I-Scream Media IPO Valuation Analysis

• Our valuation analysis suggests a base case implied market cap of 567 billion won or implied price per share of 41,450 won.

• This suggests a 3% upside to the high end of the IPO price range. We would not subscribe to this IPO due to lack of upside.

• Our base case valuation is based on P/E of 18.8x using the company's net profit of 30.2 billion won in 2023.

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