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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 16.4x - 18.4x | 17.4x |
| Fair Value | ₩6,752 - ₩9,303 | ₩8,005 |
| Upside | -60.8% - -46.0% | -53.5% |
| 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 | 257,057 | 257,057 | 257,057 | 257,057 | 257,057 | 257,057 |
| % Growth | -8.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 11,877 | 13,130 | 13,130 | 13,130 | 13,130 | 13,130 |
| % of Revenue | 4.6% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 13,130 | 13,130 | 13,130 | 13,130 | 13,130 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7,035) | (7,035) | (7,035) | (7,035) | (7,035) | |
| EBIT | 6,095 | 6,095 | 6,095 | 6,095 | 6,095 | |
| Pro forma Taxes | (670) | (670) | (670) | (670) | (670) | |
| NOPAT | 3,973 | 5,425 | 5,425 | 5,425 | 5,425 | 5,425 |
| Capital Expenditures | (11,116) | (8,936) | (9,087) | (9,713) | (9,713) | (9,713) |
| NWC Investment | 4,323 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 7,412 | 7,035 | 7,035 | 7,035 | 7,035 | 7,035 |
| Free Cash Flow | 4,592 | 3,523 | 3,373 | 2,746 | 2,746 | 2,746 |
| % Growth | -23% | -4% | -19% | 0% | 0% | |