Our base case valuation of DS Dansuk is 113,948 won per share which is 28% higher than the high end of the IPO price range (89,000 won).
We estimate bio energy to account for 64.7% of total sales, followed by battery recycle (21.5%), plastic recycle (6.7%), and others (7.1%) in 2023.
DS Dansuk is an eco-friendly company with three core businesses including bio energy, battery recycling, and plastic recycling.
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