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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21.6x - 23.8x | 22.7x |
| Selected Fwd EBITDA Multiple | 1.2x - 1.3x | 1.2x |
| Fair Value | ₩544.36 - ₩561.46 | ₩552.91 |
| Upside | 26.0% - 30.0% | 28.0% |
| Benchmarks | Ticker | Full Ticker |
| INSAN Inc. | A277410 | KOSDAQ:A277410 |
| Genic Co., Ltd. | A123330 | KOSDAQ:A123330 |
| Icure Pharmaceutical Incorporation | A175250 | KOSDAQ:A175250 |
| Outin Futures Co., Ltd | A227610 | KOSDAQ:A227610 |
| Cosmecca Korea Co., Ltd. | A241710 | KOSDAQ:A241710 |
| Billions Co.,Ltd. | A044480 | KOSDAQ:A044480 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A277410 | A123330 | A175250 | A227610 | A241710 | A044480 | ||
| KOSDAQ:A277410 | KOSDAQ:A123330 | KOSDAQ:A175250 | KOSDAQ:A227610 | KOSDAQ:A241710 | KOSDAQ:A044480 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -12.9% | 21.1% | NM- | NM- | 25.0% | NM- | |
| 3Y CAGR | -34.8% | NM- | NM- | NM- | 28.9% | NM- | |
| Latest Twelve Months | -63.7% | 445.1% | 50.7% | -202.2% | 18.6% | -96.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.3% | 0.5% | -23.2% | -14.7% | 9.9% | -1.4% | |
| Prior Fiscal Year | 21.0% | -7.9% | -32.9% | 4.8% | 14.0% | 19.2% | |
| Latest Fiscal Year | 8.8% | 15.4% | -13.3% | -4.6% | 14.9% | 0.5% | |
| Latest Twelve Months | 8.8% | 15.4% | -13.3% | -4.6% | 14.9% | 0.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.92x | 3.53x | 1.16x | 1.21x | 1.25x | 0.05x | |
| EV / LTM EBITDA | 22.0x | 23.0x | -3.9x | -26.3x | 8.4x | 11.6x | |
| EV / LTM EBIT | 76.8x | 29.3x | -2.6x | -12.3x | 10.9x | -0.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -26.3x | 8.4x | 23.0x | ||||
| Historical EV / LTM EBITDA | -173.6x | 11.6x | 128.2x | ||||
| Selected EV / LTM EBITDA | 21.6x | 22.7x | 23.8x | ||||
| (x) LTM EBITDA | 193 | 193 | 193 | ||||
| (=) Implied Enterprise Value | 4,155 | 4,374 | 4,593 | ||||
| (-) Non-shareholder Claims * | 15,528 | 15,528 | 15,528 | ||||
| (=) Equity Value | 19,683 | 19,902 | 20,120 | ||||
| (/) Shares Outstanding | 40.7 | 40.7 | 40.7 | ||||
| Implied Value Range | 484.04 | 489.42 | 494.79 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 484.04 | 489.42 | 494.79 | 432.00 | |||
| Upside / (Downside) | 12.0% | 13.3% | 14.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A277410 | A123330 | A175250 | A227610 | A241710 | A044480 | |
| Enterprise Value | 62,480 | 180,705 | 78,418 | 41,641 | 669,380 | 2,039 | |
| (+) Cash & Short Term Investments | 12,537 | 1,290 | 22,437 | 8,129 | 64,440 | 5,957 | |
| (+) Investments & Other | 2,180 | 0 | 1,659 | 1,611 | 2,736 | 26,321 | |
| (-) Debt | (30,882) | (5,940) | (40,440) | (23,526) | (122,405) | (16,787) | |
| (-) Other Liabilities | (329) | 0 | (472) | 2,312 | (89,229) | 37 | |
| (-) Preferred Stock | 0 | 0 | (2,707) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 45,986 | 176,055 | 58,895 | 30,167 | 524,922 | 17,567 | |
| (/) Shares Outstanding | 37.7 | 7.8 | 37.4 | 35.4 | 10.7 | 40.7 | |
| Implied Stock Price | 1,220.00 | 22,500.00 | 1,576.00 | 851.00 | 49,150.00 | 432.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,220.00 | 22,500.00 | 1,576.00 | 851.00 | 49,150.00 | 432.00 | |
| 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 | |