Financials Kakao Corp.

Equities

A035720

KR7035720002

Internet Services

End-of-day quote Korea S.E. 23:00:00 16/06/2024 BST 5-day change 1st Jan Change
42,400 KRW -3.42% Intraday chart for Kakao Corp. -1.62% -21.92%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 12,583,966 33,476,209 48,776,953 23,185,190 23,785,714 18,602,123 - -
Enterprise Value (EV) 2 11,159 30,584 44,168 19,910 19,852 15,272 14,685 13,757
P/E ratio -40.7 x 217 x 34.7 x 18.5 x -23.5 x 39.6 x 31.6 x 27.7 x
Yield 0.08% 0.04% 0.05% 0.11% 0.11% 0.15% 0.16% 0.17%
Capitalization / Revenue 4.07 x 8.05 x 7.95 x 3.26 x 2.93 x 2.19 x 1.95 x 1.83 x
EV / Revenue 3.61 x 7.36 x 7.2 x 2.8 x 2.45 x 1.8 x 1.54 x 1.35 x
EV / EBITDA 26.2 x 42.3 x 45.6 x 17.1 x 16.4 x 11 x 9.51 x 7.97 x
EV / FCF 17.3 x 38.8 x 41 x 88.3 x 25.9 x 15.4 x 16.2 x 14.9 x
FCF Yield 5.79% 2.58% 2.44% 1.13% 3.86% 6.5% 6.19% 6.7%
Price to Book 2.34 x 4.54 x 4.95 x 2.34 x 2.42 x 1.8 x 1.71 x 1.62 x
Nbr of stocks (in thousands) 409,901 429,733 433,573 436,633 438,043 438,729 - -
Reference price 3 30,700 77,900 112,500 53,100 54,300 42,400 42,400 42,400
Announcement Date 12/02/20 08/02/21 10/02/22 09/02/23 14/02/24 - - -
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 3,090 4,157 6,136 7,107 8,106 8,501 9,528 10,155
EBITDA 1 425.6 722.3 968 1,162 1,211 1,385 1,545 1,726
EBIT 1 206.6 456 596.9 580.5 501.9 641.5 810.9 955.4
Operating Margin 6.69% 10.97% 9.73% 8.17% 6.19% 7.55% 8.51% 9.41%
Earnings before Tax (EBT) 1 -227.3 408.5 2,292 1,344 -1,382 646.2 852.2 965.2
Net income 1 -298.2 149.6 1,398 1,280 -676 448 585.8 682.7
Net margin -9.65% 3.6% 22.78% 18.01% -8.34% 5.27% 6.15% 6.72%
EPS 2 -755.2 359.8 3,240 2,874 -2,315 1,070 1,343 1,530
Free Cash Flow 3 646,304 787,950 1,076,046 225,461 765,948 992,247 908,535 921,292
FCF margin 20,917.48% 18,956.01% 17,536.32% 3,172.31% 9,449.33% 11,672.67% 9,535.54% 9,072.64%
FCF Conversion (EBITDA) 151,860.68% 109,086.79% 111,158.87% 19,407.03% 63,262.77% 71,667.29% 58,822.67% 53,388.22%
FCF Conversion (Net income) - 526,700.8% 76,988.03% 17,611.86% - 221,463.37% 155,083.29% 134,945.18%
Dividend per Share 2 25.40 30.00 53.23 60.27 60.27 61.65 66.28 71.23
Announcement Date 12/02/20 08/02/21 10/02/22 09/02/23 14/02/24 - - -
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 1,785 1,652 1,822 1,859 1,774 1,740 2,042 2,161 2,171 1,988 2,083 2,168 2,255 2,234 2,351
EBITDA 1 - - - 304.7 - - - 342.2 335.7 321.6 363.7 374.3 399.2 - -
EBIT 1 108.5 158.7 171 150.3 100.4 71.13 113.5 140.3 189.2 120.3 152 170.7 192.2 144 172
Operating Margin 6.08% 9.61% 9.38% 8.09% 5.66% 4.09% 5.56% 6.49% 8.71% 6.05% 7.3% 7.87% 8.53% 6.45% 7.32%
Earnings before Tax (EBT) 1 552.2 1,760 236.5 236.7 -888.7 73.35 112.1 128.5 -1,684 140.6 183.3 192.5 40.13 180 197
Net income 1 82.36 1,302 67.61 106.3 -196.9 77.52 57.02 33.32 -835.6 73.73 122.1 132.8 101.9 - -
Net margin 4.61% 78.81% 3.71% 5.72% -11.1% 4.45% 2.79% 1.54% -38.49% 3.71% 5.86% 6.13% 4.52% - -
EPS 2 255.1 2,955 153.7 242.1 -476.1 176.8 130.6 76.34 -2,699 167.0 265.5 285.2 322.0 321.0 323.0
Dividend per Share 2 53.23 - - - 60.27 - - - 60.27 - - - 60.00 - -
Announcement Date 10/02/22 03/05/22 03/08/22 02/11/22 09/02/23 03/05/23 02/08/23 08/11/23 14/02/24 08/05/24 - - - - -
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 1,425 2,892 4,609 3,275 3,934 3,330 3,917 4,845
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 2 646,304 787,950 1,076,046 225,461 765,948 992,247 908,535 921,292
ROE (net income / shareholders' equity) -5.81% 2.36% 17.5% 13.5% -10.3% 4.23% 5.36% 5.97%
ROA (Net income/ Total Assets) -3.61% 1.5% 8.22% 5.92% -4.21% 1.71% 2.28% 2.59%
Assets 1 8,270 9,973 17,003 21,641 16,072 26,156 25,718 26,331
Book Value Per Share 3 13,110 17,164 22,716 22,686 22,420 23,531 24,798 26,097
Cash Flow per Share 3 1,888 2,244 2,929 1,539 3,079 3,187 2,870 2,740
Capex 1 106 183 216 453 575 508 584 573
Capex / Sales 3.44% 4.41% 3.52% 6.37% 7.1% 5.98% 6.13% 5.64%
Announcement Date 12/02/20 08/02/21 10/02/22 09/02/23 14/02/24 - - -
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
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
30
Last Close Price
42,400 KRW
Average target price
66,113 KRW
Spread / Average Target
+55.93%
Consensus
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