Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Strong Demand for Line IPO? Probably Due to Value Transfer from Naver to Line

Kudos to Those that Participated in LINE IPO - Now What?

Equity Capital Markets

<p><strong><a href="https://www.smartkarma.com/entities/22772" target="_blank" data-smartkarma-citation="entities:22772:1">LINE Corp</a> set the price for its IPO at 3,300 Yen per share today, which is at the top of its price range.</strong> The book building progressed well and the company is ready to complete the biggest tech IPO of 2016. Our base case one year valuation of the company is 3,676 Yen/share (11% upside to IPO price, based on estimated EBIT of 27 billion Yen in 2017, using 25.4x EV/EBIT) and high-end case valuation is 4,363 yen/share (32% upside to IPO price, based on estimated EBIT of 30 billion Yen in 2017…</p>

LINE Corp set the price for its IPO at 3,300 Yen per share today, which is at the top of its price range. The book building progressed well and the company is ready to complete the biggest tech IPO of 2016. Our base case one year valuation of the company is 3,676 Yen/share (11% upside to IPO price, based on estimated EBIT of 27 billion Yen in 2017, using 25.4x EV/EBIT) and high-end case valuation is 4,363 yen/share (32% upside to IPO price, based on estimated EBIT of 30 billion Yen in 2017…

A Holdings

LINE Prices Its IPO - Implications