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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | ₩210,494 - ₩246,091 | ₩223,077 |
| Upside | 77.5% - 107.5% | 88.1% |
| 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 | 3,713,617 | 4,093,850 | 4,674,000 | 5,503,000 | 6,190,875 | 6,655,191 | 6,888,122 | 7,025,885 | 7,166,402 | 7,309,730 | 7,455,925 | |
| % Growth | 21.2% | 10.2% | 14.2% | 17.7% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 365,890 | 377,000 | 417,500 | 397,000 | 601,397 | 713,054 | 738,010 | 752,771 | 767,826 | 783,183 | 798,846 | |
| % of Revenue | 9.9% | 9.2% | 8.9% | 7.2% | 9.7% | 10.7% | 10.7% | 10.7% | 10.7% | 10.7% | 10.7% | |
| 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 | 377,000 | 417,500 | 397,000 | 601,397 | 713,054 | 738,010 | 752,771 | 767,826 | 783,183 | 798,846 | 798,846 | |
| Other Income / (Exp) | 0 | 0 | 143,050 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (126,750) | (121,500) | (143,050) | (160,931) | (173,001) | (179,056) | (182,637) | (186,290) | (190,015) | (193,816) | (101,725) | |
| EBIT | 250,250 | 296,000 | 397,000 | 440,466 | 540,053 | 558,955 | 570,134 | 581,536 | 593,167 | 605,030 | 697,121 | |
| Pro forma Taxes | (62,563) | (74,000) | (99,250) | (110,116) | (135,013) | (139,739) | (142,533) | (145,384) | (148,292) | (151,258) | (174,280) | |
| NOPAT | 168,326 | 187,688 | 222,000 | 297,750 | 330,349 | 405,040 | 419,216 | 427,600 | 436,152 | 444,875 | 453,773 | 522,841 |
| Capital Expenditures | (85,117) | (80,500) | (70,500) | (94,000) | (105,750) | (113,681) | (104,477) | (106,567) | (108,242) | (106,428) | (107,079) | (107,079) |
| NWC Investment | (51,825) | (30,381) | (46,355) | (66,239) | (54,963) | (37,100) | (18,612) | (11,008) | (11,228) | (11,452) | (11,681) | 0 |
| (+) D&A | 141,456 | 126,750 | 121,500 | 143,050 | 160,931 | 173,001 | 179,056 | 182,637 | 186,290 | 190,015 | 193,816 | 101,725 |
| Free Cash Flow | 172,840 | 203,556 | 226,645 | 280,561 | 330,568 | 427,259 | 475,183 | 492,663 | 502,973 | 517,010 | 528,828 | 517,487 |
| % Growth | 18% | 11% | 24% | 18% | 29% | 11% | 4% | 2% | 3% | 2% | -2% | |