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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,6x - 10,6x | 10,1x |
| Selected Fwd EBIT Multiple | 8,5x - 9,4x | 9,0x |
| Fair Value | ₩21.867 - ₩27.717 | ₩24.792 |
| Upside | 8,3% - 37,2% | 22,7% |
| Benchmarks | Ticker | Full Ticker |
| LATAM Airlines Group S.A. | LTM | SNSE:LTM |
| Ryanair Holdings plc | RYAO.F | OTCPK:RYAO.F |
| easyJet plc | EJTT.F | OTCPK:EJTT.F |
| Delta Air Lines, Inc. | DAL | NYSE:DAL |
| Asiana Airlines, Inc. | A020560 | KOSE:A020560 |
| Korean Airlines Co.,Ltd. | A003490 | KOSE:A003490 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| LTM | RYAO.F | EJTT.F | DAL | A020560 | A003490 | ||
| SNSE:LTM | OTCPK:RYAO.F | OTCPK:EJTT.F | NYSE:DAL | KOSE:A020560 | KOSE:A003490 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.4% | 15.2% | 5.1% | -2.4% | NM- | 64.0% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 45.2% | 14.0% | |
| Latest Twelve Months | 42.9% | -21.3% | 31.5% | -6.3% | -55.3% | 16.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -11.2% | -0.7% | -21.1% | -5.2% | 2.3% | 11.1% | |
| Prior Fiscal Year | 9.3% | 13.4% | 5.6% | 10.5% | 8.1% | 11.1% | |
| Latest Fiscal Year | 12.0% | 15.3% | 6.4% | 9.4% | 3.3% | 11.7% | |
| Latest Twelve Months | 12.0% | 12.4% | 6.4% | 9.3% | 3.3% | 11.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.12x | 1.52x | 0.36x | 0.69x | 0.85x | 1.12x | |
| EV / LTM EBITDA | 6.2x | 7.5x | 3.8x | 5.4x | 4.9x | 5.1x | |
| EV / LTM EBIT | 9.3x | 12.2x | 5.6x | 7.5x | 25.5x | 9.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.6x | 9.3x | 25.5x | ||||
| Historical EV / LTM EBIT | -280.3x | 6.5x | 24.0x | ||||
| Selected EV / LTM EBIT | 9.6x | 10.1x | 10.6x | ||||
| (x) LTM EBIT | 2,089,683 | 2,089,683 | 2,089,683 | ||||
| (=) Implied Enterprise Value | 19,958,102 | 21,008,529 | 22,058,955 | ||||
| (-) Non-shareholder Claims * | (12,450,263) | (12,450,263) | (12,450,263) | ||||
| (=) Equity Value | 7,507,839 | 8,558,265 | 9,608,692 | ||||
| (/) Shares Outstanding | 369.3 | 369.3 | 369.3 | ||||
| Implied Value Range | 20,328.19 | 23,172.32 | 26,016.45 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 20,328.19 | 23,172.32 | 26,016.45 | 20,200.00 | |||
| Upside / (Downside) | 0.6% | 14.7% | 28.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LTM | RYAO.F | EJTT.F | DAL | A020560 | A003490 | |
| Enterprise Value | 14,275 | 14,287 | 4,080 | 43,016 | 7,055,931 | 19,910,758 | |
| (+) Cash & Short Term Investments | 1,962 | 2,751 | 3,461 | 3,711 | 1,268,117 | 6,732,106 | |
| (+) Investments & Other | 0 | 0 | 51 | 2,819 | 426,016 | 733,872 | |
| (-) Debt | (7,150) | (2,700) | (3,315) | (23,380) | (6,692,097) | (19,425,932) | |
| (-) Other Liabilities | 12 | 0 | 0 | 0 | (107,234) | (490,310) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,099 | 14,338 | 4,277 | 26,166 | 1,950,732 | 7,460,494 | |
| (/) Shares Outstanding | 604,437.9 | 1,391.7 | 827.5 | 648.6 | 206.0 | 369.3 | |
| Implied Stock Price | 0.02 | 10.30 | 5.17 | 40.34 | 9,470.00 | 20,200.00 | |
| FX Conversion Rate to Trading Currency | 0.00 | 0.88 | 0.75 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 14.20 | 11.77 | 6.89 | 40.34 | 9,470.00 | 20,200.00 | |
| Trading Currency | CLP | USD | USD | USD | KRW | KRW | |
| FX Rate to Reporting Currency | 0.00 | 0.88 | 0.75 | 1.00 | 1.00 | 1.00 | |