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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 42.4x - 44.4x | 43.4x |
| Fair Value | ₩295.28 - ₩355.26 | ₩324.75 |
| Upside | -50.6% - -40.6% | -45.7% |
| 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 | 54,374 | 58,452 | 60,498 | 61,708 | 62,942 | 64,201 |
| % Growth | 14.1% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 2,858 | 2,151 | 2,227 | 2,271 | 2,317 | 2,363 |
| % of Revenue | 5.3% | 3.7% | 3.7% | 3.7% | 3.7% | 3.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,151 | 2,227 | 2,271 | 2,317 | 2,363 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3,542) | (3,666) | (3,740) | (3,814) | (3,891) | |
| EBIT | (1,391) | (1,440) | (1,468) | (1,498) | (1,528) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | (329) | (1,391) | (1,440) | (1,468) | (1,498) | (1,528) |
| Capital Expenditures | (363) | (1,541) | (1,595) | (1,627) | (1,659) | (1,693) |
| NWC Investment | (2,328) | (1,410) | (707) | (418) | (427) | (435) |
| (+) D&A | 3,241 | 3,542 | 3,666 | 3,740 | 3,814 | 3,891 |
| Free Cash Flow | 220 | (800) | (76) | 226 | 231 | 235 |
| % Growth | NM | NM | NM | 2% | 2% | |