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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 59.9x - 66.2x | 63.1x |
| Selected Fwd EBITDA Multiple | 24.8x - 27.4x | 26.1x |
| Fair Value | ₩94,951 - ₩109,635 | ₩102,293 |
| Upside | -30.5% - -19.8% | -25.2% |
| Benchmarks | Ticker | Full Ticker |
| EcoPro BM Co., Ltd. | A247540 | KOSDAQ:A247540 |
| Cheryong Industrial Co.,Ltd. | A147830 | KOSDAQ:A147830 |
| CNPLUS Co., Ltd. | A115530 | KOSDAQ:A115530 |
| Korea Electric Terminal Co., Ltd. | A025540 | KOSE:A025540 |
| RFTech Co., Ltd. | A061040 | KOSDAQ:A061040 |
| Posco Future M Co., Ltd. | A003670 | KOSE:A003670 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A247540 | A147830 | A115530 | A025540 | A061040 | A003670 | ||
| KOSDAQ:A247540 | KOSDAQ:A147830 | KOSDAQ:A115530 | KOSE:A025540 | KOSDAQ:A061040 | KOSE:A003670 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.7% | 18.6% | 15.1% | 23.0% | -4.9% | 6.7% | |
| 3Y CAGR | -21.9% | -13.5% | 3.1% | 22.9% | -12.6% | -3.1% | |
| Latest Twelve Months | -51.4% | 94.5% | -14.9% | 23.3% | -59.7% | -14.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.4% | 16.0% | 4.5% | 14.0% | 6.6% | 7.1% | |
| Prior Fiscal Year | 3.6% | 14.8% | 7.2% | 13.7% | 5.6% | 3.6% | |
| Latest Fiscal Year | 2.7% | 15.9% | 2.4% | 16.1% | 4.2% | 5.0% | |
| Latest Twelve Months | 3.1% | 21.6% | 3.2% | 15.8% | 2.3% | 5.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.16x | 1.61x | 1.06x | 0.35x | 0.31x | 4.12x | |
| EV / LTM EBITDA | 166.1x | 7.4x | 33.5x | 2.2x | 13.6x | 81.6x | |
| EV / LTM EBIT | -325.0x | 8.2x | -158.7x | 3.2x | -18.0x | -699.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.2x | 13.6x | 166.1x | ||||
| Historical EV / LTM EBITDA | 52.2x | 56.7x | 126.2x | ||||
| Selected EV / LTM EBITDA | 59.9x | 63.1x | 66.2x | ||||
| (x) LTM EBITDA | 171,973 | 171,973 | 171,973 | ||||
| (=) Implied Enterprise Value | 10,305,776 | 10,848,186 | 11,390,595 | ||||
| (-) Non-shareholder Claims * | (3,448,940) | (3,448,940) | (3,448,940) | ||||
| (=) Equity Value | 6,856,837 | 7,399,246 | 7,941,655 | ||||
| (/) Shares Outstanding | 77.4 | 77.4 | 77.4 | ||||
| Implied Value Range | 88,567.41 | 95,573.53 | 102,579.64 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 88,567.41 | 95,573.53 | 102,579.64 | 136,700.00 | |||
| Upside / (Downside) | -35.2% | -30.1% | -25.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A247540 | A147830 | A115530 | A025540 | A061040 | A003670 | |
| Enterprise Value | 12,503,567 | 49,528 | 52,664 | 526,324 | 106,383 | 14,032,173 | |
| (+) Cash & Short Term Investments | 591,664 | 64,755 | 4,768 | 214,580 | 86,794 | 488,310 | |
| (+) Investments & Other | 17,736 | 3,882 | 565 | 60,984 | 9,311 | 194,858 | |
| (-) Debt | (2,289,147) | (189) | (24,423) | (141,593) | (126,549) | (3,747,550) | |
| (-) Other Liabilities | (269,036) | 0 | 0 | (135) | 371 | (384,558) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,554,784 | 117,976 | 33,574 | 660,160 | 76,310 | 10,583,233 | |
| (/) Shares Outstanding | 97.7 | 19.2 | 68.0 | 10.3 | 30.7 | 77.4 | |
| Implied Stock Price | 108,000.00 | 6,160.00 | 494.00 | 64,000.00 | 2,485.00 | 136,700.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 108,000.00 | 6,160.00 | 494.00 | 64,000.00 | 2,485.00 | 136,700.00 | |
| 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 | |