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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 7.8x - 8.6x | 8.2x |
Selected Fwd EBITDA Multiple | 8.9x - 9.8x | 9.4x |
Fair Value | ₩3,011 - ₩3,304 | ₩3,158 |
Upside | 38.1% - 51.5% | 44.8% |
Benchmarks | Ticker | Full Ticker |
Choheung Corporation | A002600 | KOSE:A002600 |
JUNGDAWN Co., Ltd. | A208140 | KOSDAQ:A208140 |
Woorison F&G Co., Ltd. | A073560 | KOSDAQ:A073560 |
EASY BIO,Inc. | A353810 | KOSDAQ:A353810 |
Binggrae Co., Ltd. | A005180 | KOSE:A005180 |
Daejoo Inc. | A003310 | KOSDAQ:A003310 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
A002600 | A208140 | A073560 | A353810 | A005180 | A003310 | ||
KOSE:A002600 | KOSDAQ:A208140 | KOSDAQ:A073560 | KOSDAQ:A353810 | KOSE:A005180 | KOSDAQ:A003310 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | 18.4% | 13.1% | NM- | 19.7% | 21.2% | |
3Y CAGR | 6.5% | -6.4% | -2.9% | 26.8% | 33.4% | 38.4% | |
Latest Twelve Months | 22.6% | -48.1% | 77.1% | 64.0% | 11.4% | 25.0% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 7.1% | 13.9% | 18.9% | 13.2% | 9.2% | 8.0% | |
Prior Fiscal Year | 6.1% | 22.8% | 11.6% | 14.7% | 12.5% | 9.7% | |
Latest Fiscal Year | 7.1% | 12.1% | 19.6% | 10.4% | 13.3% | 12.0% | |
Latest Twelve Months | 7.1% | 12.1% | 19.6% | 10.4% | 13.3% | 12.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.57x | 0.68x | 0.85x | 0.85x | 0.46x | 0.65x | |
EV / LTM EBITDA | 8.0x | 5.7x | 4.3x | 8.2x | 3.5x | 5.4x | |
EV / LTM EBIT | 11.7x | 8.5x | 9.0x | 10.0x | 5.1x | 6.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 3.5x | 5.7x | 8.2x | ||||
Historical EV / LTM EBITDA | 5.4x | 12.0x | 14.8x | ||||
Selected EV / LTM EBITDA | 7.8x | 8.2x | 8.6x | ||||
(x) LTM EBITDA | 12,709 | 12,709 | 12,709 | ||||
(=) Implied Enterprise Value | 98,945 | 104,153 | 109,360 | ||||
(-) Non-shareholder Claims * | 8,400 | 8,400 | 8,400 | ||||
(=) Equity Value | 107,345 | 112,552 | 117,760 | ||||
(/) Shares Outstanding | 35.4 | 35.4 | 35.4 | ||||
Implied Value Range | 3,032.99 | 3,180.13 | 3,327.27 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 3,032.99 | 3,180.13 | 3,327.27 | 2,180.00 | |||
Upside / (Downside) | 39.1% | 45.9% | 52.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A002600 | A208140 | A073560 | A353810 | A005180 | A003310 | |
Enterprise Value | 242,201 | 124,482 | 249,057 | 325,213 | 219,338 | 68,756 | |
(+) Cash & Short Term Investments | 53,538 | 32,133 | 38,270 | 62,505 | 245,899 | 10,958 | |
(+) Investments & Other | 709 | 2,160 | 18,037 | 7,696 | 16,741 | 4,758 | |
(-) Debt | (201,888) | (68,112) | (192,375) | (209,628) | (98,686) | (7,317) | |
(-) Other Liabilities | 0 | (945) | (14,810) | (4,828) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 94,560 | 89,718 | 98,179 | 180,958 | 383,292 | 77,155 | |
(/) Shares Outstanding | 0.6 | 32.7 | 69.2 | 33.1 | 4.1 | 35.4 | |
Implied Stock Price | 157,600.00 | 2,745.00 | 1,418.00 | 5,470.00 | 94,400.00 | 2,180.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 157,600.00 | 2,745.00 | 1,418.00 | 5,470.00 | 94,400.00 | 2,180.00 | |
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 |