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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,2x - 13,5x | 12,8x |
| Selected Fwd EBITDA Multiple | 12,7x - 14,0x | 13,4x |
| Fair Value | ₩13.681 - ₩14.838 | ₩14.260 |
| Upside | -10,2% - -2,6% | -6,4% |
| Benchmarks | Ticker | Full Ticker |
| Devsisters corporation | A194480 | KOSDAQ:A194480 |
| Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
| Gravity Co., Ltd. | GRVY | NasdaqGM:GRVY |
| Wemade Play Co., Ltd. | A123420 | KOSDAQ:A123420 |
| KT Genie Music Corporation | A043610 | KOSDAQ:A043610 |
| NEXON Games Co., Ltd. | A225570 | KOSDAQ:A225570 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A194480 | A052790 | GRVY | A123420 | A043610 | A225570 | ||
| KOSDAQ:A194480 | KOSDAQ:A052790 | NasdaqGM:GRVY | KOSDAQ:A123420 | KOSDAQ:A043610 | KOSDAQ:A225570 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 5.2% | 8.0% | 14.9% | NM- | NM- | |
| 3Y CAGR | -16.7% | 5.3% | -10.1% | -3.1% | 1.1% | NM- | |
| Latest Twelve Months | 251.8% | -28.4% | -47.5% | 21.2% | -28.9% | 285.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 0.8% | 42.9% | 20.9% | 9.2% | 6.6% | 8.5% | |
| Prior Fiscal Year | -23.4% | 49.4% | 21.4% | 8.1% | 7.3% | 11.1% | |
| Latest Fiscal Year | 15.7% | 39.7% | 15.1% | 7.7% | 5.4% | 20.9% | |
| Latest Twelve Months | 14.4% | 36.4% | 14.2% | 9.2% | 5.4% | 18.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.15x | -1.14x | 0.15x | 1.23x | 0.45x | 2.76x | |
| EV / LTM EBITDA | 8.0x | -3.1x | 1.0x | 13.4x | 8.2x | 14.9x | |
| EV / LTM EBIT | 10.7x | -3.4x | 1.1x | 48.5x | 18.0x | 22.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3.1x | 8.0x | 13.4x | ||||
| Historical EV / LTM EBITDA | 15.7x | 22.4x | 109.7x | ||||
| Selected EV / LTM EBITDA | 12.2x | 12.8x | 13.5x | ||||
| (x) LTM EBITDA | 47,271 | 47,271 | 47,271 | ||||
| (=) Implied Enterprise Value | 576,363 | 606,698 | 637,033 | ||||
| (-) Non-shareholder Claims * | 171,913 | 171,913 | 171,913 | ||||
| (=) Equity Value | 748,276 | 778,611 | 808,946 | ||||
| (/) Shares Outstanding | 63.8 | 63.8 | 63.8 | ||||
| Implied Value Range | 11,721.93 | 12,197.13 | 12,672.34 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11,721.93 | 12,197.13 | 12,672.34 | 15,240.00 | |||
| Upside / (Downside) | -23.1% | -20.0% | -16.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A194480 | A052790 | GRVY | A123420 | A043610 | A225570 | |
| Enterprise Value | 305,627 | (137,780) | 27,226 | (1,770) | 132,457 | 800,941 | |
| (+) Cash & Short Term Investments | 90,635 | 172,493 | 583,196 | 38,384 | 96,397 | 250,383 | |
| (+) Investments & Other | 101,962 | 40,865 | 670 | 152,829 | 2,000 | 3 | |
| (-) Debt | (6,818) | (2,929) | (3,390) | (98,815) | (32,589) | (78,447) | |
| (-) Other Liabilities | (3,312) | 0 | (713) | (10,436) | (62,856) | (25) | |
| (-) Preferred Stock | (5,096) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 482,998 | 72,648 | 606,989 | 80,192 | 135,409 | 972,854 | |
| (/) Shares Outstanding | 11.0 | 10.9 | 6.9 | 10.4 | 58.1 | 63.8 | |
| Implied Stock Price | 44,050.00 | 6,650.00 | 87,350.39 | 7,710.00 | 2,330.00 | 15,240.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1,355.11 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 44,050.00 | 6,650.00 | 64.46 | 7,710.00 | 2,330.00 | 15,240.00 | |
| Trading Currency | KRW | KRW | USD | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1,355.11 | 1.00 | 1.00 | 1.00 | |