Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our initial valuation assessment of CALB suggests a range of market cap valuation from US$4.8 billion to $14.9 billion with base case valuation of US$9.1 billion.</li>
<li>Our valuation sensitivity ranges EBITDA of 1.3 billion RMB to 2.2 billion RMB in 2022. We assumed base case revenue estimate of 19.5 billion RMB in 2022, up 186% YoY.</li>
<li>We have used the EV/EBITDA multiple range of 25x to 46.4x with a base case valuation multiple of 35.7x in 2022.</li>
</ul>


Our initial valuation assessment of CALB suggests a range of market cap valuation from US$4.8 billion to $14.9 billion with base case valuation of US$9.1 billion.
Our valuation sensitivity ranges EBITDA of 1.3 billion RMB to 2.2 billion RMB in 2022. We assumed base case revenue estimate of 19.5 billion RMB in 2022, up 186% YoY.
We have used the EV/EBITDA multiple range of 25x to 46.4x with a base case valuation multiple of 35.7x in 2022.


China

CALB Group Co., Ltd. manufactures and distributes battery products. The Company produces lithium ion power batteries, battery management systems, energy storage batteries, and other products. CALB Group supplies its products in vehicles, energy storage, and other fields.

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CALB Group (3931 HK)

CALB IPO: Initial Thoughts on Valuation

Our initial valuation assessment of CALB suggests a range of market cap valuation from US$4.8 billion to $14.9 billion with base case valuation of...

Douglas Kim

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