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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,8x - 14,2x | 13,5x |
| Selected Fwd EBIT Multiple | 2,3x - 2,6x | 2,5x |
| Fair Value | ₩1.992 - ₩2.186 | ₩2.089 |
| Upside | 8,8% - 19,4% | 14,1% |
| Benchmarks | Ticker | Full Ticker |
| Webzen Inc. | A069080 | KOSDAQ:A069080 |
| Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
| Gravity Co., Ltd. | GRVY | NasdaqGM:GRVY |
| MOBIRIX Corporation | A348030 | KOSDAQ:A348030 |
| Com2uS Holdings Corporation | A063080 | KOSDAQ:A063080 |
| Genie Music Corporation | A043610 | KOSDAQ:A043610 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A069080 | A052790 | GRVY | A348030 | A063080 | A043610 | ||
| KOSDAQ:A069080 | KOSDAQ:A052790 | NasdaqGM:GRVY | KOSDAQ:A348030 | KOSDAQ:A063080 | KOSDAQ:A043610 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 1.0% | 5.8% | 34.5% | NM- | NM- | NM- | |
| 3Y CAGR | -19.2% | 5.1% | 18.3% | NM- | NM- | -10.6% | |
| Latest Twelve Months | 9.3% | -29.7% | -53.7% | -176.3% | -319.4% | -48.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 32.2% | 39.0% | 20.4% | 2.7% | 6.0% | 4.4% | |
| Prior Fiscal Year | 25.4% | 46.9% | 21.1% | -5.3% | -6.5% | 4.8% | |
| Latest Fiscal Year | 25.4% | 37.0% | 20.9% | -23.6% | -0.1% | 2.5% | |
| Latest Twelve Months | 25.4% | 37.0% | 16.1% | -23.6% | -6.8% | 2.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -0.20x | -1.25x | 0.07x | 0.20x | 0.74x | 0.33x | |
| EV / LTM EBITDA | -0.7x | -3.2x | 0.4x | -1.0x | -21.8x | 6.2x | |
| EV / LTM EBIT | -0.8x | -3.4x | 0.5x | -0.8x | -10.8x | 13.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -10.8x | -0.8x | 0.5x | ||||
| Historical EV / LTM EBIT | 12.2x | 12.7x | 20.2x | ||||
| Selected EV / LTM EBIT | 12.8x | 13.5x | 14.2x | ||||
| (x) LTM EBIT | 7,603 | 7,603 | 7,603 | ||||
| (=) Implied Enterprise Value | 97,672 | 102,812 | 107,953 | ||||
| (-) Non-shareholder Claims * | 8,615 | 8,615 | 8,615 | ||||
| (=) Equity Value | 106,287 | 111,427 | 116,568 | ||||
| (/) Shares Outstanding | 58.1 | 58.1 | 58.1 | ||||
| Implied Value Range | 1,828.89 | 1,917.35 | 2,005.80 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,828.89 | 1,917.35 | 2,005.80 | 1,831.00 | |||
| Upside / (Downside) | -0.1% | 4.7% | 9.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A069080 | A052790 | GRVY | A348030 | A063080 | A043610 | |
| Enterprise Value | (190,912) | (156,311) | 101,943 | (12,876) | (242,719) | 97,794 | |
| (+) Cash & Short Term Investments | 455,174 | 171,016 | 519,877 | 27,395 | 36,279 | 100,151 | |
| (+) Investments & Other | 135,495 | 54,239 | 1,624 | 23,456 | 511,227 | 2,474 | |
| (-) Debt | (5,750) | (3,287) | (2,777) | (521) | (183,259) | (33,161) | |
| (-) Other Liabilities | (2,099) | 0 | (650) | 0 | 19,274 | (60,850) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 391,909 | 65,657 | 620,017 | 37,455 | 140,802 | 106,409 | |
| (/) Shares Outstanding | 29.5 | 10.9 | 6.9 | 9.6 | 6.6 | 58.1 | |
| Implied Stock Price | 13,300.00 | 6,010.00 | 89,225.27 | 3,900.00 | 21,350.00 | 1,831.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1,473.58 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13,300.00 | 6,010.00 | 60.55 | 3,900.00 | 21,350.00 | 1,831.00 | |
| Trading Currency | KRW | KRW | USD | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1,473.58 | 1.00 | 1.00 | 1.00 | |