In today’s briefing:
- Local Color on HD Hyundai Marine Solution’s Excessive IPO Valuation
- HD Hyundai Marine Solution IPO – Strong Profitability Growth but Lacking in Disclosures
- Bharti Hexacom IPO – Unexciting and at a Half-Decent Discount
- Bharti Hexacom IPO: Valuation Insights
- Ibotta IPO Preview: High-Growth Cashback Unicorn With Robust AI-Powered Capabilities
Local Color on HD Hyundai Marine Solution’s Excessive IPO Valuation
- Valuation controversy arises from comparing HD Hyundai Marine Solution, a ship AS specialist, with diverse global companies, leading to a target market cap of ₩5T.
- HD KSOE’s inclusion worsens the valuation controversy. Applying HD KSOE’s last year PER without adjusting for a significant one-off profit seems to inflate HD Hyundai Marine Solution’s PER.
- Currently, major local IPO funds see HD Hyundai Marine’s valuation nearing ₩4T as excessive, despite the industry’s revival and potential growth in eco-friendly ship conversions, impacting the upcoming bookbuilding process.
HD Hyundai Marine Solution IPO – Strong Profitability Growth but Lacking in Disclosures
- HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO.
- HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship’s life cycle after the delivery of a new ship.
- In this note, we talk about the company’s historical performance.
Bharti Hexacom IPO – Unexciting and at a Half-Decent Discount
- Bharti Hexacom is looking to raise up to US$513m in its upcoming India IPO.
- Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
- We have looked at the company’s past performance in our earlier notes. In this note, we talk about valutions.
Bharti Hexacom IPO: Valuation Insights
- Bharti Hexacom (6597372Z IN), a 70% owned subsidiary of Bharti Airtel (BHARTI IN), aims to raise up to US$513 million at an IPO price range of Rs542-570 per share.
- We previously discussed the IPO in Bharti Hexacom IPO: The Bull Case and Bharti Hexacom IPO: The Bear Case.
- Our valuation analysis suggests that the IPO price range is unattractive. Therefore, we would not participate in the IPO.
Ibotta IPO Preview: High-Growth Cashback Unicorn With Robust AI-Powered Capabilities
- Ibotta, a cashback rewards platform provider, files to list IPO on NYSE. The Denver-based technology company was backed by VC investors, GGV Capital, Walmart and Koch Disruptive Technologies.
- Ibotta is a trusted and well-known brand in the cashback space in the United States, and means “I-bought-a”. The company is led by its Founder & CEO, Bryan Leach.
- Considering Ibotta’s strong and profitable growth, low penetration of the addressable market opportunity, and potential international expansion, they should have a successful IPO.
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