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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 0.4x - 0.4x | 0.4x |
Selected Fwd Revenue Multiple | 0.4x - 0.4x | 0.4x |
Fair Value | ₩6,829 - ₩7,007 | ₩6,918 |
Upside | 32.9% - 36.3% | 34.6% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
T3 Entertainment Inc. | A204610 | KOSDAQ:A204610 |
Gravity Co., Ltd. | GRVY | NasdaqGM:GRVY |
Asphere Innovations Public Company Limited | AS | SET:AS |
Webzen Inc. | A069080 | KOSDAQ:A069080 |
NEOWIZ HOLDINGS Corporation | A042420 | KOSDAQ:A042420 |
Mgame Corp. | A058630 | KOSDAQ:A058630 |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
A204610 | GRVY | AS | A069080 | A042420 | A058630 | |||
KOSDAQ:A204610 | NasdaqGM:GRVY | SET:AS | KOSDAQ:A069080 | KOSDAQ:A042420 | KOSDAQ:A058630 | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 6.3% | 6.0% | 8.0% | 4.1% | 7.7% | 17.3% | ||
3Y CAGR | -4.8% | 5.3% | -15.6% | -9.0% | 11.0% | 14.4% | ||
Latest Twelve Months | 16.4% | -32.3% | -22.7% | 9.4% | 0.4% | 2.2% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 14.9% | 20.4% | 19.8% | 32.2% | 8.5% | 28.5% | ||
Prior Fiscal Year | 14.8% | 20.9% | 13.0% | 25.4% | 4.6% | 26.2% | ||
Latest Fiscal Year | 17.7% | 14.1% | 12.8% | 25.4% | 5.5% | 15.4% | ||
Latest Twelve Months | 17.7% | 14.1% | 12.8% | 25.4% | 5.5% | 15.4% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.29x | 0.12x | 0.02x | -0.28x | 0.02x | 0.18x | ||
EV / LTM EBIT | 1.6x | 0.8x | 0.2x | -1.1x | 0.4x | 1.2x | ||
Price / LTM Sales | 1.56x | 1.24x | 1.09x | 1.80x | 0.35x | 1.15x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | -0.28x | 0.02x | 0.29x | |||||
Historical EV / LTM Revenue | 0.18x | 1.31x | 3.94x | |||||
Selected EV / LTM Revenue | 0.37x | 0.39x | 0.41x | |||||
(x) LTM Revenue | 83,425 | 83,425 | 83,425 | |||||
(=) Implied Enterprise Value | 30,839 | 32,462 | 34,085 | |||||
(-) Non-shareholder Claims * | 95,629 | 95,629 | 95,629 | |||||
(=) Equity Value | 126,468 | 128,091 | 129,714 | |||||
(/) Shares Outstanding | 18.6 | 18.6 | 18.6 | |||||
Implied Value Range | 6,798.40 | 6,885.65 | 6,972.90 | |||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 6,798.40 | 6,885.65 | 6,972.90 | 5,140.00 | ||||
Upside / (Downside) | 32.3% | 34.0% | 35.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A204610 | GRVY | AS | A069080 | A042420 | A058630 | |
Enterprise Value | 17,188 | 42,878 | 22 | (195,921) | 7,596 | (11) | |
(+) Cash & Short Term Investments | 82,710 | 559,804 | 352 | 455,174 | 336,538 | 81,085 | |
(+) Investments & Other | 5,236 | 1,767 | 994 | 135,495 | 144,482 | 15,439 | |
(-) Debt | (4,445) | (7,122) | (153) | (5,750) | (3,799) | (840) | |
(-) Other Liabilities | (8,154) | (691) | 3 | (2,099) | (354,609) | (56) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 92,536 | 596,635 | 1,218 | 386,899 | 130,208 | 95,617 | |
(/) Shares Outstanding | 55.6 | 6.9 | 499.2 | 29.5 | 6.4 | 18.6 | |
Implied Stock Price | 1,663.00 | 85,860.36 | 2.44 | 13,130.00 | 20,400.00 | 5,140.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1,438.92 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1,663.00 | 59.67 | 2.44 | 13,130.00 | 20,400.00 | 5,140.00 | |
Trading Currency | KRW | USD | THB | KRW | KRW | KRW | |
FX Rate to Reporting Currency | 1.00 | 1,438.92 | 1.00 | 1.00 | 1.00 | 1.00 |