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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 9.5x - 11.5x | 10.5x |
| Fair Value | ₩6,632 - ₩7,322 | ₩6,965 |
| Upside | 54.9% - 71.1% | 62.7% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 49,860 | 49,860 | 49,860 | 49,860 | 49,860 | 49,860 | 49,860 | 49,860 | 49,860 | 49,860 | 49,860 |
| % Growth | -5.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 9,189 | 9,695 | 9,695 | 9,695 | 9,695 | 9,695 | 9,695 | 9,695 | 9,695 | 9,695 | 9,695 |
| % of Revenue | 18.4% | 19.4% | 19.4% | 19.4% | 19.4% | 19.4% | 19.4% | 19.4% | 19.4% | 19.4% | 19.4% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 9,695 | 9,695 | 9,695 | 9,695 | 9,695 | 9,695 | 9,695 | 9,695 | 9,695 | 9,695 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (998) | (998) | (998) | (998) | (998) | (998) | (998) | (998) | (998) | (998) | |
| EBIT | 8,697 | 8,697 | 8,697 | 8,697 | 8,697 | 8,697 | 8,697 | 8,697 | 8,697 | 8,697 | |
| Pro forma Taxes | (1,739) | (1,739) | (1,739) | (1,739) | (1,739) | (1,739) | (1,739) | (1,739) | (1,739) | (1,739) | |
| NOPAT | 6,481 | 6,958 | 6,958 | 6,958 | 6,958 | 6,958 | 6,958 | 6,958 | 6,958 | 6,958 | 6,958 |
| Capital Expenditures | (256) | (195) | (195) | (215) | (215) | (215) | (215) | (215) | (215) | (215) | (215) |
| NWC Investment | 171 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 1,088 | 998 | 998 | 998 | 998 | 998 | 998 | 998 | 998 | 998 | 998 |
| Free Cash Flow | 7,484 | 7,760 | 7,760 | 7,740 | 7,740 | 7,740 | 7,740 | 7,740 | 7,740 | 7,740 | 7,740 |
| % Growth | 4% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |