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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 2.3x - 4.3x | 3.3x |
| Fair Value | ₩82,847 - ₩115,734 | ₩98,954 |
| Upside | -21.5% - 9.6% | -6.3% |
| 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 | 4,376,598 | 5,610,500 | 6,069,000 | 6,827,500 | 9,312,200 | 9,758,500 |
| % Growth | 22.0% | 28.2% | 8.2% | 12.5% | 36.4% | 4.8% |
| EBITDA | 503,574 | 936,950 | 1,065,000 | 1,261,000 | 2,418,325 | 2,534,226 |
| % of Revenue | 11.5% | 16.7% | 17.5% | 18.5% | 26.0% | 26.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (KRW in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 936,950 | 1,065,000 | 1,261,000 | 2,418,325 | 2,534,226 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (81,950) | (80,000) | (99,050) | (1,139,325) | (1,169,726) | |
| EBIT | 855,000 | 985,000 | 1,161,950 | 1,279,000 | 1,364,500 | |
| Pro forma Taxes | (145,350) | (167,450) | (197,532) | (217,430) | (231,965) | |
| NOPAT | 378,949 | 709,650 | 817,550 | 964,419 | 1,061,570 | 1,132,535 |
| Capital Expenditures | (80,999) | (116,500) | (131,500) | (100,500) | (137,074) | (143,644) |
| NWC Investment | (30,504) | (47,691) | (17,721) | (29,317) | (96,036) | (17,250) |
| (+) D&A | 47,008 | 81,950 | 80,000 | 99,050 | 1,139,325 | 1,169,726 |
| Free Cash Flow | 314,454 | 627,409 | 748,329 | 933,652 | 1,967,784 | 2,141,367 |
| % Growth | 100% | 19% | 25% | 111% | 9% | |