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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 8.5x - 9.4x | 8.9x |
Selected Fwd Revenue Multiple | 1.2x - 1.4x | 1.3x |
Fair Value | ₩60,875 - ₩63,124 | ₩62,000 |
Upside | -26.1% - -23.4% | -24.8% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Modetour Network Inc. | A080160 | KOSDAQ:A080160 |
Grand Korea Leisure Co., Ltd. | A114090 | KOSE:A114090 |
Kyochon Food&Beverage Co., Ltd. | A339770 | KOSE:A339770 |
DoubleUGames Co., Ltd. | A192080 | KOSE:A192080 |
Ghost Studio Co., Ltd. | A950190 | KOSDAQ:A950190 |
Hanjin Kal | A180640 | KOSE:A180640 |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
A080160 | A114090 | A339770 | A192080 | A950190 | A180640 | |||
KOSDAQ:A080160 | KOSE:A114090 | KOSE:A339770 | KOSE:A192080 | KOSDAQ:A950190 | KOSE:A180640 | |||
Historical Revenue Growth | ||||||||
5Y CAGR | -3.3% | -4.2% | 5.6% | 3.8% | 4.2% | -26.7% | ||
3Y CAGR | 163.4% | 67.0% | -0.2% | -4.0% | -4.3% | -12.3% | ||
Latest Twelve Months | 40.9% | -0.1% | 0.7% | 8.8% | -7.5% | 6.0% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | -63.2% | -44.2% | 6.5% | 32.4% | 34.7% | -8.2% | ||
Prior Fiscal Year | 6.5% | 12.9% | 1.7% | 36.6% | 29.9% | 15.0% | ||
Latest Fiscal Year | 1.8% | 9.7% | 5.6% | 39.3% | 25.3% | 17.2% | ||
Latest Twelve Months | 1.8% | 9.7% | 3.6% | 39.3% | 20.0% | 17.2% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.40x | 0.96x | 0.66x | 1.02x | 0.37x | 9.48x | ||
EV / LTM EBIT | 21.9x | 9.9x | 18.5x | 2.6x | 1.8x | 55.2x | ||
Price / LTM Sales | 0.74x | 1.69x | 0.61x | 1.59x | 1.07x | 18.52x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.37x | 0.66x | 1.02x | |||||
Historical EV / LTM Revenue | 4.52x | 9.48x | 18.59x | |||||
Selected EV / LTM Revenue | 8.48x | 8.92x | 9.37x | |||||
(x) LTM Revenue | 292,157 | 292,157 | 292,157 | |||||
(=) Implied Enterprise Value | 2,476,482 | 2,606,823 | 2,737,164 | |||||
(-) Non-shareholder Claims * | 2,641,180 | 2,641,180 | 2,641,180 | |||||
(=) Equity Value | 5,117,662 | 5,248,003 | 5,378,344 | |||||
(/) Shares Outstanding | 66.9 | 66.9 | 66.9 | |||||
Implied Value Range | 76,551.50 | 78,501.18 | 80,450.86 | |||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 76,551.50 | 78,501.18 | 80,450.86 | 82,400.00 | ||||
Upside / (Downside) | -7.1% | -4.7% | -2.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A080160 | A114090 | A339770 | A192080 | A950190 | A180640 | |
Enterprise Value | 101,079 | 382,436 | 309,097 | 644,298 | 33,114 | 2,867,469 | |
(+) Cash & Short Term Investments | 105,537 | 348,500 | 69,990 | 807,842 | 75,172 | 475,649 | |
(+) Investments & Other | 6,784 | 1 | 3,614 | 1,782 | 152 | 2,934,755 | |
(-) Debt | (28,195) | (59,184) | (100,501) | (25,753) | (7,895) | (647,285) | |
(-) Other Liabilities | 37 | 0 | 102 | (424,996) | (2,907) | (121,939) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 185,241 | 671,753 | 282,303 | 1,003,173 | 97,636 | 5,508,649 | |
(/) Shares Outstanding | 17.3 | 61.9 | 50.0 | 19.8 | 13.2 | 66.9 | |
Implied Stock Price | 10,700.00 | 10,860.00 | 5,650.00 | 50,600.00 | 7,400.00 | 82,400.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 10,700.00 | 10,860.00 | 5,650.00 | 50,600.00 | 7,400.00 | 82,400.00 | |
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 |