Valuation (DCF Multiple ) VIII Case Study 3 1 NOA, IBD ( 1 ) 2 ( 2 ) 3 (DCF 3 ) 4 WACC (DCF 4 ) 5 EBITDA (Multiple 3 ) 6 Multiple (Multiple 4 ) 7 ( 5

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1 Valuation (DCF Multiple ) Valuation (DCF Multiple ) I Valuation 1 Valuation 2 valuation II VBM Valuation 1 VBM 2 M&A III 1 2 IV 1 NOA, IBD ( 1 ) 2 ( 2 ) 3 (DCF 3 ) 4 WACC (DCF 4 ) 5 EBITDA (Multiple 3 ) 6 Multiple (Multiple 4 ) 7 ( 5 ) V 1 2 Multiple VI Case Study 1 ( H) 1 NOA, IBD ( 1 ) 2 ( 2 ) 3 (DCF 3 ) 4 WACC (DCF 4 ) 5 EBITDA (Multiple 3 ) 6 Multiple (Multiple 4 ) 7 ( 5 ) VII Case Study 2 ( K) 1 NOA, IBD ( 1 ) 2 ( 2 ) 3 (DCF 3 ) 4 WACC (DCF 4 ) 5 EBITDA (Multiple 3 ) 6 Multiple (Multiple 4 ) 7 ( 5 ) 1

2 Valuation (DCF Multiple ) VIII Case Study 3 1 NOA, IBD ( 1 ) 2 ( 2 ) 3 (DCF 3 ) 4 WACC (DCF 4 ) 5 EBITDA (Multiple 3 ) 6 Multiple (Multiple 4 ) 7 ( 5 ) IX Case Study 4 1 NOA, IBD ( 1 ) 2 ( 2 ) 3 (DCF 3 ) 4 WACC (DCF 4 ) 5 EBITDA (Multiple 3 ) 6 Multiple (Multiple 4 ) 7 ( 5 ) X 1 DCF 2 Multiple 3 EBITDA Multiple 4 ROIC < > 1 Valuation Copeland, 2 Investment Valuation Damodaran 3 Security Analysis - Graham 4 - Graham 5 ( ) 2

3 Valuation (DCF Multiple ) I Valuation 1 Valuation,,, Valuation M&A, Valuation, DCF Multiple EVA(EP) (EPS) PER, 2 Valuation 3

4 Valuation (DCF Multiple ) II VBM M&A Valuation 1 VBM (Social Cost),,,, =, (management) ( : Value) (Based) (VBM: Value Based Management) 2 M&A M&A (1) Seller 1 : Valuation Seller,,, Buyer, Seller Valuation 2 : 1, 30%,, Buyer Buyer Seller 3 : Buyer Buyer, (2) Buyer 1 :, 1 Valuation 2 : LOI (Buyer Seller) 1 3 : (Non-Binding) MOU 4

5 Valuation (DCF Multiple ) 4 : Preliminary Due Diligence(Data Room DD) Valuation 5 : M&A 6 : Detail Due Diligence 7 : M&A 8 : M&A Due Diligence Due Diligence, 3 (1) PV(EPS, k) ( ) (2) PER EPS * PER (, )PER,,, 5

6 Valuation Summary Valuation (DCF Multiple ) (OV, TIC) (IBD) (Equity Value) (NOA),,,, ( + ) = = ( + ) M&A valuation, = +,,, DCF Multiple EVA 1 DCF(Discounted Cash Flow, ) : PV ( FCFn 1, WACC 2 ) 2 Multiple (, ) EBITDA 3 * OV/EBITDA 4 EV/EBITDA 3 MVA (Market Value Added; ) : EVA ( (IC),Excess Profit) MVA (IC) MVA + IC = PV(EVAn, WACC) + IC = PV(NOPLATn - IC (n-1) *WACC, WACC) + IC = PV(EBITn*(1-t) - IC (n-1) *WACC, WACC) + IC 1 FCFn ; Free Cash Flow( ) = + ( ) + ( ) = NOPLAT + IC 2 WACC ; Weighted Average Cost of Capital, (hurdle rate) 3 EBITDA ; EBIT( ) + D( ) + A( ),,,, 4 OV/EBITDA ;, Multiple (Comparable companies), (= + ) EBITDA, Multiple 6

7 Valuation (DCF Multiple ) III 1 (1) ( ) = * (2) =,, (3) = + + = +, +, +,,, ( ), II IV = 7

8 Valuation (DCF Multiple ) (TIC : Total Invested Capital) = Operating Value = Value of Operations = Operating Invested Capital = = Invested capital (NOA : Non-Operating Asset), (IBD : Interest Bearing Debt), (EV : Equity Value) (FV : Firm Value) TIC + NOA = IBD + EV + = +, EV = TIC + NOA - IBD = + - ( ) (Target Company), DCF Multiple DCF (Free Cash Flow) (WACC) (PV), Multiple (Index) (Comparable Companies) (Multiple) DCF Multiple, Multiple DCF, 8

9 Valuation (DCF Multiple ) (3) : DCF DCF(Discounted Cah-Flow) (Free Cash Flow) (Present Value) (Value of Operations), TIC, Value of Operations = PV(FCFn, WACC) (TIC) = (FCFn) (WACC) (4) : Multiple DCF Multiple Multiple, PER, PSR, PBR Equity Multiple EV/EBITDA, TIC/EBITDA Enterprise Multiple (Target Company) (Comparable Companies) (Market) Multiple, Target Company Projection Comparable Companies, Market, Historical Record Index Equity Multiple Target Company Price Earnings Sales, Book X PER, PSR, PBR = Price Index Enterprise Multiple Target Company Value X = EBITDA EV/EBITDA, TIC/EBITDA EV, TIC TIC = EBITDA * Market Multiple (TIC) = EBITDA * TIC/EBITDA Multiple (5) : EVA EP 5 : Economic Profit EVA EP Model EP EVA, EP = IC * (ROIC - WACC), EP ROIC WACC IC EP ROIC EP EVA, EP = NOPLAT (IC*WACC) IC EP ( ) = IC + MVA( EP ) = IC + PV(EVAn, WACC) 5 EP EE(Excess Earnings, ), EP Excess Profit ( ) 9

10 Valuation (DCF Multiple ) WACC FCF IC, IC (ROIC) WACC IC EP DCF EP DCF = {NOPLAT 1 -(IC 1 -IC 0 )}/(1+WACC) 1 + {NOPLAT 2 -(IC 2 -IC 1 )}/(1+WACC) {NOPLAT n -(IC n -IC n-1 )}/(1+WACC) n + EP = IC 0 + EP 1 /(1+WACC) 1 + EP 2 /(1+WACC) EP n /(1+WACC) n + = IC 0 + {NOPLAT 1 - IC 0 *WACC}/(1+WACC) 1 + {NOPLAT 2 IC 1 *WACC}/(1+WACC) {NOPLAT n IC n-1 *WACC}/(1+WACC) n + EP IC 0 EP 1, IC 0 + {NOPLAT 1 - IC 0 *WACC}/(1+WACC) 1 = { NOPLAT 1 - IC 0 *WACC+ IC 0 *(1+WACC) 1 }/(1+WACC) 1 = { NOPLAT 1 + IC 0 }/(1+WACC) 1 ( IC 0 ) = { NOPLAT 1 + IC 0 - IC 1 + IC 1 }/(1+WACC) 1 = { NOPLAT 1 + IC 0 - IC 1 }/(1+WACC) 1 + IC 1 /(1+WACC) 1 = {NOPLAT 1 -(IC 1 -IC 0 )}/(1+WACC) 1 + IC 1 /(1+WACC) 1, EP = {NOPLAT 1 -(IC 1 -IC 0 )}/(1+WACC) 1 + {NOPLAT 2 -(IC 2 -IC 1 )}/(1+WACC) {NOPLAT n -(IC n -IC n-1 )}/(1+WACC) n + IC n /(1+WACC) n + DCF 10

