Showbox Corp

Prix Action

3.180,00 KRW

Juste Valeur

4.012,74 KRW

Metrics	Range	Conclusion
Selected LTM Revenue Multiple	1,9x - 2,1x	2,0x
Selected Fwd Revenue Multiple	0,6x - 0,7x	0,7x
Fair Value	3.872₩ - 4.154₩	4.013₩
Upside	40,8% - 51,1%	45,9%

Multiples Valuation: EV / Revenue

Prix Action

3.180,00 KRW

Juste Valeur

4.012,74 KRW

Potentiel haussier

45,9%

LTM Revenue Multiple

Proj Revenue Multiple

Fair Value

Benchmark Editor


Select LTM Revenue Multiple

	Benchmark Companies
	A094860	A052770	A419530	A051780	A046390	A086980
	KOSDAQ:A094860	KOSDAQ:A052770	KOSDAQ:A419530	KOSDAQ:A051780	KOSDAQ:A046390	KOSDAQ:A086980
Historical Revenue Growth
5Y CAGR	NM-	35.4%	NM-	18.9%	-2.9%	3.4%
3Y CAGR	19.4%	13.8%	44.8%	0.1%	12.4%	22.3%
Latest Twelve Months	89.7%	-20.7%	22.4%	-23.4%	-25.1%	131.8%

Historical EBIT Profit Margin
5 Year Average Margin	-11.4%	-100.1%	-3.9%	-1.1%	3.3%	-7.2%
Prior Fiscal Year	-13.9%	-19.1%	-11.0%	-4.5%	-2.9%	-70.4%
Latest Fiscal Year	-16.6%	-69.6%	-5.3%	-13.4%	1.4%	26.3%
Latest Twelve Months	-16.6%	-69.6%	-5.3%	-13.4%	1.4%	26.3%

Current Trading Multiples
EV / LTM Revenue	0.45x	2.26x	1.74x	0.56x	0.56x	1.05x
EV / LTM EBIT	-2.7x	-3.2x	-32.9x	-4.2x	39.1x	4.0x
Price / LTM Sales	0.51x	2.26x	1.87x	0.22x	0.95x	1.84x


	Low	Mid	High

Benchmark EV / LTM Revenue	0.45x	0.56x	2.26x
Historical EV / LTM Revenue	1.05x	3.47x	9.08x

Selected EV / LTM Revenue	1.91x	2.01x	2.11x
(x) LTM Revenue	93,118	93,118	93,118
(=) Implied Enterprise Value	177,978	187,345	196,713
(-) Non-shareholder Claims *	74,187	74,187	74,187
(=) Equity Value	252,165	261,532	270,900
(/) Shares Outstanding	62.4	62.4	62.4
Implied Value Range	4,038.65	4,188.67	4,338.70
FX Rate: KRW/KRW	1.0	1.0	1.0		Market Price
Implied Value Range (Trading Cur)	4,038.65	4,188.67	4,338.70		2,750.00
Upside / (Downside)	46.9%	52.3%	57.8%

Calculs d'appui

Equity Waterfall

Financials

Historical Multiples


Equity Waterfall

	Benchmark Companies
(in millions)	A094860	A052770	A419530	A051780	A046390	A086980

Enterprise Value	15,918	38,558	202,943	34,283	26,218	97,518
(+) Cash & Short Term Investments	3,750	359	41,568	1,929	16,214	60,464
(+) Investments & Other	5,170	277	4,634	22,495	3,145	14,949
(-) Debt	(6,947)	(440)	(29,312)	(42,608)	(1,079)	(1,227)
(-) Other Liabilities	(58)	38	(1,761)	(2,402)	1	0
(-) Preferred Stock	0	0	0	0	0	0
(-) Other	0	0	0	0	0	0
Value of Common Equity	17,834	38,792	218,072	13,696	44,498	171,705
(/) Shares Outstanding	21.4	49.0	7.9	23.2	39.6	62.4
Implied Stock Price	834.00	792.00	27,450.00	591.00	1,124.00	2,750.00
FX Conversion Rate to Trading Currency	1.00	1.00	1.00	1.00	1.00	1.00
Implied Stock Price (Trading Cur)	834.00	792.00	27,450.00	591.00	1,124.00	2,750.00

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

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