Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 25 years of experience in analyzing hundreds of companies, especially in Asia. Deep expertise in the following sectors:
- Technology (E-commerce, SaaS, Internet)
- Consumer 
- Special Situations/Deep Value Plays
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Equity Capital Markets

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<li>To value Aproele, we used an 18.2x P/E multiple based on our 2021 net profit estimate of 8.9 billion won. The valuation multiple of 18.2x was derived from an average of the comps' P/E multiples from 2019 to 2021.</li>
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<strong>This resulted in an implied market cap of 161 billion won or 21,910 won per share.</strong> The IPO price range is from 19,000 won to 21,600 won so our target price is close to the high end of the IPO price range. <strong>Therefore, we would not take this IPO deal, given the lack of enough upside. </strong>
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<li>Aproele is a rechargeable battery equipment maker in Korea. Aproele has focused on the power conversion and circuit technologies for the rechargeable battery equipment. The company's main product is the high-temperature pressurized charger, which is a device that can improve the performance of the battery produced by maximizing the charging/discharging efficiency of the EV batteries.</li>
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To value Aproele, we used an 18.2x P/E multiple based on our 2021 net profit estimate of 8.9 billion won. The valuation multiple of 18.2x was derived from an average of the comps' P/E multiples from 2019 to 2021.

This resulted in an implied market cap of 161 billion won or 21,910 won per share. The IPO price range is from 19,000 won to 21,600 won so our target price is close to the high end of the IPO price range. Therefore, we would not take this IPO deal, given the lack of enough upside. 

Aproele is a rechargeable battery equipment maker in Korea. Aproele has focused on the power conversion and circuit technologies for the rechargeable battery equipment. The company's main product is the high-temperature pressurized charger, which is a device that can improve the performance of the battery produced by maximizing the charging/discharging efficiency of the EV batteries.


Aproele

Aproele IPO Valuation Analysis