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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 0.8x - 0.9x | 0.9x |
| Fair Value | ₩11,927 - ₩14,988 | ₩13,429 |
| Upside | -10.0% - 13.1% | 1.3% |
| 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 | 244,390 | 334,900 | 377,800 | 406,135 | 420,350 | 428,757 |
| % Growth | -27.3% | 37.0% | 12.8% | 7.5% | 3.5% | 2.0% |
| EBITDA | 9,406 | 39,300 | 49,200 | 56,951 | 58,945 | 60,124 |
| % of Revenue | 3.8% | 11.7% | 13.0% | 14.0% | 14.0% | 14.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 39,300 | 49,200 | 56,951 | 58,945 | 60,124 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5,100) | (4,400) | (4,730) | (4,896) | (4,993) | |
| EBIT | 34,200 | 44,800 | 52,221 | 54,049 | 55,130 | |
| Pro forma Taxes | (4,104) | (5,376) | (6,267) | (6,486) | (6,616) | |
| NOPAT | 3,171 | 30,096 | 39,424 | 45,955 | 47,563 | 48,514 |
| Capital Expenditures | (20,940) | (28,696) | (32,371) | (34,799) | (36,017) | (36,738) |
| NWC Investment | 38,123 | (37,682) | (17,861) | (11,797) | (5,918) | (3,500) |
| (+) D&A | 5,803 | 5,100 | 4,400 | 4,730 | 4,896 | 4,993 |
| Free Cash Flow | 26,156 | (31,182) | (6,408) | 4,089 | 10,524 | 13,270 |
| % Growth | NM | NM | NM | 157% | 26% | |