[At a Crossroads] SKAI ① Suspicions Over Inflated Acquisition of Capital-Impaired Company for 100 Billion Won

From 1.3 Billion Won in 2024 to 100.4 Billion Won in 2025
Can the Rosy Outlook of Surging Performance Be Achieved?

SKAI, a KOSDAQ-listed company, is set to acquire 'Sky Intelligence,' which is currently in a state of capital impairment, from its largest shareholder, valuing the company at 100 billion won. Sky Intelligence's corporate value was previously assessed at 1.3 billion won last year, meaning the current valuation is 77 times higher than before.

According to the Financial Supervisory Service's electronic disclosure system on December 24, SKAI announced on December 19 that it would acquire 6,043 shares (29.65%) of Sky Intelligence for 23.6 billion won. This amount represents 68.7% of SKAI's total assets. The counterparty to the transaction is 'Directors Company,' SKAI's largest shareholder.

Sky Intelligence, established in October 2023, is an artificial intelligence (AI)-powered video advertising production company engaged in digital advertising agency operations. As of the end of the third quarter this year, the company had total assets of 10 billion won and total liabilities of 10.2 billion won, resulting in complete capital impairment. By the end of the third quarter, it recorded 4.8 billion won in revenue and a net loss of 2.9 billion won, leading to its capital impairment status.

Despite this, SKAI valued Sky Intelligence at 100.4 billion won. The valuation method used was the Discounted Cash Flow (DCF) method, which calculates corporate value by converting the company's projected future cash flows into present value. The company's own performance forecasts play a decisive role in determining this value.

Sky Intelligence estimated next year's revenue and post-tax operating profit at 35.5 billion won and 4.9 billion won, respectively. This would represent a 269% increase in revenue compared to this year, with operating profit turning from a deficit to a significant surplus. Furthermore, the company expects operating profit to more than double to 13.6 billion won by 2027, and ultimately projects revenue of 110 billion won and operating profit of 23.3 billion won in 2030.

The basis for these projections is Sky Intelligence's 2026 business plan. To date, the company's revenue has primarily come from advertising production income. The company assumed that this revenue would increase significantly next year and then continue to grow steadily in line with inflation rates.

In addition, Sky Intelligence projected that starting next year, it would generate 18.7 billion won in revenue from AI video generation Software-as-a-Service (SaaS)-a revenue stream that did not exist previously-and that this would grow to 91.8 billion won by 2030.

The valuation agency, Daejoo Accounting Corporation, stated, "The number of AI video generation SaaS customers was estimated based on the business plan provided by Sky Intelligence, taking into account the historical achievement rate. From 2027 onward, we applied the average annual growth rate of 32.5% for the AI 3D generation market as suggested by market evaluation agencies. The per-customer price was assumed to remain constant going forward."

Notably, the bulk of the 100.4 billion won corporate value is attributed to the 'present value of perpetual cash flows.' Sky Intelligence calculated the present value of perpetual cash flows at 88 billion won, based on the assumption that its post-tax operating profit would reach 23.3 billion won in 2030 and then grow perpetually by 1% each year.

Although SKAI is acquiring Sky Intelligence at a high valuation, just a year ago, the company's fair value was assessed at around 1.3 billion won. According to last year's audit report from Directors Company, SKAI's largest shareholder and the seller of the Sky Intelligence stake, the fair value of a 70% stake in Sky Intelligence (formerly Directors Tech) was assessed at 923.12 million won. This means the company's value has increased by 77 times in less than a year.

In response, an SKAI representative stated, "The fair value in last year's audit report was calculated based only on the company's early-stage financial status and tangible business outcomes. However, in 2024 and 2025, the company's business and technology expanded rapidly, and partnerships with global companies have been commercially validated. As a result, technological capability, growth potential, and market expansion have all been reflected in the current valuation."

The representative added, "The current losses and capital impairment at Sky Intelligence are temporary changes in financial structure due to growth investments. In fact, an unrelated third party also participated in a paid-in capital increase for Sky Intelligence this year at a valuation similar to the current transaction."