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 2,290,232 - -
Change - -47.38% -8.19% -28.73% 61.82% 152.32% - -
Enterprise Value (EV) 1 841.7 268.4 257 163.3 -563.4 681.7 596.7 98.23
Change - -68.12% -4.24% -36.46% -445% 221.01% -12.47% -83.54%
P/E 7.03x -39.2x -92.7x -4.37x 28.4x 24.3x 18.8x 15.2x
PBR 0.44x 0.52x 0.5x 0.41x 0.63x 1.55x 1.45x 1.34x
PEG - 0x 1.5x -0x -0x 0x 0.6x 0.7x
Capitalization / Revenue 0.85x 0.41x 0.35x 0.23x 0.36x 0.77x 0.71x 0.64x
EV / Revenue 0.44x 0.13x 0.11x 0.07x -0.22x 0.23x 0.18x 0.03x
EV / EBITDA 4.92x 2.24x 1.72x 2.27x -2.39x 2.13x 1.62x 0.25x
EV / EBIT 8.58x 6.59x 4.63x -5.01x -4.26x 3.38x 2.5x 0.36x
EV / FCF 5.49x -2.88x -1.68x -166x -1.8x 2.91x 2.75x 0.35x
FCF Yield 18.2% -34.7% -59.4% -0.6% -55.6% 34.4% 36.4% 283%
Dividend per Share 3 - - - - - 500 537.5 566.7
Rate of return - - - - - 0.67% 0.72% 0.76%
EPS 3 6,402 -636 -252 -4,039 1,023 3,053 3,960 4,886
Distribution rate - - - - - 16.4% 13.6% 11.6%
Net sales 1 1,920 2,116 2,270 2,456 2,516 2,968 3,233 3,558
EBITDA 1 171.2 119.7 149.5 71.85 235.8 319.9 368.1 399.9
EBIT 1 98.06 40.74 55.52 -32.62 132.4 201.5 239.2 269.9
Net income 1 115.5 -8.318 -8.538 -125.4 36.92 101.1 130.5 160
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 74,300.00 74,300.00 74,300.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.34x0.23x2.13x0.67% 1.67B
15.69x4.19x9.66x1.3% 520B
22.61x6.69x20.09x-.--% 337B
22.98x2.7x13.77x-.--% 155B
38.33x4.5x29.74x-.--% 112B
34.62x6.83x19.21x-.--% 108B
88.72x5.36x25.53x-.--% 100B
2.79x73.83x2.06x0.15% 99.8B
10.6x8.03x93.67x0.63% 94.08B
8.46x2.72x59.09x0.74% 36.87B
Average 26.91x 11.51x 27.49x 0.35% 156.46B
Weighted average by Cap. 24.22x 9.49x 21.15x 0.5%

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