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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 1.4x - 1.5x | 1.5x |
| Fair Value | ₩998.57 - ₩1,244 | ₩1,119 |
| Upside | -18.9% - 1.1% | -9.1% |
| 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 | 84,361 | 90,688 | 93,862 | 95,739 | 97,654 | 99,607 |
| % Growth | 11.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | -3,368 | NA | NA | NA | NA | NA |
| % of Revenue | -4.0% | NA | 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 | NA | NA | NA | NA | NA | |
| Other Income / (Exp) | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| D&A | (4,486) | (4,643) | (4,736) | (4,830) | (4,927) | |
| EBIT | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| Pro forma Taxes | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| NOPAT | (6,284) | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | (1,323) | (4,357) | (4,510) | (4,600) | (4,692) | (4,786) |
| NWC Investment | (4,570) | (3,336) | (1,673) | (990) | (1,009) | (1,030) |
| (+) D&A | 5,010 | 4,486 | 4,643 | 4,736 | 4,830 | 4,927 |
| Free Cash Flow | (7,167) | (3,207) | (1,540) | (854) | (871) | (888) |
| % Growth | NM | NM | NM | NM | NM | |