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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.8% - 11.8% | 12.3% |
| Terminal EBITDA Multiple | 7.4x - 9.4x | 8.4x |
| Fair Value | ₩121,696 - ₩211,361 | ₩164,915 |
| Upside | -19.7% - 39.5% | 8.9% |
| 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 | 175,231,153 | 182,561,000 | 188,788,000 | 206,490,774 | 207,505,000 | 215,805,000 | 220,121,100 | 224,523,522 | 229,013,992 | 233,594,272 | 238,266,158 |
| % Growth | 7.7% | 4.2% | 3.4% | 9.4% | 0.5% | 4.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 17,391,813 | 20,174,500 | 20,946,581 | 24,663,000 | 24,784,138 | 25,775,480 | 26,290,989 | 26,816,809 | 27,353,145 | 27,900,208 | 28,458,212 |
| % of Revenue | 9.9% | 11.1% | 11.1% | 11.9% | 11.9% | 11.9% | 11.9% | 11.9% | 11.9% | 11.9% | 11.9% |
| 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 | |
| EBITDA | 20,174,500 | 20,946,581 | 24,663,000 | 24,784,138 | 25,775,480 | 26,290,989 | 26,816,809 | 27,353,145 | 27,900,208 | 28,458,212 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5,648,500) | (5,664,581) | (6,485,418) | (6,517,273) | (6,777,958) | (6,913,517) | (7,051,787) | (7,192,823) | (7,336,679) | (7,483,413) | |
| EBIT | 14,526,000 | 15,282,000 | 18,177,582 | 18,266,865 | 18,997,522 | 19,377,472 | 19,765,022 | 20,160,322 | 20,563,529 | 20,974,799 | |
| Pro forma Taxes | (3,340,980) | (3,514,860) | (4,180,844) | (4,201,379) | (4,369,430) | (4,456,819) | (4,545,955) | (4,636,874) | (4,729,612) | (4,824,204) | |
| NOPAT | 10,964,486 | 11,185,020 | 11,767,140 | 13,996,738 | 14,065,486 | 14,628,092 | 14,920,654 | 15,219,067 | 15,523,448 | 15,833,917 | 16,150,595 |
| Capital Expenditures | (8,061,333) | (7,096,500) | (7,285,000) | (7,968,119) | (8,007,256) | (8,327,539) | (8,100,972) | (8,145,256) | (8,191,255) | (8,145,828) | (8,160,780) |
| NWC Investment | (1,128,485) | (658,172) | (559,143) | (1,589,592) | (91,071) | (745,285) | (387,557) | (395,308) | (403,214) | (411,279) | (419,504) |
| (+) D&A | 3,152,221 | 5,648,500 | 5,664,581 | 6,485,418 | 6,517,273 | 6,777,958 | 6,913,517 | 7,051,787 | 7,192,823 | 7,336,679 | 7,483,413 |
| Free Cash Flow | 4,926,889 | 9,078,848 | 9,587,578 | 10,924,445 | 12,484,432 | 12,333,226 | 13,345,642 | 13,730,290 | 14,121,801 | 14,613,490 | 15,053,724 |
| % Growth | 84% | 6% | 14% | 14% | -1% | 8% | 3% | 3% | 3% | 3% | |