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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.5% - 11.5% | 12.0% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | ₩1,809 - ₩2,042 | ₩1,889 |
| Upside | 82.0% - 105.4% | 90.0% |
| 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 | 54,076 | 73,002 | 87,602 | 98,553 | 105,944 | 109,652 | |
| % Growth | 63.5% | 35.0% | 20.0% | 12.5% | 7.5% | 3.5% | |
| EBITDA | 1,322 | 500 | 4,980 | 8,066 | 9,731 | 10,071 | |
| % of Revenue | 2.4% | 0.7% | 5.7% | 8.2% | 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 | Terminal | |
| EBITDA | 500 | 4,980 | 8,066 | 9,731 | 10,071 | 10,071 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,628) | (1,953) | (2,197) | (2,362) | (2,445) | (248) | |
| EBIT | (1,128) | 3,027 | 5,869 | 7,369 | 7,626 | 9,823 | |
| Pro forma Taxes | 0 | (272) | (528) | (663) | (686) | (884) | |
| NOPAT | 257 | (1,128) | 2,754 | 5,341 | 6,705 | 6,940 | 8,939 |
| Capital Expenditures | (15) | (174) | (208) | (234) | (252) | (261) | (261) |
| NWC Investment | (2,418) | (2,178) | (1,680) | (1,260) | (851) | (427) | 0 |
| (+) D&A | 1,040 | 1,628 | 1,953 | 2,197 | 2,362 | 2,445 | 248 |
| Free Cash Flow | (1,136) | (1,852) | 2,819 | 6,043 | 7,965 | 8,697 | 8,926 |
| % Growth | NM | NM | 114% | 32% | 9% | 3% | |