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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.8x - 8.7x | 8.3x |
| Selected Fwd EBIT Multiple | 8.2x - 9.0x | 8.6x |
| Fair Value | ₩4,447 - ₩5,791 | ₩5,119 |
| Upside | 37.9% - 79.6% | 58.7% |
| Benchmarks | Ticker | Full Ticker |
| Woory Industrial Holdings Co.,Ltd. | A072470 | KOSDAQ:A072470 |
| INZI Controls Co.,Ltd. | A023800 | KOSE:A023800 |
| Ilji Technology Co., Ltd. | A019540 | KOSDAQ:A019540 |
| A-Jin Industrial Co.,Ltd. | A013310 | KOSDAQ:A013310 |
| PHA Co., Ltd. | A043370 | KOSDAQ:A043370 |
| Hwaseung R&A Co., Ltd. | A378850 | KOSE:A378850 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A072470 | A023800 | A019540 | A013310 | A043370 | A378850 | ||
| KOSDAQ:A072470 | KOSE:A023800 | KOSDAQ:A019540 | KOSDAQ:A013310 | KOSDAQ:A043370 | KOSE:A378850 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.6% | 49.6% | NM- | 0.4% | 27.0% | NM- | |
| 3Y CAGR | NM- | 136.9% | NM- | 41.4% | 98.5% | 47.9% | |
| Latest Twelve Months | -30.0% | 18.6% | -31.0% | -63.7% | 6.6% | -0.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.9% | 2.0% | -0.4% | 5.8% | 2.4% | 3.3% | |
| Prior Fiscal Year | 3.7% | 3.5% | 5.6% | 10.2% | 4.3% | 4.7% | |
| Latest Fiscal Year | 2.3% | 4.1% | 3.2% | 3.7% | 4.5% | 4.5% | |
| Latest Twelve Months | 2.3% | 4.1% | 3.2% | 3.7% | 4.5% | 4.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.33x | 0.41x | 0.31x | 0.86x | 0.02x | 0.31x | |
| EV / LTM EBITDA | 5.3x | 4.0x | 2.6x | 6.0x | 0.2x | 4.4x | |
| EV / LTM EBIT | 14.0x | 10.1x | 9.6x | 23.7x | 0.3x | 7.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 0.3x | 10.1x | 23.7x | ||||
| Historical EV / LTM EBIT | 5.6x | 7.0x | 106.8x | ||||
| Selected EV / LTM EBIT | 7.8x | 8.3x | 8.7x | ||||
| (x) LTM EBIT | 31,498 | 31,498 | 31,498 | ||||
| (=) Implied Enterprise Value | 246,892 | 259,886 | 272,880 | ||||
| (-) Non-shareholder Claims * | (158,052) | (158,052) | (158,052) | ||||
| (=) Equity Value | 88,840 | 101,835 | 114,829 | ||||
| (/) Shares Outstanding | 19.0 | 19.0 | 19.0 | ||||
| Implied Value Range | 4,678.08 | 5,362.32 | 6,046.56 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4,678.08 | 5,362.32 | 6,046.56 | 3,225.00 | |||
| Upside / (Downside) | 45.1% | 66.3% | 87.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A072470 | A023800 | A019540 | A013310 | A043370 | A378850 | |
| Enterprise Value | 210,482 | 267,011 | 235,478 | 666,845 | (35,123) | 219,297 | |
| (+) Cash & Short Term Investments | 36,669 | 39,297 | 65,675 | 141,095 | 211,133 | 5,473 | |
| (+) Investments & Other | 4,143 | 91,991 | 187 | 4,766 | 53,447 | 3,510 | |
| (-) Debt | (139,717) | (297,101) | (249,346) | (696,293) | (27,386) | (167,034) | |
| (-) Other Liabilities | (64,933) | (11,401) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 46,643 | 89,799 | 51,994 | 116,412 | 202,072 | 61,245 | |
| (/) Shares Outstanding | 18.9 | 15.2 | 13.2 | 38.8 | 20.0 | 19.0 | |
| Implied Stock Price | 2,470.00 | 5,920.00 | 3,935.00 | 3,000.00 | 10,120.00 | 3,225.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,470.00 | 5,920.00 | 3,935.00 | 3,000.00 | 10,120.00 | 3,225.00 | |
| 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 | |