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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.0% - 11.0% | 11.5% |
| Terminal EBITDA Multiple | 5.8x - 7.8x | 6.8x |
| Fair Value | ₩21,364 - ₩28,652 | ₩24,935 |
| Upside | 35.9% - 82.3% | 58.6% |
| 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 | (7,815) | (4,831) | (6,628) | (5,523) | (3,728) | (1,870) |
| (+) D&A | 5,387 | 5,855 | 338 | 381 | 409 | 424 |
| Free Cash Flow | (2,616) | 10,330 | 6,394 | 11,158 | 15,078 | 17,595 |
| % Growth | NM | -38% | 75% | 35% | 17% | |