Company Valuation: Kakao Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 33,476,209 48,776,953 23,185,190 23,785,714 16,766,365 25,215,123 25,215,123 -
Change - 45.71% -52.47% 2.59% -29.51% 50.39% 0% -
Enterprise Value (EV) 1 30,584 44,168 19,910 19,852 13,058 20,536 19,786 18,911
Change - 44.42% -54.92% -0.29% -34.22% 57.27% -3.65% -4.42%
P/E ratio 217x 34.7x 18.5x -23.5x 415x 45.6x 38.8x 34x
PBR 4.54x 4.95x 2.34x 2.42x 1.67x 2.36x 2.22x 2.08x
PEG - 0x -1.6x 0x -4x 0x 2.2x 2.4x
Capitalization / Revenue 8.05x 7.95x 3.26x 2.93x 2.13x 3.11x 2.85x 2.65x
EV / Revenue 7.36x 7.2x 2.8x 2.45x 1.66x 2.53x 2.24x 1.99x
EV / EBITDA 42.3x 45.6x 17.1x 16.4x 10.1x 13.7x 11.3x 9.85x
EV / EBIT 67.1x 74x 34.3x 39.6x 26.6x 29.8x 22.8x 18.8x
EV / FCF 38.8x 41x 88.3x 25.9x 15x 17.4x 15.7x 13.9x
FCF Yield 2.58% 2.44% 1.13% 3.86% 6.67% 5.73% 6.37% 7.21%
Dividend per Share 3 30 53.23 60.27 60.27 68 69.78 76.33 81.31
Rate of return 0.04% 0.05% 0.11% 0.11% 0.18% 0.12% 0.13% 0.14%
EPS 3 359.8 3,240 2,874 -2,315 92 1,257 1,478 1,683
Distribution rate 8.34% 1.64% 2.1% -2.6% 73.9% 5.55% 5.17% 4.83%
Net sales 1 4,157 6,136 7,107 8,106 7,874 8,104 8,841 9,515
EBITDA 1 722.3 968 1,162 1,211 1,296 1,502 1,745 1,919
EBIT 1 456 596.9 580.5 501.9 491.5 688.4 867.5 1,005
Net income 1 149.6 1,398 1,280 -676 149 553.9 650.5 747.2
Net Debt 1 -2,892 -4,609 -3,275 -3,934 -3,708 -4,679 -5,429 -6,304
Reference price 3 77,900.00 112,500.00 53,100.00 54,300.00 38,200.00 57,300.00 57,300.00 57,300.00
Nbr of stocks (in thousands) 429,733 433,573 436,633 438,043 438,910 440,054 440,054 -
Announcement Date 08/02/21 10/02/22 09/02/23 14/02/24 12/02/25 - - -
1KRW in Million2KRW in Billions3KRW
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
46.56x2.6x14.02x0.12% 17.54B
23.11x6.48x14.82x0.87% 719B
34.8x9.05x29.23x-.--% 402B
15.66x3.4x20.31x-.--% 175B
14.14x17.06x170.39x0.28% 138B
59.77x4.89x37.63x-.--% 105B
93.42x6.45x32.03x-.--% 90.56B
32.15x5.73x16.31x-.--% 80.4B
11.27x5.39x59.46x0.36% 52.08B
17.06x1.96x9.43x0.3% 44.37B
Average 34.79x 6.30x 40.36x 0.19% 182.42B
Weighted average by Cap. 30.03x 7.25x 33.67x 0.38%
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Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield