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[Alpha Biz=(Chicago) Reporter Paul Lee] While the SPAC system is booming as a way for companies to enter the stock market, the performance of SPAC-listed companies is far below estimates. Financial authorities have begun to improve the system as controversy over overvaluation continues even after the Fado scandal.
In the future, SPAC listing should also use the relative valuation method, which sets value against stock prices of comparative companies, and will be obliged to disclose why there is a gap between performance estimates after listing.
According to the Financial Supervisory Service's analysis of the sales and operating profit status of 139 companies listed on SPAC from 2010 to August 2023, the average sales estimate was 57.1 billion won and the actual figure was 46.9 billion won. It is 17.8% lower than the estimate. The average operating profit estimate was 10.6 billion won, but the actual figure was 4.4 billion won, which was 58.7% lower.
When listed, the proportion of companies that did not meet the sales estimates for the first to fifth years was 76.0%. In the case of operating profit, the proportion of companies below the average estimate accounted for a large portion of 84.1%. In particular, the higher the estimated annual leave, the higher the number of companies that did not meet the forecast. Of the 48 companies that have been listed as SPAC mergers for more than five years, only seven and four achieved estimates of sales and operating profit five years later, respectively.
In many cases, the company inflated its earnings outlook by being overly optimistic about its future business environment. According to a case released by the Financial Supervisory Service, bio company A estimated sales through the development of a treatment. However, due to delays in clinical trials, no related sales occurred even though the scheduled date of sales was more than a year ago.
B content company expects sales to occur on the assumption that sales will occur in all cases where orders are underway. However, the actual sales were only one-tenth of the estimate, with no final orders being made.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
