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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.8% - 9.8% | 10.3% |
Terminal EBITDA Multiple | 14.2x - 16.2x | 15.2x |
Fair Value | ₩790.55 - ₩1,139 | ₩961.25 |
Upside | -65.4% - -50.2% | -57.9% |
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 | 104,452 | 117,508 | 126,322 | 130,743 | 133,358 | 136,025 |
% Growth | 20.4% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
EBITDA | 5,436 | 6,307 | 8,043 | 8,325 | 8,491 | 8,661 |
% of Revenue | 5.2% | 5.4% | 6.4% | 6.4% | 6.4% | 6.4% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 6,307 | 8,043 | 8,325 | 8,491 | 8,661 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (2,712) | (2,915) | (3,017) | (3,078) | (3,139) | |
EBIT | 3,595 | 5,128 | 5,307 | 5,414 | 5,522 | |
Pro forma Taxes | (539) | (769) | (796) | (812) | (828) | |
NOPAT | 3,082 | 3,056 | 4,359 | 4,511 | 4,602 | 4,694 |
Capital Expenditures | (6,022) | (6,144) | (6,605) | (6,836) | (6,973) | (7,112) |
NWC Investment | (3,296) | (2,432) | (1,641) | (823) | (487) | (497) |
(+) D&A | 1,811 | 2,712 | 2,915 | 3,017 | 3,078 | 3,139 |
Free Cash Flow | (4,426) | (2,808) | (972) | (131) | 219 | 224 |
% Growth | NM | NM | NM | NM | 2% |