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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 14.8x - 16.8x | 15.8x |
| Fair Value | ₩223,351 - ₩265,000 | ₩243,449 |
| Upside | -42.6% - -31.9% | -37.4% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 102,855 | 220,700 | 473,600 | 784,800 | 1,059,480 | 1,271,376 | 1,430,298 | 1,537,570 | 1,591,385 | 1,623,213 | 1,655,677 |
| % Growth | 6.6% | 114.6% | 114.6% | 65.7% | 35.0% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 28,254 | 113,100 | 360,950 | 606,600 | 847,584 | 1,017,101 | 1,144,238 | 1,230,056 | 1,273,108 | 1,298,570 | 1,324,542 |
| % of Revenue | 27.5% | 51.2% | 76.2% | 77.3% | 80.0% | 80.0% | 80.0% | 80.0% | 80.0% | 80.0% | 80.0% |
| 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 | 113,100 | 360,950 | 606,600 | 847,584 | 1,017,101 | 1,144,238 | 1,230,056 | 1,273,108 | 1,298,570 | 1,324,542 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,700) | (950) | (1,400) | (1,890) | (2,268) | (2,552) | (2,743) | (2,839) | (2,896) | (2,954) | |
| EBIT | 110,400 | 360,000 | 605,200 | 845,694 | 1,014,833 | 1,141,687 | 1,227,313 | 1,270,269 | 1,295,675 | 1,321,588 | |
| Pro forma Taxes | (43,056) | (140,400) | (236,028) | (329,821) | (395,785) | (445,258) | (478,652) | (495,405) | (505,313) | (515,419) | |
| NOPAT | 15,496 | 67,344 | 219,600 | 369,172 | 515,873 | 619,048 | 696,429 | 748,661 | 774,864 | 790,362 | 806,169 |
| Capital Expenditures | (2,718) | (5,833) | (12,517) | (20,742) | (28,001) | (33,602) | (27,448) | (29,507) | (30,186) | (29,047) | (29,580) |
| NWC Investment | 116 | 2,162 | 4,639 | 5,709 | 5,039 | 3,887 | 2,915 | 1,968 | 987 | 584 | 596 |
| (+) D&A | 2,850 | 2,700 | 950 | 1,400 | 1,890 | 2,268 | 2,552 | 2,743 | 2,839 | 2,896 | 2,954 |
| Free Cash Flow | 15,745 | 66,373 | 212,672 | 355,539 | 494,801 | 591,602 | 674,448 | 723,865 | 748,505 | 764,794 | 780,138 |
| % Growth | 322% | 220% | 67% | 39% | 20% | 14% | 7% | 3% | 2% | 2% | |