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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | ₩571.85 - ₩600.04 | ₩582.35 |
| Upside | -30.3% - -26.8% | -29.0% |
| 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 | 35,589 | 35,589 | 35,589 | 35,589 | 35,589 | 35,589 | 35,589 | 35,589 | 35,589 | 35,589 | 35,589 | |
| % Growth | -1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| EBITDA | 1,067 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | |
| % of Revenue | 3.0% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | |
| 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 | Terminal | |
| EBITDA | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | 1,814 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (964) | (964) | (964) | (964) | (964) | (964) | (964) | (964) | (964) | (964) | (461) | |
| EBIT | 850 | 850 | 850 | 850 | 850 | 850 | 850 | 850 | 850 | 850 | 1,353 | |
| Pro forma Taxes | (229) | (229) | (229) | (229) | (229) | (229) | (229) | (229) | (229) | (229) | (365) | |
| NOPAT | (142) | 620 | 620 | 620 | 620 | 620 | 620 | 620 | 620 | 620 | 620 | 987 |
| Capital Expenditures | (47) | (394) | (485) | (485) | (485) | (485) | (485) | (485) | (485) | (485) | (485) | (485) |
| NWC Investment | 38 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 1,261 | 964 | 964 | 964 | 964 | 964 | 964 | 964 | 964 | 964 | 964 | 461 |
| Free Cash Flow | 1,111 | 1,190 | 1,099 | 1,099 | 1,099 | 1,099 | 1,099 | 1,099 | 1,099 | 1,099 | 1,099 | 963 |
| % Growth | 7% | -8% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -12% | |