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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -7.5x - -8.3x | -7.9x |
| Selected Fwd EBITDA Multiple | 2.7x - 3.0x | 2.9x |
| Fair Value | ₩6,458 - ₩7,057 | ₩6,757 |
| Upside | -2.9% - 6.1% | 1.6% |
| Benchmarks | Ticker | Full Ticker |
| TOMATOSYSTEM Co.,Ltd. | A393210 | KOSDAQ:A393210 |
| Korea Computer & Systems Inc. | A115500 | KOSDAQ:A115500 |
| CLOBOT Co., Ltd | A466100 | KOSDAQ:A466100 |
| UANGEL Corporation | A072130 | KOSE:A072130 |
| SPSoft Inc. | A443670 | KOSDAQ:A443670 |
| ISAAC Engineering Co.,Ltd | A351330 | KOSDAQ:A351330 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A393210 | A115500 | A466100 | A072130 | A443670 | A351330 | ||
| KOSDAQ:A393210 | KOSDAQ:A115500 | KOSDAQ:A466100 | KOSE:A072130 | KOSDAQ:A443670 | KOSDAQ:A351330 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -9.4% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | -20.1% | NM- | -17.2% | NM- | NM- | |
| Latest Twelve Months | NM | -23.1% | 13.9% | 228.2% | NM | -1418.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -2.5% | 7.7% | -20.8% | 6.1% | 11.6% | 1.4% | |
| Prior Fiscal Year | 12.1% | 7.3% | -20.3% | -0.4% | 17.0% | 1.1% | |
| Latest Fiscal Year | -13.7% | 7.8% | -20.9% | 3.9% | 9.9% | -5.3% | |
| Latest Twelve Months | -10.4% | 8.1% | -18.1% | 5.3% | 9.2% | -7.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.91x | 3.42x | 12.01x | 0.53x | 2.42x | 0.69x | |
| EV / LTM EBITDA | -37.5x | 42.3x | -66.2x | 10.0x | 26.3x | -9.9x | |
| EV / LTM EBIT | -31.3x | 49.0x | -61.1x | 15.6x | 41.9x | -8.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -66.2x | 10.0x | 42.3x | ||||
| Historical EV / LTM EBITDA | -132.9x | -0.3x | 113.0x | ||||
| Selected EV / LTM EBITDA | -7.5x | -7.9x | -8.3x | ||||
| (x) LTM EBITDA | (4,925) | (4,925) | (4,925) | ||||
| (=) Implied Enterprise Value | 37,173 | 39,129 | 41,086 | ||||
| (-) Non-shareholder Claims * | 6,414 | 6,414 | 6,414 | ||||
| (=) Equity Value | 43,586 | 45,543 | 47,499 | ||||
| (/) Shares Outstanding | 8.3 | 8.3 | 8.3 | ||||
| Implied Value Range | 5,258.65 | 5,494.70 | 5,730.74 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5,258.65 | 5,494.70 | 5,730.74 | 6,650.00 | |||
| Upside / (Downside) | -20.9% | -17.4% | -13.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A393210 | A115500 | A466100 | A072130 | A443670 | A351330 | |
| Enterprise Value | 89,159 | 99,169 | 416,501 | 33,653 | 121,211 | 48,705 | |
| (+) Cash & Short Term Investments | 7,498 | 5,930 | 53,480 | 11,345 | 35,507 | 20,856 | |
| (+) Investments & Other | 5,803 | 2,768 | 637 | 25,485 | 4,115 | 1,029 | |
| (-) Debt | (220) | (253) | (767) | (3,628) | (1,252) | (15,289) | |
| (-) Other Liabilities | 502 | 0 | (67) | 21 | 0 | (182) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 102,741 | 107,615 | 469,785 | 66,877 | 159,582 | 55,119 | |
| (/) Shares Outstanding | 15.4 | 11.7 | 24.8 | 12.4 | 24.7 | 8.3 | |
| Implied Stock Price | 6,680.00 | 9,180.00 | 18,970.00 | 5,410.00 | 6,450.00 | 6,650.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6,680.00 | 9,180.00 | 18,970.00 | 5,410.00 | 6,450.00 | 6,650.00 | |
| 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 | |