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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 5.3x - 7.3x | 6.3x |
| Fair Value | ₩6,609 - ₩8,905 | ₩7,734 |
| Upside | 15.1% - 55.1% | 34.7% |
| Select Revenue and EBITDA Forecast | ||||||
| (KRW in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 249,275 | 280,434 | 301,467 | 312,018 | 318,258 | 324,624 |
| % Growth | 15.6% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 19,964 | 33,030 | 38,522 | 39,870 | 40,667 | 41,481 |
| % of Revenue | 8.0% | 11.8% | 12.8% | 12.8% | 12.8% | 12.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 33,030 | 38,522 | 39,870 | 40,667 | 41,481 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (8,076) | (8,682) | (8,985) | (9,165) | (9,349) | |
| EBIT | 24,954 | 29,840 | 30,884 | 31,502 | 32,132 | |
| Pro forma Taxes | (5,739) | (6,863) | (7,103) | (7,245) | (7,390) | |
| NOPAT | 9,772 | 19,214 | 22,977 | 23,781 | 24,257 | 24,742 |
| Capital Expenditures | (21,866) | (18,590) | (19,984) | (20,683) | (21,097) | (21,519) |
| NWC Investment | (4,258) | (3,950) | (2,666) | (1,338) | (791) | (807) |
| (+) D&A | 7,274 | 8,076 | 8,682 | 8,985 | 9,165 | 9,349 |
| Free Cash Flow | (9,079) | 4,751 | 9,008 | 10,745 | 11,534 | 11,764 |
| % Growth | NM | 90% | 19% | 7% | 2% | |