Company Valuation: NHN Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,628,897 857,202 787,030 560,897 907,658 1,695,326 - -
Change - -47.38% -8.19% -28.73% 61.82% 86.78% - -
Enterprise Value (EV) 1 841.7 268.4 257 163.3 -563.4 86.83 1.826 -496.7
Change - -68.12% -4.24% -36.46% -445% 115.41% -97.9% -27,292.79%
P/E 7.03x -39.2x -92.7x -4.37x 28.4x 18x 14.2x 11.1x
PBR 0.44x 0.52x 0.5x 0.41x 0.63x 1.15x 1.08x 1x
PEG - 0x 1.5x -0x -0x 0x 0.5x 0.4x
Capitalization / Revenue 0.85x 0.41x 0.35x 0.23x 0.36x 0.57x 0.52x 0.47x
EV / Revenue 0.44x 0.13x 0.11x 0.07x -0.22x 0.03x 0x -0.14x
EV / EBITDA 4.92x 2.24x 1.72x 2.27x -2.39x 0.27x 0x -1.17x
EV / EBIT 8.58x 6.59x 4.63x -5.01x -4.26x 0.43x 0.01x -1.79x
EV / FCF 5.49x -2.88x -1.68x -166x -1.8x 0.37x 0.01x -1.65x
FCF Yield 18.2% -34.7% -59.4% -0.6% -55.6% 270% 11,655% -60.7%
Dividend per Share 3 - - - - - 500 537.5 566.7
Rate of return - - - - - 0.91% 0.98% 1.03%
EPS 3 6,402 -636 -252 -4,039 1,023 3,052 3,881 4,961
Distribution rate - - - - - 16.4% 13.8% 11.4%
Net sales 1 1,920 2,116 2,270 2,456 2,516 2,967 3,234 3,607
EBITDA 1 171.2 119.7 149.5 71.85 235.8 320.7 370.9 424.3
EBIT 1 98.06 40.74 55.52 -32.62 132.4 202.4 238.7 278.1
Net income 1 115.5 -8.318 -8.538 -125.4 36.92 101.1 128.4 162
Net Debt 1 -787.2 -588.8 -530 -397.6 -1,471 -1,608 -1,694 -2,192
Reference price 3 45,000.00 24,900.00 23,350.00 17,650.00 29,050.00 55,000.00 55,000.00 55,000.00
Nbr of stocks (in thousands) 36,198 34,426 33,706 31,779 31,245 30,824 - -
Announcement Date 08/02/22 10/02/23 13/02/24 13/02/25 11/02/26 - - -
1KRW in Million2KRW in Billions3KRW
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.02x0.03x0.27x0.91% 1.25B
16.67x8.14x17.39x0.25% 4,190B
23.23x7.35x12.93x0.29% 1,847B
14.88x3.97x9.19x1.37% 494B
28.21x13.23x20.91x0.64% 483B
19.42x5.75x17.28x-.--% 290B
21.02x1.52x10.44x1.01% 267B
92.29x12.12x65.11x-.--% 191B
21.46x2.46x12.51x-.--% 140B
7.99x0.88x3.8x-.--% 111B
Average 26.32x 5.55x 16.98x 0.45% 801.43B
Weighted average by Cap. 20.78x 7.59x 16.69x 0.36%

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

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  4. Valuation NHN Corporation