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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | ₩43,196 - ₩48,744 | ₩45,264 |
| Upside | 16.0% - 30.9% | 21.5% |
| 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 | 212,252 | 315,300 | 401,300 | 437,218 | 452,520 | 461,571 | 470,802 | 480,218 | 489,823 | 499,619 | 509,611 | |
| % Growth | 29.7% | 48.5% | 27.3% | 9.0% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 62,460 | 74,600 | 97,000 | 117,189 | 121,290 | 123,716 | 126,190 | 128,714 | 131,288 | 133,914 | 136,592 | |
| % of Revenue | 29.4% | 23.7% | 24.2% | 26.8% | 26.8% | 26.8% | 26.8% | 26.8% | 26.8% | 26.8% | 26.8% | |
| 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 | Terminal | |
| EBITDA | 74,600 | 97,000 | 117,189 | 121,290 | 123,716 | 126,190 | 128,714 | 131,288 | 133,914 | 136,592 | 136,592 | |
| Other Income / (Exp) | 0 | 0 | 0 | 111,255 | 131,040 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5,243) | (6,708) | (10,189) | (10,545) | (10,756) | (10,971) | (11,191) | (11,414) | (11,643) | (11,876) | (17,894) | |
| EBIT | 69,357 | 90,292 | 107,000 | 222,000 | 244,000 | 115,219 | 117,523 | 119,874 | 122,271 | 124,717 | 118,698 | |
| Pro forma Taxes | (9,710) | (12,641) | (14,980) | (31,080) | (34,160) | (16,131) | (16,453) | (16,782) | (17,118) | (17,460) | (16,618) | |
| NOPAT | 45,126 | 59,647 | 77,651 | 92,020 | 190,920 | 209,840 | 99,088 | 101,070 | 103,092 | 105,153 | 107,256 | 102,080 |
| Capital Expenditures | (15,380) | (16,800) | (10,000) | (5,031) | (25,000) | (25,000) | (18,344) | (18,711) | (19,085) | (18,713) | (18,836) | (18,836) |
| NWC Investment | (9,412) | (19,977) | (16,673) | (6,963) | (2,967) | (1,755) | (1,790) | (1,825) | (1,862) | (1,899) | (1,937) | 0 |
| (+) D&A | 9,989 | 5,243 | 6,708 | 10,189 | 10,545 | 10,756 | 10,971 | 11,191 | 11,414 | 11,643 | 11,876 | 17,894 |
| Free Cash Flow | 30,322 | 28,113 | 57,687 | 90,214 | 173,498 | 193,841 | 89,926 | 91,725 | 93,559 | 96,184 | 98,359 | 101,139 |
| % Growth | -7% | 105% | 56% | 92% | 12% | -54% | 2% | 2% | 3% | 2% | 3% | |