Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of Nexteel is target price of 18,671 won per share, which represents 49% higher than the high end of the IPO price range of 12,500 won. </li>
<li>We estimate Nexteel to generate sales of 883.6 billion won (up 32.2% YoY) and operating profit of 257.4 billion won (up 42% YoY) in 2023.</li>
<li>Nexteel's main products include pipes used to extract oil and gas from oil wells. It also makes steel pipes for transporting oil &amp; steam, construction, shipbuilding, and machinery industries.</li>
</ul>


Our base case valuation of Nexteel is target price of 18,671 won per share, which represents 49% higher than the high end of the IPO price range of 12,500 won. 
We estimate Nexteel to generate sales of 883.6 billion won (up 32.2% YoY) and operating profit of 257.4 billion won (up 42% YoY) in 2023.
Nexteel's main products include pipes used to extract oil and gas from oil wells. It also makes steel pipes for transporting oil &amp; steam, construction, shipbuilding, and machinery industries.


<ul>
<li>Nexteel is getting ready to complete its IPO in Korea in August. Nexteel is a steel pipe manufacturing company. The IPO price range is from 11,500 won to 12,500 won. </li>
<li>The IPO offering size is from 80.5 billion won to 87.5 billion won. The expected market cap is from 299 billion won to 325 billion won.</li>
<li>Nexteel's sales increased at a CAGR of 76.4% from 2020 to 2022. The company's operating profit surged from 1.5 billion won in 2020 to 181.3 billion won in 2022. </li>
</ul>


Nexteel is getting ready to complete its IPO in Korea in August. Nexteel is a steel pipe manufacturing company. The IPO price range is from 11,500 won to 12,500 won. 
The IPO offering size is from 80.5 billion won to 87.5 billion won. The expected market cap is from 299 billion won to 325 billion won.
Nexteel's sales increased at a CAGR of 76.4% from 2020 to 2022. The company's operating profit surged from 1.5 billion won in 2020 to 181.3 billion won in 2022. 


South Korea

Nexteel.Co.Ltd operates steel manufacturing businesses. The Company produces round pipes, square pipes, painting square pipes, and other products. Nexteel conducts businesses in South Korea.

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Nexteel (092790 KS)

Nexteel IPO Valuation Analysis

Our base case valuation of Nexteel is target price of 18,671 won per share, which represents 49% higher than the high end of the IPO price range of...

Douglas Kim

Nexteel IPO Preview

Nexteel is getting ready to complete its IPO in August. Its sales increased at a CAGR of 76.4% from 2020 to 2022. Its operating profit surged from...

Douglas Kim

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