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

CALB IPO: First Day Trading Strategy Amid Market Turmoil

CALB Pre-IPO - Peer Comparison - Top Growth, Bottom Margins, Fastest Expansion Plans

CALB Pre-IPO - PHIP Updates - Growth Picking up Further, Margins Turnaround

Equity Capital Markets

<ul>
<li>Our initial valuation assessment of CALB suggests a range of market cap valuation from US$4.8 billion to $14.9 billion with base case valuation of US$9.1 billion.</li>
<li>Our valuation sensitivity ranges EBITDA of 1.3 billion RMB to 2.2 billion RMB in 2022. We assumed base case revenue estimate of 19.5 billion RMB in 2022, up 186% YoY.</li>
<li>We have used the EV/EBITDA multiple range of 25x to 46.4x with a base case valuation multiple of 35.7x in 2022.</li>
</ul>


Our initial valuation assessment of CALB suggests a range of market cap valuation from US$4.8 billion to $14.9 billion with base case valuation of US$9.1 billion.
Our valuation sensitivity ranges EBITDA of 1.3 billion RMB to 2.2 billion RMB in 2022. We assumed base case revenue estimate of 19.5 billion RMB in 2022, up 186% YoY.
We have used the EV/EBITDA multiple range of 25x to 46.4x with a base case valuation multiple of 35.7x in 2022.


CALB IPO：評価に関する初期の考察

CALB Group

CALB IPO：評価に関する初期の考察