Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of Daemyung Energy is implied market cap of 624 billion won or target price of 35,003 won per share.</li>
<li>Our target price represents 21% upside from the high end of the IPO price range, suggesting a reasonable upside. Therefore, we have a positive view of this IPO. </li>
<li>Our base case valuation is based on 15.7x P/E (2022) which is based on a 30% discount to the comps' average P/E valuation multiple in 2022.</li>
</ul>


Our base case valuation of Daemyung Energy is implied market cap of 624 billion won or target price of 35,003 won per share.
Our target price represents 21% upside from the high end of the IPO price range, suggesting a reasonable upside. Therefore, we have a positive view of this IPO. 
Our base case valuation is based on 15.7x P/E (2022) which is based on a 30% discount to the comps' average P/E valuation multiple in 2022.


<ul>
<li>Daemyung Energy (DME KS) is getting ready to complete its IPO in Korea in March 2022. The IPO base deal size is from $94 million to $109 million.</li>
<li>Daemyung Energy is one of the leading renewable energy total solution providers in Korea. It provides business development to design, procurement, construction and operation management in renewable energies.</li>
<li>The bankers then applied IPO price discount range of 23% to 33.6% to derive an implied price per range of 25,000 won to 29,000 won. </li>
</ul>


Daemyung Energy (DME KS) is getting ready to complete its IPO in Korea in March 2022. The IPO base deal size is from $94 million to $109 million.
Daemyung Energy is one of the leading renewable energy total solution providers in Korea. It provides business development to design, procurement, construction and operation management in renewable energies.
The bankers then applied IPO price discount range of 23% to 33.6% to derive an implied price per range of 25,000 won to 29,000 won. 


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Daemyung Energy (DME KS)

Daemyung Energy IPO Valuation Analysis

Our base case valuation of Daemyung Energy is implied market cap of 624 billion won or target price of 35,003 won per share, representing a 21%...

Douglas Kim

Daemyung Energy IPO Preview

Daemyung Energy is getting ready to complete its IPO in Korea in March 2022. Daemyung Energy is one of the leading renewable energy total solution...

Douglas Kim

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