Company Valuation: Webzen Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 10,59,515 8,65,463 4,49,369 4,81,782 4,03,990 3,58,684 3,58,684 -
Change - -18.32% -48.08% 7.21% -16.15% -11.21% 0% -
Enterprise Value (EV) 1 889.9 548.5 191.6 162.4 -35.31 25.58 -10.12 -8.566
Change - -38.37% -65.06% -15.26% -121.75% 172.46% -139.54% 15.32%
P/E ratio 12.3x 10.1x 6.25x 8.36x 7.1x 15.7x 8.52x 6.91x
PBR 2.45x 1.71x 0.8x 0.77x 0.6x 0.62x 0.63x 0.57x
PEG - 4.72x -0.4x -0.4x -6.04x -0.3x 0.2x 0.3x
Capitalization / Revenue 3.61x 3.04x 1.86x 2.45x 1.88x 2.15x 1.79x 1.53x
EV / Revenue 3.03x 1.93x 0.79x 0.83x -0.16x 0.15x -0.05x -0.04x
EV / EBITDA 7.83x 5.09x 2.18x 2.87x -0.57x 0.24x -0.22x -0.18x
EV / EBIT 8.22x 5.32x 2.31x 3.25x -0.65x 0.75x -0.24x -0.17x
EV / FCF 6.63x 6.43x 5.07x 4.18x -0.58x 2.11x -0.34x -0.21x
FCF Yield 15.1% 15.6% 19.7% 24% -172% 47.3% -294% -483%
Dividend per Share 3 - - - 300 370 400 800 553.3
Rate of return - - - 1.83% 2.7% 3.24% 6.48% 4.48%
EPS 3 2,802 2,862 2,441 1,955 1,932 824 1,449 1,786
Distribution rate - - - 15.3% 19.2% 39% 55.2% 31%
Net sales 1 293.7 284.8 242.1 196.3 214.7 174.4 200.4 233.9
EBITDA 1 113.7 107.6 87.94 56.53 61.45 37.74 45.9 48.85
EBIT 1 108.3 103 83 49.9 54.55 29.73 42.6 49.43
Net income 1 86.26 86.86 72.39 57.61 56.94 23.53 36.6 50.9
Net Debt 1 -169.6 -317 -257.8 -319.4 -439.3 -333.1 -368.8 -367.2
Reference price 3 34,600.00 28,900.00 15,250.00 16,350.00 13,710.00 12,340.00 12,340.00 12,340.00
Nbr of stocks (in thousands) 30,622 29,947 29,467 29,467 29,467 29,067 29,067 -
Announcement Date 03/02/21 09/02/22 16/02/23 07/02/24 12/02/25 11/02/26 - -
1KRW in Million2KRW in Billions3KRW
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.05x0.15x0.25x3.24% 24Cr
14.35x3.16x9.29x2.43% 7.56TCr
21.82x3.65x11.05x1.38% 1.5TCr
16.79x2.79x13.05x4.89% 748.07Cr
11.77x1.95x6.14x0.13% 701.12Cr
32.8x2.43x11.99x1.54% 597.1Cr
50.01x5.02x26.27x0.85% 555.86Cr
19.91x4.47x14.31x0.74% 443.77Cr
16.18x3.95x10.44x4.67% 399.08Cr
17.91x6.68x16.51x2.99% 396.35Cr
Average 21.36x 3.43x 11.93x 2.29% 1.29TCr
Weighted average by Cap. 17.95x 3.35x 10.81x 2.25%

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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