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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | -17,8x - -19,6x | -18,7x |
Selected Fwd EBITDA Multiple | 1,0x - 1,1x | 1,1x |
Fair Value | ₩1.356 - ₩1.420 | ₩1.388 |
Upside | 6,1% - 11,0% | 8,5% |
Benchmarks | Ticker | Full Ticker |
Devsisters corporation | A194480 | KOSDAQ:A194480 |
NS ENM Co.,Ltd. | A078860 | KOSDAQ:A078860 |
ASTORY Co.,Ltd | A241840 | KOSDAQ:A241840 |
Com2uS Holdings Corporation | A063080 | KOSDAQ:A063080 |
Wemade Play Co., Ltd. | A123420 | KOSDAQ:A123420 |
Wysiwyg Studios Co., Ltd. | A299900 | KOSDAQ:A299900 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
A194480 | A078860 | A241840 | A063080 | A123420 | A299900 | ||
KOSDAQ:A194480 | KOSDAQ:A078860 | KOSDAQ:A241840 | KOSDAQ:A063080 | KOSDAQ:A123420 | KOSDAQ:A299900 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | 14.9% | NM- | |
3Y CAGR | -16.7% | NM- | NM- | NM- | -3.1% | NM- | |
Latest Twelve Months | 198.5% | -3.9% | -136.0% | -249.2% | -6.1% | 71.4% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -1.3% | -49.3% | 8.4% | 10.6% | 9.1% | -1.3% | |
Prior Fiscal Year | -23.4% | -18.8% | 13.6% | 3.6% | 8.1% | -8.3% | |
Latest Fiscal Year | 15.7% | -16.8% | -18.8% | -5.4% | 7.7% | -4.3% | |
Latest Twelve Months | 15.7% | -16.8% | -18.8% | -5.4% | 7.7% | -4.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.08x | 2.81x | 3.19x | 1.67x | 1.16x | 1.10x | |
EV / LTM EBITDA | 6.9x | -16.7x | -17.0x | -30.7x | 15.1x | -25.3x | |
EV / LTM EBIT | 9.4x | -9.0x | -13.5x | -19.4x | 132.0x | -6.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -30.7x | -16.7x | 15.1x | ||||
Historical EV / LTM EBITDA | -454.0x | -25.3x | 244.6x | ||||
Selected EV / LTM EBITDA | -17.8x | -18.7x | -19.6x | ||||
(x) LTM EBITDA | (3,499) | (3,499) | (3,499) | ||||
(=) Implied Enterprise Value | 62,186 | 65,459 | 68,732 | ||||
(-) Non-shareholder Claims * | 128,198 | 128,198 | 128,198 | ||||
(=) Equity Value | 190,384 | 193,657 | 196,930 | ||||
(/) Shares Outstanding | 169.4 | 169.4 | 169.4 | ||||
Implied Value Range | 1,123.66 | 1,142.98 | 1,162.30 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1,123.66 | 1,142.98 | 1,162.30 | 1,279.00 | |||
Upside / (Downside) | -12.1% | -10.6% | -9.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A194480 | A078860 | A241840 | A063080 | A123420 | A299900 | |
Enterprise Value | 255,569 | 70,587 | 47,189 | (209,108) | (11,012) | 88,505 | |
(+) Cash & Short Term Investments | 100,495 | 15,852 | 21,943 | 48,605 | 36,436 | 42,774 | |
(+) Investments & Other | 94,382 | 35,653 | 12,684 | 457,888 | 150,097 | 143,856 | |
(-) Debt | (8,179) | (10,119) | (6,033) | (189,702) | (97,160) | (12,129) | |
(-) Other Liabilities | (3,066) | (727) | 0 | 28,832 | (10,338) | (6,063) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (40,239) | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 439,201 | 111,245 | 75,783 | 136,515 | 68,023 | 216,703 | |
(/) Shares Outstanding | 10.9 | 54.3 | 9.1 | 6.6 | 10.4 | 169.4 | |
Implied Stock Price | 40,350.00 | 2,050.00 | 8,300.00 | 20,700.00 | 6,540.00 | 1,279.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 40,350.00 | 2,050.00 | 8,300.00 | 20,700.00 | 6,540.00 | 1,279.00 | |
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 |