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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 31,3x - 34,6x | 32,9x |
Selected Fwd EBITDA Multiple | 2,3x - 2,6x | 2,4x |
Fair Value | ₩7.543 - ₩8.277 | ₩7.910 |
Upside | 37,4% - 50,8% | 44,1% |
Benchmarks | Ticker | Full Ticker |
RoboRobo Co., Ltd. | A215100 | KOSDAQ:A215100 |
I-Scream Edu Co.,Ltd. | A289010 | KOSDAQ:A289010 |
STACO LINK Co., Ltd. | A060240 | KOSDAQ:A060240 |
Visang Education Inc | A100220 | KOSE:A100220 |
Daekyo Co., Ltd. | A019680 | KOSE:A019680 |
Openknowl Co.,Ltd. | A440320 | KOSDAQ:A440320 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
A215100 | A289010 | A060240 | A100220 | A019680 | A440320 | ||
KOSDAQ:A215100 | KOSDAQ:A289010 | KOSDAQ:A060240 | KOSE:A100220 | KOSE:A019680 | KOSDAQ:A440320 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | NM- | -12.9% | -20.6% | NM- | |
3Y CAGR | NM- | NM- | NM- | -7.5% | 0.7% | NM- | |
Latest Twelve Months | -922.5% | 67.0% | -195.9% | 86.1% | 118.0% | -2.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -8.3% | 2.7% | -56.7% | 7.4% | 3.8% | 5.4% | |
Prior Fiscal Year | 4.1% | -4.2% | -72.5% | 2.9% | 1.9% | 7.7% | |
Latest Fiscal Year | -8.0% | 6.3% | -144.7% | 7.8% | 4.3% | 2.9% | |
Latest Twelve Months | -7.4% | 4.9% | -109.1% | 12.9% | 4.6% | 3.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 5.52x | 0.29x | 0.69x | 0.68x | 0.31x | 0.69x | |
EV / LTM EBITDA | -74.1x | 5.9x | -0.6x | 5.2x | 6.7x | 23.1x | |
EV / LTM EBIT | -49.6x | -10.9x | -0.6x | 7.7x | 1490.1x | 95.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -74.1x | 5.2x | 6.7x | ||||
Historical EV / LTM EBITDA | 17.3x | 165.9x | 314.5x | ||||
Selected EV / LTM EBITDA | 31.3x | 32.9x | 34.6x | ||||
(x) LTM EBITDA | 2,092 | 2,092 | 2,092 | ||||
(=) Implied Enterprise Value | 65,403 | 68,846 | 72,288 | ||||
(-) Non-shareholder Claims * | 5,606 | 5,606 | 5,606 | ||||
(=) Equity Value | 71,009 | 74,451 | 77,893 | ||||
(/) Shares Outstanding | 9.8 | 9.8 | 9.8 | ||||
Implied Value Range | 7,242.11 | 7,593.19 | 7,944.26 | ||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 7,242.11 | 7,593.19 | 7,944.26 | 5,490.00 | |||
Upside / (Downside) | 31.9% | 38.3% | 44.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | A215100 | A289010 | A060240 | A100220 | A019680 | A440320 | |
Enterprise Value | 73,936 | 30,385 | 12,517 | 181,849 | 218,732 | 48,224 | |
(+) Cash & Short Term Investments | 3,091 | 9,308 | 68 | 48,021 | 69,844 | 22,459 | |
(+) Investments & Other | 16,456 | 1,218 | 2,472 | 3,896 | 48,746 | 4,203 | |
(-) Debt | (159) | (13,740) | (8,679) | (145,800) | (137,244) | (15,994) | |
(-) Other Liabilities | (45) | (5) | 0 | 0 | (3,082) | (5,062) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 93,280 | 27,166 | 6,378 | 87,966 | 196,997 | 53,829 | |
(/) Shares Outstanding | 20.3 | 13.6 | 3.2 | 12.3 | 81.1 | 9.8 | |
Implied Stock Price | 4,605.00 | 1,996.00 | 1,976.00 | 7,180.00 | 2,430.00 | 5,490.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 4,605.00 | 1,996.00 | 1,976.00 | 7,180.00 | 2,430.00 | 5,490.00 | |
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 |