A289010 15.6%A060240 -10.2%A440320 -7.8%

IBKimyoung Co Ltd

KOSDAQ:A339950

南韓 / 非必需消費品 / 多元化消費服務

綜觀

5 年 DCF 收入退出價

股價

2,735.00 KRW

公允價值

4,172.27 KRW

Metrics	Range	Conclusion
Discount Rate	8.8% - 7.8%	8.3%
Terminal Revenue Multiple	1.1x - 1.3x	1.2x
Fair Value	₩3,995 - ₩4,356	₩4,172
Upside	35.4% - 47.7%	41.4%

3.0%

Revenue 5y CAGR

23.0%

5y Avg EBITDA Margin

0.8%

Unlevered FCF 5y CAGR

5-Year DCF Model: Revenue Exit

股價

2,735.00 KRW

公允價值

4,172.27 KRW

看漲

41.4%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


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	107,069	111,900	116,700	119,034	121,415	123,843
% Growth	13.1%	4.5%	4.3%	2.0%	2.0%	2.0%

EBITDA	28,706	23,700	27,300	27,846	28,403	28,971
% of Revenue	26.8%	21.2%	23.4%	23.4%	23.4%	23.4%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(KRW in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

EBITDA		23,700	27,300	27,846	28,403	28,971
Other Income / (Exp)		0	0	0	0	0
D&A		(5,900)	(7,900)	(8,058)	(8,219)	(8,384)

EBIT		17,800	19,400	19,788	20,184	20,587
Pro forma Taxes		(5,518)	(6,014)	(6,134)	(6,257)	(6,382)
NOPAT	11,378	12,282	13,386	13,654	13,927	14,205

Capital Expenditures	(13,717)	(7,100)	(7,300)	(9,372)	(9,560)	(9,751)
NWC Investment	3,028	1,183	1,175	571	583	594
(+) D&A	12,216	5,900	7,900	8,058	8,219	8,384

Free Cash Flow	12,905	12,265	15,161	12,911	13,169	13,432
% Growth		-5%	24%	-15%	2%	2%

載入錯誤

IBKimyoung Co Ltd

KOSDAQ:A339950

南韓 / 非必需消費品 / 多元化消費服務

5 年 DCF 收入退出價