Company Valuation: NHN Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 16,28,897 8,57,202 7,87,030 5,60,897 9,07,658 17,35,398 - -
Change - -47.38% -8.19% -28.73% 61.82% 91.2% - -
Enterprise Value (EV) 1 841.7 268.4 257 163.3 -563.4 126.9 41.9 -456.6
Change - -68.12% -4.24% -36.46% -445% 122.52% -66.98% -1,189.8%
P/E 7.03x -39.2x -92.7x -4.37x 28.4x 18.4x 14.5x 11.3x
PBR 0.44x 0.52x 0.5x 0.41x 0.63x 1.18x 1.1x 1.02x
PEG - 0x 1.5x -0x -0x 0x 0.5x 0.4x
Capitalization / Revenue 0.85x 0.41x 0.35x 0.23x 0.36x 0.58x 0.54x 0.48x
EV / Revenue 0.44x 0.13x 0.11x 0.07x -0.22x 0.04x 0.01x -0.13x
EV / EBITDA 4.92x 2.24x 1.72x 2.27x -2.39x 0.4x 0.11x -1.08x
EV / EBIT 8.58x 6.59x 4.63x -5.01x -4.26x 0.63x 0.18x -1.64x
EV / FCF 5.49x -2.88x -1.68x -166x -1.8x 0.54x 0.2x -1.51x
FCF Yield 18.2% -34.7% -59.4% -0.6% -55.6% 185% 508% -66%
Dividend per Share 3 - - - - - 500 537.5 566.7
Rate of return - - - - - 0.89% 0.95% 1.01%
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 56,300.00 56,300.00 56,300.00
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.02x0.03x0.27x0.91% 125.15Cr
16.67x8.14x17.39x0.25% 4,19000Cr
23.23x7.35x12.93x0.29% 1,84700Cr
14.88x3.97x9.19x1.37% 49TCr
28.21x13.23x20.91x0.64% 48TCr
19.42x5.75x17.28x-.--% 29TCr
21.02x1.52x10.44x1.01% 27TCr
92.29x12.12x65.11x-.--% 19TCr
21.46x2.46x12.51x-.--% 14TCr
7.99x0.88x3.8x-.--% 11TCr
Average 26.32x 5.55x 16.98x 0.45% 80.14TCr
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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  3. A181710 Stock
  4. Valuation NHN Corporation