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[Apha Biz=(Chicago) Reporter Paul Lee] Ecopro, which jumped more than 10 times from 110,000 won to 1.2 million won at the beginning of the year and became an emperor's stock, was once again sold. Hana Securities, which offered a selling opinion in May, is trading at an excessive market capitalization level compared to its corporate value.
Eugene Investment & Securities also added that it is difficult to explain the current situation, which is more valued than battery cell companies, except for supply and demand.
According to the financial investment industry on the 4th, Hana Securities presented its target stock price of 555,000 won through an eco-pro corporate analysis report on the 3rd.
Kim Hyun-soo, a researcher at Hana Securities, said, "The proper value of Ecopro, a holding company, is estimated at 14.4 trillion won," adding, "Considering the current market capitalization of 31.3 trillion won, we will maintain selling our investment opinions."
Researcher Kim Hyun-soo calculated the appropriate value of the holding company EcoPro by calculating the appropriate value of subsidiaries such as EcoPro BM, EcoPro Hn, EcoPro Materials, EcoPro Innovation and EcoPro C&G.
The appropriate value of Ecoprobm, a subsidiary of anode materials, which accounts for most of the corporate value of the holding company Ecopro, was estimated at 43.686 trillion won. However, considering the discount on Ecopro's stake (45.6%) and net asset value (NAV), the value of Ecopro is 9.761 trillion won.
The appropriate value of Eco Materials, a wholly-owned subsidiary, was estimated at 3.917 trillion won and worth 1.13 trillion won, considering its stake ratio. The value of Ecopro Hn and Ecopro C&G was calculated as 371 billion won and 643 billion won. Ecopro Innovation, which is in charge of lithium business, saw 2.6 trillion won.
"The combined market capitalization of the holding company EcoPro and its subsidiary EcoproBM is about KRW 70 trillion, and the combined market capitalization of customers Samsung SDI and SK Innovation is KRW 63 trillion. There is no reason to explain that the corporate value of anode material companies is greater than that of battery cell companies," said Han Byung-hwa, a researcher at Eugene Investment & Securities Co.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
