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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8,8x - 9,7x | 9,2x |
| Selected Fwd EBITDA Multiple | 2,2x - 2,4x | 2,3x |
| Fair Value | ₩23.141 - ₩24.487 | ₩23.814 |
| Upside | 32,6% - 40,3% | 36,5% |
| Benchmarks | Ticker | Full Ticker |
| SAMG Entertainment Co., Ltd. | A419530 | KOSDAQ:A419530 |
| CUROHOLDINGS Co., Ltd. | A051780 | KOSDAQ:A051780 |
| Actoz Soft Co.,Ltd. | A052790 | KOSDAQ:A052790 |
| MOBIRIX Corporation | A348030 | KOSDAQ:A348030 |
| Wemade Play Co., Ltd. | A123420 | KOSDAQ:A123420 |
| Cube Entertainment, Inc. | A182360 | KOSDAQ:A182360 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A419530 | A051780 | A052790 | A348030 | A123420 | A182360 | ||
| KOSDAQ:A419530 | KOSDAQ:A051780 | KOSDAQ:A052790 | KOSDAQ:A348030 | KOSDAQ:A123420 | KOSDAQ:A182360 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 5.2% | NM- | 14.9% | 40.6% | |
| 3Y CAGR | -1.2% | NM- | 5.3% | NM- | -3.1% | 58.3% | |
| Latest Twelve Months | 245.0% | -123.9% | -28.4% | -403.1% | -6.1% | 9.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.1% | 2.1% | 42.4% | 5.5% | 9.1% | 11.1% | |
| Prior Fiscal Year | -4.3% | -3.9% | 49.4% | -2.4% | 8.1% | 13.6% | |
| Latest Fiscal Year | 5.1% | -11.4% | 39.7% | -19.8% | 7.7% | 9.7% | |
| Latest Twelve Months | 5.1% | -11.4% | 39.7% | -19.8% | 7.7% | 9.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.41x | 0.59x | -1.20x | 0.34x | 1.17x | 0.47x | |
| EV / LTM EBITDA | 47.7x | -5.2x | -3.0x | -1.7x | 15.3x | 4.8x | |
| EV / LTM EBIT | -45.6x | -4.4x | -3.2x | -1.4x | 134.0x | 6.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -5.2x | -1.7x | 47.7x | ||||
| Historical EV / LTM EBITDA | 4.8x | 28.5x | 41.4x | ||||
| Selected EV / LTM EBITDA | 8.8x | 9.2x | 9.7x | ||||
| (x) LTM EBITDA | 21,178 | 21,178 | 21,178 | ||||
| (=) Implied Enterprise Value | 185,821 | 195,601 | 205,382 | ||||
| (-) Non-shareholder Claims * | 148,272 | 148,272 | 148,272 | ||||
| (=) Equity Value | 334,093 | 343,873 | 353,653 | ||||
| (/) Shares Outstanding | 14.3 | 14.3 | 14.3 | ||||
| Implied Value Range | 23,330.82 | 24,013.79 | 24,696.76 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 23,330.82 | 24,013.79 | 24,696.76 | 17,450.00 | |||
| Upside / (Downside) | 33.7% | 37.6% | 41.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A419530 | A051780 | A052790 | A348030 | A123420 | A182360 | |
| Enterprise Value | 280,597 | 35,858 | (149,647) | (4,424) | (8,932) | 101,609 | |
| (+) Cash & Short Term Investments | 41,568 | 1,929 | 171,016 | 27,395 | 36,436 | 24,196 | |
| (+) Investments & Other | 4,634 | 22,495 | 54,239 | 23,456 | 150,097 | 157,834 | |
| (-) Debt | (29,312) | (42,608) | (3,287) | (521) | (97,160) | (31,936) | |
| (-) Other Liabilities | (1,761) | (2,402) | 0 | 0 | (10,338) | (1,822) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 295,726 | 15,272 | 72,321 | 45,906 | 70,103 | 249,881 | |
| (/) Shares Outstanding | 8.1 | 23.2 | 10.9 | 9.6 | 10.4 | 14.3 | |
| Implied Stock Price | 36,400.00 | 659.00 | 6,620.00 | 4,780.00 | 6,740.00 | 17,450.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 36,400.00 | 659.00 | 6,620.00 | 4,780.00 | 6,740.00 | 17,450.00 | |
| 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 | |