Financials NAVER Corporation

Equities

A035420

KR7035420009

Internet Services

End-of-day quote Korea S.E. 06:00:00 2024-05-07 pm EDT 5-day change 1st Jan Change
190,900 KRW -2.00% Intraday chart for NAVER Corporation +3.52% -14.78%

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 29,065,333 - -
Enterprise Value (EV) 2 24,457 41,355 50,954 24,388 33,526 26,916 25,969 24,428
P/E ratio 46.6 x 42.8 x 3.45 x 34.4 x 34.1 x 20.3 x 19.3 x 17.7 x
Yield 0.2% 0.14% 0.14% 0.51% 0.19% 0.61% 0.67% 0.77%
Capitalization / Revenue 4.11 x 8.02 x 8.28 x 3.24 x 3.49 x 2.72 x 2.47 x 2.27 x
EV / Revenue 3.71 x 7.8 x 7.47 x 2.97 x 3.47 x 2.52 x 2.21 x 1.91 x
EV / EBITDA 23.3 x 26.4 x 29 x 13.1 x 16.2 x 11.1 x 9.76 x 8.18 x
EV / FCF 26.6 x 78.5 x 81.4 x 32.4 x 24.6 x 15.8 x 12.7 x 9.12 x
FCF Yield 3.77% 1.27% 1.23% 3.09% 4.06% 6.34% 7.86% 11%
Price to Book 4.68 x 5.82 x 2.41 x 1.17 x 1.68 x 1.22 x 1.16 x 1.1 x
Nbr of stocks (in thousands) 145,448 145,365 149,069 149,970 150,591 152,254 - -
Reference price 3 186,500 292,500 378,500 177,500 224,000 190,900 190,900 190,900
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 10,690 11,775 12,817
EBITDA 1 1,048 1,567 1,759 1,866 2,071 2,422 2,662 2,985
EBIT 1 710.1 1,215 1,325 1,305 1,489 1,800 2,019 2,252
Operating Margin 10.77% 22.91% 19.44% 15.87% 15.4% 16.84% 17.15% 17.57%
Earnings before Tax (EBT) 1 866.7 1,509 2,040 1,056 1,486 2,198 2,298 2,624
Net income 1 583.1 1,100 1,430 752.3 1,013 1,501 1,578 1,736
Net margin 8.84% 20.74% 20.97% 9.15% 10.47% 14.04% 13.4% 13.55%
EPS 2 4,006 6,839 109,860 5,161 6,576 9,418 9,906 10,768
Free Cash Flow 3 920,935 526,500 625,963 752,657 1,361,610 1,706,221 2,040,925 2,679,417
FCF margin 13,967.53% 9,926.2% 9,181.62% 9,156.32% 14,079.89% 15,960.58% 17,332.86% 20,905.66%
FCF Conversion (EBITDA) 87,852.4% 33,594.95% 35,587.42% 40,344.54% 65,741.41% 70,450.33% 76,670.42% 89,749.97%
FCF Conversion (Net income) 157,950.75% 47,856.46% 43,779.19% 100,047.44% 134,466.68% 113,702.89% 129,345.61% 154,323.95%
Dividend per Share 2 376.0 402.0 511.0 914.0 415.0 1,163 1,288 1,465
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 Q3 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
Net sales 1 1,727 1,928 1,845 2,046 2,057 2,272 2,280 2,408 2,445 2,537 2,526 2,656 2,709 2,828 2,845
EBITDA 1 - - - - 593.7 - - 445.5 - - 382.7 448.3 453.8 1,092 -
EBIT 1 349.8 351.2 301.8 336.2 330.2 336.5 330.5 372.7 380.2 405.5 439.3 444 457.2 475.8 482.5
Operating Margin 20.25% 18.22% 16.36% 16.43% 16.05% 14.81% 14.49% 15.48% 15.55% 15.98% 17.39% 16.72% 16.88% 16.82% 16.96%
Earnings before Tax (EBT) 1 495 473.5 256.6 263.2 374.7 161.5 116.6 421.1 504.5 443.8 660.2 466.2 511.8 544.6 513
Net income 1 331.9 256.1 171.2 183.3 257 140.8 55.1 267.7 375.8 314.1 510.6 340.5 372.2 365.6 424
Net margin 19.21% 13.29% 9.28% 8.96% 12.49% 6.2% 2.42% 11.12% 15.37% 12.38% 20.21% 12.82% 13.74% 12.93% 14.9%
EPS 2 - - 1,118 1,198 1,689 1,156 320.0 1,735 2,462 2,057 1,587 2,560 2,555 2,135 -
Dividend per Share 2 - - - - - - - 415.0 - 415.0 - - - 800.0 -
Announcement Date 10/20/21 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 Billions2KRW
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 1,706,221 2,040,925 2,679,417
ROE (net income / shareholders' equity) 10.6% 11.3% 107% 2.8% 4.41% 6.25% 6.15% 6.61%
ROA (Net income/ Total Assets) 5.26% 5.71% 65% 2.25% 2.91% 4.19% 4.18% 4.42%
Assets 1 11,090 19,277 2,200 33,441 34,828 35,787 37,706 39,292
Book Value Per Share 3 39,889 50,278 156,900 151,646 133,212 156,421 164,480 174,090
Cash Flow per Share 3 9,323 9,877 9,199 9,662 13,273 17,157 15,773 18,995
Capex 1 490 646 754 701 641 689 751 730
Capex / Sales 7.43% 12.18% 11.06% 8.52% 6.62% 6.44% 6.37% 5.7%
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
32
Last Close Price
190,900 KRW
Average target price
269,375 KRW
Spread / Average Target
+41.11%
Consensus
1st Jan change Capi.
-14.78% 21.87B
-7.97% 38.76B
-26.44% 18.31B
-.--% 6.85B
-8.15% 259M
+21.61% 123M
-8.20% 70.81M
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