Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Our base case valuation of Coocon is 66,104 won, which is 65% higher than the high end of the IPO price range of 40,000 won. Our base case valuation also suggests an EV of 494 billion won and implied market cap of 549 billion won. Our base case valuation suggests an EV/EBIT (2020) multiple of 43.7x, which represents a 40% premium to Webcash and 67% higher than the average of Settlebank and Webcash valuation multiples in 2020. We have a positive view of Coocon IPO, given that our base case valuation is much higher than the high end of the IPO valuation range. Coocon has superior financials than its comps including sales growth, operating margin, operating profit growth, and ROE. The combination of the superior financial metrics for Coocon versus its comps suggest that Coocon should trade at higher valuation multiples than its peers. The comps had an average EV/EBIT of 26.2x in 2020.

Our base case valuation of Coocon is 66,104 won, which is 65% higher than the high end of the IPO price range of 40,000 won. Our base case valuation also suggests an EV of 494 billion won and implied market cap of 549 billion won. Our base case valuation suggests an EV/EBIT (2020) multiple of 43.7x, which represents a 40% premium to Webcash and 67% higher than the average of Settlebank and Webcash valuation multiples in 2020. We have a positive view of Coocon IPO, given that our base case valuation is much higher than the high end of the IPO valuation range. Coocon has superior financials than its comps including sales growth, operating margin, operating profit growth, and ROE. The combination of the superior financial metrics for Coocon versus its comps suggest that Coocon should trade at higher valuation multiples than its peers. The comps had an average EV/EBIT of 26.2x in 2020. 

South Korea

Coocon Corporation operates as a business information provider. The Company provides business information collecting, connecting, and organizing services. Coocon offers services worldwide.

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Coocon Corp (294570 KS)

COOCON IPO Valuation Analysis

Our base case valuation of Coocon is 66,104 won, which is 65% higher than the high end of the IPO price range of 40,000 won.

Douglas Kim

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