Company Valuation: NAVER Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 56,422,552 26,619,594 33,732,281 30,082,619 36,250,069 28,802,237 - -
Change - -52.82% 26.72% -10.82% 20.5% -20.55% - -
Enterprise Value (EV) 1 50,954 24,388 33,526 26,829 30,505 23,295 22,678 21,444
Change - -52.14% 37.47% -19.98% 13.7% -23.64% -2.65% -5.44%
P/E 3.45x 34.4x 34.1x 15.8x 18.8x 15.2x 13.3x 11.6x
PBR 2.41x 1.17x 1.68x 1.16x 1.31x 1x 0.94x 0.87x
PEG - -0.4x 1.2x 0.2x 6.67x -7.33x 0.9x 0.8x
Capitalization / Revenue 8.28x 3.24x 3.49x 2.8x 3.01x 2.09x 1.83x 1.57x
EV / Revenue 7.47x 2.97x 3.47x 2.5x 2.53x 1.69x 1.44x 1.17x
EV / EBITDA 29x 13.1x 16.2x 10.1x 10.3x 7.79x 6.42x 5.37x
EV / EBIT 38.4x 18.7x 22.5x 13.6x 13.8x 10.8x 8.96x 7.3x
EV / FCF 81.4x 32.4x 24.6x 13.2x 16.4x 12.8x 9.31x 7.81x
FCF Yield 1.23% 3.09% 4.06% 7.59% 6.1% 7.81% 10.7% 12.8%
Dividend per Share 3 511 914 415 1,130 2,630 2,523 2,695 2,789
Rate of return 0.14% 0.51% 0.19% 0.57% 1.08% 1.31% 1.4% 1.45%
EPS 3 109,860 5,161 6,576 12,553 12,907 12,639 14,444 16,596
Distribution rate 0.47% 17.7% 6.31% 9% 20.4% 20% 18.7% 16.8%
Net sales 1 6,818 8,220 9,671 10,738 12,035 13,748 15,701 18,401
EBITDA 1 1,759 1,866 2,071 2,653 2,953 2,991 3,533 3,991
EBIT 1 1,325 1,305 1,489 1,979 2,208 2,148 2,530 2,937
Net income 1 1,430 752.3 1,013 1,878 1,958 1,942 2,227 2,553
Net Debt 1 -5,468 -2,231 -205.8 -3,253 -5,745 -5,507 -6,124 -7,359
Reference price 3 378,500.00 177,500.00 224,000.00 198,900.00 242,500.00 192,200.00 192,200.00 192,200.00
Nbr of stocks (in thousands) 149,069 149,970 150,591 151,245 149,485 149,856 - -
Announcement Date 1/26/22 A 2/2/23 A 2/1/24 A 2/6/25 A 2/5/26 A - - -
1KRW in Million2KRW in Billions3KRW
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.21x1.69x7.79x1.31% 21.39B
16.65x8.13x17.36x0.25% 4,184B
23.36x7.38x12.98x0.29% 1,855B
14.53x3.88x8.97x1.4% 483B
28.25x13.25x20.94x0.64% 484B
18.71x5.55x16.66x-.--% 279B
20.59x1.49x10.26x1.03% 263B
94.21x12.39x66.51x-.--% 195B
21.41x2.45x12.44x-.--% 139B
3.08x86.09x2.34x0.13% 114B
Average 25.60x 14.23x 17.63x 0.51% 801.63B
Weighted average by Cap. 20.75x 8.79x 16.67x 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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