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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | -76.3x - -84.3x | -80.3x |
Selected Fwd EBITDA Multiple | 17.7x - 19.5x | 18.6x |
Fair Value | ₩26,436 - ₩32,435 | ₩29,436 |
Upside | -47.3% - -35.4% | -41.4% |
Benchmarks | Ticker | Full Ticker |
Sangsin Energy Display Precision Co.,Ltd. | A091580 | KOSDAQ:A091580 |
Hyosung Heavy Industries Corporation | A298040 | KOSE:A298040 |
CS Wind Corporation | A112610 | KOSE:A112610 |
APRO Co., Ltd | A262260 | KOSDAQ:A262260 |
mPLUS Corp. | A259630 | KOSDAQ:A259630 |
Ecopro Co., Ltd. | A086520 | KOSDAQ:A086520 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
A091580 | A298040 | A112610 | A262260 | A259630 | A086520 | ||
KOSDAQ:A091580 | KOSE:A298040 | KOSE:A112610 | KOSDAQ:A262260 | KOSDAQ:A259630 | KOSDAQ:A086520 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -14.8% | 14.2% | 38.8% | -7.5% | 28.3% | NM- | |
3Y CAGR | -34.1% | 29.4% | 44.5% | NM- | NM- | NM- | |
Latest Twelve Months | -80.5% | 9.1% | 134.2% | -57.3% | -53.8% | -120.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 14.8% | 6.0% | 11.2% | -0.5% | -2.9% | 9.5% | |
Prior Fiscal Year | 14.5% | 8.0% | 11.8% | 7.3% | 8.3% | 6.4% | |
Latest Fiscal Year | 3.4% | 7.7% | 13.7% | 3.7% | 10.2% | -3.0% | |
Latest Twelve Months | 3.4% | 7.7% | 13.7% | 3.7% | 10.2% | -3.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.65x | 1.14x | 0.88x | 1.09x | 0.76x | 3.47x | |
EV / LTM EBITDA | 19.1x | 14.8x | 6.4x | 29.6x | 7.5x | -116.5x | |
EV / LTM EBIT | -19.9x | 18.4x | 10.6x | 64.7x | 9.8x | -37.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 6.4x | 14.8x | 29.6x | ||||
Historical EV / LTM EBITDA | -116.5x | 15.6x | 26.9x | ||||
Selected EV / LTM EBITDA | -76.3x | -80.3x | -84.3x | ||||
(x) LTM EBITDA | (93,231) | (93,231) | (93,231) | ||||
(=) Implied Enterprise Value | 7,111,206 | 7,485,480 | 7,859,754 | ||||
(-) Non-shareholder Claims * | (4,109,443) | (4,109,443) | (4,109,443) | ||||
(=) Equity Value | 3,001,763 | 3,376,037 | 3,750,311 | ||||
(/) Shares Outstanding | 134.5 | 134.5 | 134.5 | ||||
Implied Value Range | 22,317.37 | 25,100.00 | 27,882.63 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 22,317.37 | 25,100.00 | 27,882.63 | 50,200.00 | |||
Upside / (Downside) | -55.5% | -50.0% | -44.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A091580 | A298040 | A112610 | A262260 | A259630 | A086520 | |
Enterprise Value | 162,226 | 5,597,804 | 2,681,458 | 217,333 | 97,549 | 10,861,517 | |
(+) Cash & Short Term Investments | 64,153 | 262,582 | 372,895 | 13,531 | 66,736 | 1,030,512 | |
(+) Investments & Other | 1,574 | 90,794 | 21,983 | 6,069 | 909 | 304,358 | |
(-) Debt | (127,857) | (1,083,026) | (1,437,632) | (126,449) | (75,470) | (3,211,295) | |
(-) Other Liabilities | 0 | (147,102) | (51,603) | 3,970 | 0 | (2,233,019) | |
(-) Preferred Stock | 0 | 0 | 0 | (20,688) | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 100,095 | 4,721,053 | 1,587,101 | 93,766 | 89,725 | 6,752,074 | |
(/) Shares Outstanding | 13.3 | 9.3 | 41.4 | 14.4 | 11.9 | 134.5 | |
Implied Stock Price | 7,510.00 | 507,000.00 | 38,300.00 | 6,490.00 | 7,510.00 | 50,200.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 7,510.00 | 507,000.00 | 38,300.00 | 6,490.00 | 7,510.00 | 50,200.00 | |
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 |