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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.2x - 13.5x | 12.9x |
| Selected Fwd EBITDA Multiple | 9.2x - 10.2x | 9.7x |
| Fair Value | ₩2,020 - ₩2,313 | ₩2,166 |
| Upside | 33.0% - 52.4% | 42.7% |
| Benchmarks | Ticker | Full Ticker |
| ASTORY Co.,Ltd | A241840 | KOSDAQ:A241840 |
| Com2uS Holdings Corporation | A063080 | KOSDAQ:A063080 |
| Mgame Corp. | A058630 | KOSDAQ:A058630 |
| HANBIT SOFT Inc. | A047080 | KOSDAQ:A047080 |
| Devsisters corporation | A194480 | KOSDAQ:A194480 |
| JOYCITY Corporation | A067000 | KOSDAQ:A067000 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A241840 | A063080 | A058630 | A047080 | A194480 | A067000 | ||
| KOSDAQ:A241840 | KOSDAQ:A063080 | KOSDAQ:A058630 | KOSDAQ:A047080 | KOSDAQ:A194480 | KOSDAQ:A067000 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 9.6% | NM- | NM- | 5.7% | |
| 3Y CAGR | NM- | -42.8% | -10.7% | NM- | -16.7% | -13.9% | |
| Latest Twelve Months | -136.0% | -151.4% | -33.1% | 95.6% | 198.5% | -45.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.4% | 10.5% | 32.0% | -2.7% | -1.3% | 13.0% | |
| Prior Fiscal Year | 13.6% | -1.8% | 28.3% | -22.7% | -23.4% | 19.8% | |
| Latest Fiscal Year | -18.8% | 3.6% | 18.5% | -0.8% | 15.7% | 11.2% | |
| Latest Twelve Months | -18.8% | -3.4% | 18.5% | -0.8% | 15.7% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.28x | 0.74x | 0.11x | 0.77x | 1.17x | 1.12x | |
| EV / LTM EBITDA | -17.4x | -21.8x | 0.6x | -100.1x | 7.5x | 10.0x | |
| EV / LTM EBIT | -13.8x | -10.8x | 0.7x | -18.2x | 10.2x | 13.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -100.1x | -17.4x | 7.5x | ||||
| Historical EV / LTM EBITDA | 10.0x | 21.8x | 30.1x | ||||
| Selected EV / LTM EBITDA | 12.2x | 12.9x | 13.5x | ||||
| (x) LTM EBITDA | 16,029 | 16,029 | 16,029 | ||||
| (=) Implied Enterprise Value | 195,953 | 206,266 | 216,579 | ||||
| (-) Non-shareholder Claims * | (53,889) | (53,889) | (53,889) | ||||
| (=) Equity Value | 142,064 | 152,377 | 162,690 | ||||
| (/) Shares Outstanding | 69.9 | 69.9 | 69.9 | ||||
| Implied Value Range | 2,032.29 | 2,179.82 | 2,327.36 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,032.29 | 2,179.82 | 2,327.36 | 1,518.00 | |||
| Upside / (Downside) | 33.9% | 43.6% | 53.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A241840 | A063080 | A058630 | A047080 | A194480 | A067000 | |
| Enterprise Value | 48,449 | (235,464) | (6,429) | 25,594 | 276,652 | 160,002 | |
| (+) Cash & Short Term Investments | 21,943 | 36,279 | 81,085 | 15,829 | 100,495 | 23,391 | |
| (+) Investments & Other | 12,684 | 511,227 | 15,439 | 2,044 | 94,382 | 28,431 | |
| (-) Debt | (6,033) | (183,259) | (840) | (5,760) | (8,179) | (104,753) | |
| (-) Other Liabilities | 0 | 19,274 | (56) | (5,288) | (3,066) | (958) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 77,043 | 148,057 | 89,199 | 32,418 | 460,283 | 106,113 | |
| (/) Shares Outstanding | 9.3 | 6.6 | 18.6 | 24.8 | 10.8 | 69.9 | |
| Implied Stock Price | 8,300.00 | 22,450.00 | 4,795.00 | 1,306.00 | 42,600.00 | 1,518.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8,300.00 | 22,450.00 | 4,795.00 | 1,306.00 | 42,600.00 | 1,518.00 | |
| 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 | |