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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,0x - 13,3x | 12,7x |
| Selected Fwd EBITDA Multiple | 10,5x - 11,6x | 11,1x |
| Fair Value | ₩13.962 - ₩15.148 | ₩14.555 |
| Upside | 6,6% - 15,6% | 11,1% |
| Benchmarks | Ticker | Full Ticker |
| Devsisters corporation | A194480 | KOSDAQ:A194480 |
| Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
| Gravity Co., Ltd. | GRVY | NasdaqGM:GRVY |
| Wemade Play Co., Ltd. | A123420 | KOSDAQ:A123420 |
| KT Genie Music Corporation | A043610 | KOSDAQ:A043610 |
| NEXON Games Co., Ltd. | A225570 | KOSDAQ:A225570 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A194480 | A052790 | GRVY | A123420 | A043610 | A225570 | ||
| KOSDAQ:A194480 | KOSDAQ:A052790 | NasdaqGM:GRVY | KOSDAQ:A123420 | KOSDAQ:A043610 | KOSDAQ:A225570 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 5.2% | 8.0% | 14.9% | NM- | NM- | |
| 3Y CAGR | -16.7% | 5.3% | -10.1% | -3.1% | 1.1% | NM- | |
| Latest Twelve Months | 251.8% | -28.4% | -47.5% | 21.2% | -28.9% | 285.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 0.8% | 42.9% | 20.9% | 9.2% | 6.7% | 8.5% | |
| Prior Fiscal Year | -23.4% | 49.4% | 21.4% | 8.1% | 7.3% | 11.1% | |
| Latest Fiscal Year | 15.7% | 39.7% | 15.1% | 7.7% | 5.4% | 20.9% | |
| Latest Twelve Months | 14.4% | 36.4% | 14.2% | 9.2% | 5.4% | 18.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.00x | -1.19x | 0.18x | 1.16x | 0.41x | 2.56x | |
| EV / LTM EBITDA | 6.9x | -3.3x | 1.3x | 12.6x | 7.5x | 13.8x | |
| EV / LTM EBIT | 9.3x | -3.5x | 1.4x | 45.6x | 16.1x | 20.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3.3x | 6.9x | 12.6x | ||||
| Historical EV / LTM EBITDA | 15.7x | 22.4x | 109.7x | ||||
| Selected EV / LTM EBITDA | 12.0x | 12.7x | 13.3x | ||||
| (x) LTM EBITDA | 47,271 | 47,271 | 47,271 | ||||
| (=) Implied Enterprise Value | 569,226 | 599,185 | 629,144 | ||||
| (-) Non-shareholder Claims * | 171,913 | 171,913 | 171,913 | ||||
| (=) Equity Value | 741,139 | 771,098 | 801,058 | ||||
| (/) Shares Outstanding | 63.8 | 63.8 | 63.8 | ||||
| Implied Value Range | 11,610.13 | 12,079.45 | 12,548.77 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11,610.13 | 12,079.45 | 12,548.77 | 13,100.00 | |||
| Upside / (Downside) | -11.4% | -7.8% | -4.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A194480 | A052790 | GRVY | A123420 | A043610 | A225570 | |
| Enterprise Value | 278,007 | (141,276) | 43,708 | (9,675) | 123,159 | 664,333 | |
| (+) Cash & Short Term Investments | 90,635 | 172,493 | 583,196 | 38,384 | 96,397 | 250,383 | |
| (+) Investments & Other | 101,962 | 40,865 | 670 | 152,829 | 2,000 | 3 | |
| (-) Debt | (6,818) | (2,929) | (3,390) | (98,815) | (32,589) | (78,447) | |
| (-) Other Liabilities | (3,312) | 0 | (713) | (10,436) | (62,856) | (25) | |
| (-) Preferred Stock | (5,096) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 455,379 | 69,152 | 623,471 | 72,287 | 126,111 | 836,246 | |
| (/) Shares Outstanding | 11.0 | 10.9 | 6.9 | 10.4 | 58.1 | 63.8 | |
| Implied Stock Price | 41,550.00 | 6,330.00 | 89,722.20 | 6,950.00 | 2,170.00 | 13,100.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1,374.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 41,550.00 | 6,330.00 | 65.30 | 6,950.00 | 2,170.00 | 13,100.00 | |
| Trading Currency | KRW | KRW | USD | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1,374.00 | 1.00 | 1.00 | 1.00 | |