Samyang Comtech IPO Valuation Analysis
Our comparable companies valuation analysis suggests implied market cap of 557 billion won or target price of 13,187 won per share.
This represents a 71% upside from the high end of the IPO price range (7,700 won per share). Given the excellent upside, we have a Positive view of this IPO.
One could argue that valuation discount on Samyang Comtech may be too conservative mainly due to higher sales growth, ROE, and operating margins of Samyang Comtech relative to the comps.
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