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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.6x - 10.6x | 10.1x |
| Selected Fwd EBIT Multiple | 8.6x - 9.5x | 9.0x |
| Fair Value | ₩22,064 - ₩27,935 | ₩25,000 |
| Upside | 6.6% - 35.0% | 20.8% |
| Benchmarks | Ticker | Full Ticker |
| American Airlines Group Inc. | AAL_KZ | KAS:AAL_KZ |
| Air France-KLM SA | AFRA.F | OTCPK:AFRA.F |
| Asiana Airlines, Inc. | A020560 | KOSE:A020560 |
| Jeju Air Co., Ltd. | A089590 | KOSE:A089590 |
| T'Way Air Co., Ltd. | A091810 | KOSE:A091810 |
| Korean Airlines Co.,Ltd. | A003490 | KOSE:A003490 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AAL_KZ | AFRA.F | A020560 | A089590 | A091810 | A003490 | ||
| KAS:AAL_KZ | OTCPK:AFRA.F | KOSE:A020560 | KOSE:A089590 | KOSE:A091810 | KOSE:A003490 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -2.8% | 7.0% | NM- | NM- | NM- | 64.0% | |
| 3Y CAGR | NM- | NM- | 45.2% | NM- | NM- | 14.0% | |
| Latest Twelve Months | -16.7% | -5.6% | -55.3% | -52.9% | -108.8% | 16.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -12.7% | -8.2% | 2.3% | -50.3% | -31.6% | 11.1% | |
| Prior Fiscal Year | 7.7% | 5.6% | 8.1% | 9.8% | 10.3% | 11.1% | |
| Latest Fiscal Year | 6.2% | 5.0% | 3.3% | 4.1% | -0.8% | 11.7% | |
| Latest Twelve Months | 6.2% | 5.0% | 3.3% | 4.1% | -0.8% | 11.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.66x | 0.38x | 0.85x | 0.53x | 0.45x | 1.12x | |
| EV / LTM EBITDA | 6.4x | 4.0x | 4.9x | 4.8x | 6.7x | 5.2x | |
| EV / LTM EBIT | 10.6x | 7.6x | 25.5x | 12.9x | -56.6x | 9.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -56.6x | 10.6x | 25.5x | ||||
| Historical EV / LTM EBIT | -280.3x | 6.5x | 24.0x | ||||
| Selected EV / LTM EBIT | 9.6x | 10.1x | 10.6x | ||||
| (x) LTM EBIT | 2,089,683 | 2,089,683 | 2,089,683 | ||||
| (=) Implied Enterprise Value | 20,038,972 | 21,093,654 | 22,148,337 | ||||
| (-) Non-shareholder Claims * | (12,450,263) | (12,450,263) | (12,450,263) | ||||
| (=) Equity Value | 7,588,708 | 8,643,391 | 9,698,074 | ||||
| (/) Shares Outstanding | 369.3 | 369.3 | 369.3 | ||||
| Implied Value Range | 20,547.15 | 23,402.81 | 26,258.46 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 20,547.15 | 23,402.81 | 26,258.46 | 20,700.00 | |||
| Upside / (Downside) | -0.7% | 13.1% | 26.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AAL_KZ | AFRA.F | A020560 | A089590 | A091810 | A003490 | |
| Enterprise Value | 36,625 | 12,307 | 7,072,410 | 1,033,081 | 694,472 | 20,095,424 | |
| (+) Cash & Short Term Investments | 7,618 | 6,017 | 1,268,117 | 193,047 | 271,403 | 6,732,106 | |
| (+) Investments & Other | 515 | 1,235 | 426,016 | 481 | 374 | 733,872 | |
| (-) Debt | (37,544) | (14,663) | (6,692,097) | (706,926) | (519,764) | (19,425,932) | |
| (-) Other Liabilities | 0 | (2,563) | (107,234) | 0 | 0 | (490,310) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,214 | 2,333 | 1,967,211 | 519,684 | 446,485 | 7,645,160 | |
| (/) Shares Outstanding | 657.6 | 308.5 | 206.0 | 80.6 | 215.2 | 369.3 | |
| Implied Stock Price | 10.97 | 7.56 | 9,550.00 | 6,450.00 | 2,075.00 | 20,700.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.89 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.97 | 8.54 | 9,550.00 | 6,450.00 | 2,075.00 | 20,700.00 | |
| Trading Currency | USD | USD | KRW | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 0.89 | 1.00 | 1.00 | 1.00 | 1.00 | |