In today’s briefing:
- Hyundai Motor’s Special Shareholder Return Plan Likely Unveiled in August IR Event
- Webtoon Entertainment IPO – Further Thoughts on Valuation – Acquisitions, Buyouts
- Innospace IPO Bookbuilding Results Analysis
- Another Major Win for Eoflow [U.S. Federal Appeals Court Issues a Decision]
Hyundai Motor’s Special Shareholder Return Plan Likely Unveiled in August IR Event
- Hyundai’s IR team appears to have communicated that a new shareholder return policy would be unveiled at the rescheduled CEO Investor Day in August.
- Hyundai aims to boost shareholder returns above 30% by canceling ₩800B to ₩1T in shares annually. The new dividend strategy won’t debut in August; last year’s three-year plan stands.
- Equal cancellation ratios apply to common and three types of preferred shares. August’s timing, with ISA tax reforms potentially favoring preferred shares, may enhance prefs’ price impact relative to ords.
Webtoon Entertainment IPO – Further Thoughts on Valuation – Acquisitions, Buyouts
- Webtoon Entertainment (WBTN US) is looking to raise up to US$315m in its US IPO, down from an earlier reported float of US$500m.
- Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
- In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we share additional thoughts on valuation.
Innospace IPO Bookbuilding Results Analysis
- Innospace reported solid IPO bookbuilding results. Innospace’s IPO price has been determined at 43,300 won won, which is at the high end of the IPO price range.
- Our base case valuation of Innospace is target price of 51,481 won per share (12 month view), which is 19% higher than the IPO price.
- Innospace is involved in the satellite launch vehicle production and launch service business.
Another Major Win for Eoflow [U.S. Federal Appeals Court Issues a Decision]
- On 19 June, Eoflow announced that the U.S. Federal Appeals Court issued a decision to overturn the provisional injunction.
- In other words, the U.S. federal court ordered the first trial’s preliminary injunction banning overseas sales of Eoflow to be overturned.
- A jury trial is set at end of November 2024. Depending on the ruling, either side may appeal and a second trial may follow or there may be a settlement.
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