Angel Robotics IPO Valuation Analysis

• Angel Robotics is getting ready to complete its IPO in KOSDAQ in March. The IPO price range is from 11,000 won to 15,000 won.

• The IPO offering amount is from 17.6 billion won to 24 billion won. At the IPO price range, the company's valuation ranges from 154 billion won to 210 billion won.

• Angel Robotics is likely to be compared to Doosan Robotics and Rainbow Robotics.

• Our base case valuation of Angel Robotics is target price of 20,277 won per share, which represents a 35% upside from the high end of the IPO price range.

• We estimate sales of 9 billion won in 2024 (up 75.2% YoY) and 14.9 billion won in 2025 (up 65.3% YoY). Our estimates are more conservative than the company's estimates.

• We like the strong sales growth of Angel Robotics. Many investors are likely to view this positively in this IPO. LG Electronics and Samsung Electronics are customers of Angel Robotics.