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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 7.6x - 9.6x | 8.6x |
| Fair Value | ₩3,111 - ₩4,182 | ₩3,636 |
| Upside | 12.3% - 51.0% | 31.3% |
| 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 | 1,373,829 | 1,401,306 | 1,429,332 | 1,457,918 | 1,487,077 | 1,516,818 |
| % Growth | 3.1% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 50,430 | 54,591 | 55,683 | 56,797 | 57,933 | 59,091 |
| % of Revenue | 3.7% | 3.9% | 3.9% | 3.9% | 3.9% | 3.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 54,591 | 55,683 | 56,797 | 57,933 | 59,091 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (13,635) | (13,907) | (14,185) | (14,469) | (14,759) | |
| EBIT | 40,957 | 41,776 | 42,611 | 43,463 | 44,333 | |
| Pro forma Taxes | (12,287) | (12,533) | (12,783) | (13,039) | (13,300) | |
| NOPAT | 25,898 | 28,670 | 29,243 | 29,828 | 30,424 | 31,033 |
| Capital Expenditures | (11,408) | (10,394) | (10,602) | (10,814) | (11,030) | (11,251) |
| NWC Investment | (7,092) | (4,698) | (4,792) | (4,888) | (4,986) | (5,085) |
| (+) D&A | 13,433 | 13,635 | 13,907 | 14,185 | 14,469 | 14,759 |
| Free Cash Flow | 20,831 | 27,212 | 27,756 | 28,311 | 28,878 | 29,455 |
| % Growth | 31% | 2% | 2% | 2% | 2% | |