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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 7.2x - 8.0x | 7.6x |
| Fair Value | ₩9,622 - ₩11,261 | ₩10,426 |
| Upside | -6.4% - 9.5% | 1.4% |
| 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 | 142,076 | 144,917 | 147,815 | 150,772 | 153,787 | 156,863 |
| % Growth | 3.8% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 12,581 | 15,792 | 16,108 | 16,430 | 16,758 | 17,094 |
| % of Revenue | 8.9% | 10.9% | 10.9% | 10.9% | 10.9% | 10.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 15,792 | 16,108 | 16,430 | 16,758 | 17,094 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5,806) | (5,923) | (6,041) | (6,162) | (6,285) | |
| EBIT | 9,985 | 10,185 | 10,389 | 10,597 | 10,808 | |
| Pro forma Taxes | (2,197) | (2,241) | (2,286) | (2,331) | (2,378) | |
| NOPAT | 4,834 | 7,789 | 7,944 | 8,103 | 8,265 | 8,431 |
| Capital Expenditures | (48,660) | (31,030) | (32,661) | (37,450) | (33,714) | (34,608) |
| NWC Investment | (1,142) | (625) | (638) | (650) | (663) | (677) |
| (+) D&A | 6,384 | 5,806 | 5,923 | 6,041 | 6,162 | 6,285 |
| Free Cash Flow | (38,584) | (18,060) | (19,432) | (23,957) | (19,950) | (20,569) |
| % Growth | NM | NM | NM | NM | NM | |