Sanil Electric IPO Valuation Analysis
Our base case valuation of Sanil Electric is market cap of 1.8 trillion won or target price of 58,593 won (95% higher than the high end of the IPO price).
Sanil Electric has higher sales growth, operating margins, and ROE than the comps.
We estimate Sanil Electric to generate sales of 283.4 billion won (up 32.1% YoY) and operating profit of 79 billion won (up 69.6% YoY) in 2024.
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