[하나금융투자 리포트]
Target price 320,000 → KRW 360,000↑…’Buy’ opinion
Announcement of 100% acquisition of Ithaca Holdings in the US on the 2nd
Expected to increase corporate value of at least 3 trillion won
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Hana Financial Investor Hive (formerly Big Hit (352820)) Analyzed that the corporate value will increase by at least 3 trillion won through the acquisition of Ithaca Holdings, a comprehensive media company in the United States. Hana Financial Investment raised the target price of Hive from 320,000 won to 360,000 won. Our rating is’Buy’.
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According to the Electronic Disclosure System of the Financial Supervisory Service on the 5th, Hive announced on the 2nd that it will acquire 100% of Ithaca Holdings’ shares for KRW 1.18 trillion through Big Hit America, a local subsidiary in the United States. Ithaca Holdings, a company founded by Scooter Brown, a world-renowned pop star, is a comprehensive media holding company that encompasses the fields of music management, record labels, movies, and TV shows. Hive Chairman Bang Si-hyuk said, “This partnership is a new challenge that no one has ever imagined.” Said. Earlier, Hive announced that it would establish’Big Hit Music’ by dividing the record and label business divisions through a resolution of the board of directors.
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Hana Financial Investment praised Hive as being able to transform into a global No. 1 agency and fan community platform through this deal. Ithaca Holdings is affiliated with global artists Justin Bieber and Ariana Grande, who are the No. 1 and No. 4 subscribers on YouTube. Lee Ki-hoon, a researcher at Hana Financial Investment, said, “BTS is the third largest YouTube subscriber by global artists, and Black Pink’s Weverse (Hive’s fan community platform), which is the second largest, is scheduled to enter. It amounts to 200 billion people.” He said, “Through this deal, indirect sales through intellectual property rights such as MD and contents will increase, and high bargaining power in the music industry will lead to additional non-organic growth, making it an overwhelming global No. 1 fan community platform.”
Hive is expected to achieve corporate value growth of over 3 trillion won in 2-3 years. “Itaca Holdings’ sales this year and next year are estimated to be about 200 billion won and 300 billion won,” said Lee. “It is expected to contribute to operating profit of 100 billion won next year while recording an operating margin of 30%.” After that, he explained, “The shareholder value is diluted by 9% through the capital increase, but the corporate value can be expanded by more than 30% from the current (8 trillion 600 billion won).”
The researcher also added, “Hive has rapidly acquired V-Live, invested in two major shareholders of YG Plus, and acquired Ithaca Holdings for six months after listing. There may be more than one event waiting.” He added, “In the short term, there will be a need to invest in logistics that can handle more than KRW 1 trillion of MD transactions per year, and in the mid to long term, tremendous investment opportunities in metaverse will come.”
/ Reporter Seung-bae Lee [email protected]
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