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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal EBITDA Multiple | 6.4x - 8.4x | 7.4x |
| Fair Value | ₩25,668 - ₩33,361 | ₩29,442 |
| Upside | 44.0% - 87.1% | 65.1% |
| 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 | 62,217 | 71,400 | 84,000 | 94,500 | 101,588 | 105,143 |
| % Growth | 31.4% | 14.8% | 17.6% | 12.5% | 7.5% | 3.5% |
| EBITDA | 19,519 | 23,493 | 29,738 | 35,818 | 39,520 | 40,904 |
| % of Revenue | 31.4% | 32.9% | 35.4% | 37.9% | 38.9% | 38.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 23,493 | 29,738 | 35,818 | 39,520 | 40,904 | |
| Other Income / (Exp) | 6,862 | 0 | 0 | 0 | 0 | |
| D&A | (5,855) | (338) | (381) | (409) | (424) | |
| EBIT | 24,500 | 29,400 | 35,438 | 39,111 | 40,480 | |
| Pro forma Taxes | (3,430) | (4,116) | (4,961) | (5,476) | (5,667) | |
| NOPAT | 12,154 | 21,070 | 25,284 | 30,476 | 33,636 | 34,813 |
| Capital Expenditures | (12,342) | (11,763) | (12,600) | (14,175) | (15,238) | (15,771) |
| NWC Investment | (6,396) | (3,954) | (5,425) | (4,521) | (3,052) | (1,531) |
| (+) D&A | 5,387 | 5,855 | 338 | 381 | 409 | 424 |
| Free Cash Flow | (1,198) | 11,207 | 7,597 | 12,161 | 15,755 | 17,934 |
| % Growth | NM | -32% | 60% | 30% | 14% | |