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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 1,3x - 1,5x | 1,4x |
Selected Fwd Revenue Multiple | 0,7x - 0,8x | 0,8x |
Fair Value | 6.254₩ - 7.061₩ | 6.658₩ |
Upside | 19,8% - 35,3% | 27,5% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Syuppin Co., Ltd. | 3179 | TSE:3179 |
J Escom Holdings,Inc. | 3779 | TSE:3779 |
CROOZ, Inc. | 2138 | TSE:2138 |
Global Style Co.,Ltd. | 7126 | TSE:7126 |
TORICO Co., Ltd. | 7138 | TSE:7138 |
JTC Inc. | A950170 | KOSDAQ:A950170 |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
3179 | 3779 | 2138 | 7126 | 7138 | A950170 | |||
TSE:3179 | TSE:3779 | TSE:2138 | TSE:7126 | TSE:7138 | KOSDAQ:A950170 | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 7.1% | 3.5% | -14.0% | 2.8% | NM- | -22.0% | ||
3Y CAGR | 12.9% | 14.7% | -26.3% | 10.3% | -7.9% | 102.1% | ||
Latest Twelve Months | 9.0% | -27.8% | 5.3% | 6.4% | -7.6% | 156.8% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 5.9% | -3.9% | 3.2% | 5.5% | -1.2% | -142.3% | ||
Prior Fiscal Year | 5.4% | -4.0% | 4.4% | 6.3% | 2.6% | -43.5% | ||
Latest Fiscal Year | 6.8% | -16.1% | 1.1% | 5.6% | -5.7% | 5.4% | ||
Latest Twelve Months | 6.6% | -12.2% | -7.6% | 7.6% | -6.5% | 11.7% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.50x | 0.32x | 0.66x | 0.47x | 0.15x | 1.19x | ||
EV / LTM EBIT | 7.6x | -2.7x | -8.7x | 6.1x | -2.2x | 10.2x | ||
Price / LTM Sales | 0.45x | 1.28x | 0.36x | 0.40x | 0.27x | 0.94x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.15x | 0.47x | 0.66x | |||||
Historical EV / LTM Revenue | 0.69x | 3.69x | 23.21x | |||||
Selected EV / LTM Revenue | 1.33x | 1.40x | 1.47x | |||||
(x) LTM Revenue | 291,868 | 291,868 | 291,868 | |||||
(=) Implied Enterprise Value | 389,154 | 409,636 | 430,118 | |||||
(-) Non-shareholder Claims * | (72,859) | (72,859) | (72,859) | |||||
(=) Equity Value | 316,295 | 336,777 | 357,259 | |||||
(/) Shares Outstanding | 51.7 | 51.7 | 51.7 | |||||
Implied Value Range | 6,112.42 | 6,508.23 | 6,904.04 | |||||
FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 6,112.42 | 6,508.23 | 6,904.04 | 5,220.00 | ||||
Upside / (Downside) | 17.1% | 24.7% | 32.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 3179 | 3779 | 2138 | 7126 | 7138 | A950170 | |
Enterprise Value | 25,804 | 433 | (5,970) | 5,557 | 563 | 342,975 | |
(+) Cash & Short Term Investments | 1,878 | 1,646 | 10,589 | 1,362 | 666 | 65,934 | |
(+) Investments & Other | 960 | 186 | 15,636 | 954 | 135 | 99 | |
(-) Debt | (5,589) | (422) | (14,918) | (3,108) | (335) | (138,891) | |
(-) Other Liabilities | 0 | (166) | (134) | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 23,053 | 1,677 | 5,203 | 4,765 | 1,029 | 270,116 | |
(/) Shares Outstanding | 21.1 | 11.6 | 9.6 | 3.2 | 1.5 | 51.7 | |
Implied Stock Price | 1,091.00 | 145.00 | 540.00 | 1,490.00 | 677.00 | 5,220.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1,091.00 | 145.00 | 540.00 | 1,490.00 | 677.00 | 5,220.00 | |
Trading Currency | JPY | JPY | JPY | JPY | JPY | KRW | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |