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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 32,1x - 35,5x | 33,8x |
| Selected Fwd EBITDA Multiple | 14,1x - 15,6x | 14,9x |
| Fair Value | ₩10.608 - ₩11.504 | ₩11.056 |
| Upside | -19,5% - -12,7% | -16,1% |
| Benchmarks | Ticker | Full Ticker |
| ASM International NV | AVS | DB:AVS |
| PSK HOLDINGS Inc. | A031980 | KOSDAQ:A031980 |
| S&S Tech Corporation | A101490 | KOSDAQ:A101490 |
| Eugene Technology Co.,Ltd. | A084370 | KOSDAQ:A084370 |
| ABOV Semiconductor Co., Ltd. | A102120 | KOSDAQ:A102120 |
| Koh Young Technology Inc. | A098460 | KOSDAQ:A098460 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AVS | A031980 | A101490 | A084370 | A102120 | A098460 | ||
| DB:AVS | KOSDAQ:A031980 | KOSDAQ:A101490 | KOSDAQ:A084370 | KOSDAQ:A102120 | KOSDAQ:A098460 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.2% | 64.0% | 16.6% | 16.5% | -0.2% | -18.4% | |
| 3Y CAGR | 19.3% | 51.4% | 25.6% | -2.8% | -5.9% | -33.4% | |
| Latest Twelve Months | 18.5% | 198.9% | 14.5% | 83.6% | 41.3% | -51.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 30.2% | 26.2% | 23.0% | 19.5% | 12.1% | 17.1% | |
| Prior Fiscal Year | 29.1% | 33.4% | 24.9% | 15.6% | 5.6% | 14.5% | |
| Latest Fiscal Year | 31.0% | 43.8% | 24.4% | 23.4% | 7.9% | 7.9% | |
| Latest Twelve Months | 31.0% | 43.8% | 24.4% | 23.4% | 7.9% | 7.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.94x | 1.87x | 3.76x | 1.60x | 1.01x | 3.66x | |
| EV / LTM EBITDA | 19.2x | 4.3x | 15.4x | 6.8x | 12.7x | 46.5x | |
| EV / LTM EBIT | 21.9x | 4.6x | 22.5x | 8.8x | -45.5x | 223.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.3x | 12.7x | 19.2x | ||||
| Historical EV / LTM EBITDA | 13.3x | 31.1x | 47.7x | ||||
| Selected EV / LTM EBITDA | 32.1x | 33.8x | 35.5x | ||||
| (x) LTM EBITDA | 15,946 | 15,946 | 15,946 | ||||
| (=) Implied Enterprise Value | 511,736 | 538,670 | 565,603 | ||||
| (-) Non-shareholder Claims * | 137,934 | 137,934 | 137,934 | ||||
| (=) Equity Value | 649,670 | 676,604 | 703,537 | ||||
| (/) Shares Outstanding | 66.0 | 66.0 | 66.0 | ||||
| Implied Value Range | 9,846.44 | 10,254.65 | 10,662.85 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9,846.44 | 10,254.65 | 10,662.85 | 13,180.00 | |||
| Upside / (Downside) | -25.3% | -22.2% | -19.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AVS | A031980 | A101490 | A084370 | A102120 | A098460 | |
| Enterprise Value | 16,867 | 404,630 | 660,030 | 531,490 | 233,555 | 731,685 | |
| (+) Cash & Short Term Investments | 927 | 172,742 | 82,258 | 231,044 | 72,912 | 151,959 | |
| (+) Investments & Other | 923 | 176,446 | 9,214 | 1,324 | 13,842 | 1,520 | |
| (-) Debt | (35) | (16,385) | (16,924) | (8,430) | (112,473) | (15,545) | |
| (-) Other Liabilities | 0 | 0 | (1,376) | (29,559) | (42,519) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (6,301) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 18,682 | 737,434 | 733,202 | 719,567 | 165,318 | 869,619 | |
| (/) Shares Outstanding | 49.1 | 21.6 | 20.8 | 22.2 | 16.5 | 66.0 | |
| Implied Stock Price | 380.50 | 34,200.00 | 35,200.00 | 32,350.00 | 10,020.00 | 13,180.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 380.50 | 34,200.00 | 35,200.00 | 32,350.00 | 10,020.00 | 13,180.00 | |
| Trading Currency | EUR | KRW | KRW | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |