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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 31,9x - 35,3x | 33,6x |
Selected Fwd EBIT Multiple | 10,1x - 11,2x | 10,7x |
Fair Value | ₩737,96 - ₩800,85 | ₩769,41 |
Upside | -24,9% - -18,5% | -21,7% |
Benchmarks | Ticker | Full Ticker |
UniTest Incorporation | A086390 | KOSDAQ:A086390 |
Openedges Technology, Inc. | A394280 | KOSDAQ:A394280 |
Ajinextek Co., Ltd. | A059120 | KOSDAQ:A059120 |
TEMC Co., Ltd. | A425040 | KOSDAQ:A425040 |
DUKSAN TECHOPIA Co.,Ltd. | A317330 | KOSDAQ:A317330 |
Zinitix Co., Ltd. | A303030 | KOSDAQ:A303030 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
A086390 | A394280 | A059120 | A425040 | A317330 | A303030 | ||
KOSDAQ:A086390 | KOSDAQ:A394280 | KOSDAQ:A059120 | KOSDAQ:A425040 | KOSDAQ:A317330 | KOSDAQ:A303030 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | NM- | -44.7% | |
3Y CAGR | NM- | NM- | NM- | 15.6% | NM- | -44.0% | |
Latest Twelve Months | -5478.8% | -58.4% | -502.8% | 3.3% | -217.6% | 109.3% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -5.8% | -235.0% | 1.4% | 11.2% | 2.5% | -7.0% | |
Prior Fiscal Year | 4.3% | -81.0% | -3.7% | 10.5% | -6.6% | -18.3% | |
Latest Fiscal Year | -26.1% | -160.6% | -16.6% | 6.3% | -30.3% | 0.5% | |
Latest Twelve Months | -19.1% | -136.7% | -23.3% | 6.7% | -37.2% | 0.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.46x | 14.02x | 2.31x | 0.93x | 5.61x | 0.65x | |
EV / LTM EBITDA | -17.1x | -11.2x | -12.3x | 7.2x | -42.5x | 22.5x | |
EV / LTM EBIT | -12.9x | -10.3x | -9.9x | 13.9x | -15.1x | 73.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -15.1x | -10.3x | 13.9x | ||||
Historical EV / LTM EBIT | -96.4x | -5.6x | 41.2x | ||||
Selected EV / LTM EBIT | 31.9x | 33.6x | 35.3x | ||||
(x) LTM EBIT | 425 | 425 | 425 | ||||
(=) Implied Enterprise Value | 13,587 | 14,302 | 15,017 | ||||
(-) Non-shareholder Claims * | 5,209 | 5,209 | 5,209 | ||||
(=) Equity Value | 18,796 | 19,511 | 20,226 | ||||
(/) Shares Outstanding | 37.1 | 37.1 | 37.1 | ||||
Implied Value Range | 506.99 | 526.28 | 545.57 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 506.99 | 526.28 | 545.57 | 983.00 | |||
Upside / (Downside) | -48.4% | -46.5% | -44.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A086390 | A394280 | A059120 | A425040 | A317330 | A303030 | |
Enterprise Value | 260,542 | 247,314 | 52,979 | 246,306 | 550,468 | 31,234 | |
(+) Cash & Short Term Investments | 36,068 | 53,391 | 12,834 | 84,653 | 127,843 | 9,881 | |
(+) Investments & Other | 6,679 | 0 | 52 | 8,573 | 7,312 | 0 | |
(-) Debt | (42,667) | (17,954) | (842) | (91,695) | (280,193) | (4,671) | |
(-) Other Liabilities | 1,772 | 0 | 0 | (95,441) | (3,271) | 0 | |
(-) Preferred Stock | (913) | (295) | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 261,480 | 282,456 | 65,023 | 152,396 | 402,160 | 36,443 | |
(/) Shares Outstanding | 20.3 | 22.0 | 9.7 | 21.2 | 20.5 | 37.1 | |
Implied Stock Price | 12,860.00 | 12,820.00 | 6,670.00 | 7,200.00 | 19,640.00 | 983.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 12,860.00 | 12,820.00 | 6,670.00 | 7,200.00 | 19,640.00 | 983.00 | |
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 |