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3 1, ,000 (300)... (1,200) (300)... (1,200) (100)... (400) , (60)... (240) ,040 (78)... (312) (91)... (364) ,000 1, , , , , , , , , ,000

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5 A B 6*EBIT( A) 600 7*EBIT( B) 700 (AEV) 1, * (AFV) 1,700 ( ) 500 1,

6 EV EBIT/WACC 1 EV/EBIT = WACC ( ) 6.05% 5.0% 11.05% % 5.0% 10.91% % 5.0% 7.75% % 5.0% 22.03% % 5.0% 7.85% % 5.0% 8.58% % 5.0% 14.59% % 5.0% 8.30% % 5.0% 12.96% % 5.0% 7.88% (OECD) 4.91% 5.0% 9.91% % 5.0% 6.34% % 5.0% 9.91% % 5.0% 9.86% % 5.0% 10.24% % 5.0% 9.98% 10.02

7 FCF 1 EV= EBIT 1 *(1-I) EV= 1-I EV/ EBIT 1 = K e

8 K e Company A EBIT 1,000 1,050 1,103 1,158 CAPEX Cash flow Company B EBIT 1,000 1,050 1,103 1,158 CAPEX Cash flow

9 Company A EBIT 1,000 1,080 1,166 1,260 CAPEX ,008 Cash flow Company B EBIT 1,000 1,080 1,166 1,260 CAPEX Cash flow EV = EBIT * (1- ) WACC

10 ( ) 30.8% % % % % % % % % % (OECD) 40.0% % % % % % FCF EV= 1 = EV/EBIT 1 = (1-t)*(1-I) EBIT 1 *(1-t)*(1-I)

11 11.00% % % % WACC 12.00% % % % %

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15 1,000 1, EBITDA CAPEX( ) OPFCF( ) < > 1,000 1,000 1,000 1, EBITDA CAPEX( ) OPFCF( ) < > 1,000 1,000 FCF= EBIT*(1-t)*(1-I) EV= EBIT*(1-t)*(1-I)

16 EV/EBIT = EBIT/EV = (1-t)*(1-I) (1-t)*(1-I) (EBIT+Dep)/EV=EBITDA/EV= (1-t)*(1-I) + Dep/EV EV/EBITDA= (1-t)*(1-I) 1 + Dep/EV

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18 ( ) 312, , , , ,200 EBITDA 44,102 49,404 53,711 57,055 60,948-19,398-24,199-31,297-38,258-52, ) 8.00% Mid-year adj E-month Sep.01 D-factor 2) ) 65, X 40,760 42,997 44,627 45,145 47, X 33,827 35,806 37,388 38,025 40, X 54,624 57,378 59,103 59,383 61, X 61,557 64,568 66,341 66,503 68, X 68,489 71,759 73,579 73,622 75, X 75,421 78,949 80,818 80,742 82, X 82,354 86,140 88,056 87,861 89,599

19 K e

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21 1,000 1,060 1,124 1,191 1,262 1, ,010 1,

22 ( ) ,010 1,071 1,135 1,000 1,060 1,124 1,191 1,262 1,338 1,419 1,800 1,908 2,022 2,144 2,272 2,409 2,553 ( ) ,010 1,071 1, * ,000 1,060 1,124 1,191 1,262 1,338 1,419 1,800 1,908 2,022 2,144 2,272 2,409 2,553 ( ) 1,400 1,484 1,573 1,667 1,767 1,874 1,986 ROE 11.20% 11.20% 11.20% 11.20% 11.20% 11.20% ROIC 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% NOPLAT Ke 11.20% 46.43% Kd( ) 10.00% ( ) 53.57% Kd( ) 7.00% (NOPLAT ) 60.00% 71.43% 30.00% 28.57% ( ) 6.00% WACC 10.00% (NOPLAT) 6.00% 10.00% 10.00% (Valuation) PER 8.93 EV/EBIT 7.00 (2001) 122 EBIT(2001) 218 1,528.5 (Average) ( ) 1,091.8 ( ) 1,091.8

23 ,000 1,000 1,000 1, ,736 1,110 1,362 1, ,903 1,400 1,901 1, , ,417 1,827 2,624 1, ,521 1,266 2,102 1, ,109 1,412 2,187 1, , , , , , , ,842 1, , , CAGR 32.9 (4.3) 8.1 (2.1)

24 a 40 B A y=0.2316x R 2 = b D C -20

25 1 2, , , , GDS 6, , , , , , LG 4, , , , , LG 5, , , , , , , , Average

26 FCF EV = = NOPLAT*(1-I) = = EBIT*(1-t)*(1-I) ROIC*IC*(1-I) ROIC*(1-g/ROIC) EV/IC = = ROIC-g K e

27 EV/IC A 1.6 8%/5% (ROIC-g)/()

28 EV FV + - MEV MFV ( ) + ( ) AEV ( ) + + ( ) + (EV) EV - - (Credit) - + EBIT-1 EBIT-2 Adjusted EBIT + (EV) ( (EV) EV ) - ( ) (Credit) - EBITDA EBIT+ NOPLAT EBIT*(1- ) ROIC NOPLAT/ (IC) WACC Ke* /TIC + Kd* /TIC IC(Invested Capital) + + TIC TEBIT TPLAT ROTIC + IC+ + + (EV) TEBIT*(1- ) TPLAT/TIC

29 1 2,640 (9.0) LG 11, , SK 5,850 (4.4) , , (2.1) , ,730 (3.4) 2.6 (13.2) KEC 14, , , , ,670 (9.4) LG 9, LG 16, N/A N/A LG 15, (17.9) LG 3,020 (0.6) ,880 (14.4) ,410 (1.5) , Average

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