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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 2.5x - 4.5x | 3.5x |
| Fair Value | ₩117,692 - ₩154,521 | ₩135,724 |
| Upside | 48.8% - 95.3% | 71.6% |
| 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 | 256,110 | 275,319 | 284,955 | 290,654 | 296,467 | 302,396 |
| % Growth | 10.1% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 41,726 | 45,455 | 47,046 | 47,987 | 48,947 | 49,926 |
| % of Revenue | 16.3% | 16.5% | 16.5% | 16.5% | 16.5% | 16.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 45,455 | 47,046 | 47,987 | 48,947 | 49,926 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (14,383) | (14,886) | (15,184) | (15,488) | (15,797) | |
| EBIT | 31,072 | 32,160 | 32,803 | 33,459 | 34,128 | |
| Pro forma Taxes | (6,214) | (6,432) | (6,561) | (6,692) | (6,826) | |
| NOPAT | 22,908 | 24,858 | 25,728 | 26,242 | 26,767 | 27,303 |
| Capital Expenditures | (11,297) | (13,389) | (13,857) | (14,134) | (14,417) | (14,706) |
| NWC Investment | (2,935) | (2,400) | (1,204) | (712) | (726) | (741) |
| (+) D&A | 13,091 | 14,383 | 14,886 | 15,184 | 15,488 | 15,797 |
| Free Cash Flow | 21,766 | 23,452 | 25,553 | 26,580 | 27,112 | 27,654 |
| % Growth | 8% | 9% | 4% | 2% | 2% | |