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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 5.751 B - 11.137 B | 7.439 B |
| Discount Rate | 12.0% - 10.0% | 11.0% |
| Fair Value | ₩1,421 - ₩4,014 | ₩2,226 |
| Upside | -53.1% - 32.5% | -26.5% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Sep-24 | ||
| (KRW in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 82,054 | 75,427 | 79,863 | 82,372 | 101,894 | 104,815 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 6,968 | 12,359 | 10,298 | 6,569 | 11,360 | 13,014 | |
| (+) Net Interest Expense | 960 | 899 | 702 | 333 | 838 | 838 | |
| (+) Other Non Operating Exp. | (1,945) | (1,005) | (905) | (696) | (506) | (2,404) | |
| (+) D&A | 2,999 | 3,187 | 3,693 | 4,028 | 3,951 | 3,894 | |
| (+) Non-recurring Items | (8) | (6,239) | (2,648) | (86) | (248) | (248) | |
| Adjusted EBITDA | 8,973 | 9,201 | 11,140 | 10,147 | 15,395 | 15,093 | |
| (-) D&A | (2,999) | (3,187) | (3,693) | (4,028) | (3,951) | (3,894) | |
| Adjusted EBIT | 5,974 | 6,014 | 7,446 | 6,119 | 11,444 | 11,200 | |
| % of Revenue | 7.3% | 8.0% | 9.3% | 7.4% | 11.2% | 10.7% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 7.3% | 8.0% | 11.2% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (KRW in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 47,928 | 67,629 | 111,367 | 87,292 | |||
| (+) Cash & Short Term Investments | 27,687 | 27,687 | 27,687 | 27,687 | |||
| (+) Investments & Other | 12,167 | 12,167 | 12,167 | 12,167 | |||
| (-) Debt | (53,000) | (53,000) | (53,000) | (53,000) | |||
| (-) Other Liabilities | (0) | (0) | (0) | (0) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 34,782 | 54,483 | 98,221 | 74,146 | |||
| (/) Shares Outstanding | 24.5 | 24.5 | 24.5 | 24.5 | |||
| Implied Stock Price (KRW) | 1,421.38 | 2,226.44 | 4,013.83 | 3,030.00 | |||
| FX Rate: KRW/KRW | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (KRW) | 1,421.38 | 2,226.44 | 4,013.83 | 3,030.00 | |||
| Upside / (Downside) | -53.09% | -26.52% | 32.47% | ||||
| Stock Price | 3,030.00 | ||||||
| Stock Price Close | 3,030.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | KRW | ||||||
| Trading Currency | KRW | ||||||
| FX Rate: KRW/KRW | 1.00 | ||||||
| Market Cap | 74,146.2 | ||||||
| Shares Outstanding | 24.5 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||