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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 7.8x - 9.8x | 8.8x |
| Fair Value | ₩19,340 - ₩21,914 | ₩20,580 |
| Upside | 70.4% - 93.1% | 81.3% |
| 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 | 58,632 | 65,300 | 70,198 | 72,654 | 74,108 | 75,590 | 77,101 | 78,643 | 80,216 | 81,821 | 83,457 |
| % Growth | 18.6% | 11.4% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 7,932 | 19,500 | 21,664 | 22,423 | 22,871 | 23,329 | 23,795 | 24,271 | 24,757 | 25,252 | 25,757 |
| % of Revenue | 13.5% | 29.9% | 30.9% | 30.9% | 30.9% | 30.9% | 30.9% | 30.9% | 30.9% | 30.9% | 30.9% |
| 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 | 19,500 | 21,664 | 22,423 | 22,871 | 23,329 | 23,795 | 24,271 | 24,757 | 25,252 | 25,757 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,400) | (4,730) | (4,896) | (4,993) | (5,093) | (5,195) | (5,299) | (5,405) | (5,513) | (5,623) | |
| EBIT | 15,100 | 16,934 | 17,527 | 17,878 | 18,235 | 18,600 | 18,972 | 19,351 | 19,738 | 20,133 | |
| Pro forma Taxes | (3,322) | (3,726) | (3,856) | (3,933) | (4,012) | (4,092) | (4,174) | (4,257) | (4,342) | (4,429) | |
| NOPAT | 5,694 | 11,778 | 13,209 | 13,671 | 13,945 | 14,224 | 14,508 | 14,798 | 15,094 | 15,396 | 15,704 |
| Capital Expenditures | (3,468) | (1,600) | (1,948) | (2,338) | (2,385) | (2,433) | (2,386) | (2,401) | (2,407) | (2,398) | (2,402) |
| NWC Investment | (869) | (630) | (462) | (232) | (137) | (140) | (143) | (146) | (149) | (151) | (155) |
| (+) D&A | 632 | 4,400 | 4,730 | 4,896 | 4,993 | 5,093 | 5,195 | 5,299 | 5,405 | 5,513 | 5,623 |
| Free Cash Flow | 1,990 | 13,948 | 15,529 | 15,996 | 16,416 | 16,744 | 17,175 | 17,550 | 17,944 | 18,360 | 18,771 |
| % Growth | 601% | 11% | 3% | 3% | 2% | 3% | 2% | 2% | 2% | 2% | |