Daegu Department Store: Property Value Is 10x Mkt Cap + Controlling Shareholder Is Selling

• The controlling shareholder Koo Jeong-Mo and his affiliates will sell their 34.7% stake in Daegu Department Store through a public competitive bidding process.

• A recent valuation of the company's real estate assets suggests a market valuation of nearly 700 billion won which is about 10x its market cap (72 billion won).

• Even if this real estate value is discounted by 50% that would represent nearly 350 billion won (386% higher than its market cap).

Debec Plaza in Daegu (Source: Daegu Dept Store)