TXR Robotics IPO Valuation Analysis

• According to our valuation analysis, it suggests a base case implied price of 19,673 won per share (46% higher than the high end of the IPO price range).

• Our base case valuation is based on target P/S of 5.4x using our estimated sales of 57.7 billion won.

• To value TXR Robotics, the target P/S of 5.4x is based on a 30% discount to the comps' valuation multiple.