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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 2.5x - 2.8x | 2.6x |
| Fair Value | ₩9,592 - ₩11,201 | ₩10,382 |
| Upside | -27.3% - -15.1% | -21.4% |
| 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 |
| Revenue | 138,726 | 210,500 | 284,175 | 341,010 | 383,636 | 412,409 |
| % Growth | 17.8% | 51.7% | 35.0% | 20.0% | 12.5% | 7.5% |
| EBITDA | 33,466 | 59,000 | 100,963 | 138,206 | 165,073 | 181,577 |
| % of Revenue | 24.1% | 28.0% | 35.5% | 40.5% | 43.0% | 44.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 59,000 | 100,963 | 138,206 | 165,073 | 181,577 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (6,900) | (9,315) | (11,178) | (12,575) | (13,518) | |
| EBIT | 52,100 | 91,648 | 127,028 | 152,498 | 168,059 | |
| Pro forma Taxes | (4,689) | (8,248) | (11,433) | (13,725) | (15,125) | |
| NOPAT | 20,171 | 47,411 | 83,400 | 115,596 | 138,773 | 152,934 |
| Capital Expenditures | (44,233) | (19,200) | (41,632) | (49,958) | (56,203) | (60,419) |
| NWC Investment | (12,660) | (43,402) | (44,551) | (34,368) | (25,776) | (17,399) |
| (+) D&A | 11,300 | 6,900 | 9,315 | 11,178 | 12,575 | 13,518 |
| Free Cash Flow | (25,423) | (8,291) | 6,531 | 42,447 | 69,369 | 88,635 |
| % Growth | NM | NM | 550% | 63% | 28% | |