Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

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<li>It is hard to understand why WCP uses future EBITDA in the peer valuation while all the peers are based on the 1Q22 LTM figures.</li>
<li>Not only that, of the eight valuation peers, only SKIET and Shenzhen Senior Tech are the only ones with sufficient business relevance to WCP.</li>
<li>WCP's intrinsic market cap is ₩2.35T with a price per share of ₩69,141, implying that the bankers' indicative price band is rather at a 15.7-44.6% premium.</li>
</ul>


It is hard to understand why WCP uses future EBITDA in the peer valuation while all the peers are based on the 1Q22 LTM figures.
Not only that, of the eight valuation peers, only SKIET and Shenzhen Senior Tech are the only ones with sufficient business relevance to WCP.
WCP's intrinsic market cap is ₩2.35T with a price per share of ₩69,141, implying that the bankers' indicative price band is rather at a 15.7-44.6% premium.


China

Shenzhen Senior Technology Material Co., Ltd. manufactures battery components. The Company designs, produces, and sells lithium ion separators, ceramic and polymer coating, wet process, and other related products. Shenzhen Senior Technology Material serves customers worldwide.

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Shenzhen Senior Technology-A (300568 CH)

WCP IPO Terms & Valuation Controversies

This post details the WCP IPO, valued at ₩2.7-3.4T by the bankers, and discusses why this valuation causes over-pricing controversies.

Sanghyun Park

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