11 Valuation (DCF Multiple ) 3 (1) TIC : Total Invested Capital = OV, OA : Operating Value = Operating Invested Capital, Invested Capital (2) IC 6 (Invested Capital:, ),, DCF NOPLAT + Free Cash Flow TIC( ) Multiple EBITDA Index multiple IC(Invested Capital), IC, (+), (-), (quasi-equity account),,, IC IC 10,000 10,000 ( ), ( ) IC, = max(, ), IC, 5,,, (, ) IC, IC, M&A (Operating current assets) (-) (Non-interest bearing current liabilities) (Net working capital) (+) (Net property plant and equipment) (+) - (Other operating assets, net of other liabilities) IC (Invested Capital) 6, 11

12 Valuation (DCF Multiple ) (3) NOA : Non Operating Asset, (excess cash) (,,, ) (Excess Cash),, 05~20% NOPLAT, NOA,, = ( ) ( ) ( ), = max(, ) WACC,, WACC WACC,, (ROIC) WACC,, 12

13 Valuation (DCF Multiple ) (4) FV : Firm Value, Full Value = TIC + NOA EV : Enterprise Value = + = + { ( + + )}, FV EV,,, EV FV,,, TIC( ) FV -,, = Enterprise Value Enterprise Value = TIC( ), Enterprise Value, Enterprise Value TIC( ) (5) IBD : Interest Bearing Debt, (6) EV : Equity Value, +, (7) FCF : Free Cash Flow, FCF, FCF = NOLAT = FCF = FCF FCF Free Cash Flow (,%) ,583,949 5,885,232 15,456,785 20,252,810 32,131,689 38,249,223 47,032,515 56,899,831 26,994,717 20,947,224 36,365,255 38,905,613 10,364, ,220 1,084, ,047 1,199, , ,568 3,195,982 58,986,249 23,480,410 41,775,734 16,358,421 29,125,415 2,065,676 EBIT 787,729 4,800,420 14,634,738 19,053,327 31,232,605 37,256,655 43,836,533-2,086,418 3,514,307-20,828,510 20,006,834 9,780,198 8,298, , ,854 2,055,864 1,932,695 4,148,693 5,009,034 4,616, ( ) ,798 1,548,708 4,914,456 3,699,468 5,550,710 8,268,334 9,096, ,264,890 1,275,339 2,890,453 1,913,241 2,234,177 3,676,366 3,464, , ,223 4,079,867 3,718,923 7,465,227 9,601,003 10,248, NOPLAT 617,475 4,102,197 10,554,871 15,334,404 23,767,378 27,655,652 33,587,676-2,086,418 3,514,307-20,828,510 20,006,834 9,780,198 8,298, ,905 1,361,169 1,766,240 2,080,359 2,540,376 3,011,096 5,983,354 5,017,446 5,434,200 7,254,078 6,397,439 4,651, , ,220 1,084, ,047 1,199, , ,568 3,195,982 58,986,249 23,480,410 41,775,734 16,358,421 29,125,415 2,065,676 2,242,600 6,548,178 13,143,158 18,614,246 27,206,838 31,659,316 42,767,012 61,917,277 32,428,917 28,201,302 42,762,694 43,556,852 11,357,275 7,155,448 12,960,648 35,250,157 17,878,692 24,292,968 30,263,175 14,687, ,150,804 62,412, ,901,034 20,413,791 23,300, ,586 3,341,567 2,269,731 2,610,527 4,304,404 10,094,822 38,073,983 5,084,813 5,393, ,042,244-9,729, , , , , , ,741 49, ,994 1,325,758-1,971, , , , ,687-72, , , , ,025-72,937 3,818,174-2,519,279-1,475, ,833,268 37,319,142 20,873,411 28,358,159 40,011,033 53,175, ,379,549 63,315,503 16,989,235 10,238,047 22,406,881 1,843,819 Free Cash Flow -10,285,090-24,175,984-2,259,165-1,151,321-8,351,717-10,408,942-52,462,272-30,886,586 11,212,067 32,524,647 21,149,971 9,513,456 4,814,493 8,725,278 8,604,418 8,448,487 8,979,216 12,042,776 14,097,554 43,209,321 37,153,229 17,552,539 27,760,686 37,384,765 3,356, ,107 1,113,900 1,128, ,830 1,897,286 1,463,465 2,717,989 31,502,962 68,774,354 17,695,355 11,204,943 15,993,273 2,501, ,051 2, ,040 33,895 5, ,535 28,261 8, ,313,544 4,201,776 1,076, ,568 21,168 5,553 59, ,878 33,154 33, ,857, ,349,489 2,326, ,506,817-2,608,829-16,703,690 5,767,275 5,826,626 2,200,312 1,050,852-40,727, ,356, ,966,694 50,955,246 43,618,146 10,369,108 13

14 Valuation (DCF Multiple ) ) A 1, 1 (FCF) < > ( : ) < > ( : ) : 5 : : 6, : : 21% ( ) 30 : 34, : 3, : 2 * (1- ) NOPLAT * (1-021) = 3239 ( ) (20) ( ) (20), (34) 3 11 ( ) 30 ( ) 10, 12 (2)

15 Valuation (DCF Multiple ) < > IC IBD NOA, (Cash Flow) = - IC - NOA( ) + IBD + + (, ) * (1-t) ( = NOPLAT * (1-t) * (1-t) ) - IC - NOA( ) + IBD + ( ),,,,,,,, (FCF),, ( ) IC, ( ~ ) IC (8) EBIT : Earnings Before Interest and Taxes (9) EBITDA : Earnings Before Interest, Taxes, Depreciation and Amortization

16 Valuation (DCF Multiple ) (10) Multiple PER, PSR, PBR Equity Multiple EV/EBITDA, TIC/EBITDA Enterprise Multiple Multiple (11) NOPLAT : Net Operating Profit Less Adjusted Taxes NOPLAT NOPLAT, NOPLAT NOPLAT = EBIT * (1-t) NOPLAT EBIT EBIT NOPLAT NOPLAT NOPLAT, (+) (-) = NOPLAT EBIT NOPLAT EBIT EBIT, M&A EBIT IC EBIT,,,, 16

