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IPO Valuation & Financing Model

($ USD in Millions Except Per Share Values in $ as Stated, in Millions Except Per Share Values
IPO Transaction Assumptions:
USD to KRW FX Rate:

1,025.96

Underwriting Discount:
IPO Pricing Discount:

5.0%
15.0%

Primary Share %:
Secondary Share %:

75.0%
25.0%

Greenshoe Provision %:
Primary Allocation %:

15.0%
75.0%

Issuer - Existing Shares:

66.914

Forward Year 1 P / E Multiple at Trading:

Units

Forward Year 1 Net Income:


Implied Post-Money Equity Value @ Trading:

$M
$M

Pricing Discount %:
Pricing Discount Amount:

%
$M

Implied Post-Money Equity Value @ Pricing:

$M

Issuer - Existing Shares Outstanding:


Implied Offering Price per Share:

M Shares
$ as Stated

Post-Transaction Shares Outstanding Calculations:


Primary Shares Issued in IPO:
M Shares
Secondary Shares Sold in IPO:
M Shares
Total Shares Issued or Sold in IPO:
M Shares
Total Shares Issued or Sold in Base Deal:
Total Overallotment Shares:

M Shares
M Shares

Pro-Forma Shares Outstanding, Post-IPO:

M Shares

Primary Shares Issued - Basic Offering:


Primary Shares Issued - Overallotment:

M Shares
M Shares

Secondary Shares Sold - Basic Offering:

M Shares

Secondary Shares Sold - Overallotment:

M Shares

Deal Size & Gross and Net Proceeds to Issuer:


Base Deal Size (Primary + Secondary):
Plus: Total Overallotment:
Total Offering Size:

$M
$M
$M

Gross Primary Proceeds:


Less: Underwriting Discount:
Less: Deal-Related Fees:
Net IPO Proceeds to Issuer:

$
$
$
$

Implied Pre-Money Equity Value:


% Company Sold in IPO:

$M
%

M
M
M
M

Valuation Multiples @ Pricing and Trading:


Implied Post-Money Equity Value @ Trading:
Less: Net IPO Proceeds:
Less: Cash & Cash-Equivalents:
Less: Equity Investments:
Less: Other Non-Core Assets, Net:
Less: Net Operating Losses:
Plus: Total Debt:
Plus: Noncontrolling Interests:
Implied Post-Money Enterprise Value @ Tradin

$
$
$
$
$
$
$
$
$

M
M
M
M
M
M
M
M
M

Implied Post-Money Equity Value @ Pricing:


Implied Post-Money Enterprise Value @ Pricing

$M
$M

Implied Forward P / E Multiple at Pricing:


Implied Forward P / E Multiple at Trading:

x
x

Implied Forward EV / EBITDA Multiple at Pricing:


Implied Forward EV / EBITDA Multiple at Trading:

x
x

Implied Forward EV / Revenue Multiple at Pricing:


Implied Forward EV / Revenue Multiple at Trading:

x
x

Millions Except Per Share Values in as Stated)

Deal & Expense Assumptions:


Funds Raised in IPO:

$ in Millions
$

SEC Filing & Registration Fees: $


Printing Fees:
Accounting & Legal Fees:
Miscellaneous / Other Fees:
Total Fees:
$
Forward Year 1 Revenue:
Forward Year 1 EBITDA:
Forward Year 1 Net Income:

1,000.0

in Millions

1,025,960

1.5
1.0
6.0
1.5
10.0

1,539
1,026
6,156
1,539
10,260

484.0
249.7
175.9

496,519
256,229
180,514

Filing Range - 1-Year Forward P / E Multiples


17.5 x
20.0 x
22.5 x
25.0 x
$

175.9
3,079.1

15.0%
401.6
2,677.4

66.914
25.07 $

175.9
3,518.9

15.0%
459.0
3,059.9
66.914
30.78 $

175.9
3,958.8

15.0%
516.4
3,442.4
66.914
36.50 $

175.9
4,398.7
15.0%
573.7
3,824.9
66.914
42.22

39.9
13.3
53.2

32.5
10.8
43.3

27.4
9.1
36.5

23.7
7.9
31.6

46.3
6.9

37.7
5.6

31.8
4.8

27.5
4.1

106.8

99.4

94.3

90.6

34.7
5.2

28.2
4.2

23.8
3.6

20.6
3.1

11.6

9.4

7.9

6.9

1.7

1.4

1.2

1.0

1,159.4
173.9
1,333.3

1,159.4
173.9
1,333.3

1,159.4
173.9
1,333.3

1,159.4
173.9
1,333.3

1,000.0
(50.0)
(10.0)
940.0

1,000.0
(50.0)
(10.0)
940.0

1,000.0
(50.0)
(10.0)
940.0

1,000.0
(50.0)
(10.0)
940.0

1,677.4
37.3%

2,059.9
32.7%

2,442.4
29.0%

2,824.9
26.1%

3,079.1 $
(940.0)
(158.1)
29.4
2,010.4

3,518.9 $
(940.0)
(158.1)
29.4
2,450.3

3,958.8 $
(940.0)
(158.1)
29.4
2,890.1

4,398.7
(940.0)
(158.1)
29.4
3,330.0

2,677.4
1,608.8

3,059.9
1,991.3

3,442.4
2,373.8

3,824.9
2,756.3

15.2 x
17.5 x

17.4 x
20.0 x

19.6 x
22.5 x

21.7 x
25.0 x

6.4 x
8.0 x

8.0 x
9.8 x

9.5 x
11.6 x

11.0 x
13.3 x

3.3 x
4.2 x

4.1 x
5.1 x

4.9 x
6.0 x

5.7 x
6.9 x

IPO Valuation & Financing Model - Alternate Version Based on Shar


($ USD in Millions Except Per Share Values in $ as Stated, in Millions Except Per Share Values
IPO Transaction Assumptions:
USD to KRW FX Rate:

