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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 2.0x - 4.0x | 3.0x |
| Fair Value | ₩38,974 - ₩48,265 | ₩43,527 |
| Upside | 24.1% - 53.7% | 38.6% |
| 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 | 176,182 | 217,600 | 246,000 | 264,450 | 273,706 | 279,180 |
| % Growth | 10.2% | 23.5% | 13.1% | 7.5% | 3.5% | 2.0% |
| EBITDA | 31,420 | 38,000 | 45,000 | 51,020 | 52,805 | 53,861 |
| % of Revenue | 17.8% | 17.5% | 18.3% | 19.3% | 19.3% | 19.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 38,000 | 45,000 | 51,020 | 52,805 | 53,861 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,100) | (2,000) | (2,150) | (2,225) | (2,270) | |
| EBIT | 35,900 | 43,000 | 48,870 | 50,580 | 51,592 | |
| Pro forma Taxes | (9,693) | (11,610) | (13,195) | (13,657) | (13,930) | |
| NOPAT | 14,692 | 26,207 | 31,390 | 35,675 | 36,923 | 37,662 |
| Capital Expenditures | (8,338) | (2,000) | (2,000) | (4,113) | (4,257) | (4,342) |
| NWC Investment | (2,360) | (6,001) | (4,115) | (2,673) | (1,341) | (793) |
| (+) D&A | 11,293 | 2,100 | 2,000 | 2,150 | 2,225 | 2,270 |
| Free Cash Flow | 15,288 | 20,306 | 27,275 | 31,039 | 33,551 | 34,797 |
| % Growth | 33% | 34% | 14% | 8% | 4% | |