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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.6x - 8.4x | 8.0x |
| Selected Fwd EBITDA Multiple | 7.3x - 8.1x | 7.7x |
| Fair Value | ₩23,175 - ₩24,491 | ₩23,833 |
| Upside | 35.9% - 43.6% | 39.8% |
| Benchmarks | Ticker | Full Ticker |
| SAMG Entertainment Co., Ltd. | A419530 | KOSDAQ:A419530 |
| CUROHOLDINGS Co., Ltd. | A051780 | KOSDAQ:A051780 |
| Samhwa Networks Co., Ltd. | A046390 | KOSDAQ:A046390 |
| RBW Inc. | A361570 | KOSDAQ:A361570 |
| Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
| Cube Entertainment, Inc. | A182360 | KOSDAQ:A182360 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A419530 | A051780 | A046390 | A361570 | A052790 | A182360 | ||
| KOSDAQ:A419530 | KOSDAQ:A051780 | KOSDAQ:A046390 | KOSDAQ:A361570 | KOSDAQ:A052790 | KOSDAQ:A182360 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | 5.2% | 40.6% | |
| 3Y CAGR | -1.2% | NM- | NM- | NM- | 5.3% | 58.3% | |
| Latest Twelve Months | 245.0% | -123.9% | 286.3% | -271.7% | -28.4% | 9.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.1% | 2.1% | 5.9% | 11.7% | 42.4% | 11.1% | |
| Prior Fiscal Year | -4.3% | -3.9% | -1.3% | 4.2% | 49.4% | 13.6% | |
| Latest Fiscal Year | 5.1% | -11.4% | 3.2% | -10.5% | 39.7% | 9.7% | |
| Latest Twelve Months | 5.1% | -11.4% | 3.2% | -10.5% | 39.7% | 9.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.85x | 0.55x | 0.62x | 0.81x | -1.25x | 0.47x | |
| EV / LTM EBITDA | 36.6x | -4.8x | 19.2x | -7.7x | -3.2x | 4.9x | |
| EV / LTM EBIT | -35.0x | -4.1x | 42.8x | -4.1x | -3.4x | 6.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -7.7x | -3.2x | 36.6x | ||||
| Historical EV / LTM EBITDA | 4.9x | 28.5x | 41.4x | ||||
| Selected EV / LTM EBITDA | 7.6x | 8.0x | 8.4x | ||||
| (x) LTM EBITDA | 21,178 | 21,178 | 21,178 | ||||
| (=) Implied Enterprise Value | 161,648 | 170,156 | 178,664 | ||||
| (-) Non-shareholder Claims * | 148,272 | 148,272 | 148,272 | ||||
| (=) Equity Value | 309,920 | 318,428 | 326,936 | ||||
| (/) Shares Outstanding | 13.9 | 13.9 | 13.9 | ||||
| Implied Value Range | 22,314.23 | 22,926.79 | 23,539.35 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 22,314.23 | 22,926.79 | 23,539.35 | 17,050.00 | |||
| Upside / (Downside) | 30.9% | 34.5% | 38.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A419530 | A051780 | A046390 | A361570 | A052790 | A182360 | |
| Enterprise Value | 219,229 | 33,078 | 28,119 | 45,026 | (156,311) | 88,534 | |
| (+) Cash & Short Term Investments | 41,568 | 1,929 | 16,214 | 24,678 | 171,016 | 24,196 | |
| (+) Investments & Other | 4,634 | 22,495 | 3,145 | 27,440 | 54,239 | 157,834 | |
| (-) Debt | (29,312) | (42,608) | (1,079) | (24,425) | (3,287) | (31,936) | |
| (-) Other Liabilities | (1,761) | (2,402) | 1 | (7,863) | 0 | (1,822) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 234,358 | 12,492 | 46,399 | 64,856 | 65,657 | 236,806 | |
| (/) Shares Outstanding | 7.9 | 23.2 | 39.6 | 28.6 | 10.9 | 13.9 | |
| Implied Stock Price | 29,500.00 | 539.00 | 1,172.00 | 2,265.00 | 6,010.00 | 17,050.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 29,500.00 | 539.00 | 1,172.00 | 2,265.00 | 6,010.00 | 17,050.00 | |
| 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 | |