Report
EUR 88.49
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One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.
One Store has had an impressive track record and its alliances/partnerships set it up to be an interesting growth story. Cutting its commission take rate for developers, the firm had gained a footing in its domestic market, recording consecutive periods of transacted volume growth.
Were the firm to trade towards its peer mix’s simple average, it would imply an upside potential of 90% on the FY22E front, and 101% on the FY23E front, at the bottom end when compared to on EV/gross profit. Given the lack of direct comparables, one way to look at valuation would be to compare the firm to its historical asking valuations, where pricing seems more justifiable at the bottom end. Microsoft/Blizzard’s and Deutsche Telekom’s backing should aid listing sentiment as well.
One Store IPO
One Store is looking to raise up to US$228m in its Korean IPO.One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.
One Store has had an impressive track record and its alliances/partnerships set it up to be an interesting growth story. Cutting its commission take rate for developers, the firm had gained a footing in its domestic market, recording consecutive periods of transacted volume growth.
Were the firm to trade towards its peer mix’s simple average, it would imply an upside potential of 90% on the FY22E front, and 101% on the FY23E front, at the bottom end when compared to on EV/gross profit. Given the lack of direct comparables, one way to look at valuation would be to compare the firm to its historical asking valuations, where pricing seems more justifiable at the bottom end. Microsoft/Blizzard’s and Deutsche Telekom’s backing should aid listing sentiment as well.
Underlying
One Store Co Ltd
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
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