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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.7x - 0.8x | 0.7x |
| Selected Fwd Revenue Multiple | 0.6x - 0.7x | 0.6x |
| Fair Value | ₩4,453 - ₩5,736 | ₩5,095 |
| Upside | -5.3% - 22.0% | 8.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Hands Corporation Ltd | A143210 | KOSE:A143210 |
| iWIN CO.,LTD | A090150 | KOSDAQ:A090150 |
| Seoyon Topmetal Co., Ltd. | A019770 | KOSDAQ:A019770 |
| Hanjoo Light Metal Co., Ltd. | A198940 | KOSDAQ:A198940 |
| NVH Korea Inc. | A067570 | KOSDAQ:A067570 |
| DAE-IL Corporation | A092200 | KOSE:A092200 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| A143210 | A090150 | A019770 | A198940 | A067570 | A092200 | |||
| KOSE:A143210 | KOSDAQ:A090150 | KOSDAQ:A019770 | KOSDAQ:A198940 | KOSDAQ:A067570 | KOSE:A092200 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 4.5% | 2.9% | 6.1% | NM- | 13.9% | 5.7% | ||
| 3Y CAGR | 9.4% | 8.3% | 5.9% | 9.9% | 14.1% | 13.9% | ||
| Latest Twelve Months | -2.8% | 8.6% | 5.4% | 13.5% | 15.7% | -2.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -4.4% | 3.9% | 4.0% | -1.8% | 3.5% | -1.1% | ||
| Prior Fiscal Year | -8.6% | 2.4% | 4.0% | -6.1% | 4.0% | 4.4% | ||
| Latest Fiscal Year | -2.9% | 5.9% | 5.1% | -3.5% | 3.4% | 4.9% | ||
| Latest Twelve Months | -8.4% | 6.4% | 5.1% | -3.5% | 3.4% | 3.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.71x | 0.59x | 0.21x | 0.42x | 0.46x | 0.67x | ||
| EV / LTM EBIT | -8.4x | 9.3x | 4.1x | -12.1x | 13.3x | 21.3x | ||
| Price / LTM Sales | 0.05x | 0.27x | 0.24x | 0.11x | 0.06x | 0.25x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.21x | 0.46x | 0.71x | |||||
| Historical EV / LTM Revenue | 0.59x | 0.85x | 1.02x | |||||
| Selected EV / LTM Revenue | 0.68x | 0.72x | 0.75x | |||||
| (x) LTM Revenue | 717,939 | 717,939 | 717,939 | |||||
| (=) Implied Enterprise Value | 488,005 | 513,690 | 539,374 | |||||
| (-) Non-shareholder Claims * | (299,803) | (299,803) | (299,803) | |||||
| (=) Equity Value | 188,202 | 213,887 | 239,571 | |||||
| (/) Shares Outstanding | 38.7 | 38.7 | 38.7 | |||||
| Implied Value Range | 4,857.35 | 5,520.24 | 6,183.14 | |||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4,857.35 | 5,520.24 | 6,183.14 | 4,700.00 | ||||
| Upside / (Downside) | 3.3% | 17.5% | 31.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A143210 | A090150 | A019770 | A198940 | A067570 | A092200 | |
| Enterprise Value | 526,462 | 68,472 | 38,237 | 104,916 | 723,473 | 481,909 | |
| (+) Cash & Short Term Investments | 22,828 | 4,096 | 1,288 | 12,339 | 194,174 | 35,598 | |
| (+) Investments & Other | 8 | 26,003 | 15,410 | 4 | 38,471 | 6,087 | |
| (-) Debt | (507,005) | (63,229) | (11,480) | (87,293) | (700,926) | (313,798) | |
| (-) Other Liabilities | (109) | (4,323) | 0 | 0 | (162,225) | (27,690) | |
| (-) Preferred Stock | (3,827) | 0 | 0 | (1,672) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 38,358 | 31,018 | 43,455 | 28,294 | 92,967 | 182,106 | |
| (/) Shares Outstanding | 21.9 | 39.7 | 11.7 | 38.9 | 42.2 | 38.7 | |
| Implied Stock Price | 1,752.00 | 781.00 | 3,730.00 | 727.00 | 2,205.00 | 4,700.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,752.00 | 781.00 | 3,730.00 | 727.00 | 2,205.00 | 4,700.00 | |
| 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 | |