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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 18.7x - 20.7x | 19.7x |
| Fair Value | ₩5,337 - ₩7,341 | ₩6,303 |
| Upside | -47.5% - -27.8% | -38.0% |
| 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 | 268,861 | 268,861 | 268,861 | 268,861 | 268,861 | 268,861 | 268,861 | 268,861 | 268,861 | 268,861 | 268,861 |
| % Growth | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 20,824 | 24,615 | 24,615 | 24,615 | 24,615 | 24,615 | 24,615 | 24,615 | 24,615 | 24,615 | 24,615 |
| % of Revenue | 7.7% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 24,615 | 24,615 | 24,615 | 24,615 | 24,615 | 24,615 | 24,615 | 24,615 | 24,615 | 24,615 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (11,121) | (11,121) | (11,121) | (11,121) | (11,121) | (11,121) | (11,121) | (11,121) | (11,121) | (11,121) | |
| EBIT | 13,494 | 13,494 | 13,494 | 13,494 | 13,494 | 13,494 | 13,494 | 13,494 | 13,494 | 13,494 | |
| Pro forma Taxes | (2,969) | (2,969) | (2,969) | (2,969) | (2,969) | (2,969) | (2,969) | (2,969) | (2,969) | (2,969) | |
| NOPAT | 8,580 | 10,525 | 10,525 | 10,525 | 10,525 | 10,525 | 10,525 | 10,525 | 10,525 | 10,525 | 10,525 |
| Capital Expenditures | (38,200) | (21,653) | (21,912) | (27,255) | (27,255) | (27,255) | (27,255) | (27,255) | (27,255) | (27,255) | (27,255) |
| NWC Investment | (393) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 9,824 | 11,121 | 11,121 | 11,121 | 11,121 | 11,121 | 11,121 | 11,121 | 11,121 | 11,121 | 11,121 |
| Free Cash Flow | (20,189) | (6) | (265) | (5,608) | (5,608) | (5,608) | (5,608) | (5,608) | (5,608) | (5,608) | (5,608) |
| % Growth | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | |