Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of PhilEnergy is target price of 41,545 won per share, which represents 38% higher than the high end of the IPO price range of 30,000 won. </li>
<li>We believe a premium valuation multiple to the comps (20%) is appropriate due to PhilEnergy's higher sales growth rate and higher ROE than the comps in 2021 to 2023.</li>
<li>We estimate the company to generate sales of 312.5 billion won in 2023 (up 64.7% YoY) and 361.5 billion won (up 15.7% YoY) in 2024.</li>
</ul>


Our base case valuation of PhilEnergy is target price of 41,545 won per share, which represents 38% higher than the high end of the IPO price range of 30,000 won. 
We believe a premium valuation multiple to the comps (20%) is appropriate due to PhilEnergy's higher sales growth rate and higher ROE than the comps in 2021 to 2023.
We estimate the company to generate sales of 312.5 billion won in 2023 (up 64.7% YoY) and 361.5 billion won (up 15.7% YoY) in 2024.


<ul>
<li>PhilEnergy is offering 2.8 million shares in the IPO and expected market cap range of the IPO is from 279 billion won to 318 billion won. </li>
<li>The IPO price range is from 26,300 won to 30,000 won and the total offering amount is 74 billion to 84.4 billion won.</li>
<li>The company's core products include stacking and laser notching equipment used in the rechargeable batteries manufacturing process. </li>
</ul>


PhilEnergy is offering 2.8 million shares in the IPO and expected market cap range of the IPO is from 279 billion won to 318 billion won. 
The IPO price range is from 26,300 won to 30,000 won and the total offering amount is 74 billion to 84.4 billion won.
The company's core products include stacking and laser notching equipment used in the rechargeable batteries manufacturing process. 


South Korea

Philenergy Co., Ltd. operates battery manufacturing businesses. The Company produces secondary batteries, fuel cells, and other products. Philenergy conducts businesses in Asia.

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PhilEnergy (378340 KS)

PhilEnergy IPO Valuation Analysis

Our base case valuation of PhilEnergy IPO is target price of 41,545 won per share, which represents 38% higher than the high end of the IPO price...

Douglas Kim

PhilEnergy IPO Preview

PhilEnergy is getting ready to complete its IPO in Korea in June 2023. Its core products include stacking and laser notching equipment used in the...

Douglas Kim

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