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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 15.0x - 16.5x | 15.7x |
Selected Fwd EBIT Multiple | 12.9x - 14.3x | 13.6x |
Fair Value | ₩3,686 - ₩4,207 | ₩3,946 |
Upside | 22.1% - 39.3% | 30.7% |
Benchmarks | Ticker | Full Ticker |
HanJung Natural Connectivity System.co.,Ltd | A107640 | KOSDAQ:A107640 |
Sewon Co.,Ltd | A234100 | KOSDAQ:A234100 |
Inics Corp. | A452400 | KOSDAQ:A452400 |
Mobile Appliance, Inc. | A087260 | KOSDAQ:A087260 |
Korea Fuel-Tech Corporation | A123410 | KOSDAQ:A123410 |
UNITEKNO Co.,Ltd | A241690 | KOSDAQ:A241690 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
A107640 | A234100 | A452400 | A087260 | A123410 | A241690 | ||
KOSDAQ:A107640 | KOSDAQ:A234100 | KOSDAQ:A452400 | KOSDAQ:A087260 | KOSDAQ:A123410 | KOSDAQ:A241690 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | -36.6% | NM- | NM- | 35.1% | 6.3% | |
3Y CAGR | NM- | NM- | NM- | -25.7% | 60.9% | 2.9% | |
Latest Twelve Months | 175.1% | -91.2% | -113.7% | 108.3% | 7.0% | -29.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -2.9% | 3.7% | 6.0% | 1.5% | 3.3% | 8.7% | |
Prior Fiscal Year | -10.4% | 4.6% | 9.4% | 0.9% | 5.2% | 11.2% | |
Latest Fiscal Year | 5.4% | 0.3% | -1.5% | 2.3% | 5.1% | 7.7% | |
Latest Twelve Months | 5.4% | 0.3% | -1.5% | 2.3% | 5.1% | 7.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.28x | 0.23x | 0.38x | 0.65x | 0.23x | 1.00x | |
EV / LTM EBITDA | 15.5x | 6.3x | 47.6x | 10.9x | 2.8x | 8.4x | |
EV / LTM EBIT | 23.8x | 71.4x | -26.0x | 27.8x | 4.6x | 13.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -26.0x | 23.8x | 71.4x | ||||
Historical EV / LTM EBIT | 9.2x | 13.0x | 33.6x | ||||
Selected EV / LTM EBIT | 15.0x | 15.7x | 16.5x | ||||
(x) LTM EBIT | 8,117 | 8,117 | 8,117 | ||||
(=) Implied Enterprise Value | 121,447 | 127,839 | 134,231 | ||||
(-) Non-shareholder Claims * | (30,901) | (30,901) | (30,901) | ||||
(=) Equity Value | 90,546 | 96,938 | 103,330 | ||||
(/) Shares Outstanding | 24.5 | 24.5 | 24.5 | ||||
Implied Value Range | 3,700.19 | 3,961.40 | 4,222.61 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 3,700.19 | 3,961.40 | 4,222.61 | 3,020.00 | |||
Upside / (Downside) | 22.5% | 31.2% | 39.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A107640 | A234100 | A452400 | A087260 | A123410 | A241690 | |
Enterprise Value | 226,166 | 45,728 | 39,989 | 25,520 | 170,046 | 104,803 | |
(+) Cash & Short Term Investments | 41,380 | 106,354 | 38,319 | 38,393 | 52,542 | 25,194 | |
(+) Investments & Other | 591 | 87,771 | 1,407 | 11,976 | 9,128 | 7,457 | |
(-) Debt | (57,645) | (22,952) | (2,081) | (13,973) | (101,181) | (63,552) | |
(-) Other Liabilities | 1,915 | (146,921) | (74) | 0 | (5,947) | (0) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 212,409 | 69,980 | 77,561 | 61,916 | 124,589 | 73,902 | |
(/) Shares Outstanding | 9.1 | 65.5 | 9.1 | 32.6 | 27.8 | 24.5 | |
Implied Stock Price | 23,450.00 | 1,068.00 | 8,550.00 | 1,902.00 | 4,475.00 | 3,020.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 23,450.00 | 1,068.00 | 8,550.00 | 1,902.00 | 4,475.00 | 3,020.00 | |
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 |