Company Valuation: RingNet Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 93,562 84,829 51,068 53,512 75,511 70,237
Change - -9.33% -39.8% 4.79% 41.11% -6.98%
Enterprise Value (EV) 1 28,520 57,011 44,716 10,385 31,597 40,263
Change - 99.9% -21.57% -76.78% 204.26% 27.43%
P/E Ratio 12.2x 9.92x 5.05x 4.16x 5.45x 6.74x
PBR 1.38x 1.13x 0.6x 0.55x 0.71x 0.65x
PEG - 0.8x 0.3x 0.1x 0.59x -0.3x
Capitalization / Revenue 0.63x 0.39x 0.25x 0.25x 0.46x 0.38x
EV / Revenue 0.19x 0.27x 0.22x 0.05x 0.19x 0.22x
EV / EBITDA 3.54x 5.05x 3.9x 0.61x 2.21x 2.72x
EV / EBIT 3.88x 5.37x 4.11x 0.64x 2.31x 2.81x
EV / FCF 1.47x -1.66x -1.82x 0.21x 8.2x -6.58x
FCF Yield 68.3% -60.4% -54.9% 465% 12.2% -15.2%
Dividend per Share 2 - - - 64.1 200 -
Rate of return - - - 2.33% 5.07% -
EPS 2 383.5 432.1 518.9 662.9 724.5 562.2
Distribution rate - - - 9.67% 27.6% -
Net sales 1 149,461 214,784 204,004 217,699 163,905 183,074
EBITDA 1 8,046 11,284 11,476 16,997 14,328 14,795
EBIT 1 7,353 10,622 10,877 16,348 13,691 14,313
Net income 1 7,577 8,669 10,056 12,789 12,854 10,902
Net Debt 1 -65,042 -27,818 -6,352 -43,127 -43,913 -29,973
Reference price 2 4,666.67 4,288.46 2,621.79 2,756.41 3,945.83 3,790.00
Nbr of stocks (in thousands) 20,049 19,781 19,478 19,414 19,137 18,532
Announcement Date 3/11/21 3/17/22 3/15/23 3/14/24 3/13/25 3/11/26
1KRW in Million2KRW
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 51.66M
25.17x8.6x15.26x1.08% 24.08B
17.14x3.32x8.36x1.63% 16.3B
25.4x0.84x7.97x1.4% 12.09B
16.91x0.61x8.09x3.36% 6.75B
13.51x1.18x6.57x1.5% 4.32B
19.67x1.32x9.27x2.49% 3.67B
61.29x3.57x44.26x0.68% 2.8B
32.8x - - - 1.77B
Average 26.49x 2.78x 14.25x 1.73% 7.98B
Weighted average by Cap. 23.22x 4.22x 12.01x 1.57%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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