Stock GRVY GRAVITY CO., LTD.
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Financials Gravity Co., Ltd.

Equities

GRVY

US38911N2062

Internet Services

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
66.61 USD -0.12% Intraday chart for Gravity Co., Ltd. +0.26% -4.24%
Mar. 29 Gravity Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Mar. 18 Gravity Co., Ltd. Announces Ragnarok Origin to Launch in China on March 26, 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 324,108 299,886 1,361,531 562,332 353,550 625,654
Enterprise Value (EV) 1 228,558 185,952 1,184,981 323,359 19,266 166,481
P/E ratio 10.3 x 7.52 x 21.7 x 8.53 x 4.25 x 4.74 x
Yield - - - - - -
Capitalization / Revenue 1.13 x 0.83 x 3.35 x 1.36 x 0.76 x 0.88 x
EV / Revenue 0.8 x 0.52 x 2.92 x 0.78 x 0.04 x 0.23 x
EV / EBITDA 6.59 x 3.76 x 13.1 x 3.25 x 0.18 x 1.1 x
EV / FCF 7.19 x 9.48 x 21.2 x 5.48 x 0.24 x 1.76 x
FCF Yield 13.9% 10.6% 4.71% 18.3% 411% 56.8%
Price to Book 4.26 x 2.6 x 7.7 x 2.29 x 1.07 x 1.35 x
Nbr of stocks (in thousands) 6,949 6,949 6,949 6,949 6,949 6,949
Reference price 2 46,642 43,156 195,935 80,924 50,879 90,036
Announcement Date 4/12/19 4/10/20 4/13/21 4/13/22 4/27/23 4/12/24
1KRW in Million2KRW
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 286,770 360,967 405,953 413,938 463,618 713,443
EBITDA 1 34,707 49,514 90,541 99,345 107,047 151,178
EBIT 1 33,889 48,803 89,474 97,564 105,167 148,932
Operating Margin 11.82% 13.52% 22.04% 23.57% 22.68% 20.88%
Earnings before Tax (EBT) 1 34,439 51,257 88,011 99,301 109,882 168,699
Net income 1 31,443 39,876 62,703 65,947 83,162 132,019
Net margin 10.96% 11.05% 15.45% 15.93% 17.94% 18.5%
EPS 2 4,525 5,738 9,023 9,490 11,968 18,999
Free Cash Flow 1 31,773 19,621 55,863 59,053 79,243 94,602
FCF margin 11.08% 5.44% 13.76% 14.27% 17.09% 13.26%
FCF Conversion (EBITDA) 91.55% 39.63% 61.7% 59.44% 74.03% 62.58%
FCF Conversion (Net income) 101.05% 49.2% 89.09% 89.55% 95.29% 71.66%
Dividend per Share - - - - - -
Announcement Date 4/12/19 4/10/20 4/13/21 4/13/22 4/27/23 4/12/24
1KRW in Million2KRW
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 95,551 113,934 176,550 238,972 334,284 459,173
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 31,773 19,621 55,863 59,053 79,243 94,602
ROE (net income / shareholders' equity) 52.5% 41.5% 42.7% 31.1% 28.8% 33.2%
ROA (Net income/ Total Assets) 14.7% 17.5% 25.4% 20.6% 17% 18.2%
Assets 1 214,552 227,867 247,127 320,609 488,134 724,945
Book Value Per Share 2 10,960 16,628 25,459 35,411 47,421 66,642
Cash Flow per Share 2 12,383 11,430 15,921 14,262 24,447 26,491
Capex 1 1,141 983 1,071 1,747 739 2,461
Capex / Sales 0.4% 0.27% 0.26% 0.42% 0.16% 0.34%
Announcement Date 4/12/19 4/10/20 4/13/21 4/13/22 4/27/23 4/12/24
1KRW in Million2KRW
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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