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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | ₩1,400 - ₩1,587 | ₩1,492 |
| Upside | 60.7% - 82.2% | 71.3% |
| 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 |
| Revenue | 35,116 | 54,430 | 73,480 | 88,176 | 99,198 | 106,638 |
| % Growth | 89.7% | 55.0% | 35.0% | 20.0% | 12.5% | 7.5% |
| EBITDA | -3,174 | NA | NA | NA | NA | NA |
| % of Revenue | -9.0% | NA | NA | NA | NA | NA |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | NA | NA | NA | NA | NA | |
| Other Income / (Exp) | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| D&A | (4,068) | (5,492) | (6,591) | (7,415) | (7,971) | |
| EBIT | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| Pro forma Taxes | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| NOPAT | (4,675) | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | (4) | (109) | (147) | (176) | (198) | (213) |
| NWC Investment | (5,657) | (6,582) | (6,492) | (5,008) | (3,756) | (2,536) |
| (+) D&A | 2,670 | 4,068 | 5,492 | 6,591 | 7,415 | 7,971 |
| Free Cash Flow | (7,667) | (2,622) | (1,147) | 1,407 | 3,461 | 5,223 |
| % Growth | NM | NM | NM | 146% | 51% | |