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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 8,0x - 8,8x | 8,4x |
Selected Fwd EBIT Multiple | 5,7x - 6,3x | 6,0x |
Fair Value | ₩16.166 - ₩18.118 | ₩17.142 |
Upside | 33,8% - 50,0% | 41,9% |
Benchmarks | Ticker | Full Ticker |
BCWORLD PHARM. Co., Ltd. | A200780 | KOSDAQ:A200780 |
Kyung Dong Pharmaceutical Co., Ltd. | A011040 | KOSDAQ:A011040 |
Ahn-Gook Pharmaceutical Co., Ltd. | A001540 | KOSDAQ:A001540 |
Dongwha Pharm.Co.,Ltd | A000020 | KOSE:A000020 |
Whan In Pharm Co.,Ltd. | A016580 | KOSE:A016580 |
JW Lifescience Corporation | A234080 | KOSE:A234080 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
A200780 | A011040 | A001540 | A000020 | A016580 | A234080 | ||
KOSDAQ:A200780 | KOSDAQ:A011040 | KOSDAQ:A001540 | KOSE:A000020 | KOSE:A016580 | KOSE:A234080 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | -36.1% | 22.5% | 7.1% | -3.9% | 3.8% | |
3Y CAGR | NM- | -45.0% | NM- | -15.8% | -11.8% | 8.1% | |
Latest Twelve Months | -69.8% | 122.8% | 115.5% | -28.2% | -40.7% | 19.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 0.1% | 3.1% | 1.8% | 6.9% | 14.4% | 16.7% | |
Prior Fiscal Year | 8.5% | -15.3% | 2.2% | 5.2% | 13.1% | 14.9% | |
Latest Fiscal Year | 2.0% | 1.4% | 2.5% | 2.9% | 8.3% | 16.1% | |
Latest Twelve Months | 1.7% | 2.5% | 3.4% | 2.9% | 7.1% | 15.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.61x | 0.52x | 0.38x | 0.42x | 0.34x | 1.09x | |
EV / LTM EBITDA | 13.2x | 12.4x | 7.1x | 5.9x | 3.2x | 4.7x | |
EV / LTM EBIT | 92.9x | 38.2x | 15.3x | 14.7x | 4.7x | 6.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 4.7x | 15.3x | 92.9x | ||||
Historical EV / LTM EBIT | 5.8x | 8.1x | 11.0x | ||||
Selected EV / LTM EBIT | 8.0x | 8.4x | 8.8x | ||||
(x) LTM EBIT | 36,461 | 36,461 | 36,461 | ||||
(=) Implied Enterprise Value | 290,159 | 305,431 | 320,702 | ||||
(-) Non-shareholder Claims * | (36,772) | (36,772) | (36,772) | ||||
(=) Equity Value | 253,387 | 268,658 | 283,930 | ||||
(/) Shares Outstanding | 15.5 | 15.5 | 15.5 | ||||
Implied Value Range | 16,363.84 | 17,350.09 | 18,336.33 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 16,363.84 | 17,350.09 | 18,336.33 | 12,080.00 | |||
Upside / (Downside) | 35.5% | 43.6% | 51.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A200780 | A011040 | A001540 | A000020 | A016580 | A234080 | |
Enterprise Value | 119,711 | 93,979 | 101,718 | 193,572 | 85,706 | 223,826 | |
(+) Cash & Short Term Investments | 7,143 | 32,582 | 31,749 | 43,497 | 54,601 | 26,465 | |
(+) Investments & Other | 2,999 | 68,323 | 27,619 | 65,942 | 31,625 | 2,062 | |
(-) Debt | (86,917) | (36,205) | (77,879) | (96,989) | (788) | (65,299) | |
(-) Other Liabilities | 479 | (261) | 1,012 | (28,304) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | (1,154) | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 43,414 | 158,418 | 84,217 | 176,563 | 171,144 | 187,053 | |
(/) Shares Outstanding | 9.2 | 26.9 | 11.4 | 27.7 | 15.3 | 15.5 | |
Implied Stock Price | 4,700.00 | 5,880.00 | 7,410.00 | 6,370.00 | 11,210.00 | 12,080.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 4,700.00 | 5,880.00 | 7,410.00 | 6,370.00 | 11,210.00 | 12,080.00 | |
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 |