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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 7.2% - 7.8% | 7.5% |
| Discount Rate | 13.3% - 12.3% | 12.8% |
| Fair Value | ₩5,246 - ₩6,837 | ₩5,928 |
| Upside | -15.1% - 10.6% | -4.1% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (KRW in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 15,698 | 11,555 | 11,716 | 11,716 | 11,716 | 11,716 | 11,716 | |
| % Growth | -35.4% | -26.4% | 1.4% | 0.0% | 0.0% | 0.0% | ||
| Payout Ratio | 61.0% | 67.0% | 73.0% | 79.0% | 85.0% | 90.0% | 92.5% | |
| Projected Dividends | 9,579 | 7,742 | 8,552 | 9,255 | 9,958 | 10,544 | 10,837 | |
| % Growth | -19.2% | 10.5% | 8.2% | 7.6% | 5.9% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (KRW in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 1,370 | 12,659 | 4,791 | 2,971 | 9,579 | 0 | 0 | |
| % Growth | 824% | -62% | -38% | 222% | NM | |||
| Net Income to Common | 9,131 | 28,757 | 228 | 24,317 | 15,698 | 7,633 | 975 | |
| % Growth | 215% | -99% | 10564% | -35% | -87% | |||
| Payout Ratio | 15% | 44% | 2101% | 12% | 61% | 0% | 0% | |
| Retention Ratio | 85% | 56% | -2001% | 88% | 39% | 100% | 100% | |
| Adjusted EBITDA | 31,510 | 58,571 | 8,027 | 46,773 | 44,659 | 11,369 | 5,637 | |
| % Growth | 86% | -86% | 483% | -5% | -50% | |||
| Total Debt | 126,409 | 143,775 | 147,508 | 161,383 | 160,630 | 162,770 | 169,887 | |
| Shareholder's Equity | 173,622 | 201,105 | 193,534 | 208,197 | 212,386 | 206,190 | 205,080 | |
| Debt / EBITDA | 4.0 | 2.5 | 18.4 | 3.5 | 3.6 | 4.4 | ||
| Debt / Equity | 73% | 71% | 76% | 78% | 76% | 79% | 83% | |
| 3-Yr Avg. Dividend Growth | 40.8% | |||||||
| 5-Yr Median Payout Ratio | 44.0% | |||||||