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 | 12.8% - 11.8% | 12.3% |
| Perpetuity Growth Rate | 4.0% - 5.0% | 4.5% |
| Fair Value | ₩119,078 - ₩259,616 | ₩180,337 |
| Upside | -40.0% - 30.7% | -9.2% |
| 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 | |
| Revenue | 175,231,153 | 182,561,000 | 188,788,000 | 206,490,774 | 207,505,000 | 215,805,000 | |
| % Growth | 7.7% | 4.2% | 3.4% | 9.4% | 0.5% | 4.0% | |
| EBITDA | 17,391,813 | 20,174,500 | 20,946,581 | 24,663,000 | 24,784,138 | 25,775,480 | |
| % of Revenue | 9.9% | 11.1% | 11.1% | 11.9% | 11.9% | 11.9% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 20,174,500 | 20,946,581 | 24,663,000 | 24,784,138 | 25,775,480 | 25,775,480 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5,648,500) | (5,664,581) | (6,485,418) | (6,517,273) | (6,777,958) | (7,911,162) | |
| EBIT | 14,526,000 | 15,282,000 | 18,177,582 | 18,266,865 | 18,997,522 | 17,864,317 | |
| Pro forma Taxes | (3,340,980) | (3,514,860) | (4,180,844) | (4,201,379) | (4,369,430) | (4,108,793) | |
| NOPAT | 10,964,486 | 11,185,020 | 11,767,140 | 13,996,738 | 14,065,486 | 14,628,092 | 13,755,524 |
| Capital Expenditures | (8,061,333) | (7,096,500) | (7,285,000) | (7,968,119) | (8,007,256) | (8,327,539) | (8,327,539) |
| NWC Investment | (1,128,485) | (658,172) | (559,143) | (1,589,592) | (91,071) | (745,285) | (872,004) |
| (+) D&A | 3,152,221 | 5,648,500 | 5,664,581 | 6,485,418 | 6,517,273 | 6,777,958 | 7,911,162 |
| Free Cash Flow | 4,926,889 | 9,078,848 | 9,587,578 | 10,924,445 | 12,484,432 | 12,333,226 | 12,467,144 |
| % Growth | 84% | 6% | 14% | 14% | -1% | 1% | |