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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal EBITDA Multiple | 0.8x - 2.8x | 1.8x |
| Fair Value | ₩30,470 - ₩75,732 | ₩52,187 |
| Upside | -50.1% - 23.9% | -14.6% |
| 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 | 3,127,853 | 3,022,797 | 4,370,346 | 7,971,528 | 12,355,869 | 16,680,423 | 20,016,507 | 22,518,571 | 24,207,463 | 25,054,725 | 25,555,819 |
| % Growth | -56.9% | -3.4% | 44.6% | 82.4% | 55.0% | 35.0% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% |
| EBITDA | -93,231 | -67,696 | 224,544 | 631,118 | 1,904,923 | 3,822,677 | 5,087,625 | 5,948,764 | 6,515,959 | 6,744,017 | 6,878,898 |
| % of Revenue | -3.0% | -2.2% | 5.1% | 7.9% | 15.4% | 22.9% | 25.4% | 26.4% | 26.9% | 26.9% | 26.9% |
| 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 | (67,696) | 224,544 | 631,118 | 1,904,923 | 3,822,677 | 5,087,625 | 5,948,764 | 6,515,959 | 6,744,017 | 6,878,898 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (201,024) | (236,738) | (275,199) | (426,559) | (575,855) | (691,026) | (777,404) | (835,709) | (864,959) | (882,258) | |
| EBIT | (268,720) | (12,193) | 355,918 | 1,478,363 | 3,246,822 | 4,396,599 | 5,171,360 | 5,680,249 | 5,879,058 | 5,996,639 | |
| Pro forma Taxes | 0 | 0 | (49,829) | (206,971) | (454,555) | (615,524) | (723,990) | (795,235) | (823,068) | (839,529) | |
| NOPAT | (252,013) | (268,720) | (12,193) | 306,090 | 1,271,393 | 2,792,267 | 3,781,075 | 4,447,370 | 4,885,014 | 5,055,990 | 5,157,110 |
| Capital Expenditures | (1,581,711) | (1,500,000) | (500,000) | (500,000) | (833,333) | (1,125,000) | (819,444) | (921,875) | (955,440) | (898,920) | (916,898) |
| NWC Investment | 1,306,578 | 33,217 | (426,072) | (1,138,633) | (1,386,254) | (1,367,350) | (1,054,813) | (791,110) | (533,999) | (267,890) | (158,438) |
| (+) D&A | 199,807 | 201,024 | 236,738 | 275,199 | 426,559 | 575,855 | 691,026 | 777,404 | 835,709 | 864,959 | 882,258 |
| Free Cash Flow | (327,339) | (1,534,479) | (701,527) | (1,057,344) | (521,636) | 875,771 | 2,597,844 | 3,511,789 | 4,231,285 | 4,754,140 | 4,964,032 |
| % Growth | NM | NM | NM | NM | NM | 197% | 35% | 20% | 12% | NM | |