17 Valuation (DCF Multiple ) (12) WACC : Weighted Average Cost of Capital ( ) WACC B WACC = k (1 t) + k V P V b p + E ke V k b k p k e = = = WACC, WACC DCF = PV(FCFn, WACC) Multiple = EBITDA * EBITDA Multiple, PV(FCFn, WACC) = EBITDA * EBITDA Multiple FCF, 1/WACC EBITDA Multiple 6 ~ 65, FCF = NOPLAT + +,, EBITDA FCF, EBITDA * 07 = FCF = FCF / WACC = EBITDA * EBITDA Multiple = (FCF / 07 )* EBITDA Multiple,, FCF = EBITDA, EBITDA Multiple 6 ~ 65, WACC = 07/ (6~65) = 108% ~ 117%,, 1538% ~ 167% WACC 10~12% 1538% ~ 167% WACC, WACC [Operating Leverage] (13) CV : Continuing Value, DCF,,, (explicit forecasting period), CV 17

18 Valuation (DCF Multiple ) (14) ROIC : Return On Invested capital = NOPLAT / IC (n-1) IC ROIC IC NOPLAT NOPLAT IC ROIC ROIC ROE ROIA ROE, ROA,, ROIC ROIC tree ROIC ROIC ROIC ROIC = NOPLAT / IC NOPLAT EBIT (1-tax rate) ROIC = EBIT (1-tax rate) / IC EBIT IC ROIC = EBIT (1-tax rate) / IC = (EBIT/ Sales) Sales / IC) (1-tax rate), ROIC (EBIT/Sales: ) IC (Sales / IC) IC /

19 Valuation (DCF Multiple ) [ ] %, 18% 3, %, 28% 80% 1990 ROIC 30% ROIC ROIC WACC,,,,,,, ROIC, ( ROIC ), 19

20 Valuation (DCF Multiple ) (15) t 1 15%, 1 27% 1 13%, 1 25%, -,, % 2850% 2812% 243% -064% -401% 4278% 5965% 5114%, 5% 15%, 20

21 Valuation (DCF Multiple ) < 1 FCF > A 1, 1 (FCF)?, 200,? < > ( : ) < > ( : ) : 5 : : 6, : : 30% (, ) 28 : 34, : 3, : 2 * (1- ) NOPLAT ( ) ( ), ( ) ( ), 21

22 Valuation (DCF Multiple ) IV DCF Multiple NOA IBD 1 F/S, NOA,IBD 2 (EBIT) (,, ) 3 FCF 3 EBITDA Projection Projection ( ) = + 4 WACC 4 Multiple CAPM TIC/EBITDA Multiple 5 =Operating Value of Projection Period (+) Continuing Value 5 =EBITDA * Multiple 6 NOA, IBD 6 NOA, IBD + = (FV) + = (FV) - = (Equity Value) - = (Equity Value) 7 Equity Value 7 Equity Value - = - = = (EVPS) = (EVPS) 22

23 Valuation (DCF Multiple ) 1 NOA, IBD ( 1 ) (1) : IC ROIC : NOA : IBD : :,,,, (2) NOA, IBD, 99%, 100% :,,,,, :, 23

24 Valuation (DCF Multiple ) 2 ( 2 ) 24

25 Valuation (DCF Multiple ) 3 (FCF) (DCF 3 ) Free Cash Flow ( ) (Latest) Description 142,897, ,955,203 40,179, EBIT 102,718, ,955,193 26,317,068 59,271,827 ( ) ,333, ,535-5,918,969 2,745,163 (-) (, ) * 34,569,741 56,658, NOPLAT 68,148, ,296,994 40,333,264 32,519,563 40,179, ,661, ,816,566 NOPLAT +,, 57,130, ,581,810 9,054,252 5,706, ,577-4,315, ,524, ,191,360 Free Cash Flow 83,136, ,007,927 NOPLAT EBIT * (1-t) FCF NOPLAT, IC NOPLAT FCF 7 FCF = NOPLAT = (NOPLAT + ) ( + ) = 7 IC EBIT,, - :, EBIT + - : ( ) WACC 25

26 Valuation (DCF Multiple ) 4 WACC (DCF 4 ) CAPM X Ke Ke=Rf + (Rm-Rf)*β L WACC Rf : Rm : β L : Levered Beta X Kd*(1-t) STEP 1 : (1) WACC WACC, bias, WACC,, WACC,, bias (2) 3, 26

27 Valuation (DCF Multiple ) STEP 2 : The Capital Asset Pricing Model CAPM K e = r f + [ E(r m ) r f ] β L CAPM r f, (1) : 10 T-bond (2) 1) 2) - -, 3), 4) 1999 Ibbotson Associates 1926 ~ %, Emerging Market Risk Premium 1% 69% 5), WACC CAPM 25% 30%, Emerging Market Risk, 1% Emerging Market Risk Premium (3) (β) 1), 2), i) ii) 02 iii) 02, 27

28 Valuation (DCF Multiple ) STEP 3 : STEP 4 : (WACC) WACC B WACC = k (1 t) + k V P V b p + E ke V k b k p k e = = =, 5 EBITDA (Multiple 3 ) = + FCF,, EBITDA 6 Multiple (Multiple 4 ) (1) Comparable Companies (-) = /EBITDA TIC/EBITDA,, EBITDA :, : EBITDA : TIC/EBITDA, Multiple 28

29 Valuation (DCF Multiple ) (2) Market ( Earnings Guide ) Multiple, EV/EBITDA, Multiple,, TIC/EBITDA Multiple (3) Historical Record Multiple( Multiple),, ( ) Multiple Multiple, Multiple 7 ( 5 ) (1) 1) DCF FCF + (CV) = Present Value of Projection Period ( FCF ) = FCF1 FCF 2 FCF3 FCF 4 FCF (1 + WACC)^ ( (1 WACC)^ (1 WACC)^ (1 WACC)^ (1 WACC)^ m m m m 1 ) + (2 ) + (3 ) + (4 ) Present Value of Continuing Value( (CV) ) = FCF5 1 WACC r (1 + WACC m )^ (5 ) 12 r FCF 2) Market Multiple 5 EBITDA * Market Multiple = 3) Historical Multiple 5 EBITDA * Market Multiple = m (5 ) 12 (2) 1 : TIC 2 : NOA 3 (1+2) : FV DCF Market Multiple Historical Multiple ( : ) 29

30 Valuation (DCF Multiple ) (3) 1 : FV 2 : IBD 3 (1 2) : EV 4 5 (3 4) DCF Market Multiple Historical Multiple ( : ) 30

31 Valuation (DCF Multiple ) V , 2 2, , 31

32 Valuation (DCF Multiple ) 2 Multiple EPS PER EV/EBITDA PBR PEG PCR ROE ROIC ( ) ( ) ( ) ( ) ( ) (%) (%) (%) , , ,815 N/A N/A N/A , N/A , N/A N/A N/A , , , , < : LG > (1) EPS (Earnings Per Share) : = { + *(1- )} / (2) PER (Price Earnings Ratio) : / EPS EPS PER Target company Step1 Target company PER Step2 Target company EPS = { + *(1- )} / Step3 Target company EPS PER = Target company EPS * PER(Price/Earnings) = Target company (3) EV 8 / EBITDA : ( + ) / ( + ) EV/EBITDA Target company Step1 Target company EV/EBITDA Step2 Target company EBITDA = + Step3 Target company EBITDA EV/EBITDA = Target company EBITDA * EV/EBITDA = Target company EV Step4 Target company EV Target company = Target company EV - Target company = Target company Step4 Target company Target company Target company = Target company / Target company = Target company (4) PBR : / (BPS:Book value Per Share) PBR(PriceBook-valueRatio) 1 (PBR= /1 ) 8 EV Enterprise Value,,,, + +,,, 32

