Company Valuation: mPLUS Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 165,443 195,948 117,845 139,312 91,995 139,836
Change - 18.44% -39.86% 18.22% -33.97% 52%
Enterprise Value (EV) 1 186,027 233,504 184,772 113,108 100,729 106,933
Change - 25.52% -20.87% -38.79% -10.94% 6.16%
P/E 26.9x -24.1x -7.68x 7.23x 8.46x 7.73x
PBR 2.83x 3.78x 2.09x 1.88x 1.09x 1.37x
PEG - 0x -0.1x -0x -0.2x 0.1x
Capitalization / Revenue 1.04x 2.56x 1.01x 0.41x 0.71x 0.76x
EV / Revenue 1.17x 3.05x 1.58x 0.33x 0.78x 0.58x
EV / EBITDA 16.1x -19x -24x 4x 7.7x 3.97x
EV / EBIT 18.5x -16.7x -18.7x 4.74x 9.98x 4.35x
EV / FCF -38.9x -13x -6.64x 1.23x -1.74x 2.24x
FCF Yield -2.57% -7.71% -15.1% 81.4% -57.4% 44.7%
Dividend per Share 2 100 - - 100 100 -
Rate of return 0.67% - - 0.87% 1.3% -
EPS 2 552 -711.4 -1,255 1,596 910 1,529
Distribution rate 18.1% - - 6.26% 11% -
Net sales 1 158,541 76,482 116,612 340,052 128,744 184,211
EBITDA 1 11,588 -12,287 -7,693 28,306 13,083 26,938
EBIT 1 10,047 -14,019 -9,857 23,880 10,091 24,565
Net income 1 5,850 -8,072 -15,229 20,004 10,982 20,634
Net Debt 1 20,584 37,557 66,926 -26,205 8,734 -32,903
Reference price 2 14,850.00 17,150.00 9,640.00 11,540.00 7,700.00 11,820.00
Nbr of stocks (in thousands) 11,141 11,426 12,225 12,072 11,947 11,830
Announcement Date 3/17/21 3/21/22 3/20/23 3/18/24 3/17/25 3/16/26
1KRW in Million2KRW
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 86.57M
16.75x1.73x10x0.86% 18.37B
30.83x6.35x19.79x1.08% 17.35B
22.95x2.73x16.73x1.37% 8.48B
50.78x5.8x34.38x0.35% 7.02B
55.06x5.68x22.25x - 7.06B
15.29x1.17x8.86x4.76% 5.77B
19.37x2.87x10.76x2.19% 4.45B
11.39x0.54x4.94x2.69% 4.22B
7.85x1.26x5.17x4.58% 4.13B
Average 25.59x 3.13x 14.76x 2.24% 7.69B
Weighted average by Cap. 26.51x 3.55x 15.73x 1.66%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA