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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 20,1x - 22,2x | 21,1x |
| Selected Fwd EBITDA Multiple | 4,5x - 5,0x | 4,7x |
| Fair Value | ₩34.181 - ₩36.892 | ₩35.537 |
| Upside | 37,3% - 48,2% | 42,7% |
| Benchmarks | Ticker | Full Ticker |
| Gravity Co., Ltd. | GRVY | NasdaqGM:GRVY |
| Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
| MOBIRIX Corporation | A348030 | KOSDAQ:A348030 |
| Chorokbaem Media Co., Ltd. | A047820 | KOSDAQ:A047820 |
| CUROHOLDINGS Co., Ltd. | A051780 | KOSDAQ:A051780 |
| Wemade Co.,Ltd. | A112040 | KOSDAQ:A112040 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GRVY | A052790 | A348030 | A047820 | A051780 | A112040 | ||
| NasdaqGM:GRVY | KOSDAQ:A052790 | KOSDAQ:A348030 | KOSDAQ:A047820 | KOSDAQ:A051780 | KOSDAQ:A112040 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.0% | 5.2% | NM- | 66.1% | NM- | NM- | |
| 3Y CAGR | -10.1% | 5.3% | NM- | 2.0% | NM- | -36.9% | |
| Latest Twelve Months | -47.5% | -28.4% | -403.1% | 24.5% | -123.9% | 172.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.9% | 42.9% | 5.5% | 8.8% | 2.1% | -0.8% | |
| Prior Fiscal Year | 21.4% | 49.4% | -2.4% | 8.6% | -3.9% | -14.8% | |
| Latest Fiscal Year | 15.1% | 39.7% | -19.8% | 10.7% | -11.4% | 3.6% | |
| Latest Twelve Months | 14.2% | 36.4% | -19.8% | 11.6% | -11.4% | 8.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.18x | -1.21x | 0.32x | 0.06x | 0.64x | 0.80x | |
| EV / LTM EBITDA | 1.3x | -3.3x | -1.6x | 0.5x | -5.7x | 9.5x | |
| EV / LTM EBIT | 1.4x | -3.6x | -1.4x | -0.7x | -4.8x | 18.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -5.7x | -1.6x | 1.3x | ||||
| Historical EV / LTM EBITDA | -43.9x | -39.6x | 78.7x | ||||
| Selected EV / LTM EBITDA | 20.1x | 21.1x | 22.2x | ||||
| (x) LTM EBITDA | 58,403 | 58,403 | 58,403 | ||||
| (=) Implied Enterprise Value | 1,171,443 | 1,233,098 | 1,294,753 | ||||
| (-) Non-shareholder Claims * | 284,409 | 284,409 | 284,409 | ||||
| (=) Equity Value | 1,455,852 | 1,517,507 | 1,579,162 | ||||
| (/) Shares Outstanding | 33.7 | 33.7 | 33.7 | ||||
| Implied Value Range | 43,164.77 | 44,992.78 | 46,820.80 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 43,164.77 | 44,992.78 | 46,820.80 | 24,900.00 | |||
| Upside / (Downside) | 73.4% | 80.7% | 88.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GRVY | A052790 | A348030 | A047820 | A051780 | A112040 | |
| Enterprise Value | 50,734 | (143,352) | (5,289) | 12,732 | 39,288 | 555,413 | |
| (+) Cash & Short Term Investments | 583,196 | 172,493 | 27,395 | 180,094 | 1,929 | 448,788 | |
| (+) Investments & Other | 670 | 40,865 | 23,456 | 13,946 | 22,495 | 457,179 | |
| (-) Debt | (3,390) | (2,929) | (521) | (79,419) | (42,608) | (178,030) | |
| (-) Other Liabilities | (713) | 0 | 0 | (22,472) | (2,402) | (416,810) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (26,718) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 630,497 | 67,077 | 45,042 | 104,882 | 18,702 | 839,822 | |
| (/) Shares Outstanding | 6.9 | 10.9 | 9.6 | 24.4 | 23.2 | 33.7 | |
| Implied Stock Price | 90,733.32 | 6,140.00 | 4,690.00 | 4,295.00 | 807.00 | 24,900.00 | |
| FX Conversion Rate to Trading Currency | 1,371.63 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 66.15 | 6,140.00 | 4,690.00 | 4,295.00 | 807.00 | 24,900.00 | |
| Trading Currency | USD | KRW | KRW | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1,371.63 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |