MNC Solution IPO Valuation Analysis
Our valuation analysis suggests an implied price per share of 120,295 won for MNC Solution, which is 29% above the high end of the IPO price range.
Our base case valuation is based on EV/EBITDA of 24.1x which is 30% higher than the average EV/EBITDA multiple of the comps in 2023.
We believe a premium valuation to the comps' valuation multiple is appropriate due to higher sales growth, operating margins, and ROE.
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