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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0,5x - 0,5x | 0,5x |
| Selected Fwd Revenue Multiple | 0,2x - 0,3x | 0,2x |
| Fair Value | ₩22.593 - ₩22.890 | ₩22.742 |
| Upside | 72,3% - 74,6% | 73,5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Netmarble Corporation | A251270 | KOSE:A251270 |
| NEXON Co., Ltd. | 3659 | TSE:3659 |
| Next Entertainment World Co., Ltd. | A160550 | KOSDAQ:A160550 |
| Genie Music Corporation | A043610 | KOSDAQ:A043610 |
| Neptune Company | A217270 | KOSDAQ:A217270 |
| Webzen Inc. | A069080 | KOSDAQ:A069080 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| A251270 | 3659 | A160550 | A043610 | A217270 | A069080 | |||
| KOSE:A251270 | TSE:3659 | KOSDAQ:A160550 | KOSDAQ:A043610 | KOSDAQ:A217270 | KOSDAQ:A069080 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 4.1% | 12.4% | -5.4% | NM- | 46.5% | 4.1% | ||
| 3Y CAGR | 2.0% | 17.6% | -7.2% | 6.2% | 81.7% | -9.0% | ||
| Latest Twelve Months | 6.5% | 5.4% | -12.3% | -1.8% | 21.9% | 9.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 3.3% | 34.5% | -1.7% | 4.4% | -55.4% | 32.2% | ||
| Prior Fiscal Year | -3.9% | 31.2% | -4.2% | 4.8% | 2.2% | 25.4% | ||
| Latest Fiscal Year | 7.8% | 31.0% | -18.0% | 2.5% | 7.1% | 25.4% | ||
| Latest Twelve Months | 7.8% | 31.0% | -18.0% | 2.5% | 7.1% | 25.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.52x | 1.58x | 0.83x | 0.31x | 0.68x | -0.28x | ||
| EV / LTM EBIT | 6.6x | 5.1x | -4.6x | 12.4x | 9.6x | -1.1x | ||
| Price / LTM Sales | 1.22x | 3.55x | 0.45x | 0.34x | 2.41x | 1.80x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.31x | 0.68x | 1.58x | |||||
| Historical EV / LTM Revenue | -0.28x | 0.79x | 3.28x | |||||
| Selected EV / LTM Revenue | 0.48x | 0.50x | 0.53x | |||||
| (x) LTM Revenue | 214,747 | 214,747 | 214,747 | |||||
| (=) Implied Enterprise Value | 102,028 | 107,398 | 112,768 | |||||
| (-) Non-shareholder Claims * | 582,820 | 582,820 | 582,820 | |||||
| (=) Equity Value | 684,848 | 690,218 | 695,588 | |||||
| (/) Shares Outstanding | 29.5 | 29.5 | 29.5 | |||||
| Implied Value Range | 23,241.34 | 23,423.58 | 23,605.81 | |||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 23,241.34 | 23,423.58 | 23,605.81 | 13,110.00 | ||||
| Upside / (Downside) | 77.3% | 78.7% | 80.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A251270 | 3659 | A160550 | A043610 | A217270 | A069080 | |
| Enterprise Value | 1,380,352 | 703,497 | 94,159 | 94,424 | 82,436 | (196,510) | |
| (+) Cash & Short Term Investments | 691,661 | 600,865 | 54,209 | 100,151 | 49,959 | 455,174 | |
| (+) Investments & Other | 2,918,953 | 333,109 | 43,115 | 2,474 | 181,271 | 135,495 | |
| (-) Debt | (1,692,635) | (39,998) | (105,781) | (33,161) | (18,388) | (5,750) | |
| (-) Other Liabilities | (57,818) | (11,512) | (34,354) | (60,850) | (2,295) | (2,099) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,240,512 | 1,585,961 | 51,347 | 103,039 | 292,983 | 386,310 | |
| (/) Shares Outstanding | 81.9 | 836.9 | 27.9 | 58.1 | 44.9 | 29.5 | |
| Implied Stock Price | 39,550.00 | 1,895.00 | 1,840.00 | 1,773.00 | 6,530.00 | 13,110.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 39,550.00 | 1,895.00 | 1,840.00 | 1,773.00 | 6,530.00 | 13,110.00 | |
| Trading Currency | KRW | JPY | KRW | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |