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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.8% - 12.8% | 13.3% |
| Perpetuity Growth Rate | 1.7% - 2.8% | 2.3% |
| Fair Value | ₩14,093 - ₩18,949 | ₩16,303 |
| Upside | 56.6% - 110.5% | 81.1% |
| 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 | 471,468 | 590,900 | 685,600 | 771,300 | 829,148 | 858,168 | |
| % Growth | 50.4% | 25.3% | 16.0% | 12.5% | 7.5% | 3.5% | |
| EBITDA | 124,010 | 160,000 | 166,000 | 206,033 | 229,776 | 237,819 | |
| % of Revenue | 26.3% | 27.1% | 24.2% | 26.7% | 27.7% | 27.7% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 160,000 | 166,000 | 206,033 | 229,776 | 237,819 | 237,819 | |
| Other Income / (Exp) | 0 | 0 | 89,943 | 89,122 | 98,051 | 98,051 | |
| D&A | (78,000) | (70,200) | (78,975) | (84,898) | (87,870) | (11,400) | |
| EBIT | 82,000 | 95,800 | 217,000 | 234,000 | 248,000 | 324,470 | |
| Pro forma Taxes | (11,480) | (13,412) | (30,380) | (32,760) | (34,720) | (45,426) | |
| NOPAT | 33,546 | 70,520 | 82,388 | 186,620 | 201,240 | 213,280 | 279,044 |
| Capital Expenditures | (7,343) | (17,400) | (19,050) | (12,000) | (12,000) | (12,000) | (12,000) |
| NWC Investment | 85,167 | 64,411 | 51,072 | 46,219 | 31,198 | 15,651 | 10,413 |
| (+) D&A | 85,004 | 78,000 | 70,200 | 78,975 | 84,898 | 87,870 | 11,400 |
| Free Cash Flow | 196,374 | 195,531 | 184,610 | 299,814 | 305,336 | 304,800 | 288,857 |
| % Growth | 0% | -6% | 62% | 2% | 0% | -5% | |