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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.3x - 4.8x | 4.6x |
| Selected Fwd EBITDA Multiple | 2.9x - 3.2x | 3.0x |
| Fair Value | ₩52,760 - ₩56,481 | ₩54,621 |
| Upside | 17.0% - 25.2% | 21.1% |
| Benchmarks | Ticker | Full Ticker |
| Taiwan Semiconductor Manufacturing Company Limited | 2330 | TWSE:2330 |
| United Microelectronics Corporation | 2303 | TWSE:2303 |
| Philoptics Co., Ltd. | A161580 | KOSDAQ:A161580 |
| JUSUNG ENGINEERING Co.,Ltd. | A036930 | KOSDAQ:A036930 |
| Eugene Technology Co.,Ltd. | A084370 | KOSDAQ:A084370 |
| DB HiTek CO., LTD. | A000990 | KOSE:A000990 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2330 | 2303 | A161580 | A036930 | A084370 | A000990 | ||
| TWSE:2330 | TWSE:2303 | KOSDAQ:A161580 | KOSDAQ:A036930 | KOSDAQ:A084370 | KOSE:A000990 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 24.6% | 13.0% | NM- | 24.8% | 16.5% | 5.8% | |
| 3Y CAGR | 22.9% | -0.4% | 28.2% | -0.6% | -2.8% | -13.9% | |
| Latest Twelve Months | 36.8% | 1.8% | 30.8% | 138.7% | 83.6% | -13.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 66.9% | 43.9% | 2.6% | 20.5% | 19.2% | 40.6% | |
| Prior Fiscal Year | 66.8% | 43.0% | 5.3% | 17.0% | 15.6% | 34.6% | |
| Latest Fiscal Year | 68.3% | 41.9% | 5.1% | 28.3% | 23.4% | 30.7% | |
| Latest Twelve Months | 68.3% | 41.9% | 5.1% | 28.3% | 23.4% | 30.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.25x | 1.98x | 2.26x | 4.21x | 2.57x | 1.03x | |
| EV / LTM EBITDA | 12.1x | 4.7x | 44.8x | 14.9x | 14.6x | 3.4x | |
| EV / LTM EBIT | 18.0x | 8.9x | 67.0x | 17.8x | 21.7x | 6.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.7x | 14.6x | 44.8x | ||||
| Historical EV / LTM EBITDA | 1.1x | 3.6x | 6.6x | ||||
| Selected EV / LTM EBITDA | 4.3x | 4.6x | 4.8x | ||||
| (x) LTM EBITDA | 347,019 | 347,019 | 347,019 | ||||
| (=) Implied Enterprise Value | 1,507,491 | 1,586,833 | 1,666,174 | ||||
| (-) Non-shareholder Claims * | 713,709 | 713,709 | 713,709 | ||||
| (=) Equity Value | 2,221,200 | 2,300,541 | 2,379,883 | ||||
| (/) Shares Outstanding | 41.0 | 41.0 | 41.0 | ||||
| Implied Value Range | 54,196.76 | 56,132.68 | 58,068.59 | ||||
| FX Rate: KRW/KRW | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 54,196.76 | 56,132.68 | 58,068.59 | 45,100.00 | |||
| Upside / (Downside) | 20.2% | 24.5% | 28.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2330 | 2303 | A161580 | A036930 | A084370 | A000990 | |
| Enterprise Value | 24,187,468 | 457,341 | 894,035 | 1,684,973 | 746,137 | 1,134,670 | |
| (+) Cash & Short Term Investments | 2,422,020 | 115,239 | 88,704 | 255,840 | 231,044 | 923,141 | |
| (+) Investments & Other | 149,040 | 72,487 | 8,430 | 9,720 | 1,324 | 7,968 | |
| (-) Debt | (1,050,091) | (81,462) | (66,408) | (50,346) | (8,430) | (166,131) | |
| (-) Other Liabilities | (35,031) | (257) | (83,875) | 0 | (29,559) | (50,707) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (6,301) | (563) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25,673,406 | 563,348 | 840,887 | 1,900,187 | 934,214 | 1,848,378 | |
| (/) Shares Outstanding | 25,932.7 | 12,560.7 | 22.9 | 47.3 | 22.2 | 41.0 | |
| Implied Stock Price | 990.00 | 44.85 | 36,800.00 | 40,200.00 | 42,000.00 | 45,100.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 990.00 | 44.85 | 36,800.00 | 40,200.00 | 42,000.00 | 45,100.00 | |
| Trading Currency | TWD | TWD | KRW | KRW | KRW | KRW | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |