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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 2.8x - 3.1x | 3.0x |
Selected Fwd EBIT Multiple | 13.0x - 14.3x | 13.7x |
Fair Value | ₩2,761 - ₩2,790 | ₩2,776 |
Upside | 15.5% - 16.7% | 16.1% |
Benchmarks | Ticker | Full Ticker |
Creverse, Inc. | A096240 | KOSDAQ:A096240 |
Digital Daesung Co., Ltd. | A068930 | KOSDAQ:A068930 |
Multicampus Corporation | A067280 | KOSDAQ:A067280 |
Kukbo Design Co., Ltd. | A066620 | KOSDAQ:A066620 |
YBM Net, Inc. | A057030 | KOSDAQ:A057030 |
MegaMD Co., Ltd. | A133750 | KOSDAQ:A133750 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
A096240 | A068930 | A067280 | A066620 | A057030 | A133750 | ||
KOSDAQ:A096240 | KOSDAQ:A068930 | KOSDAQ:A067280 | KOSDAQ:A066620 | KOSDAQ:A057030 | KOSDAQ:A133750 | ||
Historical EBIT Growth | |||||||
5Y CAGR | -16.7% | 2.3% | 10.0% | 28.3% | 1.6% | NM- | |
3Y CAGR | -32.7% | -2.1% | 13.7% | 15.9% | -8.4% | -29.1% | |
Latest Twelve Months | -64.2% | -4.8% | -3.4% | 23.6% | -45.5% | 159.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 10.5% | 12.2% | 9.3% | 7.9% | 5.2% | 1.9% | |
Prior Fiscal Year | 10.8% | 11.8% | 11.2% | 8.1% | 8.5% | -10.8% | |
Latest Fiscal Year | 4.0% | 10.9% | 11.0% | 9.5% | 4.8% | 6.3% | |
Latest Twelve Months | 4.0% | 10.9% | 11.0% | 9.5% | 4.8% | 6.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.93x | 1.31x | 0.19x | -0.14x | 0.73x | 0.02x | |
EV / LTM EBITDA | 6.2x | 7.3x | 1.1x | -1.4x | 6.6x | 0.1x | |
EV / LTM EBIT | 23.5x | 12.0x | 1.7x | -1.4x | 15.2x | 0.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -1.4x | 12.0x | 23.5x | ||||
Historical EV / LTM EBIT | -0.8x | 3.6x | 15.2x | ||||
Selected EV / LTM EBIT | 2.8x | 3.0x | 3.1x | ||||
(x) LTM EBIT | 2,315 | 2,315 | 2,315 | ||||
(=) Implied Enterprise Value | 6,549 | 6,893 | 7,238 | ||||
(-) Non-shareholder Claims * | 54,806 | 54,806 | 54,806 | ||||
(=) Equity Value | 61,355 | 61,699 | 62,044 | ||||
(/) Shares Outstanding | 22.1 | 22.1 | 22.1 | ||||
Implied Value Range | 2,779.37 | 2,794.98 | 2,810.60 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 2,779.37 | 2,794.98 | 2,810.60 | 2,390.00 | |||
Upside / (Downside) | 16.3% | 16.9% | 17.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A096240 | A068930 | A067280 | A066620 | A057030 | A133750 | |
Enterprise Value | 210,658 | 284,910 | 75,313 | (200,647) | 45,719 | (2,047) | |
(+) Cash & Short Term Investments | 23,713 | 17,878 | 167,041 | 170,247 | 33,517 | 40,146 | |
(+) Investments & Other | 2,038 | 22,851 | 1,236 | 145,645 | 569 | 19,288 | |
(-) Debt | (114,774) | (98,763) | (37,310) | (503) | (9,565) | (4,628) | |
(-) Other Liabilities | (247) | (27,981) | (4,771) | 0 | (0) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 121,388 | 198,894 | 201,510 | 114,742 | 70,240 | 52,759 | |
(/) Shares Outstanding | 8.4 | 26.1 | 5.9 | 6.6 | 16.2 | 22.1 | |
Implied Stock Price | 14,390.00 | 7,620.00 | 34,000.00 | 17,360.00 | 4,340.00 | 2,390.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 14,390.00 | 7,620.00 | 34,000.00 | 17,360.00 | 4,340.00 | 2,390.00 | |
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 |