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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 26,8x - 29,6x | 28,2x |
| Selected Fwd EBITDA Multiple | 5,1x - 5,6x | 5,3x |
| Fair Value | ₩26.267 - ₩28.467 | ₩27.367 |
| Upside | -8,3% - -0,6% | -4,5% |
| Benchmarks | Ticker | Full Ticker |
| Studio Dragon Corporation | A253450 | KOSDAQ:A253450 |
| YG Entertainment Inc. | A122870 | KOSDAQ:A122870 |
| Kakao Games Corp. | A293490 | KOSDAQ:A293490 |
| NEXON Games Co., Ltd. | A225570 | KOSDAQ:A225570 |
| SAMG Entertainment Co., Ltd. | A419530 | KOSDAQ:A419530 |
| Wemade Co.,Ltd. | A112040 | KOSDAQ:A112040 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A253450 | A122870 | A293490 | A225570 | A419530 | A112040 | ||
| KOSDAQ:A253450 | KOSDAQ:A122870 | KOSDAQ:A293490 | KOSDAQ:A225570 | KOSDAQ:A419530 | KOSDAQ:A112040 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.5% | -13.0% | 11.0% | NM- | NM- | NM- | |
| 3Y CAGR | 6.3% | -31.7% | -17.6% | NM- | -1.2% | -36.9% | |
| Latest Twelve Months | -24.6% | -90.8% | -49.3% | 148.3% | 245.0% | 128.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.8% | 10.7% | 17.4% | 7.8% | 3.1% | -1.0% | |
| Prior Fiscal Year | 32.1% | 17.4% | 23.4% | 11.1% | -4.3% | -14.8% | |
| Latest Fiscal Year | 33.1% | 2.5% | 13.7% | 20.9% | 5.1% | 3.6% | |
| Latest Twelve Months | 33.1% | 2.5% | 13.7% | 20.9% | 5.1% | 3.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.80x | 2.73x | 1.75x | 2.55x | 2.33x | 1.11x | |
| EV / LTM EBITDA | 5.4x | 108.7x | 12.8x | 12.2x | 46.2x | 31.2x | |
| EV / LTM EBIT | 28.0x | -47.8x | 79.5x | 16.9x | -44.1x | 176.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.4x | 12.8x | 108.7x | ||||
| Historical EV / LTM EBITDA | -43.9x | -39.6x | 78.7x | ||||
| Selected EV / LTM EBITDA | 26.8x | 28.2x | 29.6x | ||||
| (x) LTM EBITDA | 25,323 | 25,323 | 25,323 | ||||
| (=) Implied Enterprise Value | 679,189 | 714,936 | 750,682 | ||||
| (-) Non-shareholder Claims * | 180,926 | 180,926 | 180,926 | ||||
| (=) Equity Value | 860,114 | 895,861 | 931,608 | ||||
| (/) Shares Outstanding | 33.7 | 33.7 | 33.7 | ||||
| Implied Value Range | 25,501.66 | 26,561.52 | 27,621.39 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 25,501.66 | 26,561.52 | 27,621.39 | 28,650.00 | |||
| Upside / (Downside) | -11.0% | -7.3% | -3.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A253450 | A122870 | A293490 | A225570 | A419530 | A112040 | |
| Enterprise Value | 970,603 | 965,194 | 1,088,264 | 641,998 | 278,160 | 785,375 | |
| (+) Cash & Short Term Investments | 182,058 | 192,951 | 666,470 | 255,728 | 41,568 | 329,156 | |
| (+) Investments & Other | 156,299 | 169,743 | 485,176 | 3 | 4,634 | 458,466 | |
| (-) Debt | (1,500) | (18,934) | (982,962) | (80,816) | (29,312) | (177,847) | |
| (-) Other Liabilities | 0 | (120,112) | (140,249) | (25) | (1,761) | (402,517) | |
| (-) Preferred Stock | 0 | 0 | (14,451) | 0 | 0 | (26,332) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,307,460 | 1,188,842 | 1,102,247 | 816,888 | 293,289 | 966,301 | |
| (/) Shares Outstanding | 30.1 | 18.5 | 82.0 | 64.0 | 8.1 | 33.7 | |
| Implied Stock Price | 43,500.00 | 64,100.00 | 13,440.00 | 12,770.00 | 36,100.00 | 28,650.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 43,500.00 | 64,100.00 | 13,440.00 | 12,770.00 | 36,100.00 | 28,650.00 | |
| 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 | |