SureSoftTech Inc

Prix Action

5.180,00 KRW

Juste Valeur

5.357,91 KRW

Metrics	Range	Conclusion
Selected LTM Revenue Multiple	2,7x - 3,0x	2,9x
Selected Fwd Revenue Multiple	2,0x - 2,2x	2,1x
Fair Value	5.097₩ - 5.619₩	5.358₩
Upside	-0,8% - 9,3%	4,2%

Multiples Valuation: EV / Revenue

Prix Action

5.180,00 KRW

Juste Valeur

5.357,91 KRW

Potentiel haussier

4,2%

LTM Revenue Multiple

Proj Revenue Multiple

Fair Value

Benchmark Editor


Select LTM Revenue Multiple

	Benchmark Companies
	A443670	A219420	A064480	A029480	A053980	A298830
	KOSDAQ:A443670	KOSDAQ:A219420	KOSDAQ:A064480	KOSDAQ:A029480	KOSDAQ:A053980	KOSDAQ:A298830
Historical Revenue Growth
5Y CAGR	NM-	2.8%	4.1%	-24.2%	9.5%	24.9%
3Y CAGR	NM-	-6.5%	-7.1%	-29.9%	8.9%	34.0%
Latest Twelve Months	28.0%	-7.7%	-18.6%	-73.1%	13.2%	40.3%

Historical EBIT Profit Margin
5 Year Average Margin	8.8%	16.2%	3.8%	-11.8%	2.1%	16.7%
Prior Fiscal Year	13.5%	9.9%	7.8%	-10.8%	6.1%	18.4%
Latest Fiscal Year	6.4%	-0.6%	-7.5%	-72.1%	6.8%	8.9%
Latest Twelve Months	6.4%	-0.6%	-7.5%	-72.1%	6.8%	8.9%

Current Trading Multiples
EV / LTM Revenue	3.15x	1.75x	0.33x	1.81x	0.18x	2.96x
EV / LTM EBIT	49.4x	-287.2x	-4.4x	-2.5x	2.6x	33.3x
Price / LTM Sales	3.97x	4.72x	1.31x	25.78x	0.54x	3.04x


	Low	Mid	High

Benchmark EV / LTM Revenue	0.18x	1.75x	3.15x
Historical EV / LTM Revenue	0.03x	2.96x	7.45x

Selected EV / LTM Revenue	2.74x	2.89x	3.03x
(x) LTM Revenue	88,803	88,803	88,803
(=) Implied Enterprise Value	243,496	256,312	269,127
(-) Non-shareholder Claims *	7,168	7,168	7,168
(=) Equity Value	250,664	263,479	276,295
(/) Shares Outstanding	52.2	52.2	52.2
Implied Value Range	4,802.59	5,048.13	5,293.67
FX Rate: KRW/KRW	1.0	1.0	1.0		Market Price
Implied Value Range (Trading Cur)	4,802.59	5,048.13	5,293.67		5,140.00
Upside / (Downside)	-6.6%	-1.8%	3.0%

Calculs d'appui

Equity Waterfall

Financials

Historical Multiples


Equity Waterfall

	Benchmark Companies
(in millions)	A443670	A219420	A064480	A029480	A053980	A298830

Enterprise Value	139,501	22,870	14,360	(76,552)	(28,955)	261,107
(+) Cash & Short Term Investments	34,493	36,211	21,298	176,445	42,202	41,057
(+) Investments & Other	3,924	4,973	23,859	88,338	49,430	10,565
(-) Debt	(1,265)	(243)	(2,497)	(19,958)	(20)	(30,874)
(-) Other Liabilities	0	(1,910)	0	0	0	(13,581)
(-) Preferred Stock	0	0	0	0	0	0
(-) Other	0	0	0	0	0	0
Value of Common Equity	176,654	61,901	57,020	168,272	62,657	268,274
(/) Shares Outstanding	24.7	11.3	10.7	55.0	18.9	52.2
Implied Stock Price	7,140.00	5,500.00	5,330.00	3,060.00	3,320.00	5,140.00
FX Conversion Rate to Trading Currency	1.00	1.00	1.00	1.00	1.00	1.00
Implied Stock Price (Trading Cur)	7,140.00	5,500.00	5,330.00	3,060.00	3,320.00	5,140.00

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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