Financials NEOWIZ

Equities

A095660

KR7095660007

Internet Services

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-07-11 pm EDT			5-day change	1st Jan Change
20,900 ^KRW	+3.47%		+5.40%	-21.58%

May. 16	NEOWIZ Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 04	Intella X Launches 'Adventure': Rewarding Traditional Gameplay with Web3 Rewards	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	362,115	486,398	764,314	771,630	543,358	426,123	-	-
Enterprise Value (EV) ²	208.3	282.9	542.9	679.9	306.2	154	134.5	86.62
P/E ratio	15 x	8.04 x	13.7 x	59.3 x	11.2 x	12.1 x	8.49 x	13 x
Yield	-	-	-	-	0.92%	1.14%	1.16%	1.13%
Capitalization / Revenue	1.42 x	1.68 x	2.93 x	2.62 x	1.49 x	1.12 x	0.97 x	1.03 x
EV / Revenue	0.82 x	0.98 x	2.08 x	2.31 x	0.84 x	0.4 x	0.31 x	0.21 x
EV / EBITDA	5.07 x	4.08 x	16.3 x	17.7 x	6.08 x	3.22 x	2.08 x	1.96 x
EV / FCF	5.88 x	3.92 x	19.6 x	16.4 x	4.82 x	3.06 x	2.72 x	2 x
FCF Yield	17%	25.5%	5.11%	6.09%	20.7%	32.7%	36.8%	50%
Price to Book	1.12 x	1.25 x	1.68 x	1.81 x	1.11 x	0.85 x	0.78 x	0.73 x
Nbr of stocks (in thousands)	21,364	21,666	21,172	20,883	20,389	20,389	-	-
Reference price ³	16,950	22,450	36,100	36,950	26,650	20,900	20,900	20,900
Announcement Date	2/10/20	2/9/21	2/9/22	2/14/23	2/13/24	-	-	-

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	254.9	289.6	261.2	294.6	365.6	381.2	439.7	415.6
EBITDA ¹	41.12	69.27	33.32	38.39	50.36	47.78	64.7	44.18
EBIT ¹	32.57	60.34	23.15	22.61	31.73	35.64	51.61	36.4
Operating Margin	12.78%	20.83%	8.87%	7.68%	8.68%	9.35%	11.74%	8.76%
Earnings before Tax (EBT) ¹	31.21	65.9	66.53	19.48	44.03	43.76	59.93	45.1
Net income ¹	22.6	63.36	52.95	13.07	48.5	38.05	50.19	39.2
Net margin	8.87%	21.88%	20.27%	4.44%	13.26%	9.98%	11.41%	9.43%
EPS ²	1,132	2,793	2,641	623.0	2,374	1,726	2,460	1,608
Free Cash Flow ³	35,412	72,188	27,720	41,431	63,514	50,317	49,433	43,333
FCF margin	13,892.48%	24,926.3%	10,613.31%	14,064.8%	17,370.34%	13,201.03%	11,241.38%	10,425.44%
FCF Conversion (EBITDA)	86,111.37%	104,216.42%	83,198.48%	107,926.67%	126,124.52%	105,301.72%	76,403.92%	98,094.7%
FCF Conversion (Net income)	156,654.93%	113,934.99%	52,348.8%	317,063.77%	130,962.36%	132,238.28%	98,494.57%	110,544.22%
Dividend per Share ²	-	-	-	-	245.0	238.0	243.0	236.7
Announcement Date	2/10/20	2/9/21	2/9/22	2/14/23	2/13/24	-	-	-

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	69.26	76.59	70.31	74.92	72.76	68.54	70.14	117.5	109.5	97.06	90.02	93.52	102.5	90.8	92.9
EBITDA ¹	-	-	-	9.873	1.916	5.435	-0.4568	-	20.16	19.05	15.6	19.6	-	-	-
EBIT ¹	5.946	11.17	5.91	5.244	0.291	1.252	-4.893	20.25	15.12	14.84	6.2	5.3	9.5	7.1	7.8
Operating Margin	8.59%	14.58%	8.41%	7%	0.4%	1.83%	-6.98%	17.24%	13.81%	15.29%	6.89%	5.67%	9.27%	7.82%	8.4%
Earnings before Tax (EBT) ¹	21.29	15.24	25.1	7.923	-28.77	4.851	13.26	22.27	3.642	18.85	10.17	8.433	7.833	13.2	13
Net income ¹	15.57	11.87	19.86	8.156	-26.83	3.602	22.53	18.67	3.688	17.87	8.5	7.04	6.14	10.6	10.4
Net margin	22.48%	15.5%	28.25%	10.89%	-36.87%	5.26%	32.13%	15.9%	3.37%	18.41%	9.44%	7.53%	5.99%	11.67%	11.19%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/9/22	5/12/22	8/11/22	11/10/22	2/14/23	5/11/23	8/10/23	11/9/23	2/13/24	5/10/24	-	-	-	-	-

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	154	204	221	91.7	237	272	292	340
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	35,412	72,188	27,720	41,431	63,514	50,317	49,433	43,333
ROE (net income / shareholders' equity)	7.78%	17%	12%	3.48%	10.4%	7.33%	8.8%	6.58%
ROA (Net income/ Total Assets)	6.33%	13.7%	10.8%	2.3%	7.91%	4.9%	6.51%	4.77%
Assets ¹	357.4	461.5	491.4	567.4	613.5	776.5	770.4	822.4
Book Value Per Share ³	15,118	18,025	21,514	20,381	24,005	24,694	26,624	28,528
Cash Flow per Share ³	-	3,541	1,336	2,061	3,157	2,444	3,011	2,325
Capex ¹	1.59	4.18	1.01	1.8	1.23	5.41	6.18	6.33
Capex / Sales	0.62%	1.44%	0.39%	0.61%	0.34%	1.42%	1.4%	1.52%
Announcement Date	2/10/20	2/9/21	2/9/22	2/14/23	2/13/24	-	-	-

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

Ratings for NEOWIZ

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20,900 KRW

Average target price

30,889 KRW

Spread / Average Target

+47.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Internet Gaming

	1st Jan change	Capi.
NEOWIZ	-21.58%	310M
NETEASE, INC.	-0.30%	59.86B
NEXON CO., LTD.	+28.08%	17.34B
KRAFTON, INC.	+44.63%	9.16B
KUNLUN TECH CO., LTD.	-21.10%	4.99B
37 INTERACTIVE ENTERTAINMENT NETWORK TECHNOLOGY GROUP CO., LTD.	-32.43%	3.86B
SQUARE ENIX HOLDINGS CO., LTD.	-1.78%	3.78B
NETMARBLE CORPORATION	+8.95%	3.77B
ZHEJIANG CENTURY HUATONG GROUP CO.,LTD	-34.50%	3.43B
PLAYTIKA HOLDING CORP.	-9.40%	2.93B

Internet Gaming