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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 59.2x - 61.2x | 60.2x |
| Fair Value | ₩8,515 - ₩8,997 | ₩8,749 |
| Upside | -6.3% - -1.0% | -3.7% |
| 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 | 188,282 | 194,872 | 198,769 | 202,744 | 206,799 | 210,935 | 215,154 | 219,457 | 223,846 | 228,323 | 232,890 |
| % Growth | 7.0% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 13,295 | 2,302 | 2,348 | 2,395 | 2,443 | 2,492 | 2,542 | 2,593 | 2,645 | 2,698 | 2,752 |
| % of Revenue | 7.1% | 1.2% | 1.2% | 1.2% | 1.2% | 1.2% | 1.2% | 1.2% | 1.2% | 1.2% | 1.2% |
| 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 | 2,302 | 2,348 | 2,395 | 2,443 | 2,492 | 2,542 | 2,593 | 2,645 | 2,698 | 2,752 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,046) | (4,127) | (4,210) | (4,294) | (4,380) | (4,467) | (4,557) | (4,648) | (4,741) | (4,836) | |
| EBIT | (1,744) | (1,779) | (1,814) | (1,851) | (1,888) | (1,926) | (1,964) | (2,003) | (2,043) | (2,084) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | 7,917 | (1,744) | (1,779) | (1,814) | (1,851) | (1,888) | (1,926) | (1,964) | (2,003) | (2,043) | (2,084) |
| Capital Expenditures | (843) | (1,276) | (1,301) | (1,327) | (1,354) | (1,381) | (1,354) | (1,363) | (1,366) | (1,361) | (1,363) |
| NWC Investment | (2,725) | (1,465) | (866) | (884) | (901) | (919) | (938) | (957) | (976) | (995) | (1,015) |
| (+) D&A | 3,870 | 4,046 | 4,127 | 4,210 | 4,294 | 4,380 | 4,467 | 4,557 | 4,648 | 4,741 | 4,836 |
| Free Cash Flow | 8,219 | (438) | 181 | 184 | 188 | 192 | 250 | 273 | 303 | 342 | 373 |
| % Growth | NM | NM | 2% | 2% | 2% | 30% | 9% | 11% | 13% | 9% | |