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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 28.6x - 31.6x | 30.1x |
Selected Fwd EBIT Multiple | 14.6x - 16.2x | 15.4x |
Fair Value | ₩47,480 - ₩51,666 | ₩49,573 |
Upside | 23.5% - 34.4% | 28.9% |
Benchmarks | Ticker | Full Ticker |
Itcencts Co.,Ltd. | A031820 | KOSE:A031820 |
Zungwon En-Sys Inc. | A045510 | KOSDAQ:A045510 |
iCRAFT Co., Ltd. | A052460 | KOSDAQ:A052460 |
Linkgenesis Co., Ltd. | A219420 | KOSDAQ:A219420 |
Kwangmu Co.,Ltd. | A029480 | KOSDAQ:A029480 |
Cafe24 Corp. | A042000 | KOSDAQ:A042000 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
A031820 | A045510 | A052460 | A219420 | A029480 | A042000 | ||
KOSE:A031820 | KOSDAQ:A045510 | KOSDAQ:A052460 | KOSDAQ:A219420 | KOSDAQ:A029480 | KOSDAQ:A042000 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 42.6% | 4.8% | 123.8% | NM- | NM- | 26.5% | |
3Y CAGR | 3.9% | 6.9% | -8.7% | NM- | NM- | NM- | |
Latest Twelve Months | -29.5% | -59.0% | -133.9% | -93.4% | -140.6% | 244.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 1.8% | 0.7% | 1.5% | 15.8% | -15.0% | -0.5% | |
Prior Fiscal Year | 1.8% | 1.5% | 3.8% | 9.9% | -10.8% | 0.6% | |
Latest Fiscal Year | 2.0% | 0.9% | 1.6% | -0.6% | -72.1% | 10.5% | |
Latest Twelve Months | 1.3% | 0.6% | -3.4% | 0.8% | -80.9% | 11.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.05x | 0.17x | 0.35x | 1.70x | 0.01x | 2.46x | |
EV / LTM EBITDA | 2.6x | 18.5x | -18.3x | 23.9x | 0.0x | 12.0x | |
EV / LTM EBIT | 4.3x | 26.2x | -10.1x | 213.1x | 0.0x | 22.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -10.1x | 4.3x | 213.1x | ||||
Historical EV / LTM EBIT | -70.3x | -8.7x | 84.1x | ||||
Selected EV / LTM EBIT | 28.6x | 30.1x | 31.6x | ||||
(x) LTM EBIT | 34,554 | 34,554 | 34,554 | ||||
(=) Implied Enterprise Value | 988,125 | 1,040,132 | 1,092,138 | ||||
(-) Non-shareholder Claims * | 186,300 | 186,300 | 186,300 | ||||
(=) Equity Value | 1,174,425 | 1,226,432 | 1,278,438 | ||||
(/) Shares Outstanding | 24.2 | 24.2 | 24.2 | ||||
Implied Value Range | 48,573.79 | 50,724.76 | 52,875.73 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 48,573.79 | 50,724.76 | 52,875.73 | 38,450.00 | |||
Upside / (Downside) | 26.3% | 31.9% | 37.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A031820 | A045510 | A052460 | A219420 | A029480 | A042000 | |
Enterprise Value | 54,608 | 33,262 | 36,398 | 17,979 | (54,367) | 743,351 | |
(+) Cash & Short Term Investments | 108,106 | 3,587 | 10,772 | 35,523 | 165,619 | 141,460 | |
(+) Investments & Other | 62,090 | 424 | 4,496 | 4,885 | 51,966 | 63,170 | |
(-) Debt | (96,900) | (7,493) | (13,476) | (206) | (20,360) | (18,330) | |
(-) Other Liabilities | (52,730) | 0 | (223) | (1,795) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 75,173 | 29,780 | 37,966 | 56,386 | 142,858 | 929,651 | |
(/) Shares Outstanding | 121.1 | 31.5 | 12.0 | 11.3 | 54.5 | 24.2 | |
Implied Stock Price | 621.00 | 946.00 | 3,175.00 | 5,010.00 | 2,620.00 | 38,450.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 621.00 | 946.00 | 3,175.00 | 5,010.00 | 2,620.00 | 38,450.00 | |
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 |