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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 7.2x - 9.2x | 8.2x |
| Fair Value | ₩4,687 - ₩5,079 | ₩4,876 |
| Upside | 69.5% - 83.7% | 76.3% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 36,491 | 36,491 | 36,491 | 36,491 | 36,491 | 36,491 | 36,491 | 36,491 | 36,491 | 36,491 | 36,491 |
| % Growth | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 7,409 | 5,797 | 5,797 | 5,797 | 5,797 | 5,797 | 5,797 | 5,797 | 5,797 | 5,797 | 5,797 |
| % of Revenue | 20.3% | 15.9% | 15.9% | 15.9% | 15.9% | 15.9% | 15.9% | 15.9% | 15.9% | 15.9% | 15.9% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 5,797 | 5,797 | 5,797 | 5,797 | 5,797 | 5,797 | 5,797 | 5,797 | 5,797 | 5,797 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5,355) | (5,355) | (5,355) | (5,355) | (5,355) | (5,355) | (5,355) | (5,355) | (5,355) | (5,355) | |
| EBIT | 442 | 442 | 442 | 442 | 442 | 442 | 442 | 442 | 442 | 442 | |
| Pro forma Taxes | (102) | (102) | (102) | (102) | (102) | (102) | (102) | (102) | (102) | (102) | |
| NOPAT | 1,782 | 340 | 340 | 340 | 340 | 340 | 340 | 340 | 340 | 340 | 340 |
| Capital Expenditures | (282) | (1,426) | (1,426) | (1,426) | (1,426) | (1,426) | (1,426) | (1,426) | (1,426) | (1,426) | (1,426) |
| NWC Investment | 176 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 5,094 | 5,355 | 5,355 | 5,355 | 5,355 | 5,355 | 5,355 | 5,355 | 5,355 | 5,355 | 5,355 |
| Free Cash Flow | 6,771 | 4,270 | 4,270 | 4,270 | 4,270 | 4,270 | 4,270 | 4,270 | 4,270 | 4,270 | 4,270 |
| % Growth | -37% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |