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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 9.6x - 11.6x | 10.6x |
| Fair Value | ₩3,171 - ₩3,919 | ₩3,531 |
| Upside | 3.0% - 27.2% | 14.7% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 102,959 | 110,681 | 114,555 | 116,846 | 119,183 | 121,566 | 123,998 | 126,478 | 129,007 | 131,587 | 134,219 |
| % Growth | 11.2% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 12,622 | 12,685 | 13,129 | 13,391 | 13,659 | 13,932 | 14,211 | 14,495 | 14,785 | 15,081 | 15,383 |
| % of Revenue | 12.3% | 11.5% | 11.5% | 11.5% | 11.5% | 11.5% | 11.5% | 11.5% | 11.5% | 11.5% | 11.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 12,685 | 13,129 | 13,391 | 13,659 | 13,932 | 14,211 | 14,495 | 14,785 | 15,081 | 15,383 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3,896) | (4,032) | (4,113) | (4,195) | (4,279) | (4,365) | (4,452) | (4,541) | (4,632) | (4,724) | |
| EBIT | 8,789 | 9,097 | 9,279 | 9,464 | 9,653 | 9,846 | 10,043 | 10,244 | 10,449 | 10,658 | |
| Pro forma Taxes | (1,406) | (1,455) | (1,485) | (1,514) | (1,545) | (1,575) | (1,607) | (1,639) | (1,672) | (1,705) | |
| NOPAT | 6,801 | 7,383 | 7,641 | 7,794 | 7,950 | 8,109 | 8,271 | 8,436 | 8,605 | 8,777 | 8,953 |
| Capital Expenditures | (1,201) | (5,307) | (5,619) | (5,732) | (5,846) | (5,963) | (5,847) | (5,886) | (5,899) | (5,877) | (5,887) |
| NWC Investment | (2,682) | (1,995) | (1,001) | (592) | (604) | (616) | (628) | (641) | (653) | (666) | (680) |
| (+) D&A | 4,526 | 3,896 | 4,032 | 4,113 | 4,195 | 4,279 | 4,365 | 4,452 | 4,541 | 4,632 | 4,724 |
| Free Cash Flow | 7,444 | 3,977 | 5,053 | 5,583 | 5,695 | 5,809 | 6,160 | 6,362 | 6,594 | 6,865 | 7,110 |
| % Growth | -47% | 27% | 10% | 2% | 2% | 6% | 3% | 4% | 4% | 4% | |