1,025.96

Underwriting Discount:
IPO Pricing Discount:

5.0%
15.0%

Primary Shares Issued:


Secondary Shares Sold:

30.000
10.000

Greenshoe Provision %:
Primary Allocation %:

15.0%
75.0%

Issuer - Existing Shares:

66.914

Offering Price per Share:

Units

Primary Shares Issued:


Secondary Shares Sold:
Total Shares Issued or Sold in Base Deal:

M Shares
M Shares
M Shares

Overallotment - Primary Shares Issued:


Overallotment - Secondary Shares Sold:
Total Overallotment:

M Shares
M Shares
M Shares

Issuer - Existing Shares Outstanding:


Plus: Total Primary Shares Issued:
Pro-Forma Shares Outstanding, Post-IPO:

M Shares
M Shares
M Shares

Post-Money Equity Value @ Trading and @ Pricing:


Implied Post-Money Equity Value @ Pricing:

$M

Pricing Discount %:
Pricing Discount Amount:

%
$M

Implied Post-Money Equity Value @ Trading:

$M

Deal Size & Gross and Net Proceeds to Issuer:


Base Deal Size (Primary + Secondary):
Plus: Total Overallotment:
Total Offering Size:

$M
$M
$M

Gross Primary Proceeds:


Less: Underwriting Discount:
Less: Deal-Related Fees:
Net IPO Proceeds to Issuer:

$
$
$
$

Implied Pre-Money Equity Value:


% Company Sold in IPO:

$M
%

M
M
M
M

Valuation Multiples @ Pricing and Trading:


Implied Post-Money Equity Value @ Trading:
Less: Net IPO Proceeds:
Less: Cash & Cash-Equivalents:
Less: Equity Investments:
Less: Other Non-Core Assets, Net:
Less: Net Operating Losses:
Plus: Total Debt:
Plus: Noncontrolling Interests:
Implied Post-Money Enterprise Value @ Tradin

$
$
$
$
$
$
$
$
$

M
M
M
M
M
M
M
M
M

Implied Post-Money Equity Value @ Pricing:


Implied Post-Money Enterprise Value @ Pricing

$M
$M

Implied Forward P / E Multiple at Pricing:


Implied Forward P / E Multiple at Trading:

x
x

Implied Forward EV / EBITDA Multiple at Pricing:


Implied Forward EV / EBITDA Multiple at Trading:

x
x

Implied Forward EV / Revenue Multiple at Pricing:


Implied Forward EV / Revenue Multiple at Trading:

x
x

Version Based on Shares Issued and Offering Price

Millions Except Per Share Values in as Stated)

Expense Assumptions:
$ in Millions
in Millions
SEC Filing & Registration Fees: $
1.5
1,539
Printing Fees:
1.0
1,026
Accounting & Legal Fees:
6.0
6,156
Miscellaneous / Other Fees:
1.5
1,539
Total Fees:
$
10.0
10,260
Forward Year 1 Revenue:
Forward Year 1 EBITDA:
Forward Year 1 Net Income:

484.0
249.7
175.9

496,519
256,229
180,514

Filing Range - Offering Prices:


25.00 $
30.00 $
35.00 $

40.00

30.000
10.000
40.000

30.000
10.000
40.000

30.000
10.000
40.000

30.000
10.000
40.000

4.500
1.500
6.000

4.500
1.500
6.000

4.500
1.500
6.000

4.500
1.500
6.000

66.914
34.500
101.414

66.914
34.500
101.414

66.914
34.500
101.414

66.914
34.500
101.414

2,535.4
15.0%
380.3
2,915.7

3,042.4
15.0%
456.4
3,498.8

3,549.5
15.0%
532.4
4,081.9

4,056.6
15.0%
608.5
4,665.1

1,000.0
150.0
1,150.0

1,200.0
180.0
1,380.0

1,400.0
210.0
1,610.0

1,600.0
240.0
1,840.0

862.5
(43.1)
(10.0)
809.4

1,035.0
(51.8)
(10.0)
973.3

1,207.5
(60.4)
(10.0)
1,137.1

1,380.0
(69.0)
(10.0)
1,301.0

1,672.9
34.0%

2,007.4
34.0%

2,342.0
34.0%

2,676.6
34.0%

2,915.7 $
(809.4)
(158.1)
29.4
1,977.6

3,498.8 $
(973.3)
(158.1)
29.4
2,396.9

4,081.9 $
(1,137.1)
(158.1)
29.4
2,816.1

4,665.1
(1,301.0)
(158.1)
29.4
3,235.4

2,535.4
1,597.3

3,042.4
1,940.5

3,549.5
2,283.7

4,056.6
2,626.9

14.4 x
16.6 x

17.3 x
19.9 x

20.2 x
23.2 x

23.1 x
26.5 x

6.4 x
7.9 x

7.8 x
9.6 x

9.1 x
11.3 x

10.5 x
13.0 x

3.3 x
4.1 x

4.0 x
5.0 x

4.7 x
5.8 x

5.4 x
6.7 x