In today’s briefing:
- Innospace IPO Valuation Analysis
- A Comparison Between Ecopro Materials & HD Hyundai Marine Solution Post IPO
Innospace IPO Valuation Analysis
- Our base case valuation of Innospace is target price of 51,481 won per share (12 month view), which is 28% higher than the midpoint of the IPO valuation range.
- We estimate Innospace to generate sales of 1.8 billion won in 2024, 28.7 billion won in 2025, and 58.3 billion won in 2026.
- Innospace is involved in the satellite launch vehicle production and launch service business.
A Comparison Between Ecopro Materials & HD Hyundai Marine Solution Post IPO
- In this insight, we make comparisons between EcoPro Materials (450080 KS) and HD Hyundai Marine Solution (443060 KS) post their IPOs
- Ecopro Materials’ share price is likely to face continued weakness, especially with the potential for a major block deal sale by BRV Capital and end of the lock up period.
- We believe that HD Hyundai Marine Solution’s share price has surged above its intrinsic value. More insiders are likely to start selling HD Hyundai Marine Solution in the coming months.
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