Financials Webzen Inc.

Equities

A069080

KR7069080000

Internet Services

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
16,330 ^KRW	+1.11%		-5.77%	-0.12%

Jan. 04	Hound13 Inc. announced that it has received KRW 30.000047328 billion in funding from Webzen Inc.	CI
2023	Webzen Inc. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	507,220	1,059,515	865,463	449,369	481,782	481,193	-	-
Enterprise Value (EV) ²	311.1	889.9	548.5	191.6	162.4	334.2	110.1	119.2
P/E ratio	11.9 x	12.3 x	10.1 x	6.25 x	8.36 x	7.51 x	6.89 x	3.86 x
Yield	-	-	-	-	1.83%	1.84%	2.31%	1.84%
Capitalization / Revenue	2.88 x	3.61 x	3.04 x	1.86 x	2.45 x	1.87 x	1.79 x	1.48 x
EV / Revenue	1.77 x	3.03 x	1.93 x	0.79 x	0.83 x	1.3 x	0.41 x	0.37 x
EV / EBITDA	5.23 x	7.83 x	5.09 x	2.18 x	2.87 x	4.46 x	1.31 x	1.22 x
EV / FCF	18.4 x	6.63 x	6.43 x	5.07 x	4.18 x	5.36 x	1.58 x	1.31 x
FCF Yield	5.45%	15.1%	15.6%	19.7%	24%	18.6%	63.2%	76.3%
Price to Book	1.43 x	2.45 x	1.71 x	0.8 x	0.77 x	0.7 x	0.71 x	0.53 x
Nbr of stocks (in thousands)	31,118	30,622	29,947	29,467	29,467	29,467	-	-
Reference price ³	16,300	34,600	28,900	15,250	16,350	16,330	16,330	16,330
Announcement Date	2/6/20	2/3/21	2/9/22	2/16/23	2/7/24	-	-	-

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	176.1	293.7	284.8	242.1	196.3	257.3	268.4	325.9
EBITDA ¹	59.42	113.7	107.6	87.94	56.53	74.93	84.12	98
EBIT ¹	51.79	108.3	103	83	49.9	68.65	76.26	91
Operating Margin	29.42%	36.86%	36.17%	34.28%	25.42%	26.68%	28.41%	27.92%
Earnings before Tax (EBT) ¹	57.05	116.1	121	105.3	71.92	90.85	101.3	170
Net income ¹	42.6	86.26	86.86	72.39	-	75.87	82.72	148
Net margin	24.2%	29.37%	30.5%	29.9%	-	29.49%	30.82%	45.41%
EPS ²	1,369	2,802	2,862	2,441	1,955	2,174	2,370	4,234
Free Cash Flow ³	16,952	134,285	85,303	37,764	38,889	62,300	69,650	91,000
FCF margin	9,628.95%	45,720.63%	29,953.53%	15,595.82%	19,812.03%	24,212.98%	25,946.21%	27,922.68%
FCF Conversion (EBITDA)	28,526.78%	118,080.35%	79,241.09%	42,943.35%	68,791.54%	83,140.57%	82,798.38%	92,857.14%
FCF Conversion (Net income)	39,789.61%	155,681.2%	98,209.21%	52,164.88%	-	82,117.75%	84,199.71%	61,486.49%
Dividend per Share ²	-	-	-	-	300.0	300.0	377.5	300.0
Announcement Date	2/6/20	2/3/21	2/9/22	2/16/23	2/7/24	-	-	-

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	68.73	69.85	69.59	59.56	43.14	42.79	42.5	40.36	70.65	61.47	55.7	58.7	79.5	65.9	76.9
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	26.15	22.29	25.63	17.42	17.67	9.744	11.85	10.05	18.27	17.99	15.4	12.8	23.4	19	21.7
Operating Margin	38.05%	31.91%	36.83%	29.24%	40.96%	22.77%	27.87%	24.89%	25.86%	29.26%	27.65%	21.81%	29.43%	28.83%	28.22%
Earnings before Tax (EBT) ¹	30.76	26.45	30.2	27.39	21.28	16.82	17.29	14.46	23.35	23.71	20.8	19.3	28.4	23.3	27.1
Net income ¹	22.66	18.73	20.61	18.8	14.25	12.7	13.18	11.22	20.51	20.67	18.1	16.8	24.7	20.3	23.6
Net margin	32.97%	26.82%	29.62%	31.56%	33.04%	29.68%	31.01%	27.81%	29.03%	33.63%	32.5%	28.62%	31.07%	30.8%	30.69%
EPS	756.0	626.0	-	638.0	-	-	-	-	-	702.0	-	-	-	581.0	676.0
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/9/22	5/9/22	8/9/22	11/4/22	2/16/23	5/11/23	8/8/23	11/8/23	2/7/24	5/8/24	-	-	-	-	-

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	196	170	317	258	319	147	371	362
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	16,952	134,285	85,303	37,764	38,889	62,300	69,650	91,000
ROE (net income / shareholders' equity)	12.7%	21.8%	18.5%	13.5%	9.64%	11.6%	11.5%	17.5%
ROA (Net income/ Total Assets)	10.5%	18%	15%	11.5%	8.53%	10.1%	10.1%	15.8%
Assets ¹	405.4	478.3	579	631.1	-	753.6	819	936.7
Book Value Per Share ³	11,428	14,129	16,894	19,104	21,098	23,223	23,148	31,050
Cash Flow per Share ³	629.0	3,430	2,904	2,302	2,305	2,239	2,710	-
Capex ¹	2.62	1.14	2.85	1.61	21.1	1.5	4.4	-
Capex / Sales	1.49%	0.39%	1%	0.66%	10.75%	0.58%	1.64%	-
Announcement Date	2/6/20	2/3/21	2/9/22	2/16/23	2/7/24	-	-	-

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 Webzen Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

16,330 KRW

Average target price

23,300 KRW

Spread / Average Target

+42.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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