Transcription of 자회사 Monetization 주가 - imgstock.naver.com
1 035720 Monetization Buy TP 160,000 (03/09) 134,000 ( ) 500 52 ( ) 161,000 52 ( ) 82,200 KOSPI (03/09) 2, KOSDAQ (03/09) 339 102,173 ( ) 7,627 ( ) 0 (60 ) (60 ) 922 ( ) 29 MAXIMO PTE (%) 1 6 12 Buy, 160,000 Buy, 160,000 . SOTP . ( & , ) Target P/S ( 30% Discount) . Monetization , . : ( , , ) Monetization Monetization .
2 1,000 . 10% , . PC 40% . 18 5 . (1 260 ). 40 . BEP .. 18 2,376 (YoY + ), 18 (YoY + ), 2,367 (YoY + ) . Monetization . AI R&D . ( )(%)KOSPI ( ) ( ) / 3771-9351, 12 ( ) ( ) 932 1,464 1,972 2,318 2,595 YoY(%) ( ) 89 116 165 237 309 OP (%) ( ) 79 65 128 180 239 EPS( ) 1,269 874 1,429 2,184 2,911 YoY(%) PER( ) PCR( ) PBR( ) EV/EBITDA( ) ROE(%) / 5G [ 1] Valuation Table (.)
3 * 6, 6, '18 , Daum + Target PSR 30% Discount * 5, 2, 2,987 1/17 10% '18 10% '18 Target PER 20 1, 1,812 10% ( ) 500 10% 1600 40% 30~50% 10% + + 12, 79,059,865 160,403 : / 5G [ 2] ( : ) 1Q17 2Q17 3Q17 4Q17 1Q18E 2Q18E 3Q18E 4Q18E '16 '17 '18E 1, 1, 2, PC 1, OPM.
4 [ 3] BEP 18 1 7 & ~ CB 1~7 , 80% , 3 (K 50% ) - = '17 6 ( ) - = ( ) 100 300 , 600 , ( ) / = ( ) 3,465 18 1 7 = ( ) 4,331 18 1 7 : / 5G [ 035720] : : 12 ( ) 2015A 2016A 2017F 2018F 2019F 12 ( ) 2015A 2016A 2017F 2018F 2019F 932 1,464 1,972 2,318 2,595 970 1,217 1,994 1,821 2,595 0 0 0 0 0 397 642 1,277 992 1,647 932 1,464 1,972 2,318 2,595 147 253 341 421 505 (%) 5 13 17 20 22 844 1,348 1,807 2,082 2,286 420 310 359 388 421 89 116 165 237 309 2,218 4,267 4,306 4,366 4,433 (%) 219 254 226 214 207 EBITDA 164 230 263 325 389 69 117 189 261 333 EBITDA Margin (%)
5 64 138 184 230 275 21 -16 -10 10 18 1,867 3,758 3,708 3,661 3,618 -4 -10 12 12 12 3,188 5,484 6,301 6,187 7,028 30 25 23 20 27 316 806 1,232 1,152 1,269 -4 -24 -29 -25 -33 119 323 356 379 397 -1 -6 -17 2 12 4 200 400 500 600 110 100 155 247 327 0 0 200 0 0 31 35 45 67 88 194 283 276 273 272 79 65 110 180 239 287 975 1,272 1,069 1,566 0 0 0 0 0 0 0 0 0 0 79 65 128 180 239 199 795 1,095 895 1,395 (%) 87 180 176 173 171 3 8 17 18 17 603 1,781 2,504 2,221 2,836 76 58 111 162 222 2,552 3,433 3,519 3,676 3,886 (%) 30 34 34 38 38 1 -4 -4 -4 -4 2,274 3,105 3,105 3,105 3,105 -2 3 3 3 3 256 304 391 543 754 77 65 109 180 238 -9 -11 -11 -11 -11 3 7 12 20 26 33 270 277 290 306 74 58 97 160 212 2,585 3,703 3,797 3,965 4,193 : K-IFRS / 204 996 1,696 1,396 1,996.
6 , , % 12 ( ) 2015A 2016A 2017F 2018F 2019F 12 ( ) 2015A 2016A 2017F 2018F 2019F 162 317 248 318 373 EPS 1,269 874 1,429 2,184 2,911 0 0 110 180 239 PER 78 155 175 186 201 BPS 42,472 50,765 51,827 48,193 50,956 49 56 48 42 37 PBR 0 -4 -4 -4 -4 EBITDAPS 2,750 3,482 3,884 4,380 5,103 -10 1 -12 -12 -12 EV/EBITDA 39 102 143 160 180 SPS 15,635 22,178 29,101 0 0 0 115 15 25 29 PSR 84 47 -52 -73 -96 CFPS 1,057 3,393 3,102 3,450 4,000 -414 -1,000 -1,216 -1,206 -1,209 DPS 167 148 148 148 148 -35 -108 -105 -105 -105 -76 -81 -20 -30 -30.
7 , , % -303 -811 -1,091 -1,071 -1,074 12 ( ) 2015A 2016A 2017F 2018F 2019F 197 924 833 -163 732 0 200 200 100 100 199 593 300 -200 500 0 0 0 0 0 ( ) 0 0 0 4 0 -12 -11 -10 -10 -11 ROIC 10 143 343 -57 143 ROA -54 244 636 -285 655 ROE 451 397 642 1,277 992 397 642 1,277 992 1,647 NOPLAT 64 76 117 173 226 FCF 63 224 210 256 305.
