) Shares Outstanding | 96.9 | 12.1 | 43.2 | 3.9 | 15.1 | 27.4 | |
| Implied Stock Price | 70,247.88 | 212,000.00 | 3,200.00 | 29,600.00 | 21,350.00 | 152,900.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 70,247.88 | 212,000.00 | 3,200.00 | 29,600.00 | 21,350.00 | 152,900.00 | |
| Trading Currency | KRW | KRW | VND | VND | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |