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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 7.0x - 7.7x | 7.4x |
Selected Fwd EBIT Multiple | 3.9x - 4.3x | 4.1x |
Fair Value | ₩1,973 - ₩2,326 | ₩2,149 |
Upside | 13.4% - 33.7% | 23.5% |
Benchmarks | Ticker | Full Ticker |
Mona Yongpyong Co.,Ltd | A070960 | KOSE:A070960 |
Very Good Tour Co., Ltd. | A094850 | KOSDAQ:A094850 |
Yellow Balloon Tour Co., Ltd. | A104620 | KOSDAQ:A104620 |
Lotte Tour Development Co., Ltd. | A032350 | KOSE:A032350 |
Namhwa Industrial Co., Ltd. | A111710 | KOSDAQ:A111710 |
Me2on Co., Ltd. | A201490 | KOSDAQ:A201490 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
A070960 | A094850 | A104620 | A032350 | A111710 | A201490 | ||
KOSE:A070960 | KOSDAQ:A094850 | KOSDAQ:A104620 | KOSE:A032350 | KOSDAQ:A111710 | KOSDAQ:A201490 | ||
Historical EBIT Growth | |||||||
5Y CAGR | -2.7% | NM- | 13.3% | NM- | 7.6% | -5.5% | |
3Y CAGR | NM- | NM- | NM- | NM- | -16.6% | -20.8% | |
Latest Twelve Months | 217.5% | 153.8% | -198.9% | 131.7% | -32.1% | -41.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 4.6% | -24.0% | -154.8% | -116.2% | 47.9% | 27.4% | |
Prior Fiscal Year | 1.1% | -115.8% | 6.7% | -64.6% | 47.8% | 24.0% | |
Latest Fiscal Year | 10.1% | 9.3% | -5.0% | -19.3% | 38.7% | 20.3% | |
Latest Twelve Months | 11.4% | 7.5% | -5.0% | 6.1% | 38.7% | 14.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.34x | 0.23x | 0.48x | 4.05x | 2.66x | 0.95x | |
EV / LTM EBITDA | 7.3x | 2.3x | -17.1x | 16.4x | 6.0x | 4.4x | |
EV / LTM EBIT | 11.8x | 3.0x | -9.6x | 66.8x | 6.9x | 6.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -9.6x | 6.9x | 66.8x | ||||
Historical EV / LTM EBIT | 4.2x | 4.9x | 6.0x | ||||
Selected EV / LTM EBIT | 7.0x | 7.4x | 7.7x | ||||
(x) LTM EBIT | 14,741 | 14,741 | 14,741 | ||||
(=) Implied Enterprise Value | 103,213 | 108,645 | 114,077 | ||||
(-) Non-shareholder Claims * | (42,109) | (42,109) | (42,109) | ||||
(=) Equity Value | 61,104 | 66,536 | 71,968 | ||||
(/) Shares Outstanding | 30.4 | 30.4 | 30.4 | ||||
Implied Value Range | 2,010.65 | 2,189.40 | 2,368.15 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 2,010.65 | 2,189.40 | 2,368.15 | 1,740.00 | |||
Upside / (Downside) | 15.6% | 25.8% | 36.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A070960 | A094850 | A104620 | A032350 | A111710 | A201490 | |
Enterprise Value | 364,542 | (2,650) | 61,599 | 1,840,663 | (33,695) | 94,988 | |
(+) Cash & Short Term Investments | 92,738 | 63,715 | 48,251 | 68,476 | 49,331 | 77,367 | |
(+) Investments & Other | 2,717 | 19,940 | 476 | 22,046 | 88,746 | 152 | |
(-) Debt | (278,567) | (1,386) | (33,984) | (1,323,819) | 0 | (26,235) | |
(-) Other Liabilities | (1,673) | 0 | (300) | 3,727 | 0 | (93,394) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 179,757 | 79,619 | 76,042 | 611,093 | 104,381 | 52,879 | |
(/) Shares Outstanding | 47.3 | 13.4 | 15.8 | 76.2 | 20.6 | 30.4 | |
Implied Stock Price | 3,800.00 | 5,950.00 | 4,800.00 | 8,020.00 | 5,070.00 | 1,740.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 3,800.00 | 5,950.00 | 4,800.00 | 8,020.00 | 5,070.00 | 1,740.00 | |
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 |