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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | ₩9,429 - ₩10,420 | ₩9,758 |
| Upside | 82.0% - 101.2% | 88.4% |
| 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 | 128,711 | 128,711 | 128,711 | 128,711 | 128,711 | 128,711 | |
| % Growth | -13.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| EBITDA | 11,940 | 13,328 | 13,328 | 13,328 | 13,328 | 13,328 | |
| % of Revenue | 9.3% | 10.4% | 10.4% | 10.4% | 10.4% | 10.4% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 13,328 | 13,328 | 13,328 | 13,328 | 13,328 | 13,328 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,849) | (2,849) | (2,849) | (2,849) | (2,849) | (3,477) | |
| EBIT | 10,479 | 10,479 | 10,479 | 10,479 | 10,479 | 9,851 | |
| Pro forma Taxes | (2,410) | (2,410) | (2,410) | (2,410) | (2,410) | (2,266) | |
| NOPAT | 6,766 | 8,069 | 8,069 | 8,069 | 8,069 | 8,069 | 7,586 |
| Capital Expenditures | (2,637) | (3,240) | (3,660) | (3,660) | (3,660) | (3,660) | (3,660) |
| NWC Investment | 5,038 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 3,152 | 2,849 | 2,849 | 2,849 | 2,849 | 2,849 | 3,477 |
| Free Cash Flow | 12,320 | 7,678 | 7,258 | 7,258 | 7,258 | 7,258 | 7,403 |
| % Growth | -38% | -5% | 0% | 0% | 0% | 2% | |