Our base case valuation of Dozn is implied market cap of 429 billion won or target price of 17,910 won per share (43% higher than high-end of IPO price range).
Our base case target price is based on P/E of 25.3x (20% premium to comps' average valuation multiple) using our estimated net profit of 17 billion won in 2025.
This valuation premium is appropriate due to Dozn's higher sales growth rate, higher net margins, and higher ROE versus the comps.
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