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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 13.0x - 15.0x | 14.0x |
| Fair Value | ₩2,770 - ₩3,306 | ₩3,029 |
| Upside | 52.2% - 81.6% | 66.4% |
| 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 | 142,850 | 149,800 | 167,300 | 179,848 | 186,142 | 189,865 | 193,662 | 197,536 | 201,486 | 205,516 | 209,626 |
| % Growth | -4.5% | 4.9% | 11.7% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 16,029 | 22,000 | 19,000 | 22,223 | 23,001 | 23,461 | 23,931 | 24,409 | 24,897 | 25,395 | 25,903 |
| % of Revenue | 11.2% | 14.7% | 11.4% | 12.4% | 12.4% | 12.4% | 12.4% | 12.4% | 12.4% | 12.4% | 12.4% |
| 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 | 22,000 | 19,000 | 22,223 | 23,001 | 23,461 | 23,931 | 24,409 | 24,897 | 25,395 | 25,903 | |
| Other Income / (Exp) | 0 | 12,027 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (10,500) | (11,727) | (12,606) | (13,047) | (13,308) | (13,574) | (13,846) | (14,123) | (14,405) | (14,693) | |
| EBIT | 11,500 | 19,300 | 9,617 | 9,954 | 10,153 | 10,356 | 10,563 | 10,774 | 10,990 | 11,210 | |
| Pro forma Taxes | (4,255) | (7,141) | (3,558) | (3,683) | (3,757) | (3,832) | (3,908) | (3,987) | (4,066) | (4,148) | |
| NOPAT | 7,317 | 7,245 | 12,159 | 6,059 | 6,271 | 6,396 | 6,524 | 6,655 | 6,788 | 6,924 | 7,062 |
| Capital Expenditures | (1,328) | (1,311) | (1,465) | (1,574) | (1,630) | (1,662) | (1,622) | (1,638) | (1,641) | (1,634) | (1,637) |
| NWC Investment | 445 | (457) | (1,151) | (825) | (414) | (245) | (250) | (255) | (260) | (265) | (270) |
| (+) D&A | 4,414 | 10,500 | 11,727 | 12,606 | 13,047 | 13,308 | 13,574 | 13,846 | 14,123 | 14,405 | 14,693 |
| Free Cash Flow | 10,848 | 15,976 | 21,270 | 16,265 | 17,275 | 17,798 | 18,227 | 18,608 | 19,010 | 19,430 | 19,848 |
| % Growth | 47% | 33% | -24% | 6% | 3% | 2% | 2% | 2% | 2% | 2% | |