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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.5% - 13.5% | 14.0% |
| Terminal Revenue Multiple | 1.2x - 1.3x | 1.3x |
| Fair Value | ₩13,034 - ₩19,051 | ₩15,946 |
| Upside | -37.2% - -8.2% | -23.2% |
| 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 | 17,870,718 | 26,247,000 | 25,068,000 | 26,381,500 | 27,304,853 | 27,850,950 | 28,407,969 | 28,976,128 | 29,555,650 | 30,146,763 | 30,749,699 |
| % Growth | 10.9% | 46.9% | -4.5% | 5.2% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 3,885,713 | 4,186,000 | 4,458,600 | 4,221,000 | 4,368,735 | 4,456,110 | 4,545,232 | 4,636,137 | 4,728,859 | 4,823,436 | 4,919,905 |
| % of Revenue | 21.7% | 15.9% | 17.8% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 4,186,000 | 4,458,600 | 4,221,000 | 4,368,735 | 4,456,110 | 4,545,232 | 4,636,137 | 4,728,859 | 4,823,436 | 4,919,905 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,163,500) | (1,988,600) | (1,950,000) | (2,018,250) | (2,058,615) | (2,099,787) | (2,141,783) | (2,184,619) | (2,228,311) | (2,272,877) | |
| EBIT | 2,022,500 | 2,470,000 | 2,271,000 | 2,350,485 | 2,397,495 | 2,445,445 | 2,494,353 | 2,544,241 | 2,595,125 | 2,647,028 | |
| Pro forma Taxes | (525,850) | (642,200) | (590,460) | (611,126) | (623,349) | (635,816) | (648,532) | (661,503) | (674,733) | (688,227) | |
| NOPAT | 1,546,365 | 1,496,650 | 1,827,800 | 1,680,540 | 1,739,359 | 1,774,146 | 1,809,629 | 1,845,822 | 1,882,738 | 1,920,393 | 1,958,801 |
| Capital Expenditures | (2,894,100) | (2,600,000) | (2,710,000) | (2,987,000) | (3,091,545) | (3,153,376) | (3,077,307) | (3,107,409) | (3,112,697) | (3,099,138) | (3,106,415) |
| NWC Investment | 371,283 | 1,768,109 | (248,869) | 277,260 | 194,906 | 115,273 | 117,578 | 119,930 | 122,329 | 124,775 | 127,271 |
| (+) D&A | 1,796,030 | 2,163,500 | 1,988,600 | 1,950,000 | 2,018,250 | 2,058,615 | 2,099,787 | 2,141,783 | 2,184,619 | 2,228,311 | 2,272,877 |
| Free Cash Flow | 819,578 | 2,828,259 | 857,531 | 920,800 | 860,970 | 794,658 | 949,688 | 1,000,125 | 1,076,988 | 1,174,341 | 1,252,534 |
| % Growth | -70% | 7% | -6% | -8% | 20% | 5% | 8% | 9% | 7% | ||