33 Valuation (DCF Multiple ) PBR PBR 1 1 PBR 1, 1 PBR (-) (-),, PBR 0 (+) (5) PEG (PER-EPS Growth) : PER/EPS ( 3 ) PEG PER PER PEG PER PER PEG PER / (1+EPS ) (6) PCR : / (CFPS: Cash Flow Per Share) (7) ROE : /{( + )/2} * 100 (8) ROIC : / * 100 (9) : / * 100 (10) 9 : / (11) : ( + + ) ( ) H, = 1,000 = 1,500 EBITDA = 1,900 = 0 = 6,883,087 EV/EBITDA = 13 EV/EBITDA Multiple, EV/EBITDA * EBITDA = 13 * 1,900 = 2,470 (H EV) EV= FV- cashes = (IBD + Equity Value) cashes Equity Value = EV IBD + cashes = 2, ,000 = 3,470 = 3,470 / 6,883,087 = 50,413 9,, / ( ),,? 33

34 Valuation (DCF Multiple ) VI Case Study 1 ( H) 1 NOA, IBD ( 1 ) (1) Balance Sheet (,%) ,611,560 32,292,544 5,703,299 25,049,599 15,502,066 53,083,778 93,685,808 7,280,472 20,795,619 54,935,745 5,896,807 9,451,391 9,438,470 11,588, ,786, ,390,040 93,916, ,223, ,391, ,301, ,979,628 12,807,104 14,833,944 7,059,394 7,612,618 5,170,873 4,367,549 4,279,140 28,679,836 28,292,949 24,562,479 25,859,326 21,867,600 23,583,592 28,783, ,165, ,605, ,177, ,641, ,383, ,774, ,316, ,510, ,528, ,797, ,559, ,784, ,421, ,159, ,799, ,868, ,568, ,909, ,004, ,580, ,273,653 * 131,239, ,698, ,041, ,981, ,956, ,399, ,390,272 18,686,517 11,903,769 16,079,194 21,937,516 6,297,089 5,441,977 6,157,060 9,092,604 14,664,618 13,566,937 10,954,646 9,297,669 8,638,092 9,849,057 10,176, , ,265, ,908, ,012, ,361, ,383, ,081, ,439, ,431, ,513, ,189, ,003, ,767, ,856, ,756,100 59,959,447 34,763,123 39,279,438 46,840,027 45,093,687 55,316,793 52,201,714 70,911,022 46,985,000 16,700, ,634,670 14,914,417 14,506,204 12,727,928 9,010,101 8,361, ,000,000 30,010,000 45,010,000 35,000,000 21,220,130 49,690, ,910,868 34,809,725 35,840,650 44,758,231 42,165,318 45,977,615 93,663, ,416, ,482, ,336, ,326, ,489, ,346, ,864,722 45,901, ,169, ,675, ,538,399 73,547, ,077,004 53,638,984 36,859,059 35,819,624 20,252,082 16,852,188 6,446,215 59,804,155 26,452,300 6,021,719 4,988,609 4,145,889 3,115,772 4,753,921 8,019,842 7,756,887 6,826,557 7,018,663 6,721,542 6,588,332 6,601, ,802, ,017, ,382, ,365, ,667,458 26,556,292 17,801, ,218, ,499, ,718, ,691, ,156, ,903, ,666,286 25,114,655 31,664,035 31,664,035 31,664,035 31,664,035 34,415,435 34,415, ,401, ,693, ,340, ,340, ,340, ,281, ,281, ,941, ,130, ,240, ,888, ,712, ,503, ,036,378 3,755,838 3,526,798 2,225,939-13,580,913-6,106,076-5,246,524-3,643, ,213, ,014, ,470, ,312, ,610, ,953, ,089,813 OK OK OK Income Statement (,%) ,180, ,229, ,730, ,553, ,913, ,639, ,312, ,851, ,122, ,342, ,237, ,536, ,177, ,276, ,328,910 90,106, ,388, ,315, ,377, ,461, ,036,794 65,333,321 54,732,837 61,931,518 43,429,860 49,442,535 51,563,860 46,787,806 48,995,589 35,373,934 50,456,622 78,885,613 94,934, ,897, ,248,988 14,564,376 18,434,850 19,090,776 13,760,908 11,929,761 8,203,530 8,434,073 24,766,450 40,865,393 29,288,263 17,780,732 15,042,524 6,934,213 3,502,823 13,017, ,621 3,589,206 25,061,617 38,472,511 40,179, ,887,826 2,088,483 12,921,229 19,992,404 4,910,080 25,790,761 1,016,610 14,887,702 10,045,287 23,748,700 29,811,768 48,439,458 78,196, ,163, , ,523 1,716, ,787,179 8,944,737 23,748,700 29,811,768 48,439,458 78,196, ,163,618 4,384,795 2,491,973 7,647,598 9,350,984 18,658,198 26,317,068 36,338,636 10,402,384 6,452,764 16,101,102 20,460,784 29,781,260 51,879,722 85,824,982 (2) NOA, IBD 93,685,808 11,588, ,159, ,433, ,446,215 6,446,215 34

35 Valuation (DCF Multiple ) 2 ( 2 ) (1) Forecasting 35

36 , Valuation (DCF Multiple ) Assumptions (,%) ( ) 590,894, ,291, ,291, ,291, ,291, ,291, ,979, ,979, ,979, ,979, ,979, ,979, ,959,608 78,938,693 75,413,082 76,335,246 77,377,645 78,541, (2) 155,979, ,979, ,979, ,979, ,979, ,979, ,894, ,291, ,291, ,291, ,291, ,291,503 5 (2) 28,783,573 28,783,573 28,783,573 28,783,573 28,783,573 28,783, (2) 52,201,714 52,201,714 52,201,714 52,201,714 52,201,714 52,201,

