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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 26.1x - 28.1x | 27.1x |
| Fair Value | ₩3,787 - ₩4,083 | ₩3,933 |
| Upside | -17.8% - -11.3% | -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 | 78,044 | 78,044 | 78,044 | 78,044 | 78,044 | 78,044 |
| % Growth | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 3,949 | 1,683 | 1,683 | 1,683 | 1,683 | 1,683 |
| % of Revenue | 5.1% | 2.2% | 2.2% | 2.2% | 2.2% | 2.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,683 | 1,683 | 1,683 | 1,683 | 1,683 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,297) | (2,297) | (2,297) | (2,297) | (2,297) | |
| EBIT | (614) | (614) | (614) | (614) | (614) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | 1,277 | (614) | (614) | (614) | (614) | (614) |
| Capital Expenditures | (967) | (995) | (995) | (995) | (995) | (995) |
| NWC Investment | (21) | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 2,464 | 2,297 | 2,297 | 2,297 | 2,297 | 2,297 |
| Free Cash Flow | 2,753 | 688 | 688 | 688 | 688 | 688 |
| % Growth | -75% | 0% | 0% | 0% | 0% | |