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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 1,2x - 1,4x | 1,3x |
Selected Fwd Revenue Multiple | 1,4x - 1,5x | 1,4x |
Fair Value | ₩50.342 - ₩53.852 | ₩52.097 |
Upside | 26,2% - 35,0% | 30,6% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Com2uS Holdings Corporation | A063080 | KOSDAQ:A063080 |
Mgame Corp. | A058630 | KOSDAQ:A058630 |
JOYCITY Corporation | A067000 | KOSDAQ:A067000 |
NEOWIZ HOLDINGS Corporation | A042420 | KOSDAQ:A042420 |
Wysiwyg Studios Co., Ltd. | A299900 | KOSDAQ:A299900 |
Devsisters corporation | A194480 | KOSDAQ:A194480 |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
A063080 | A058630 | A067000 | A042420 | A299900 | A194480 | |||
KOSDAQ:A063080 | KOSDAQ:A058630 | KOSDAQ:A067000 | KOSDAQ:A042420 | KOSDAQ:A299900 | KOSDAQ:A194480 | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 4.5% | 17.3% | 6.7% | 7.7% | 11.6% | 44.4% | ||
3Y CAGR | 1.8% | 14.4% | -10.8% | 11.0% | -12.6% | -13.8% | ||
Latest Twelve Months | -2.5% | 2.2% | -4.5% | 0.4% | -45.4% | 46.6% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 6.4% | 28.5% | 10.4% | 8.5% | -9.7% | -6.3% | ||
Prior Fiscal Year | -0.1% | 26.2% | 16.9% | 4.6% | -17.1% | -29.8% | ||
Latest Fiscal Year | -8.6% | 15.4% | 8.1% | 5.5% | -16.6% | 11.5% | ||
Latest Twelve Months | -8.6% | 15.4% | 8.1% | 5.5% | -16.6% | 11.5% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 1.59x | 0.04x | 1.07x | 0.39x | 0.51x | 1.05x | ||
EV / LTM EBIT | -18.5x | 0.3x | 13.1x | 7.0x | -3.1x | 9.1x | ||
Price / LTM Sales | 0.84x | 1.01x | 0.69x | 0.33x | 2.11x | 1.83x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.04x | 0.51x | 1.59x | |||||
Historical EV / LTM Revenue | 0.63x | 1.60x | 3.42x | |||||
Selected EV / LTM Revenue | 1.24x | 1.31x | 1.37x | |||||
(x) LTM Revenue | 236,187 | 236,187 | 236,187 | |||||
(=) Implied Enterprise Value | 292,856 | 308,269 | 323,683 | |||||
(-) Non-shareholder Claims * | 183,632 | 183,632 | 183,632 | |||||
(=) Equity Value | 476,487 | 491,901 | 507,314 | |||||
(/) Shares Outstanding | 10.8 | 10.8 | 10.8 | |||||
Implied Value Range | 44,099.72 | 45,526.26 | 46,952.80 | |||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 44,099.72 | 45,526.26 | 46,952.80 | 39,900.00 | ||||
Upside / (Downside) | 10.5% | 14.1% | 17.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A063080 | A058630 | A067000 | A042420 | A299900 | A194480 | |
Enterprise Value | (219,924) | (11,731) | 152,453 | (2,616) | 41,403 | 247,479 | |
(+) Cash & Short Term Investments | 48,605 | 81,085 | 23,391 | 336,538 | 42,774 | 100,495 | |
(+) Investments & Other | 457,888 | 15,439 | 28,431 | 144,482 | 143,856 | 94,382 | |
(-) Debt | (189,702) | (840) | (104,753) | (3,799) | (12,129) | (8,179) | |
(-) Other Liabilities | 28,832 | (56) | (958) | (354,609) | (6,063) | (3,066) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | (40,239) | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 125,700 | 83,898 | 98,564 | 119,996 | 169,601 | 431,110 | |
(/) Shares Outstanding | 6.6 | 18.6 | 69.9 | 6.4 | 169.4 | 10.8 | |
Implied Stock Price | 19,060.00 | 4,510.00 | 1,410.00 | 18,800.00 | 1,001.00 | 39,900.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 19,060.00 | 4,510.00 | 1,410.00 | 18,800.00 | 1,001.00 | 39,900.00 | |
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 |