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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 5.2x - 7.2x | 6.2x |
| Fair Value | ₩4,129 - ₩5,513 | ₩4,808 |
| Upside | 53.8% - 105.3% | 79.1% |
| 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 | 102,959 | 110,681 | 114,555 | 116,846 | 119,183 | 121,566 |
| % Growth | 11.2% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 12,622 | 12,685 | 13,129 | 13,391 | 13,659 | 13,932 |
| % of Revenue | 12.3% | 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 | |
| EBITDA | 12,685 | 13,129 | 13,391 | 13,659 | 13,932 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3,896) | (4,032) | (4,113) | (4,195) | (4,279) | |
| EBIT | 8,789 | 9,097 | 9,279 | 9,464 | 9,653 | |
| Pro forma Taxes | (1,406) | (1,455) | (1,485) | (1,514) | (1,545) | |
| NOPAT | 6,801 | 7,383 | 7,641 | 7,794 | 7,950 | 8,109 |
| Capital Expenditures | (1,201) | (5,307) | (5,619) | (5,732) | (5,846) | (5,963) |
| NWC Investment | (2,597) | (1,931) | (969) | (573) | (585) | (596) |
| (+) D&A | 4,526 | 3,896 | 4,032 | 4,113 | 4,195 | 4,279 |
| Free Cash Flow | 7,528 | 4,040 | 5,085 | 5,602 | 5,714 | 5,828 |
| % Growth | -46% | 26% | 10% | 2% | 2% | |