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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 1.2x - 1.3x | 1.3x |
| Fair Value | ₩2,189 - ₩2,549 | ₩2,366 |
| Upside | 44.2% - 67.9% | 55.8% |
| 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 | 142,850 | 175,200 | 190,850 | 197,530 | 201,480 | 205,510 |
| % Growth | -4.5% | 22.6% | 8.9% | 3.5% | 2.0% | 2.0% |
| EBITDA | 16,029 | 19,000 | 21,050 | 21,787 | 22,222 | 22,667 |
| % of Revenue | 11.2% | 10.8% | 11.0% | 11.0% | 11.0% | 11.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 19,000 | 21,050 | 21,787 | 22,222 | 22,667 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,500) | (4,100) | (4,244) | (4,328) | (4,415) | |
| EBIT | 14,500 | 16,950 | 17,543 | 17,894 | 18,252 | |
| Pro forma Taxes | (5,365) | (6,272) | (6,491) | (6,621) | (6,753) | |
| NOPAT | 7,317 | 9,135 | 10,679 | 11,052 | 11,273 | 11,499 |
| Capital Expenditures | (1,328) | (2,000) | (2,000) | (2,070) | (2,111) | (2,154) |
| NWC Investment | 254 | (1,213) | (587) | (250) | (148) | (151) |
| (+) D&A | 4,414 | 4,500 | 4,100 | 4,244 | 4,328 | 4,415 |
| Free Cash Flow | 10,656 | 10,422 | 12,192 | 12,975 | 13,342 | 13,609 |
| % Growth | -2% | 17% | 6% | 3% | 2% | |