Financials NAVER Corporation

Equities

A035420

KR7035420009

Internet Services

End-of-day quote Korea S.E. 06:00:00 2024-05-30 pm EDT 5-day change 1st Jan Change
170,200 KRW -0.12% Intraday chart for NAVER Corporation -4.92% -24.02%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 27,126,014 42,519,203 56,422,552 26,619,594 33,732,281 25,913,670 - -
Enterprise Value (EV) 2 24,457 41,355 50,954 24,388 33,526 23,765 22,817 21,276
P/E ratio 46.6 x 42.8 x 3.45 x 34.4 x 34.1 x 17.9 x 17.2 x 15.7 x
Yield 0.2% 0.14% 0.14% 0.51% 0.19% 0.7% 0.79% 0.89%
Capitalization / Revenue 4.11 x 8.02 x 8.28 x 3.24 x 3.49 x 2.42 x 2.2 x 2.02 x
EV / Revenue 3.71 x 7.8 x 7.47 x 2.97 x 3.47 x 2.22 x 1.94 x 1.66 x
EV / EBITDA 23.3 x 26.4 x 29 x 13.1 x 16.2 x 9.72 x 8.51 x 7.1 x
EV / FCF 26.6 x 78.5 x 81.4 x 32.4 x 24.6 x 14.3 x 11.4 x 8.16 x
FCF Yield 3.77% 1.27% 1.23% 3.09% 4.06% 7.02% 8.81% 12.2%
Price to Book 4.68 x 5.82 x 2.41 x 1.17 x 1.68 x 1.09 x 1.03 x 0.98 x
Nbr of stocks (in thousands) 145,448 145,365 149,069 149,970 150,591 152,254 - -
Reference price 3 186,500 292,500 378,500 177,500 224,000 170,200 170,200 170,200
Announcement Date 1/30/20 1/28/21 1/26/22 2/2/23 2/1/24 - - -
1KRW in Million2KRW in Billions3KRW
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 6,593 5,304 6,818 8,220 9,671 10,695 11,779 12,829
EBITDA 1 1,048 1,567 1,759 1,866 2,071 2,444 2,682 2,996
EBIT 1 710.1 1,215 1,325 1,305 1,489 1,807 2,022 2,258
Operating Margin 10.77% 22.91% 19.44% 15.87% 15.4% 16.89% 17.16% 17.6%
Earnings before Tax (EBT) 1 866.7 1,509 2,040 1,056 1,486 2,205 2,287 2,637
Net income 1 583.1 1,100 1,430 752.3 1,013 1,518 1,578 1,742
Net margin 8.84% 20.74% 20.97% 9.15% 10.47% 14.2% 13.39% 13.58%
EPS 2 4,006 6,839 109,860 5,161 6,576 9,521 9,893 10,825
Free Cash Flow 3 920,935 526,500 625,963 752,657 1,361,610 1,667,507 2,010,175 2,606,308
FCF margin 13,967.53% 9,926.2% 9,181.62% 9,156.32% 14,079.89% 15,591.61% 17,065.65% 20,316.41%
FCF Conversion (EBITDA) 87,852.4% 33,594.95% 35,587.42% 40,344.54% 65,741.41% 68,215.38% 74,940.63% 87,005.66%
FCF Conversion (Net income) 157,950.75% 47,856.46% 43,779.19% 100,047.44% 134,466.68% 109,836.95% 127,410.31% 149,625.66%
Dividend per Share 2 376.0 402.0 511.0 914.0 415.0 1,188 1,340 1,513
Announcement Date 1/30/20 1/28/21 1/26/22 2/2/23 2/1/24 - - -
1KRW in Billions2KRW3KRW in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 1,928 1,845 2,046 2,057 2,272 2,280 2,408 2,445 2,537 2,526 2,650 2,701 2,821 2,845 2,994
EBITDA - - - 593.7 - - 445.5 - - - - - - - -
EBIT 1 351.2 301.8 336.2 330.2 336.5 330.5 372.7 380.2 405.5 439.3 444.1 457.1 475.2 482.5 528
Operating Margin 18.22% 16.36% 16.43% 16.05% 14.81% 14.49% 15.48% 15.55% 15.98% 17.39% 16.76% 16.92% 16.85% 16.96% 17.64%
Earnings before Tax (EBT) 1 473.5 256.6 263.2 374.7 161.5 116.6 421.1 504.5 443.8 660.2 466.2 511.8 544.6 513 589
Net income 1 256.1 171.2 183.3 257 140.8 55.1 267.7 375.8 314.1 510.6 333.9 366.7 363.7 424 464
Net margin 13.29% 9.28% 8.96% 12.49% 6.2% 2.42% 11.12% 15.37% 12.38% 20.21% 12.6% 13.58% 12.89% 14.9% 15.5%
EPS - 1,118 1,198 1,689 1,156 320.0 1,735 2,462 2,057 3,309 - - - - -
Dividend per Share - - - - - - 415.0 - 415.0 - - - - - -
Announcement Date 1/26/22 4/20/22 8/4/22 11/6/22 2/2/23 5/7/23 8/3/23 11/2/23 2/1/24 5/3/24 - - - - -
1KRW in Billions
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 2,669 1,165 5,468 2,231 206 2,149 3,097 4,637
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 2 920,935 526,500 625,963 752,657 1,361,610 1,667,507 2,010,175 2,606,308
ROE (net income / shareholders' equity) 10.6% 11.3% 107% 2.8% 4.41% 6.37% 6.18% 6.66%
ROA (Net income/ Total Assets) 5.26% 5.71% 65% 2.25% 2.91% 4.26% 4.19% 4.49%
Assets 1 11,090 19,277 2,200 33,441 34,828 35,612 37,659 38,804
Book Value Per Share 3 39,889 50,278 156,900 151,646 133,212 156,046 164,989 173,534
Cash Flow per Share 3 9,323 9,877 9,199 9,662 13,273 17,157 15,773 18,995
Capex 1 490 646 754 701 641 684 750 728
Capex / Sales 7.43% 12.18% 11.06% 8.52% 6.62% 6.39% 6.37% 5.67%
Announcement Date 1/30/20 1/28/21 1/26/22 2/2/23 2/1/24 - - -
1KRW in Billions2KRW in Million3KRW
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
31
Last Close Price
170,200 KRW
Average target price
266,774 KRW
Spread / Average Target
+56.74%
Consensus
1st Jan change Capi.
-24.02% 18.74B
+23.49% 2,140B
-18.37% 34.08B
-25.38% 17.79B
-.--% 6.85B
-12.23% 242M
-8.20% 69.3M
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