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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 2.089 B - 12.832 B | 9.766 B |
| Discount Rate | 10.0% - 8.0% | 9.0% |
| Fair Value | ₩4,705 - ₩18,208 | ₩13,186 |
| Upside | -38.9% - 136.5% | 71.2% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (KRW in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 36,387 | 42,689 | 41,960 | 51,226 | 62,899 | 62,899 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 4,981 | 6,079 | 3,570 | 2,060 | 12,454 | 12,454 | |
| (+) Net Interest Expense | 102 | (264) | (283) | 87 | 40 | 40 | |
| (+) Other Non Operating Exp. | 2,126 | 1,744 | 370 | (617) | (1,653) | (1,653) | |
| (+) D&A | 321 | 350 | 514 | 855 | 1,124 | 1,124 | |
| (+) Non-recurring Items | 206 | 139 | 402 | 324 | (389) | (389) | |
| Adjusted EBITDA | 7,737 | 8,049 | 4,573 | 2,710 | 11,575 | 11,575 | |
| (-) D&A | (321) | (350) | (514) | (855) | (1,124) | (1,124) | |
| Adjusted EBIT | 7,415 | 7,699 | 4,059 | 1,854 | 10,451 | 10,451 | |
| % of Revenue | 20.4% | 18.0% | 9.7% | 3.6% | 16.6% | 16.6% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 3.6% | 16.6% | 20.4% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (KRW in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 20,893 | 108,512 | 160,404 | 51,834 | |||
| (+) Cash & Short Term Investments | 23,665 | 23,665 | 23,665 | 23,665 | |||
| (+) Investments & Other | 12,554 | 12,554 | 12,554 | 12,554 | |||
| (-) Debt | (8,483) | (8,483) | (8,483) | (8,483) | |||
| (-) Other Liabilities | (12) | (12) | (12) | (12) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 48,617 | 136,237 | 188,128 | 79,558 | |||
| (/) Shares Outstanding | 10.3 | 10.3 | 10.3 | 10.3 | |||
| Implied Stock Price (KRW) | 4,705.42 | 13,185.62 | 18,207.91 | 7,700.00 | |||
| FX Rate: KRW/KRW | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (KRW) | 4,705.42 | 13,185.62 | 18,207.91 | 7,700.00 | |||
| Upside / (Downside) | -38.89% | 71.24% | 136.47% | ||||
| Stock Price | 7,700.00 | ||||||
| Stock Price Close | 7,700.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | KRW | ||||||
| Trading Currency | KRW | ||||||
| FX Rate: KRW/KRW | 1.00 | ||||||
| Market Cap | 79,558.0 | ||||||
| Shares Outstanding | 10.3 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||