MNC Solution IPO Valuation Analysis

• Our valuation analysis suggests an implied price per share of 120,295 won for MNC Solution, which is 29% above the high end of the IPO price range.

• Our base case valuation is based on EV/EBITDA of 24.1x which is 30% higher than the average EV/EBITDA multiple of the comps in 2023.

• We believe a premium valuation to the comps' valuation multiple is appropriate due to higher sales growth, operating margins, and ROE.