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On Monday, Macquarie initiated coverage on Innocean Worldwide (214320:KS), assigning an Outperform rating and setting a price target of KRW23,000.00. This target suggests a 32.8% potential total return for shareholders. The target price is based on an 8.9 times projected 2025 earnings per share, factoring in a 20% discount compared to the average valuation of Innocean’s global peers.
The discounted valuation is attributed to the ongoing share disposal by MSPE, which began offloading its 16.4% stake in the company starting January 2025. MSPE first invested in Innocean a decade prior. Macquarie’s analysis indicates that the completion of MSPE’s sell-off could signal the end of a protracted downward trend for Innocean’s shares, which have experienced a 60% decline from their peak in 2016 despite the company’s consistent earnings growth since its 2015 initial public offering.
Macquarie’s coverage acknowledges the overhang from MSPE’s divestment but also points to the resilience of Innocean’s earnings since its market debut. The firm’s perspective is that the sell-off by MSPE may finally conclude the extended correction period that followed Innocean’s initial public offering.
The report from Macquarie underscores the contrast between Innocean’s robust earnings performance and the significant drop in its stock price over the years. With the initiation of coverage and the setting of the new price target, investors now have a fresh analysis to consider when looking at Innocean’s stock performance and future potential.
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