弼 밨 ƿ Ǽֿ ƴ հ м ϴ.. żõ ƴմϴ..
Ǽ ϰ ִ ȸ 簡ġ ϰ ۳ Ǵ ְؿ м ġ ִٴ Ǵܿ ǰ м ϸ Ǽ ɴ ( ̶ ȹ) ν Ǽ ڴ NICHE MARKET ʿ伺 ˴ϴ.
ⱸ ϰ 캸
۳ Ͽ ̷ ( ) а ӵ ȴ..
ٰŷ ܾװ ִµ ( ؼ)
⸻ܾ 뿪 ܾ ʰϿ Ͽ 뿪 ܾ 70% ŵ
̸ ٰŷ 05 뿪 400 , 뿪 ܾ 70% 260 Ͽ..( ؼ)
ִ 6 Ϲݱ ϴ (ݱ 2-3) ִµ 1/4б õ ֿ Ǽ 05 1.25 7 "õ ý 뿪" ~ 3 31 2.5 "лȸ 뿪" 9 74 (۳ 15%Ը) Ͽ ̷ 660 ȴ..
ϰ 繫ǥ 캸 ..
ܱԱ̳ ä ں ä ٴ ̶ Ǵ Ư ڻ ä ι ڰ ַ û, û, û, Z, SKǼ ǽ ȸ̱ ڻ κ ü ڻ 25% ڻ Ǵȴ
ų ϰ ۳ ؼ װ Ͽ а ӵ ȴ..
ų Ȱ 帧 (+) · ̸ ۳ 22.3 ġ, /ⱸ, ǰ Ȱ 帧 (-) , ä μ 繫Ȱ 帧 ũ ߿ Ǿ ʴ´.
3Ⱓ 21.7 ȹ Ե ɼ ⸻ 20.5 ̷ ũ ʴ´.
繫 ũ ȣǴ ۳ ū װ ް 弼 ˼ ִ.. ٸ ̷ ϰ ִ ġ 忡 ϴ ݿ ѹ ˾ƺ..
۳ EV / EBITDA 1.6, ðѾ 2.2 ̶ Ǵ̸
04 簡 PER 4.7, 20%, PBR 0.64 ν ڻ ġ 㺸 Ǿ ִ Ǵ Ǹ
05 PER 3.5, 30%, PBR 0.5ν ڻ¿ 尡 Ǿ ִ Ǵ ȴ..
05 ̷ְ = (05 BPS 6,200 *ROE 12%) / 8.5% = 8,700 ݴ 150% ¿ Ǵ ȴ..
ų ȣ å ϰ ֱ 簡ġ鿡 Ʈ ִ Ǵ ȴ..
Ϳ 缺 20% 55 11 ݹ ǽ δ..(ݹ縸 ǽ )
ֽĹ 545 ڱֽ 45ָ ݹ簡 ֽļ 500ַ ִ ݹ 220 ( 22%) Ҿ ȣå(Ҿ : = 2:1) ǽϿ Դٴ Ȳ ̷ Ҿ ݹ 300, ݹ 150 ִ..
̴ 簡 ð (300/3500) 8.5 % Ʈ ִ δ..
02 ް ҷ ְ ڻ갡ġ 0.5α Ͽ ְ Ⱦ ̴ٰ 04 繫ǥ ȣ ְ PBR 0.5 ӹ ִ ̴..
ְ 簡ġ, ڻ갡ġ, þ · ̷ 20% εǾ 7,000 - 8,000 ڻ갡ġ ȸ ǴǾ..
( 3)