37 Valuation (DCF Multiple ) (2) Balance Sheet (,%) (Latest) ,083, ,713, ,012, ,537, ,413, ,615,240 9,438,470 11,588,534 11,588,534 11,588,534 11,588,534 11,588, ,301, ,979, ,979, ,979, ,979, ,979,628 4,367,549 4,279,140 4,279,140 4,279,140 4,279,140 4,279,140 23,583,592 28,783,573 28,783,573 28,783,573 28,783,573 28,783, ,774, ,344, ,642, ,168, ,044, ,246, ,421, ,159, ,159, ,159, ,159, ,159, ,580, ,052, ,750, ,137, ,588, ,047,128 * 178,399, ,390, ,390, ,390, ,390, ,390,272 5,441,977 6,157,060 6,157,060 6,157,060 6,157,060 6,157,060 8,638,092 4,322,310 6,527 3, ,081, ,691, ,073, ,457, ,905, ,363, ,856, ,035,536 1,036,716,263 1,155,625,995 1,273,949,881 1,391,609,950 55,316,793 52,201,714 52,201,714 52,201,714 52,201,714 52,201, ,361, ,690, ,977,615 93,663,008 93,663,008 93,663,008 93,663,008 93,663, ,346, ,864, ,864, ,864, ,864, ,864, ,852,188 6,446, ,115,772 4,753,921 5,229,313 5,752,244 6,327,469 6,960,216 6,588,332 6,601,427 6,601,427 6,601,427 6,601,427 6,601,427 26,556,292 17,801,563 11,830,740 12,353,671 12,928,896 13,561, ,903, ,666, ,695, ,218, ,793, ,426,365 34,415,435 34,415,435 34,415,435 34,415,435 34,415,435 34,415, ,281, ,281, ,281, ,281, ,281, ,281, ,503, ,672, ,324, ,711, ,459, ,487,015-5,246, ,953, ,369, ,020, ,407,601 1,115,156,263 1,232,183,586-1 OK OK OK OK OK Income Statement (,%) (Latest) ,639, ,894, ,291, ,291, ,291, ,291, ,177, ,979, ,979, ,979, ,979, ,979, ,461, ,914, ,312, ,312, ,312, ,312,056 51,563,860 62,959,608 78,938,693 75,413,082 76,335,246 77,377, ,897, ,955, ,373, ,898, ,976, ,934,411 8,203,530 9,577,662 5,180,216 5,180,216 5,180,216 5,180,216 6,934, , , ,179, ,790, , ,196, ,440, ,126, ,079, ,157, ,114, ,196, ,440, ,126, ,079, ,157, ,114,627 26,317,068 59,271,827 51,474,967 52,692,391 52,408,364 52,087,305 51,879, ,169, ,651, ,386, ,748, ,027,322 * 40,333,264 32,519,563 25,301,970 20,612,524 17,548,927 15,541,487 37

38 Valuation (DCF Multiple ) 3 (DCF 3 ) Free Cash Flow (,%) (Latest) ,897, ,955, ,373, ,898, ,976, ,934,411 40,179, EBIT 102,718, ,955, ,373, ,898, ,976, ,934, ,230, ,474, ,675, ,511, ,525, ,475, ,532,646 26,317,068 59,271,827 51,474,967 52,692,391 52,408,364 52,087,305 ( ) ,333, , , ,918,969 2,745,163 1,595,507 1,595,507 1,595,507 1,595,507 34,569,741 56,658,199 50,010,996 51,096,884 50,812,857 50,491, NOPLAT 68,148, ,296, ,362, ,802, ,163, ,442,612 40,333,264 32,519,563 25,301,970 20,612,524 17,548,927 15,541,487 40,179, ,661, ,816, ,664, ,414, ,712, ,984,100 57,130,254-36,418, , , , ,747 9,054,252 5,706,232 6,000,000 5,000,000 6,000,000 5,000, ,577-4,315,782-4,315,782-3,434-3, ,524,929-35,028,159 1,208,826 4,473,634 5,421,683 4,367,253 Free Cash Flow 83,136, ,844, ,455, ,940, ,291, ,616,847 Terminal Growth - 5,442,638 6,627,742 3,584,710 3,584,710 3,584,710 3,584,710 17,110, , ,468, ,012, ,040, ,525, ,875, ,201, ,272, ,040, ,525, ,875, ,201, ,629, ,298, ,525, ,875, ,201,556 2,150, ,738, , , ,458,322-6,446, WACC (DCF 4 ) Key Reference ( ) 607 (1520) ,402,609 1,514,254, ( (3410) ,456,105 2,733,085, (60 ) (910) ,605,993 21,705, (2030) ,509, ,394, (6390) ,387, ,214, (Default Risk 5%) ,834, ,771, Cost of Capital ,446, ,709, ,155,

39 Valuation (DCF Multiple ) 5 EBITDA (Multiple 3 ) 6 Multiple (Multiple 4 ) (1) Market Multiple Balance Sheet Total Assets 2,075,436,117 3,548,373,828 94,717, ,062, ,761,696 1,161,835,280 Total Debt 1,798,178,798 3,326,529,562 38,722, ,706, ,531, ,857,060 Total Equity 277,257, ,844,266 55,994, ,356, ,230, ,978,220 Non Operating Asset 819,243, ,141,963 18,394, ,237, ,403,609 24,717,572 Interest Bearing Debt 1,514,254,341 2,733,085,735 21,705, ,394, ,214, ,738,385 Net Operating Asset 972,267,779 2,396,788,038 59,305, ,513, ,041, ,999,033 Income Statement Revenue 1,440,781,277 1,168,167,864 58,434, ,237, ,822, ,334,450 EBIT 119,943, ,460,481 3,765,833 64,842,764 69,989, ,957,421 EBITDA 241,550, ,564,525 9,101,420 92,603, ,576, ,935,797 Corporate Value Common Stock Stock Price 2,889 2,034 15,146 25,682 12,852 12,473 Stock # 27,428, ,909,119 1,360,448 4,380,844 7,344,000 17,923,049 Preferred Stock Stock Price 1,514 1, ,640 Stock #-1 9,347,748 45,141, ,243,236 Total Stock Value 93,402, ,456,105 20,605, ,509,592 94,387, ,568,485 Interest Bearing Debt 1,514,254,341 2,733,085,735 21,705, ,394, ,214, ,738,385 Total Value 1,607,656,950 3,086,541,840 42,311, ,904, ,602, ,306,870 Non Operating Asset 819,243, ,141,963 18,394, ,237, ,403,609 24,717,572 Cashes 20,309,293 53,069,278 2,742,552 45,025,332 28,483,452 10,397,461 Total Invested Capital 788,413,069 2,528,399,877 23,917,063-36,333, ,198, ,589,298 Enterprise Vaue 1,587,347,657 3,033,472,562 39,569, ,878, ,118, ,909,409 Index EBITDA 241,550, ,564,525 9,101,420 92,603, ,576, ,935,797 EBIT 119,943, ,460,481 3,765,833 64,842,764 69,989, ,957,421 Revenue 1,440,781,277 1,168,167,864 58,434, ,237, ,822, ,334,450 Net Operating Asset 972,267,779 2,396,788,038 59,305, ,513, ,041, ,999,033 Multiple TIC/EBITDA Multiple EV/EBITDA Multiple EBIT Multiple Revenue Multiple Net Operating Asset Multiple PER (High) PER (Low) PER (FY End) Multiple Selection TIC/EBITDA M Selected 26,, EV/EBITDA M Selected 46 39

40 Valuation (DCF Multiple ) (2) Historical Multiple Valuation Reference TIC/EBITDA 0977 (EV/EBITDA Multiple : 1793) 40

41 Valuation (DCF Multiple ) 7 ( 5 ) (1) 1) DCF 12 3 Value of Operating Free Cash Flow FCF ,844, ,271, ,455, ,024, ,940, ,842, ,291, ,601, ,616, ,087, ,559, ,086, ,884, ,516, ,451, ,209, ,715, ,328, ,616, ,150,426 1,112,890,666 FCF + (CV) = PV(200312~ FCF) + PV(124,616,847 ) = (189,271, ,024, ,842, ,601, ,087,889) + 618,150,426 = 1,112,890,666 2) Market Multiple EBITDA * Market Multiple = 190,532,646 * 26 = 495,384,879 3) Historical Multiple EBITDA * Historical Multiple = 190,532,646 * 0977 = 186,150,395 4) EV/EBITDA Multiple EBITDA * EV/EBITDA Multiple = 190,532,646 * 46 = 876,450, ,648 5) EV/EBITDA Historical Multiple EBITDA * EV/EBITDA H M = 190,532,646 * 1793 = 341,625,043 (2) ( : ) DCF Market Multiple Historical Multiple EV/EBITDA HM 1 : TIC 1,112,890, ,384, ,150, ,625,043 2 : NOA 249,433, ,433, ,433, ,274,342 3 (1+2) : FV 1,362,324, ,818, ,584, ,899,385 (3) ( :, ) DCF Market Multiple Historical Multiple EV/EBITDA HM 1 : FV 1,362,324, ,818, ,584, ,899,385 2 : IBD 6,446,215 6,446,215 6,446,215 6,446,215 3 (1 2) : EV 1,355,878, ,372, ,138, ,453, ,883,087 6,883,087 6,883,087 6,883,087 5 (3 4) 196, ,273 62,346 63,991 41

