Financials NEXON Co., Ltd.

Equities

3659

JP3758190007

Internet Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
2,692 ^JPY	+3.14%		+5.28%	+4.75%

May. 29	Tencent finds new hit in 'Dungeon and Fighter' mobile game after dry spell	RE
May. 23	Tech stocks lift Japan's Nikkei on boost from Nvidia's robust outlook	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,287,257	2,819,386	1,994,121	2,558,406	2,187,677	2,258,495	-	-
Enterprise Value (EV) ¹	1,046,480	2,282,934	1,445,380	1,986,794	1,716,105	1,582,034	1,526,723	1,414,888
P/E ratio	11.2 x	50 x	17.3 x	25.8 x	31 x	22 x	18.7 x	17.8 x
Yield	0.17%	0.16%	0.34%	0.34%	0.39%	0.46%	0.47%	0.47%
Capitalization / Revenue	5.18 x	9.62 x	7.27 x	7.23 x	5.17 x	5.11 x	4.65 x	4.45 x
EV / Revenue	4.21 x	7.79 x	5.27 x	5.62 x	4.05 x	3.58 x	3.14 x	2.79 x
EV / EBITDA	10.2 x	19 x	14.5 x	18 x	12 x	11.8 x	9.54 x	8.7 x
EV / FCF	10.2 x	18 x	13.9 x	17.4 x	13.7 x	14.9 x	12.2 x	10.4 x
FCF Yield	9.83%	5.57%	7.22%	5.74%	7.3%	6.72%	8.18%	9.61%
Price to Book	2.06 x	3.97 x	2.37 x	2.97 x	2.41 x	2.26 x	2.03 x	1.87 x
Nbr of stocks (in thousands)	887,763	886,599	896,637	863,743	851,402	839,121	-	-
Reference price ²	1,450	3,180	2,224	2,962	2,570	2,692	2,692	2,692
Announcement Date	2/13/20	2/9/21	2/8/22	2/9/23	2/8/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	248,542	293,024	274,462	353,714	423,356	441,965	485,738	507,767
EBITDA ¹	102,219	120,024	100,009	110,463	143,343	134,127	160,003	162,712
EBIT ¹	94,525	111,450	91,541	103,696	134,745	125,083	151,361	153,661
Operating Margin	38.03%	38.03%	33.35%	29.32%	31.83%	28.3%	31.16%	30.26%
Earnings before Tax (EBT) ¹	121,968	108,171	135,472	140,525	125,929	148,030	171,020	179,146
Net income ¹	115,664	56,220	114,888	100,339	70,609	102,606	120,015	125,651
Net margin	46.54%	19.19%	41.86%	28.37%	16.68%	23.22%	24.71%	24.75%
EPS ²	129.3	63.57	128.9	114.7	82.89	122.3	143.7	151.4
Free Cash Flow ¹	102,913	127,083	104,329	114,016	125,305	106,386	124,838	136,010
FCF margin	41.41%	43.37%	38.01%	32.23%	29.6%	24.07%	25.7%	26.79%
FCF Conversion (EBITDA)	100.68%	105.88%	104.32%	103.22%	87.42%	79.32%	78.02%	83.59%
FCF Conversion (Net income)	88.98%	226.05%	90.81%	113.63%	177.46%	103.68%	104.02%	108.24%
Dividend per Share ²	2.500	5.000	7.500	10.00	10.00	12.31	12.69	12.78
Announcement Date	2/13/20	2/9/21	2/8/22	2/9/23	2/8/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	147,228	144,322	54,250	91,034	84,122	175,156	97,463	81,095	124,087	94,436	218,523	120,256	84,577	108,418	100,593	-	129,319	103,151	126,200	108,022
EBITDA ¹	-	-	-	40,299	24,335	-	33,246	12,583	-	30,158	-	48,272	6,125	-	28,200	-	60,700	21,500	-	-
EBIT ¹	68,254	58,730	2,976	38,520	22,684	61,204	31,524	10,968	56,275	27,614	83,889	46,310	3,797	29,146	24,691	46,100	47,995	22,300	43,400	29,122
Operating Margin	46.36%	40.69%	5.49%	42.31%	26.97%	34.94%	32.34%	13.52%	45.35%	29.24%	38.39%	38.51%	4.49%	26.88%	24.55%	-	37.11%	21.62%	34.39%	26.96%
Earnings before Tax (EBT) ¹	86,667	77,470	9,644	57,201	41,698	98,899	57,966	-16,340	71,903	42,827	114,730	52,859	-41,660	54,239	29,279	56,100	55,586	27,378	-	-
Net income ¹	69,674	54,991	21,995	40,261	24,707	64,968	43,303	-7,932	52,791	24,538	77,329	35,167	-41,870	35,918	19,500	39,400	37,900	18,867	-	-
Net margin	47.32%	38.1%	40.54%	44.23%	29.37%	37.09%	44.43%	-9.78%	42.54%	25.98%	35.39%	29.24%	-49.51%	33.13%	19.39%	-	29.31%	18.29%	-	-
EPS ²	78.91	61.90	24.55	45.35	28.19	73.54	49.79	-8.590	61.63	28.86	90.49	41.28	-48.88	42.77	23.97	-	34.42	16.00	-	-
Dividend per Share ²	2.500	2.500	5.000	-	5.000	5.000	-	5.000	-	5.000	5.000	-	5.000	-	-	-	-	13.00	-	-
Announcement Date	8/6/20	8/11/21	2/8/22	5/12/22	8/9/22	8/9/22	11/9/22	2/9/23	5/11/23	8/9/23	8/9/23	11/9/23	2/8/24	5/14/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	240,777	536,452	548,741	571,612	471,572	676,461	731,772	843,607
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	102,913	127,083	104,329	114,016	125,305	106,386	124,838	136,010
ROE (net income / shareholders' equity)	19.7%	8.5%	14.9%	11.8%	8%	11.2%	11.6%	11.3%
ROA (Net income/ Total Assets)	17.8%	13.7%	14.7%	13.8%	11.8%	9.29%	9.67%	9.62%
Assets ¹	649,162	410,913	783,941	724,555	600,221	1,105,062	1,240,899	1,305,678
Book Value Per Share ²	703.0	800.0	939.0	997.0	1,065	1,191	1,325	1,436
Cash Flow per Share ²	138.0	73.30	138.0	122.0	93.00	120.0	147.0	157.0
Capex ¹	2,160	10,520	5,185	16,128	5,713	3,244	9,233	8,366
Capex / Sales	0.87%	3.59%	1.89%	4.56%	1.35%	0.73%	1.9%	1.65%
Announcement Date	2/13/20	2/9/21	2/8/22	2/9/23	2/8/24	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for NEXON Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,692 JPY

Average target price

3,308 JPY

Spread / Average Target

+22.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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