Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal EBITDA Multiple | 7.0x - 9.0x | 8.0x |
| Fair Value | ₩8,192 - ₩10,079 | ₩9,117 |
| Upside | 5.7% - 30.1% | 17.6% |
| 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 | 125,453 | 141,135 | 151,720 | 157,031 | 160,171 | 163,375 |
| % Growth | 16.2% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 12,140 | 15,598 | 18,286 | 18,926 | 19,304 | 19,690 |
| % of Revenue | 9.7% | 11.1% | 12.1% | 12.1% | 12.1% | 12.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 15,598 | 18,286 | 18,926 | 19,304 | 19,690 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,005) | (4,305) | (4,456) | (4,545) | (4,636) | |
| EBIT | 11,594 | 13,980 | 14,470 | 14,759 | 15,054 | |
| Pro forma Taxes | (2,551) | (3,076) | (3,183) | (3,247) | (3,312) | |
| NOPAT | 6,950 | 9,043 | 10,905 | 11,286 | 11,512 | 11,742 |
| Capital Expenditures | (4,589) | (7,382) | (9,020) | (9,336) | (9,523) | (9,713) |
| NWC Investment | (3,144) | (2,814) | (1,899) | (953) | (564) | (575) |
| (+) D&A | 3,229 | 4,005 | 4,305 | 4,456 | 4,545 | 4,636 |
| Free Cash Flow | 2,446 | 2,852 | 4,290 | 5,453 | 5,971 | 6,090 |
| % Growth | 17% | 50% | 27% | 9% | 2% | |