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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal EBITDA Multiple | 1.6x - 3.6x | 2.6x |
| Fair Value | ₩7,446 - ₩9,989 | ₩8,694 |
| Upside | 65.1% - 121.5% | 92.8% |
| 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 | 181,795 | 181,795 | 181,795 | 181,795 | 181,795 | 181,795 |
| % Growth | -10.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 5,729 | 17,448 | 17,448 | 17,448 | 17,448 | 17,448 |
| % of Revenue | 3.2% | 9.6% | 9.6% | 9.6% | 9.6% | 9.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 17,448 | 17,448 | 17,448 | 17,448 | 17,448 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7,399) | (7,399) | (7,399) | (7,399) | (7,399) | |
| EBIT | 10,049 | 10,049 | 10,049 | 10,049 | 10,049 | |
| Pro forma Taxes | (1,708) | (1,708) | (1,708) | (1,708) | (1,708) | |
| NOPAT | (2,688) | 8,341 | 8,341 | 8,341 | 8,341 | 8,341 |
| Capital Expenditures | (3,862) | (4,964) | (4,964) | (4,964) | (4,964) | (4,964) |
| NWC Investment | 4,159 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 8,967 | 7,399 | 7,399 | 7,399 | 7,399 | 7,399 |
| Free Cash Flow | 6,577 | 10,776 | 10,776 | 10,776 | 10,776 | 10,776 |
| % Growth | 64% | 0% | 0% | 0% | 0% | |