In today’s briefing:
- Seoul Guarantee Insurance Corp IPO Valuation Analysis
Seoul Guarantee Insurance Corp IPO Valuation Analysis
- Our base case valuation of Seoul Guarantee Insurance is target price of 48,052 won which is within the IPO price range of 39,500 won to 51,800 won.
- Given the lack of upside relative to the IPO price range, we have a negative view of this deal.
- We are not impressed with the company’s lack of top-line sales growth and worsening operating profit in 2023. The valuation range as proposed by the bankers is also not attractive.
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