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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | ₩2,015 - ₩2,274 | ₩2,114 |
| Upside | 86.5% - 110.6% | 95.7% |
| 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 | 54,076 | 73,002 | 87,602 | 98,553 | 105,944 | 109,652 | 111,845 | 114,082 | 116,364 | 118,691 | 121,065 | |
| % Growth | 63.5% | 35.0% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 1,322 | 500 | 4,980 | 8,066 | 9,731 | 10,071 | 10,273 | 10,478 | 10,688 | 10,901 | 11,119 | |
| % of Revenue | 2.4% | 0.7% | 5.7% | 8.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | |
| 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 | 500 | 4,980 | 8,066 | 9,731 | 10,071 | 10,273 | 10,478 | 10,688 | 10,901 | 11,119 | 11,119 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,628) | (1,953) | (2,197) | (2,362) | (2,445) | (2,494) | (2,543) | (2,594) | (2,646) | (2,699) | (241) | |
| EBIT | (1,128) | 3,027 | 5,869 | 7,369 | 7,626 | 7,779 | 7,935 | 8,093 | 8,255 | 8,420 | 10,878 | |
| Pro forma Taxes | 0 | (272) | (528) | (663) | (686) | (700) | (714) | (728) | (743) | (758) | (979) | |
| NOPAT | 257 | (1,128) | 2,754 | 5,341 | 6,705 | 6,940 | 7,079 | 7,220 | 7,365 | 7,512 | 7,662 | 9,899 |
| Capital Expenditures | (15) | (174) | (208) | (234) | (252) | (261) | (249) | (254) | (255) | (253) | (254) | (254) |
| NWC Investment | (2,324) | (2,094) | (1,615) | (1,212) | (818) | (410) | (243) | (247) | (252) | (257) | (263) | 0 |
| (+) D&A | 1,040 | 1,628 | 1,953 | 2,197 | 2,362 | 2,445 | 2,494 | 2,543 | 2,594 | 2,646 | 2,699 | 241 |
| Free Cash Flow | (1,043) | (1,768) | 2,884 | 6,092 | 7,998 | 8,714 | 9,081 | 9,262 | 9,452 | 9,648 | 9,845 | 9,887 |
| % Growth | NM | NM | 111% | 31% | 9% | 4% | 2% | 2% | 2% | 2% | 0% | |