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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal Revenue Multiple | 0.2x - 0.2x | 0.2x |
| Fair Value | ₩1,186 - ₩1,224 | ₩1,204 |
| Upside | -15.9% - -13.3% | -14.6% |
| 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 | 29,760 | 33,480 | 35,990 | 37,250 | 37,995 | 38,755 |
| % Growth | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 1,295 | -107 | NA | NA | NA | NA |
| % of Revenue | 4.4% | -0.3% | NA | NA | NA | NA |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | (107) | NA | NA | NA | NA | |
| Other Income / (Exp) | 0 | #NUM! | #NUM! | #NUM! | #NUM! | |
| D&A | (781) | (839) | (869) | (886) | (904) | |
| EBIT | (888) | #NUM! | #NUM! | #NUM! | #NUM! | |
| Pro forma Taxes | 0 | #NUM! | #NUM! | #NUM! | #NUM! | |
| NOPAT | 701 | (888) | 0 | 0 | 0 | 0 |
| Capital Expenditures | (502) | (4,225) | (4,609) | (4,771) | (4,866) | (4,964) |
| NWC Investment | 142 | 107 | 72 | 36 | 21 | 22 |
| (+) D&A | 480 | 781 | 839 | 869 | 886 | 904 |
| Free Cash Flow | 820 | (4,226) | (3,698) | (3,866) | (3,959) | (4,038) |
| % Growth | NM | NM | NM | NM | NM | |