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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 9.8x - 11.8x | 10.8x |
| Fair Value | ₩2,548 - ₩3,452 | ₩2,991 |
| Upside | -13.6% - 17.0% | 1.4% |
| 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 |
| Revenue | 54,287 | 54,287 | 54,287 | 54,287 | 54,287 | 54,287 |
| % Growth | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 7,115 | 7,338 | 7,338 | 7,338 | 7,338 | 7,338 |
| % of Revenue | 13.1% | 13.5% | 13.5% | 13.5% | 13.5% | 13.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 7,338 | 7,338 | 7,338 | 7,338 | 7,338 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3,797) | (3,797) | (3,797) | (3,797) | (3,797) | |
| EBIT | 3,540 | 3,540 | 3,540 | 3,540 | 3,540 | |
| Pro forma Taxes | (637) | (637) | (637) | (637) | (637) | |
| NOPAT | 2,606 | 2,903 | 2,903 | 2,903 | 2,903 | 2,903 |
| Capital Expenditures | (761) | (1,717) | (1,717) | (1,717) | (1,717) | (1,717) |
| NWC Investment | 2 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 3,936 | 3,797 | 3,797 | 3,797 | 3,797 | 3,797 |
| Free Cash Flow | 5,784 | 4,984 | 4,984 | 4,984 | 4,984 | 4,984 |
| % Growth | -14% | 0% | 0% | 0% | 0% | |