Discounted Cash Flow (DCF) Analysis Unlevered

Gravity Co., Ltd. (GRVY)

$49.25

-0.85 (-1.70%)

All numbers are in Millions, Currency in USD

Stock DCF: - | 49.25 | undervalue

Operating Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	141,623	286,770	360,967	405,953	413,937.97	561,704.77	762,221.09	1,034,317.34	1,403,545.99	1,904,581.20
Revenue (%)
EBITDA	14,996	35,921	55,332	93,263.74	102,053.56	96,694	131,211.64	178,051.33	241,611.75	327,861.86
EBITDA (%)
EBIT	14,476	34,508	51,679	88,343.74	98,862.23	92,363.44	125,335.17	170,077.08	230,790.88	313,178.17
EBIT (%)
Depreciation	520	1,413	3,653	4,920	3,191.33	4,330.56	5,876.47	7,974.25	10,820.88	14,683.69
Depreciation (%)

Balance Sheet Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Total Cash	61,595	95,551	118,928	182,450	247,703.04	241,019.95	327,058.80	443,811.64	602,242.68	817,230.14
Total Cash (%)
Account Receivables	42,866	60,919	32,309	59,769	53,695.11	99,035.77	134,389.38	182,363.45	247,463.21	335,802.16
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	44,410	71,928	37,496	52,688	41,199.40	100,836.74	136,833.25	185,679.73	251,963.33	341,908.72
Accounts Payable (%)
Capital Expenditure	-2,064	-2,249	-2,343	-3,696	-4,211.34	-5,413.22	-7,345.62	-9,967.85	-13,526.16	-18,354.70
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 49.25
Beta	0.040
Diluted Shares Outstanding	107.49
Cost of Debt
Tax Rate	33.59
After-tax Cost of Debt	-%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.723
Total Debt	-
Total Equity	5,293.69
Total Capital	-
Debt Weighting	-
Equity Weighting	-
Wacc

Build Up Free Cash

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	141,623	286,770	360,967	405,953	413,937.97	561,704.77	762,221.09	1,034,317.34	1,403,545.99	1,904,581.20
EBITDA	14,996	35,921	55,332	93,263.74	102,053.56	96,694	131,211.64	178,051.33	241,611.75	327,861.86
EBIT	14,476	34,508	51,679	88,343.74	98,862.23	92,363.44	125,335.17	170,077.08	230,790.88	313,178.17
Tax Rate	7.88%	8.70%	22.20%	28.76%	33.59%	20.22%	20.22%	20.22%	20.22%	20.22%
EBIAT	13,335.58	31,506	40,205.08	62,940.06	65,655.57	73,683.11	99,986.37	135,679.32	184,113.87	249,838.49
Depreciation	520	1,413	3,653	4,920	3,191.33	4,330.56	5,876.47	7,974.25	10,820.88	14,683.69
Accounts Receivable	-	-18,053	28,610	-27,460	6,073.89	-45,340.66	-35,353.60	-47,974.07	-65,099.76	-88,338.95
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	27,518	-34,432	15,192	-11,488.60	59,637.34	35,996.51	48,846.48	66,283.60	89,945.39
Capital Expenditure	-2,064	-2,249	-2,343	-3,696	-4,211.34	-5,413.22	-7,345.62	-9,967.85	-13,526.16	-18,354.70
UFCF	11,791.58	40,135	35,693.08	51,896.06	59,220.84	86,897.13	99,160.13	134,558.12	182,592.43	247,773.93
WACC
PV UFCF						-	-	-	-	-
SUM PV UFCF										-

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	-
Free cash flow (t + 1)	252,729.41
Terminal Value	-
Present Value of Terminal Value	-

Intrinsic Value

Enterprise Value	-
Net Debt	-99,104.94
Equity Value	-
Shares Outstanding	107.49
Equity Value Per Share	-