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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 10.5x - 11.7x | 11.1x |
Selected Fwd EBIT Multiple | 9.7x - 10.7x | 10.2x |
Fair Value | ₩3,017 - ₩3,490 | ₩3,254 |
Upside | 9.9% - 27.1% | 18.5% |
Benchmarks | Ticker | Full Ticker |
HARIM Co., Ltd. | A136480 | KOSDAQ:A136480 |
Farmsco | A036580 | KOSE:A036580 |
Sajo Industries Company Limited | A007160 | KOSE:A007160 |
Daehan Flour Mills Co.,Ltd | A001130 | KOSE:A001130 |
Woosung Co., Ltd. | A006980 | KOSE:A006980 |
TS Corporation | A001790 | KOSE:A001790 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
A136480 | A036580 | A007160 | A001130 | A006980 | A001790 | ||
KOSDAQ:A136480 | KOSE:A036580 | KOSE:A007160 | KOSE:A001130 | KOSE:A006980 | KOSE:A001790 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 20.5% | NM- | 25.2% | NM- | 4.6% | |
3Y CAGR | -3.8% | 14.0% | NM- | 43.0% | 111.1% | -4.2% | |
Latest Twelve Months | -29.5% | 71.7% | 67.7% | 31.7% | 51.2% | -21.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 1.7% | 2.2% | 2.7% | 3.1% | 0.5% | 3.3% | |
Prior Fiscal Year | 2.9% | 1.7% | -3.8% | 3.8% | 0.9% | 3.5% | |
Latest Fiscal Year | 2.2% | 3.4% | -1.2% | 5.3% | 1.4% | 2.7% | |
Latest Twelve Months | 2.2% | 3.4% | -1.2% | 5.3% | 1.4% | 2.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.52x | 0.45x | 0.21x | 0.13x | 0.14x | 0.27x | |
EV / LTM EBITDA | 6.8x | 8.0x | 8.7x | 1.6x | 4.1x | 7.5x | |
EV / LTM EBIT | 23.5x | 13.0x | -17.6x | 2.5x | 9.8x | 10.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -17.6x | 9.8x | 23.5x | ||||
Historical EV / LTM EBIT | 8.3x | 10.7x | 12.8x | ||||
Selected EV / LTM EBIT | 10.5x | 11.1x | 11.7x | ||||
(x) LTM EBIT | 36,997 | 36,997 | 36,997 | ||||
(=) Implied Enterprise Value | 390,195 | 410,732 | 431,268 | ||||
(-) Non-shareholder Claims * | (130,443) | (130,443) | (130,443) | ||||
(=) Equity Value | 259,752 | 280,289 | 300,825 | ||||
(/) Shares Outstanding | 88.5 | 88.5 | 88.5 | ||||
Implied Value Range | 2,936.08 | 3,168.21 | 3,400.34 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 2,936.08 | 3,168.21 | 3,400.34 | 2,745.00 | |||
Upside / (Downside) | 7.0% | 15.4% | 23.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A136480 | A036580 | A007160 | A001130 | A006980 | A001790 | |
Enterprise Value | 668,899 | 704,582 | 133,435 | (60,426) | 84,803 | 373,291 | |
(+) Cash & Short Term Investments | 57,950 | 187,751 | 34,798 | 409,032 | 37,736 | 265,801 | |
(+) Investments & Other | 22,512 | 24,443 | 439,614 | 241,671 | 54,511 | 32,346 | |
(-) Debt | (431,658) | (828,991) | (324,274) | (373,900) | (139,191) | (424,477) | |
(-) Other Liabilities | (734) | (16,346) | (114,310) | (1,126) | 0 | (871) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (3,241) | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 316,969 | 71,438 | 169,263 | 215,251 | 37,860 | 242,848 | |
(/) Shares Outstanding | 106.2 | 35.0 | 5.0 | 1.7 | 2.6 | 88.5 | |
Implied Stock Price | 2,985.00 | 2,040.00 | 33,900.00 | 129,200.00 | 14,750.00 | 2,745.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2,985.00 | 2,040.00 | 33,900.00 | 129,200.00 | 14,750.00 | 2,745.00 | |
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 |