Financials Netmarble Corporation

Equities

A251270

KR7251270005

Internet Services

End-of-day quote Korea S.E. Other stock markets 03:30:00 31/05/2024 am IST			5-day change	1st Jan Change
60,200 ^KRW	-.--%		-6.52%	+3.61%

13/05	South Korean Shares Slightly Slip on Tech, Bio Losses; Netmarble Loses 6% After Hitting 52 Week-High in Past Session	MT
13/05	Netmarble's Q1 Net Loss Narrows; Shares Reach 52-Week High on Friday	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	75,57,938	1,07,60,168	1,02,41,821	49,48,848	47,60,399	49,32,461	-	-
Enterprise Value (EV) ²	5,500	10,224	9,282	6,460	6,021	5,823	6,217	6,019
P/E ratio	49.3 x	34.4 x	42.6 x	-6.03 x	-18.6 x	53.2 x	42.5 x	31 x
Yield	-	0.58%	0.42%	-	-	0.84%	0.94%	0.62%
Capitalization / Revenue	3.47 x	4.33 x	4.09 x	1.85 x	1.9 x	1.7 x	1.64 x	1.61 x
EV / Revenue	2.53 x	4.11 x	3.7 x	2.42 x	2.41 x	2.01 x	2.07 x	1.96 x
EV / EBITDA	17.1 x	26.6 x	30.8 x	52.2 x	51.5 x	21.9 x	18.1 x	16.7 x
EV / FCF	18.9 x	63.2 x	182 x	-14.5 x	-44.8 x	29.2 x	33.7 x	25.1 x
FCF Yield	5.28%	1.58%	0.55%	-6.92%	-2.23%	3.42%	2.97%	3.98%
Price to Book	1.72 x	1.99 x	1.7 x	0.88 x	0.96 x	1.02 x	0.95 x	0.92 x
Nbr of stocks (in thousands)	81,796	81,826	81,935	81,935	81,935	81,935	-	-
Reference price ³	92,400	1,31,500	1,25,000	60,400	58,100	60,200	60,200	60,200
Announcement Date	13/02/20	10/02/21	09/02/22	09/02/23	07/02/24	-	-	-

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	2,175	2,485	2,506	2,673	2,501	2,902	3,005	3,069
EBITDA ¹	320.8	383.8	301.6	123.7	117	266.5	343.5	360.2
EBIT ¹	201.8	272	154.5	-104.5	-69.6	145.4	192.9	252.8
Operating Margin	9.28%	10.95%	6.16%	-3.91%	-2.78%	5.01%	6.42%	8.24%
Earnings before Tax (EBT) ¹	209.7	475.2	351.2	-944.9	-172.5	118.3	158.9	202.4
Net income ¹	156	313	240.2	-906.4	-266.6	86.9	110.2	160.4
Net margin	7.17%	12.59%	9.59%	-33.9%	-10.66%	2.99%	3.67%	5.23%
EPS ²	1,876	3,822	2,932	-10,023	-3,120	1,132	1,415	1,941
Free Cash Flow ³	2,90,651	1,61,816	51,107	-4,47,050	-1,34,277	1,99,288	1,84,700	2,39,560
FCF margin	13,360.48%	6,512.32%	2,039.47%	-16,722.11%	-5,368.07%	6,866.51%	6,146.66%	7,806.08%
FCF Conversion (EBITDA)	90,597.56%	42,165.04%	16,946.42%	-	-	74,781.32%	53,768.66%	66,509.63%
FCF Conversion (Net income)	1,86,334.76%	51,706.46%	21,272.81%	-	-	2,29,329.69%	1,67,616.05%	1,49,311.72%
Dividend per Share ²	-	767.0	528.0	-	-	505.2	565.2	374.2
Announcement Date	13/02/20	10/02/21	09/02/22	09/02/23	07/02/24	-	-	-

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	751.3	631.5	660.6	694.4	686.9	602.6	603.3	630.6	664.9	585.4	770.5	715.8	696.4	801.4	815.6
EBITDA ¹	-	-	21.53	20.82	35.69	20.08	10.85	24.43	61.59	42.73	80.3	95.79	76.83	-	-
EBIT ¹	57.5	-11.95	-34.7	-38	-24.07	-28.2	-37.2	-21.9	17.7	3.693	51.6	43.5	34.5	60	58.1
Operating Margin	7.65%	-1.89%	-5.25%	-5.47%	-3.5%	-4.68%	-6.17%	-3.47%	2.66%	0.63%	6.7%	6.08%	4.95%	7.49%	7.12%
Earnings before Tax (EBT) ¹	138	-58.31	-167.1	-288.7	-429.8	-53.6	-64.7	-33	-21.2	0.8682	61.48	67.78	53.8	61.3	46.6
Net income ¹	108	-43.04	-118.3	-245.3	-414.7	-37.7	-27.1	-19	-182.8	-0.4242	26.1	36.99	33.87	53.6	40.7
Net margin	14.37%	-6.82%	-17.91%	-35.33%	-60.38%	-6.26%	-4.49%	-3.01%	-27.49%	-0.07%	3.39%	5.17%	4.86%	6.69%	4.99%
EPS	1,318	-525.0	-	-2,992	-5,061	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	09/02/22	13/05/22	11/08/22	11/11/22	09/02/23	10/05/23	08/08/23	08/11/23	07/02/24	16/05/24	-	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	1,511	1,261	891	1,285	1,087
Net Cash position ¹	2,057	537	959	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	12.22 x	10.78 x	3.343 x	3.741 x	3.017 x
Free Cash Flow ²	2,90,651	1,61,816	51,107	-4,47,050	-1,34,277	1,99,288	1,84,700	2,39,560
ROE (net income / shareholders' equity)	3.53%	6.69%	4.34%	-15.6%	-4.9%	1.81%	2.46%	2.93%
ROA (Net income/ Total Assets)	2.78%	4.91%	2.54%	-8.38%	-3.03%	1.14%	1.64%	1.91%
Assets ¹	5,620	6,377	9,444	10,815	8,786	7,614	6,713	8,381
Book Value Per Share ³	53,731	66,115	73,336	68,613	60,774	58,882	63,197	65,095
Cash Flow per Share ³	4,586	4,547	1,678	-4,984	-1,197	2,932	4,051	5,253
Capex ¹	90.6	210	86.4	38.7	36.2	64	66.2	65
Capex / Sales	4.16%	8.47%	3.45%	1.45%	1.45%	2.21%	2.2%	2.12%
Announcement Date	13/02/20	10/02/21	09/02/22	09/02/23	07/02/24	-	-	-

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

Ratings for Netmarble Corporation

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

60,200 KRW

Average target price

62,773 KRW

Spread / Average Target

+4.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Internet Gaming

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