Seoul Semiconductor Co Ltd

Prix Action

6.340,00 KRW

Juste Valeur

10.786,50 KRW

Metrics	Range	Conclusion
Selected LTM Revenue Multiple	0,6x - 0,7x	0,7x
Selected Fwd Revenue Multiple	0,6x - 0,7x	0,7x
Fair Value	10.127₩ - 11.446₩	10.786₩
Upside	61,0% - 82,0%	71,5%

Benchmarks	Ticker	Full Ticker
Lumens Co., Ltd.	A038060	KOSDAQ:A038060
ams-OSRAM AG	AMS	SWX:AMS
Shenzhen Jufei Optoelectronics Co., Ltd.	300303	SZSE:300303
ENNOSTAR Inc.	3714	TWSE:3714
Shenzhen Changfang Group Co., Ltd.	300301	SZSE:300301
Seoul Semiconductor Co., Ltd.	A046890	KOSDAQ:A046890

Multiples Valuation: EV / Revenue

Prix Action

6.340,00 KRW

Juste Valeur

10.786,50 KRW

Potentiel haussier

71,5%

LTM Revenue Multiple

Proj Revenue Multiple

Fair Value

Benchmark Editor


Select LTM Revenue Multiple

	Benchmark Companies
	A038060	AMS	300303	3714	300301	A046890
	KOSDAQ:A038060	SWX:AMS	SZSE:300303	TWSE:3714	SZSE:300301	KOSDAQ:A046890
Historical Revenue Growth
5Y CAGR	-11.6%	12.7%	4.0%	8.8%	-20.8%	-0.7%
3Y CAGR	0.4%	-12.0%	8.8%	-12.5%	-31.7%	-5.7%
Latest Twelve Months	1.7%	-4.5%	21.5%	9.3%	-7.1%	5.6%

Historical EBIT Profit Margin
5 Year Average Margin	-1.3%	3.6%	9.5%	-10.8%	-13.2%	0.7%
Prior Fiscal Year	1.8%	1.5%	8.4%	-17.9%	-20.5%	-5.1%
Latest Fiscal Year	-1.0%	4.3%	12.3%	-6.7%	-1.6%	0.1%
Latest Twelve Months	-1.0%	4.3%	12.3%	-6.7%	-1.6%	0.1%

Current Trading Multiples
EV / LTM Revenue	-0.01x	0.79x	2.46x	0.44x	3.21x	0.46x
EV / LTM EBIT	1.3x	18.2x	19.9x	-6.6x	-201.3x	421.8x
Price / LTM Sales	0.24x	0.22x	2.92x	1.19x	3.19x	0.33x


	Low	Mid	High

Benchmark EV / LTM Revenue	-0.01x	0.79x	3.21x
Historical EV / LTM Revenue	0.46x	0.80x	1.24x

Selected EV / LTM Revenue	0.63x	0.67x	0.70x
(x) LTM Revenue	1,090,486	1,090,486	1,090,486
(=) Implied Enterprise Value	691,750	728,158	764,566
(-) Non-shareholder Claims *	(135,712)	(135,712)	(135,712)
(=) Equity Value	556,039	592,447	628,854
(/) Shares Outstanding	56.4	56.4	56.4
Implied Value Range	9,862.10	10,507.85	11,153.59
FX Rate: KRW/KRW	1.0	1.0	1.0		Market Price
Implied Value Range (Trading Cur)	9,862.10	10,507.85	11,153.59		6,290.00
Upside / (Downside)	56.8%	67.1%	77.3%

Calculs d'appui

Equity Waterfall

Financials

Historical Multiples


Equity Waterfall

	Benchmark Companies
(in millions)	A038060	AMS	300303	3714	300301	A046890

Enterprise Value	(23,601)	2,736	7,470	11,273	1,673	490,350
(+) Cash & Short Term Investments	52,605	1,098	1,913	15,322	75	93,772
(+) Investments & Other	21,324	62	0	8,497	0	4,107
(-) Debt	(8,286)	(3,134)	(468)	(4,152)	(88)	(215,628)
(-) Other Liabilities	0	(6)	0	(1,363)	(1)	(17,963)
(-) Preferred Stock	0	0	0	0	0	0
(-) Other	0	0	0	0	0	0
Value of Common Equity	42,042	756	8,915	29,577	1,660	354,639
(/) Shares Outstanding	48.1	98.9	1,408.3	736.7	829.9	56.4
Implied Stock Price	874.00	7.64	6.33	40.15	2.00	6,290.00
FX Conversion Rate to Trading Currency	1.00	1.04	1.00	1.00	1.00	1.00
Implied Stock Price (Trading Cur)	874.00	7.33	6.33	40.15	2.00	6,290.00

Trading Currency	KRW	CHF	CNY	TWD	CNY	KRW
FX Rate to Reporting Currency	1.00	1.04	1.00	1.00	1.00	1.00

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