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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal EBITDA Multiple | 4.1x - 6.1x | 5.1x |
| Fair Value | ₩48,582 - ₩61,985 | ₩55,152 |
| Upside | 49.7% - 91.0% | 70.0% |
| 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 | 338,068 | 400,273 | 481,100 | 439,696 | 616,000 | 677,000 |
| % Growth | 22.3% | 18.4% | 20.2% | -8.6% | 40.1% | 9.9% |
| EBITDA | 79,190 | 90,059 | 106,000 | 100,233 | 186,623 | 211,874 |
| % of Revenue | 23.4% | 22.5% | 22.0% | 22.8% | 30.3% | 31.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 90,059 | 106,000 | 100,233 | 186,623 | 211,874 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (15,509) | (16,987) | (18,001) | (90,623) | (102,874) | |
| EBIT | 74,550 | 89,013 | 82,233 | 96,000 | 109,000 | |
| Pro forma Taxes | (19,383) | (23,143) | (21,380) | (24,960) | (28,340) | |
| NOPAT | 45,271 | 55,167 | 65,869 | 60,852 | 71,040 | 80,660 |
| Capital Expenditures | (9,116) | (10,000) | (9,500) | (12,000) | (13,000) | (14,000) |
| NWC Investment | (12,729) | (12,868) | (16,720) | 8,565 | (36,471) | (12,619) |
| (+) D&A | 18,013 | 15,509 | 16,987 | 18,001 | 90,623 | 102,874 |
| Free Cash Flow | 41,439 | 47,808 | 56,636 | 75,418 | 112,192 | 156,915 |
| % Growth | 15% | 18% | 33% | 49% | 40% | |