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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 8.3x - 9.2x | 8.8x |
Selected Fwd EBIT Multiple | 2.5x - 2.8x | 2.7x |
Fair Value | ₩22,171 - ₩23,381 | ₩22,776 |
Upside | 34.4% - 41.7% | 38.0% |
Benchmarks | Ticker | Full Ticker |
SAMG Entertainment Co., Ltd. | A419530 | KOSDAQ:A419530 |
CUROHOLDINGS Co., Ltd. | A051780 | KOSDAQ:A051780 |
Samhwa Networks Co., Ltd. | A046390 | KOSDAQ:A046390 |
RBW Inc. | A361570 | KOSDAQ:A361570 |
Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
Cube Entertainment, Inc. | A182360 | KOSDAQ:A182360 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
A419530 | A051780 | A046390 | A361570 | A052790 | A182360 | ||
KOSDAQ:A419530 | KOSDAQ:A051780 | KOSDAQ:A046390 | KOSDAQ:A361570 | KOSDAQ:A052790 | KOSDAQ:A182360 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | 31.1% | NM- | 5.8% | 76.8% | |
3Y CAGR | NM- | NM- | -54.5% | NM- | 5.1% | 151.0% | |
Latest Twelve Months | 41.1% | -129.1% | 136.9% | -450.7% | -29.7% | 9.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -3.9% | -1.1% | 3.3% | 5.4% | 39.0% | 5.7% | |
Prior Fiscal Year | -11.0% | -4.5% | -2.9% | -2.4% | 46.9% | 10.7% | |
Latest Fiscal Year | -5.3% | -13.4% | 1.4% | -19.6% | 37.0% | 7.6% | |
Latest Twelve Months | -5.3% | -13.4% | 1.4% | -19.6% | 37.0% | 7.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.15x | 0.58x | 0.66x | 0.74x | -1.22x | 0.37x | |
EV / LTM EBITDA | 42.4x | -5.1x | 20.7x | -7.0x | -3.1x | 3.8x | |
EV / LTM EBIT | -40.6x | -4.3x | 46.2x | -3.8x | -3.3x | 4.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -40.6x | -3.8x | 46.2x | ||||
Historical EV / LTM EBIT | 4.9x | 79.2x | 120.8x | ||||
Selected EV / LTM EBIT | 8.3x | 8.8x | 9.2x | ||||
(x) LTM EBIT | 16,564 | 16,564 | 16,564 | ||||
(=) Implied Enterprise Value | 137,688 | 144,935 | 152,182 | ||||
(-) Non-shareholder Claims * | 148,272 | 148,272 | 148,272 | ||||
(=) Equity Value | 285,960 | 293,207 | 300,454 | ||||
(/) Shares Outstanding | 13.9 | 13.9 | 13.9 | ||||
Implied Value Range | 20,589.11 | 21,110.88 | 21,632.64 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 20,589.11 | 21,110.88 | 21,632.64 | 16,500.00 | |||
Upside / (Downside) | 24.8% | 27.9% | 31.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A419530 | A051780 | A046390 | A361570 | A052790 | A182360 | |
Enterprise Value | 249,815 | 35,256 | 31,009 | 46,087 | (151,068) | 80,895 | |
(+) Cash & Short Term Investments | 41,568 | 1,929 | 16,214 | 24,678 | 171,016 | 24,196 | |
(+) Investments & Other | 4,634 | 22,495 | 3,145 | 27,440 | 54,239 | 157,834 | |
(-) Debt | (29,312) | (42,608) | (1,079) | (24,425) | (3,287) | (31,936) | |
(-) Other Liabilities | (1,761) | (2,402) | 1 | (7,863) | 0 | (1,822) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 264,944 | 14,670 | 49,289 | 65,918 | 70,900 | 229,167 | |
(/) Shares Outstanding | 7.9 | 23.2 | 39.6 | 27.6 | 10.9 | 13.9 | |
Implied Stock Price | 33,350.00 | 633.00 | 1,245.00 | 2,390.00 | 6,490.00 | 16,500.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 33,350.00 | 633.00 | 1,245.00 | 2,390.00 | 6,490.00 | 16,500.00 | |
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 |