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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 616.5 M - 6.177 B | 4.39 B |
| Discount Rate | 10.8% - 8.8% | 9.8% |
| Fair Value | ₩2,120 - ₩7,261 | ₩5,234 |
| Upside | -68.9% - 6.6% | -23.1% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Mar-24 | ||
| (KRW in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 9,538 | 13,180 | 21,702 | 28,636 | 17,811 | 19,706 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 1,418 | 2,867 | 6,405 | 7,964 | 1,911 | 2,514 | |
| (+) Net Interest Expense | (122) | (93) | (95) | (484) | (1,071) | (979) | |
| (+) Other Non Operating Exp. | (17) | 98 | (189) | (189) | (81) | 25 | |
| (+) D&A | 484 | 595 | 538 | 680 | 789 | 784 | |
| (+) Non-recurring Items | 5 | 1 | (5) | 1 | 2 | 2 | |
| Adjusted EBITDA | 1,767 | 3,469 | 6,656 | 7,972 | 1,550 | 2,346 | |
| (-) D&A | (484) | (595) | (538) | (680) | (789) | (784) | |
| Adjusted EBIT | 1,283 | 2,874 | 6,117 | 7,292 | 761 | 1,563 | |
| % of Revenue | 13.5% | 21.8% | 28.2% | 25.5% | 4.3% | 7.9% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 4.3% | 21.8% | 28.2% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (KRW in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 5,735 | 45,027 | 70,598 | 64,903 | |||
| (+) Cash & Short Term Investments | 21,722 | 21,722 | 21,722 | 21,722 | |||
| (+) Investments & Other | 33 | 33 | 33 | 33 | |||
| (-) Debt | (754) | (754) | (754) | (754) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 26,737 | 66,029 | 91,600 | 85,905 | |||
| (/) Shares Outstanding | 12.6 | 12.6 | 12.6 | 12.6 | |||
| Implied Stock Price (KRW) | 2,119.51 | 5,234.33 | 7,261.44 | 6,810.00 | |||
| FX Rate: KRW/KRW | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (KRW) | 2,119.51 | 5,234.33 | 7,261.44 | 6,810.00 | |||
| Upside / (Downside) | -68.88% | -23.14% | 6.63% | ||||
| Stock Price | 6,810.00 | ||||||
| Stock Price Close | 6,810.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | KRW | ||||||
| Trading Currency | KRW | ||||||
| FX Rate: KRW/KRW | 1.00 | ||||||
| Market Cap | 85,905.2 | ||||||
| Shares Outstanding | 12.6 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||