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

Jollibee's (JFC PM) Risky Bet: Compose Coffee Acquisition in a Competitive Market

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>In this insight, we compare the IPO valuation of The Born Korea (475560 KS) versus the recent M&amp;A valuation of Compose Coffee by Jollibee Foods (JFC PM).</li>
<li>Using the recent M&amp;A multiples of Compose Coffee by Jollibee Foods suggests an attractive upside to The Born Korea (relative to the IPO price range).</li>
<li><em><strong>No other listed company in Korea has a restaurant business model that is consistently profitable, with strong balance sheet, and solid sales growth as The Born Korea.  </strong></em></li>
</ul>


In this insight, we compare the IPO valuation of The Born Korea (475560 KS) versus the recent M&amp;A valuation of Compose Coffee by Jollibee Foods (JFC PM).
Using the recent M&amp;A multiples of Compose Coffee by Jollibee Foods suggests an attractive upside to The Born Korea (relative to the IPO price range).
No other listed company in Korea has a restaurant business model that is consistently profitable, with strong balance sheet, and solid sales growth as The Born Korea.  


The Born Korea IPO Valuation Vs Recent M&A Valuation of Compose Coffee by Jollibee Foods