Big Wave Robotics IPO Valuation Analysis

• My base case valuation of Big Wave Robotics is implied target price of 58,987 won per share, which represents 118% higher than high end of the IPO price range.

• Big Wave Robotics’s sales growth averaged 75.2% per year in 2024 and 2025 versus just 0.1% for the comps in the same period.

• Big Wave Robotics’ operating margin rose from -4.8% in 2024 to 3.2% in 2025. The comps’ average operating margin worsened from -5.4% in 2024 to -21.6% in 2025.