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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.5x - 3.9x | 3.7x |
| Selected Fwd EBITDA Multiple | 1.1x - 1.2x | 1.2x |
| Fair Value | ₩745.12 - ₩786.31 | ₩765.72 |
| Upside | 30.5% - 37.7% | 34.1% |
| Benchmarks | Ticker | Full Ticker |
| Woosu AMS Co.,Ltd. | A066590 | KOSDAQ:A066590 |
| Taeyang Metal Industrial Co., Ltd. | A004100 | KOSE:A004100 |
| NEOOTO CO., Ltd | A212560 | KOSDAQ:A212560 |
| SMBEXEL Company | A010580 | KOSE:A010580 |
| DRB Industrial Co., Ltd. | A163560 | KOSE:A163560 |
| Kumho HT, Inc. | A214330 | KOSE:A214330 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A066590 | A004100 | A212560 | A010580 | A163560 | A214330 | ||
| KOSDAQ:A066590 | KOSE:A004100 | KOSDAQ:A212560 | KOSE:A010580 | KOSE:A163560 | KOSE:A214330 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.6% | NM- | 8.1% | NM- | -4.6% | 14.0% | |
| 3Y CAGR | 18.6% | 25.0% | 12.3% | NM- | 39.5% | 16.5% | |
| Latest Twelve Months | -6.5% | -22.5% | 3.7% | -83.1% | -21.1% | 12.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.9% | 3.9% | 12.3% | 2.9% | 4.9% | 5.2% | |
| Prior Fiscal Year | 6.7% | 6.1% | 13.2% | 5.8% | 5.3% | 5.9% | |
| Latest Fiscal Year | 6.1% | 4.7% | 10.8% | 6.5% | 4.4% | 5.4% | |
| Latest Twelve Months | 6.1% | 4.7% | 10.3% | 2.0% | 4.4% | 5.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.52x | 0.47x | 0.08x | 0.79x | 0.30x | 0.10x | |
| EV / LTM EBITDA | 8.4x | 10.0x | 0.8x | 40.3x | 6.8x | 1.8x | |
| EV / LTM EBIT | 24.1x | 18.4x | 1.5x | -145.7x | 10.6x | 3.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.8x | 8.4x | 40.3x | ||||
| Historical EV / LTM EBITDA | 1.8x | 4.6x | 47.8x | ||||
| Selected EV / LTM EBITDA | 3.5x | 3.7x | 3.9x | ||||
| (x) LTM EBITDA | 24,080 | 24,080 | 24,080 | ||||
| (=) Implied Enterprise Value | 84,354 | 88,794 | 93,234 | ||||
| (-) Non-shareholder Claims * | 72,108 | 72,108 | 72,108 | ||||
| (=) Equity Value | 156,462 | 160,902 | 165,342 | ||||
| (/) Shares Outstanding | 203.7 | 203.7 | 203.7 | ||||
| Implied Value Range | 767.92 | 789.71 | 811.50 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 767.92 | 789.71 | 811.50 | 571.00 | |||
| Upside / (Downside) | 34.5% | 38.3% | 42.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A066590 | A004100 | A212560 | A010580 | A163560 | A214330 | |
| Enterprise Value | 182,383 | 292,655 | 19,935 | 127,255 | 101,707 | 44,232 | |
| (+) Cash & Short Term Investments | 39,697 | 10,554 | 75,934 | 12,119 | 58,942 | 72,894 | |
| (+) Investments & Other | 16,040 | 1,039 | 2 | 299 | 6,037 | 43,886 | |
| (-) Debt | (121,730) | (204,928) | (27,359) | (3,678) | (61,382) | (44,647) | |
| (-) Other Liabilities | 418 | (782) | 0 | 0 | (2,445) | (9) | |
| (-) Preferred Stock | 0 | (1,650) | 0 | 0 | 0 | (16) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 116,807 | 96,887 | 68,512 | 135,994 | 102,860 | 116,340 | |
| (/) Shares Outstanding | 38.7 | 36.4 | 7.9 | 111.1 | 13.9 | 203.7 | |
| Implied Stock Price | 3,020.00 | 2,660.00 | 8,700.00 | 1,224.00 | 7,400.00 | 571.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,020.00 | 2,660.00 | 8,700.00 | 1,224.00 | 7,400.00 | 571.00 | |
| 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 | |