Sung Woo IPO Valuation Analysis
Our base case valuation of Sung Woo is target price of 27,981 won per share, which is within the IPO price range of 25,000 won to 29,000 won per share.
Given the lack of upside relative to the IPO price range, we have a Negative view of this IPO.
Our base case valuation of 27,981 won per share is based on a P/E of 16.9x based on net profit of 24.9 billion won in FY23.
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