The corporate value and fair share of LG Energy Solutions, which entered the stock market, are [핫이슈]

LG Energy Solution (LG Ensol), which has collected more than 114 trillion won in subscription margins through seven securities companies including KB Securities, Shinhan Financial Investment, and Daishin Securities, started trading for the first time in the stock market on the 27th. The subscription margin exceeded the KRW 81 trillion recorded by SK IE Technology last year by more than KRW 30 trillion. The market cap is also likely to surpass that of SK Hynix, which ranks second in the KOSPI. The offering price of LG Ensol is 300,000 won. Based on the IPO price, the market cap is about 70 trillion won.

The target price or appropriate corporate value of LG Ensol suggested by securities companies is different. Among the companies that announced the target price by the 26th, Meritz Securities offered 610,000 won. On the other hand, Yuanta Securities offered the lowest target price of 390,000. Eugene Investment & Securities and SK Investment & Securities are expected to reach 400,000 to 500,000 won.

The reason for the mixed outlook is that LG Ensol’s potential, comparison with its competitors, and viewpoints on related markets are different. Yuanta Securities is paying attention to the fact that LG Ensol is overvalued compared to Chinese competitors such as CATL and Samsung SDI. Compared with these companies, LG Ensol’s average market cap was analyzed at 92 trillion won. On the first trading day, the market cap exceeded 180 trillion won. This means that about half of this is LG Ensol’s fair corporate value.

However, it should be taken into account that share prices are also affected by supply and demand. On the first trading day of LG Ensol, there is not much volume. This is why overshooting is expected. Since the share price is more likely to be formed higher than that of the public offering, investors in the public offering can benefit. However, if you want to see the future of LG Ensol and invest in it, you need to look at the stock price and market flow after the amount of IPO shares is resolved.

After listing, LG Ensol is expected to be included in major indices such as KOSPI 200, Financial Times Stock Exchange (FTSE), and Morgan Stanley Capital International (MSCI) early. In terms of supply and demand, this means that it is on the solid side. The news that the company’s batteries will be used in half of US electric vehicles is also positive. However, it is important to note that the share price may be higher than that of its competitors. Unfavorable factors affecting the global stock market, such as interest rate hikes due to inflation, can also affect stock prices in the short term. It seems that a careful approach considering all these aspects is necessary.

[장박원 논설위원]
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