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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 4.3x - 6.3x | 5.3x |
| Fair Value | ₩36,108 - ₩43,961 | ₩39,958 |
| Upside | 46.5% - 78.3% | 62.1% |
| 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 | 295,412 | 310,400 | 334,200 | 346,000 | 352,920 | 359,978 |
| % Growth | 5.2% | 5.1% | 7.7% | 3.5% | 2.0% | 2.0% |
| EBITDA | 36,353 | 39,000 | 50,500 | 53,000 | 54,060 | 55,141 |
| % of Revenue | 12.3% | 12.6% | 15.1% | 15.3% | 15.3% | 15.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 39,000 | 50,500 | 53,000 | 54,060 | 55,141 | |
| Other Income / (Exp) | 0 | 0 | 0 | 34,960 | 46,005 | |
| D&A | (16,200) | (16,600) | (16,000) | (16,320) | (16,646) | |
| EBIT | 22,800 | 33,900 | 37,000 | 72,700 | 84,500 | |
| Pro forma Taxes | (3,876) | (5,763) | (6,290) | (12,359) | (14,365) | |
| NOPAT | 14,809 | 18,924 | 28,137 | 30,710 | 60,341 | 70,135 |
| Capital Expenditures | (10,963) | (22,000) | (22,500) | (23,294) | (23,760) | (24,236) |
| NWC Investment | (3,202) | (3,277) | (5,204) | (2,580) | (1,513) | (1,543) |
| (+) D&A | 18,510 | 16,200 | 16,600 | 16,000 | 16,320 | 16,646 |
| Free Cash Flow | 19,155 | 9,847 | 17,033 | 20,835 | 51,387 | 61,002 |
| % Growth | -49% | 73% | 22% | 147% | 19% | |