42 Valuation (DCF Multiple ),, WACC 196,987, Multiple ,273, Multiple 0977 Multiple Multiple EV/EBITDA Multiple, H ,000,,, EV/EBITDA Historical Multiple TIC/EBITDA Historical Multiple, 2,494, 36,238, 60,000, 23,762, 1,500, 47,052 48,696 40%, 60,000 48,000,, (WACC, hurdle rate) ( ),, 5%, M&A Valuation 5%, EVA 1, 2 5, 3 EVA(EP), 4 WACC WACC DCF WACC (Latest) ,296, ,362, ,802, ,163, ,442, ,262,875 54,946,138 51,980,271 49,993,574 48,500, ,914, ,353, ,260, ,121, ,994, ,034,119 57,416,229 62,821,819 64,170,378 64,941, ,665,073 63,160,981 52,155,088 52,552,951 49,436,280 46,074, ,914, ,285,258 1,151,579, ,433,989 1,401,013,564 6,446,215 1,394,567,349 6,883, ,608 EVA EP DCF, Invested Capital WACC EVA (IC), 42

43 Valuation (DCF Multiple ) ROIC 25% 1231% (WACC), ROIC,,,, ROIC 25%, ROIC 25%,,, 43

44 Valuation (DCF Multiple ) VII Case Study 2 ( K) Situation : K, ( ) ( 153,514 (30,703) (122,811) 0 (0) 98,852 0 (9,885) (9,885) (79,082) 70,000 70,000 93,510 (9,351) (9,351) (74,808) 70,000 70,000 5,342 (534) (534) (4,274) , ,750 (74,857) 74,857 (10,089) (10,089) 22,046 22, ,157 0 (40,588) (132,696) (4,225) 59, ,707 96,773 (91,934) 1, ,000 76,760 96,773 (91,934) 1,921 70,000 76, ,934 74, ,864 (53,859) 0 4,225 (10,089) (59,724) 29,980 (36,263) (6,283) 72, , ,225 59, ,617 * *2 20% 80% 0% 200, ,935 10% 10% 80% 200, ,117 10% 10% 80% 200, % 200, ,356 1,921 74,930 *3 70,000 Re-Finance 70,000 44

45 Valuation (DCF Multiple ) 1 NOA, IBD ( 1 ) (1) Balance Sheet (,%) ,957,028 35,207, ,721,176 20,149,461 24,154,093 5,072,555 13,846, ,246 30, ,857, ,704, ,454,486 42,807,807 53,032, ,154,216 91,375, ,041,794 2,560,305 1,931, ,498, ,965, ,413,205 60,817,580 59,634, ,539, ,099, ,664, ,365, ,752,020 38,753,571 37,233, ,489,233 10,435,405 11,198, ,621, ,928, ,269, ,246, ,298,246 * 102,042, ,615, ,675, ,433, ,722,236 1,692, , ,000 4,592,616 4,927, ,806,547 4,119,650 2,800, , , ,915, ,541, ,565, ,801, ,298, ,454, ,641, ,230, ,166, ,050,695 81,573,569 57,438, ,532,593 18,320,108 17,371, ,829, ,279, ,046,724 50,500,130 39,750,130 23,314,388 45,414, , ,971, ,825,429 92,030, ,220,680 56,197, ,117,464 32,874,624 27,444, ,763, ,359, ,986, ,694,862 87,538, ,417,526 91,192, ,304,057 18,927, , ,127, ,846,596 39,269,665 39,772, ,188,584 47,224,515 53,271,790 4,264,945 7,719, ,788,110 1,544,740 2,500, ,256, ,610, ,590, ,897, ,618, ,019, ,970, ,576, ,592, ,157, ,429, ,429, ,361,985 96,772,865 96,772, ,195,012 32,195, ,331, ,928, ,590,046-54,142,155-53,859,418-2,858,048-6,025, ,901 29,944,030 29,980,060 85,434,989-54,329, ,345,962 72,574,740 72,893,507 OK 1 OK OK OK OK Income Statement (,%) ,266, ,211, ,445, ,626, ,939, ,826, ,730, ,464, ,782, ,919,741 23,439,943-21,519, ,019,015 7,844,127 18,019,528 16,207,089 36,659, ,696,820 9,181,976 9,016,647 7,232,854-58,179, ,715,835-1,337,849 9,002,881 22,599,394 28,596, ,229,346 4,106,481 18,008,401 74,637,187 83,736, ,719,081 28,663,339 29,569,350 5,562,561 45,487, ,774,362 10,947, ,231 2,481,880 2,911, ,550,396 7,242,275 2,613,106-52,849, ,718, ,530,328-44,084,176-6,140,405 4,183,608 26,267, ,312, ,221,778 6,423,142 64, ,730, ,450, ,218, ,137, ,737 39, ,769, ,450, ,218, ,137, ,737 (2) NOA, IBD 24,154, ,198,208 35,352, ,911, ,911,000 NOA IBD 45

46 Valuation (DCF Multiple ) 2 ( 2 ) (1) Forecasting Assumptions (,%) ( ) 193,939, ,428, ,917, ,917, ,917, ,917, ,355, ,320, ,235, ,235, ,235, ,235, #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A #N/A #N/A #N/A #N/A #N/A ,477,182 9,816,371 10,167,375 10,538,838 10,933,712 11,349, #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A #N/A #N/A #N/A #N/A #N/A (2) 44,000,000 50,000,000 60,000,000 60,000,000 60,000,000 60,000, ,939, ,428, ,917, ,917, ,917, ,917,116 5 (2) 59,634,482 63,251,662 67,230,559 67,230,559 67,230,559 67,230, (2) 17,371,792 17,371,792 17,371,792 17,371,792 17,371,792 17,371, (DCF 3 )

