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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 9.5% - 8.5% | 9.0% |
Terminal Revenue Multiple | 6.4x - 7.1x | 6.7x |
Fair Value | ₩3,506 - ₩3,929 | ₩3,714 |
Upside | -0.8% - 11.1% | 5.1% |
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 | 13,494 | 13,494 | 13,494 | 13,494 | 13,494 | 13,494 |
% Growth | -5.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
EBITDA | -1,077 | NA | NA | NA | NA | NA |
% of Revenue | -8.0% | 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 | (413) | (413) | (413) | (413) | (413) | |
EBIT | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
Pro forma Taxes | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
NOPAT | (1,228) | 0 | 0 | 0 | 0 | 0 |
Capital Expenditures | (2,442) | (1,303) | (1,346) | (1,697) | (1,697) | (1,697) |
NWC Investment | 298 | 0 | 0 | 0 | 0 | 0 |
(+) D&A | 458 | 413 | 413 | 413 | 413 | 413 |
Free Cash Flow | (2,914) | (891) | (934) | (1,285) | (1,285) | (1,285) |
% Growth | NM | NM | NM | NM | NM |