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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 7.4x - 8.1x | 7.7x |
Selected Fwd EBITDA Multiple | 6.9x - 7.7x | 7.3x |
Fair Value | ₩2,810 - ₩3,261 | ₩3,035 |
Upside | -0.4% - 15.6% | 7.6% |
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 EBITDA Multiple | |||||||
Benchmark Companies | |||||||
A136480 | A036580 | A007160 | A001130 | A006980 | A001790 | ||
KOSDAQ:A136480 | KOSE:A036580 | KOSE:A007160 | KOSE:A001130 | KOSE:A006980 | KOSE:A001790 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 56.8% | 12.8% | -16.8% | 13.4% | 43.0% | 1.7% | |
3Y CAGR | 0.7% | 1.4% | -38.7% | 19.7% | 34.1% | -3.7% | |
Latest Twelve Months | -14.1% | 25.3% | 721.9% | 18.3% | 39.9% | -16.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 7.7% | 4.3% | 6.3% | 6.6% | 2.2% | 4.4% | |
Prior Fiscal Year | 8.1% | 3.8% | -0.4% | 6.7% | 2.3% | 4.5% | |
Latest Fiscal Year | 7.6% | 5.6% | 2.4% | 8.3% | 3.4% | 3.7% | |
Latest Twelve Months | 7.6% | 5.6% | 2.4% | 8.3% | 3.4% | 3.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.53x | 0.45x | 0.21x | 0.13x | 0.14x | 0.28x | |
EV / LTM EBITDA | 6.9x | 8.1x | 8.8x | 1.6x | 4.1x | 7.5x | |
EV / LTM EBIT | 23.9x | 13.1x | -17.6x | 2.5x | 9.8x | 10.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 1.6x | 6.9x | 8.8x | ||||
Historical EV / LTM EBITDA | 6.5x | 8.1x | 9.2x | ||||
Selected EV / LTM EBITDA | 7.4x | 7.7x | 8.1x | ||||
(x) LTM EBITDA | 50,430 | 50,430 | 50,430 | ||||
(=) Implied Enterprise Value | 371,122 | 390,655 | 410,188 | ||||
(-) Non-shareholder Claims * | (130,443) | (130,443) | (130,443) | ||||
(=) Equity Value | 240,680 | 260,212 | 279,745 | ||||
(/) Shares Outstanding | 88.5 | 88.5 | 88.5 | ||||
Implied Value Range | 2,720.49 | 2,941.28 | 3,162.06 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 2,720.49 | 2,941.28 | 3,162.06 | 2,820.00 | |||
Upside / (Downside) | -3.5% | 4.3% | 12.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A136480 | A036580 | A007160 | A001130 | A006980 | A001790 | |
Enterprise Value | 679,517 | 707,033 | 132,436 | (61,592) | 84,085 | 379,926 | |
(+) 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 | 327,587 | 73,890 | 168,264 | 214,085 | 37,141 | 249,483 | |
(/) Shares Outstanding | 106.2 | 35.0 | 5.0 | 1.7 | 2.6 | 88.5 | |
Implied Stock Price | 3,085.00 | 2,110.00 | 33,700.00 | 128,500.00 | 14,470.00 | 2,820.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 3,085.00 | 2,110.00 | 33,700.00 | 128,500.00 | 14,470.00 | 2,820.00 | |
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 |