47 Valuation (DCF Multiple ) (2) Balance Sheet (,%) (Latest) ,154,093 26,288,620 19,933,085 49,736,718 94,011, ,034, ,032,024 44,000,000 50,000,000 60,000,000 60,000,000 60,000,000 1,931,421 1,931,421 1,931,421 1,931,421 1,931,421 1,931,421 59,634,482 59,634,482 63,251,662 67,230,559 67,230,559 67,230, ,752, ,854, ,116, ,898, ,173, ,196,773 11,198,208 11,198,208 11,198,208 11,198,208 11,198,208 11,198, ,298, ,756, ,628, ,788, ,973, ,762,494 * 161,722, ,722, ,722, ,722, ,722, ,722,000 2, , , , , ,000 2,800,221 3,089,738 2,059,824 1,029, ,298, ,385, ,228, ,358, ,513, ,302, ,050, ,240, ,344, ,257, ,687, ,499,474 17,371,792 17,371,792 17,371,792 17,371,792 17,371,792 17,371,792 39,750,130 39,750,130 15,000,000 15,000,000 15,000,000 15,000,000 2,971, ,444,482 25,748,000 25,748,000 25,748,000 25,748,000 25,748,000 87,538,392 82,869,922 58,119,792 58,119,792 58,119,792 58,119, ,846,596 59,911,000 62,900,320 66,248,358 69,998,161 50,000,000 53,271,790 59,111,000 65,022,100 71,524,310 78,676,741 86,544,415 2,500,409 2,500,000 2,500,000 2,500,000 2,500,000 2,500, ,618, ,522, ,422, ,272, ,174, ,044, ,157, ,391, ,542, ,392, ,294, ,164,207 96,772,865 76,759,865 76,759,865 76,759,865 76,759,865 76,759, ,864, ,864, ,864, ,864, ,864,000-53,859,418-48,492,319-37,538,597-11,476,003 14,051,517 38,994,402 29,980,060-6,283,000-6,283,000-6,283,000-6,283,000-6,283,000 72,893, ,848, ,802, ,864, ,392, ,335,267 OK OK OK OK OK OK Income Statement (,%) (Latest) ,939, ,939, ,428, ,917, ,917, ,917, ,919, ,355, ,320, ,235, ,235, ,235,874 18,019,528 19,583,457 35,107,903 54,681,242 54,681,242 54,681,242 9,016,647 9,477,182 9,816,371 10,167,375 10,538,838 10,933,712 9,002,881 10,106,276 25,291,532 44,513,867 44,142,404 43,747,530 18,008,401 18,022,524 2,496,880 2,496,880 2,496,880 2,496,880 29,569,350 11,958,120 11,959,336 9,348,038 9,749,803 10,199, , ,613,106 2,550, ,140,405 13,619,924 15,829,077 37,662,709 36,889,481 36,044,631 6,423,142 4,225, ,089, ,737 7,755,924 15,829,077 37,662,709 36,889,481 36,044,631-2,388,825 4,875,356 11,600,114 11,361,960 11,101, ,737 5,367,099 10,953,721 26,062,594 25,527,521 24,942,885 * 11,202,281 11,202,000 11,823,320 11,875,444 11,880,571 11,948,034 47

48 Valuation (DCF Multiple ) (3) FCF EBITDA Free Cash Flow (,%) (Latest) ,002,881 10,106,276 25,291,532 44,513,867 44,142,404 43,747, , EBIT 8,033,650 10,106,276 25,291,532 44,513,867 44,142,404 43,747,530 20,205,162 21,308,276 37,114,852 56,389,311 56,022,975 55,695,565 45,306,196-2,388,825 4,875,356 11,600,114 11,361,960 11,101,746 ( ) ,683,101 3,683,475 2,879,196 3,002,939 3,141,532-4,765, , , , ,039-1,306,621 7,789,792 13,710,271 13,595,860 13,474, NOPLAT 8,033,650 8,799,655 17,501,740 30,803,596 30,546,543 30,273,291 11,202,281 11,202,000 11,823,320 11,875,444 11,880,571 11,948, , ,205,162 20,001,655 29,325,060 42,679,040 42,427,114 42,221,325 8,756,980-13,174,343 3,706,080 7,476,688-7,152,431-7,867,674 4,256, ,695,600 5,035,668 5,065,278 5,737,317-1,319, ,517-1,029,914-1,029,913-1,029, ,693,796-12,885,073 7,371,766 11,482,443-3,117,066-2,130,357 Free Cash Flow 8,511,366 32,886,727 21,953,294 31,196,596 45,544,180 44,351,682 Terminal Growth - 18,008,401 12,471,587 1,727,841 1,727,841 1,727,841 1,727,841 2,613,106 1,765, ,423,142 4,225, ,089, ,329,803 37,729,191 23,681,135 32,924,437 47,272,021 46,079,523 1,466,130 23,681,135 32,924,437 47,272,021 46,079,523 2,134,527-6,355,535 29,803,633 44,274,960 19,023, ,275,019 8,275,860 6,468,843 6,746,864 7,058, ,907,584-21,760,810 3,348,038 3,749,803-19,998,161-20,013, ,864,

49 Valuation (DCF Multiple ) 4 WACC (DCF 4 ) Key Reference ,616, ,138, ( ) 607 ( ,801, ,993, ( (05030) ,299,388 20,859, (60 ) (12280) ,747,948 28,562, (10660) ,131,592 18,037, () #DIV/0! (Default Risk 5%) ,616, ,138, Cost of Capital 39,750, ,818, ,358, ,927, EBITDA (Multiple 3 ) 49

50 Valuation (DCF Multiple ) 6 Multiple (Multiple 4 ) (1) Market Multiple Balance Sheet Total Assets 2,313,154,900 54,065,533 55,443, ,110,564 Total Debt 1,658,402,713 34,878,127 35,997,308 45,038,507 Total Equity 654,752,188 19,187,407 19,445,711 58,072,057 Non Operating Asset 459,018,003 9,627,942 5,681,990 20,270,504 Interest Bearing Debt 958,993,023 20,859,207 28,562,189 18,037,343 Net Operating Asset 1,154,727,207 30,418,671 42,325,909 55,838,896 Income Statement Revenue 1,540,261,374 46,215,366 46,974,336 81,136,524 EBIT 72,359,135 2,154,219 (472,794) 2,814,740 EBITDA 169,269,757 5,399,647 3,750,257 8,979,429 Corporate Value Common Stock Stock Price 3,053 12, ,242 Stock # 167,957, ,000 29,080,340 2,200,000 Preferred Stock Stock Price Stock # Total Stock Value 512,801,315 9,299,388 22,747,948 18,131,592 Interest Bearing Debt 958,993,023 20,859,207 28,562,189 18,037,343 Total Value 1,471,794,338 30,158,595 51,310,137 36,168,935 Non Operating Asset 459,018,003 9,627,942 5,681,990 20,270,504 Total Invested Capital 1,012,776,335 20,530,653 45,628,147 15,898,431 Index EBITDA 169,269,757 5,399,647 3,750,257 8,979,429 EBIT 72,359,135 2,154, ,794 2,814,740 Revenue 1,540,261,374 46,215,366 46,974,336 81,136,524 Net Operating Asset 1,154,727,207 30,418,671 42,325,909 55,838,896 Multiple EBITDA Multiple EBIT Multiple Revenue Multiple Net Operating Asset Multiple PER (High) PER (Low) PER (FY End) Multiple Selection EBITDA Multiple Selected 59 50

