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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.3x - 18.0x | 17.1x |
| Selected Fwd EBIT Multiple | 6.8x - 7.5x | 7.2x |
| Fair Value | ₩12,945 - ₩14,623 | ₩13,784 |
| Upside | 3.0% - 16.3% | 9.7% |
| Benchmarks | Ticker | Full Ticker |
| Manyo Factory Co., Ltd | A439090 | KOSDAQ:A439090 |
| Hankook Cosmetics Co., Ltd. | A123690 | KOSE:A123690 |
| Coreana Cosmetics Co.,Ltd. | A027050 | KOSDAQ:A027050 |
| Jayjun Cosmetic Co., Ltd. | A025620 | KOSE:A025620 |
| Cosmax Nbt, Inc. | A222040 | KOSDAQ:A222040 |
| KOLMAR BNH Co.,Ltd. | A200130 | KOSDAQ:A200130 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A439090 | A123690 | A027050 | A025620 | A222040 | A200130 | ||
| KOSDAQ:A439090 | KOSE:A123690 | KOSDAQ:A027050 | KOSE:A025620 | KOSDAQ:A222040 | KOSDAQ:A200130 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | -36.6% | NM- | NM- | -19.8% | |
| 3Y CAGR | NM- | NM- | -54.3% | NM- | 15.5% | -35.5% | |
| Latest Twelve Months | 20.8% | 30.4% | -58.3% | 28.1% | -17.3% | -18.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.1% | -6.1% | 1.2% | -87.9% | 0.7% | 11.7% | |
| Prior Fiscal Year | 24.1% | 3.7% | 0.9% | -58.1% | 3.6% | 5.2% | |
| Latest Fiscal Year | 15.1% | 4.0% | 0.4% | -42.9% | 3.1% | 4.0% | |
| Latest Twelve Months | 14.7% | 4.0% | 0.4% | -42.9% | 3.1% | 4.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.79x | 0.94x | 0.59x | 1.35x | 0.70x | 0.70x | |
| EV / LTM EBITDA | 11.4x | 15.5x | 13.8x | -3.4x | 9.2x | 9.9x | |
| EV / LTM EBIT | 12.1x | 23.2x | 149.5x | -3.2x | 22.4x | 17.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.2x | 22.4x | 149.5x | ||||
| Historical EV / LTM EBIT | 8.5x | 13.7x | 17.5x | ||||
| Selected EV / LTM EBIT | 16.3x | 17.1x | 18.0x | ||||
| (x) LTM EBIT | 24,623 | 24,623 | 24,623 | ||||
| (=) Implied Enterprise Value | 400,213 | 421,276 | 442,340 | ||||
| (-) Non-shareholder Claims * | (85,378) | (85,378) | (85,378) | ||||
| (=) Equity Value | 314,835 | 335,899 | 356,963 | ||||
| (/) Shares Outstanding | 28.5 | 28.5 | 28.5 | ||||
| Implied Value Range | 11,063.71 | 11,803.92 | 12,544.13 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11,063.71 | 11,803.92 | 12,544.13 | 12,570.00 | |||
| Upside / (Downside) | -12.0% | -6.1% | -0.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A439090 | A123690 | A027050 | A025620 | A222040 | A200130 | |
| Enterprise Value | 231,679 | 91,037 | 51,660 | 776 | 223,096 | 443,076 | |
| (+) Cash & Short Term Investments | 87,270 | 16,336 | 11,797 | 4,007 | 45,267 | 110,650 | |
| (+) Investments & Other | 293 | 5,437 | 11,761 | 23,532 | 3,447 | 27,024 | |
| (-) Debt | (4,452) | (6,545) | (6,455) | (5,286) | (193,668) | (224,880) | |
| (-) Other Liabilities | 0 | (63) | 697 | 14 | (4,659) | 1,829 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 314,790 | 106,203 | 69,460 | 23,043 | 73,484 | 357,699 | |
| (/) Shares Outstanding | 16.4 | 16.1 | 30.2 | 4.5 | 20.6 | 28.5 | |
| Implied Stock Price | 19,220.00 | 6,610.00 | 2,300.00 | 5,150.00 | 3,575.00 | 12,570.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19,220.00 | 6,610.00 | 2,300.00 | 5,150.00 | 3,575.00 | 12,570.00 | |
| 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 | |