Doosan Robotics aims for the stock exchange - valuation around 750 million euros?
Just today, this website reported on the possible ambitions of Samsung to acquire the South Korean manufacturer of cobots and humanoid robots, the company Rainbow Robotics. It was also revealed today that Doosan Robotics is seeking a stock market valuation of around 750 million euros, or 1 trillion WON. Doosan Robotics is aiming to go public soon, by the end of the year at the latest.
Rating lends to "play
Doosan Robotics is generally valued for its good cobots and is certainly a player in the market. However, the valuation primarily reflects the growth hopes of the industry. Roughly, the valuation corresponds to the annual cobot sales worldwide. Universal Robots still sells about half of all cobots and the numerous other market share holders sell significantly less each, but in total they certainly also come to a significant share. Doosan therefore generated only $34 million in 2022, but was able to grow faster than the market leader from Denmark:
| Universal Robots | Doosan Robotics | |
|---|---|---|
| Revenue 2022 ($ million) | 326 | 34 |
| to the previous year | + 5% | + 17% |
The target valuation thus exceeds today's sales (not profit) many times over. To put it casually, every cobot that the German friends of Niederrhein Automation sell contributes to the valuation of several 100,000. Amazing: Although South Korea is very robot-savvy, Doosan Robotics generates about 70% of its sales outside of its home country. That means that even in Korea, the cobot market is manageable. Doosan's IPO should benefit from Rainbow Robotics' recent very good share price performance.
High production capacity
Founded in 2015, a production capacity of 10,000 units p.a. was already created at the end of 2017. Last year, more than 2,000 units were produced. Thus, there is still considerable production capacity, so that if sales develop positively, the break-even point should be reached quickly without major investments.
The contribution picture shows Doosan Robotics CEO Ryu Jeong-hoon.
Are we networking? LinkedIn
-> Go to the Cobot group on LinkedIn (link). The author is also a consultant (robotics, tech & finance). Hardly anyone is likely to have a comparable market overview.