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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 7.4x - 9.4x | 8.4x |
| Fair Value | ₩1,802 - ₩2,707 | ₩2,246 |
| Upside | -6.0% - 41.2% | 17.1% |
| 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 | 102,624 | 112,000 | 119,000 | 123,165 | 125,628 | 128,141 |
| % Growth | 1.5% | 9.1% | 6.3% | 3.5% | 2.0% | 2.0% |
| EBITDA | 17,469 | 19,400 | 21,000 | 21,735 | 22,170 | 22,613 |
| % of Revenue | 17.0% | 17.3% | 17.6% | 17.6% | 17.6% | 17.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 19,400 | 21,000 | 21,735 | 22,170 | 22,613 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7,800) | (8,000) | (8,280) | (8,446) | (8,615) | |
| EBIT | 11,600 | 13,000 | 13,455 | 13,724 | 13,999 | |
| Pro forma Taxes | (1,856) | (2,080) | (2,153) | (2,196) | (2,240) | |
| NOPAT | 8,749 | 9,744 | 10,920 | 11,302 | 11,528 | 11,759 |
| Capital Expenditures | (3,862) | (6,600) | (7,300) | (7,556) | (7,707) | (7,861) |
| NWC Investment | (485) | (3,022) | (2,256) | (1,343) | (794) | (810) |
| (+) D&A | 7,053 | 7,800 | 8,000 | 8,280 | 8,446 | 8,615 |
| Free Cash Flow | 11,455 | 7,922 | 9,364 | 10,684 | 11,473 | 11,703 |
| % Growth | -31% | 18% | 14% | 7% | 2% | |