51 Valuation (DCF Multiple ) (2) Historical Multiple Valuation Reference , 1996 Multiple Historical Multiple 51

52 Valuation (DCF Multiple ) 7 ( 5 ) (1) 1) DCF 12 7 Value of Operating Free Cash Flow FCF ,886, ,028, ,953, ,152, ,196, ,857, ,544, ,055, ,351, ,711, ,030, ,281, ,351, ,614, ,089, ,215, ,889, ,256, ,685, ,810,558 44,351, ,059, ,043,384 2) Market Multiple EBITDA * Multiple = 45,306,196 * 59 = 267,306,556 3) Historical Multiple (2) DCF Market Multiple Historical Multiple 1 : TIC 245,043, ,306,556 2 : NOA 35,352,301 35,352,301 3 (1+2) : FV 280,395, ,658,857 ( : ) (3) ( :, ) DCF Market Multiple Historical Multiple 1 : FV 280,395, ,658,857 2 : IBD 59,911,000 59,911,000 3 (1 2) : EV 220,484, ,747, ,354,573 19,354,573 5 (3 4) 11,392 12,542 52

53 Valuation (DCF Multiple ) EVA 1, 2 5, 3 EVA(EP), 4 WACC WACC DCF WACC EVA (Latest) ,799,655 17,501,740 30,803,596 30,546,543 30,273, ,071,288 42,009,027 41,258,276 41,191,997 38,662, ,178, ,091, ,639, ,246, ,249, ,271,633-24,507,286-10,454,681-10,645,454-8,389, ,780,766-31,894,261-17,945,826-6,551,083-5,708,219-3,849, ,178,499-22,831, ,397,733 35,352, ,750,034 59,911, ,839,034 19,354,573 8,258 DCF Multiple, 11,392 12,542 EVA, 8,258, ROIC 322%~1321%, 5 WACC, WACC (ROIC),, ROIC NOPLAT IC, IC, 53

54 Valuation (DCF Multiple ) < 2> A , 100, 30, 20, A?, A , 20, 10, 5, 25%, EBITDA multiple?, 2003 IC 100, 2004 IC 150, 2004 ROIC? 20%,? 54

55 Valuation (DCF Multiple ) < 3> S A : 90 : 50 ( ) DCF : 100 Multiple : 50 : 10 : 50 ( : 30 ) : 100,000 Q, Q DCF Q Multiple Q 50% 40,000,? ( ) Q ( ) Q, 50,? ( ) Q, 30,? ( ) 55

56 Valuation (DCF Multiple ) < 4> DCF Market Multiple Historical Multiple 1, (+) 300 = 2,000 1, (-) 0 = , ,000,000 = 200, ,000 50,000 50,000, 2, 50,000 1,000, ,000 (10%) %??? 56

57 Valuation (DCF Multiple ) VIII 1 NOA, IBD ( 1 ) (1) Balance Sheet (,%) ,435,446 19,804,968 3,225,974 4,929,767 13,970,698 19,815,404 13,063,032 3,044, ,771 23, , , , , ,724,527 72,133,873 48,528,707 30,064,482 7,675,398 7,853,219 11,580,658 91,932,921 91,086,172 41,553,718 40,536,593 26,094,094 14,253,981 18,387, ,137, ,956,784 93,332,329 75,790,718 48,316,008 41,922,604 43,052,398 39,128,537 39,835,032 15,437,272 14,600,714 14,444,209 16,940,656 19,364,753 17,435,856 1,649,940 1,535,208 1,301,455 1,092,630 1,150,005 1,215,524 * 14,710, , , , , , , ,564,393 41,484,972 16,972,480 15,902,169 15,536,839 18,090,661 20,580, ,701, ,441, ,304,809 91,692,887 63,852,847 60,013,265 63,632,675 32,915,434 41,260,478 39,327,150 7,660,612 3,486,641 4,198,484 6,489, ,486,900 3,503, ,000 12, ,504,008 4,878,594 10,680,365 22,450,148 16,793,206 6,989,809 8,417,457 50,491,442 49,637,972 53,511,476 30,110,760 20,279,847 11,188,293 14,906,599 63,409,766 45,194,241 61,962, ,616, ,688, ,792, ,018,037 2,532,234 2,278,650 1,264,172 1,112,182 77,120 49, , ,290, ,044, ,008, ,033,667 57,555,048 1,112,182 77,119 49, ,535, ,645, ,545,144 87,665,809 21,392,030 11,265,413 14,956,001 12,000,000 7,008,000 7,908,000 7,908,000 44,455,433 44,455,433 44,455, ,888, , ,051,826-17,739,202-1,993,171 4,338,908 4,263, ,855-1,497,567-96,508 13,858,280-1,444-46,488-42,147-34,834,142 4,795, ,240,334 4,027,078 42,460,818 48,747,853 48,676,674 OK OK -1 OK -1-1 OK Income Statement (,%) ,351, ,220,067 98,973,295 75,171,344 27,697,757 44,350,639 22,142, ,859, ,090, ,505,134 73,901,552 41,765,376 33,242,906 18,715,404 12,491,982 28,129,358-3,531,839 1,269,792-14,067,619 11,107,733 3,427,464 9,169,038 5,594,372 6,445,497 3,095,271 5,177,581 4,037,574 2,921,374 3,322,944 22,534,986-9,977,336-1,825,479-19,245,200 7,070, ,090 4,990,751 6,110,190 1,519,427 4,652,937 1,469,402 1,107, ,546 34,732,864 25,633,481 20,846,510 5,047,926 7,815, , ,007,841 5,566,252 27,028,078 1,944,148 8,879, , ,996,117 1,449,782 13,253,906 19,394,688 6,056,475 1,111, ,055-44,423,127-4,004,339-69,586,403-23,559,304-40,527,706 6,332, ,581 2,254,375 39,568,777 8,723, ,871,930 34,753, ,133, ,942 51,798, ,302,092 35,126, ,661, ,312,626-5,774,581 6,332, , ,239,717 7,111, ,302,092 23,886, ,773, ,312,626-5,774,581 6,332, , , , , , ,206 62,917 51,254 57

58 Valuation (DCF Multiple ) (2) Valuation Reference Free Cash Flow (,%) ,322,944 22,534,986-9,977,336-1,825,479-19,245,200 7,070, ,090 15,007,841 5,566,252 27,028,078 1,944,148 8,879, , EBIT -11,684,897 16,968,734-37,005,414-3,769,627-28,124,973 6,585, , ,239,717 7,111, ( ) ,202,158-1,315, ,491, , ,950,646 5,055, NOPLAT -11,684, ,912-42,060,444-3,769,627-28,124,973 6,585, , , , , , ,206 62,917 51,254 15,007,841 5,566,252 27,028,078 1,944,148 8,879, , ,026,274 5,039,735-14,652,914-1,587,849-19,035,994 7,133, ,344 4,521,128 11,302,419-49,131,797-52,876,846 38,281,969-1,050,822 4,170, ,052-15,330, ,720 3, , , , ,855,617-4,028,102-48,867,077-52,872,969 38,282, ,530 4,287,631 Free Cash Flow -829,343 9,067,837 34,214,163 51,285,120-57,318,344 8,063,606-3,730,287 4,990,751 4,155,062 1,615,339 4,652,937 1,469,402 1,107, ,546 2,996, ,883 14,090,545 19,394,688 6,056,475 1,111, ,055 2,254,375 39,568,777 8,723, ,871,930 34,753, ,133, ,942 51,798, ,713,674 51,367,851-21,336, ,415,299-27,152,292 8,059,733-3,422,796 Valuation Reference TIC/EBITDA Multiple EV/EBITDA Multiple (3) NOA, IBD 13,063,032 20,720 19,364,753 32,448,