D'Alba Global IPO Valuation Analysis

• Our base case valuation is based on a P/E of 21.9x (40% premium to the comps) our estimated net profit of 58.9 billion won in 2025.

• We believe d'Alba Global should trade at a premium valuation to the comps due to higher sales and operating profit growth, higher ROE and operating margins than the comps.

• Our base case valuation of d'Alba Global target price of 101,609 won per share, which represents 53% higher than the high end of the IPO valuation range.