KAKAO GAMES CORP. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 21,100 KRW | +0.96% |
|
+1.69% | -18.38% |
| Apr. 17 | Kakao Games Secures IP Rights Agreement with SM Entertainment; Shares Up 2% | MT |
| Mar. 22 | Kakao Games Secures Publishing Agreement for Chrono Odyssey | MT |
Valuation
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 3,400,874 | 7,033,527 | 3,635,743 | 2,111,049 | 1,725,385 | - | - |
| Enterprise Value (EV) 2 | 2,982 | 6,410 | 3,790 | 2,111 | 2,141 | 2,065 | 2,087 |
| P/E ratio | 33.7 x | 14.3 x | -16.8 x | -9.22 x | 23.5 x | 15.2 x | 16.2 x |
| Yield | - | - | - | - | - | - | - |
| Capitalization / Revenue | 6.86 x | 6.95 x | 3.17 x | 2.06 x | 1.49 x | 1.34 x | 1.27 x |
| EV / Revenue | 6.02 x | 6.33 x | 3.3 x | 2.06 x | 1.86 x | 1.6 x | 1.54 x |
| EV / EBITDA | 37.2 x | 45.6 x | 15.3 x | 14.6 x | 11.3 x | 8.61 x | 9.8 x |
| EV / FCF | - | 28.7 x | 34.3 x | - | 12.9 x | 12.6 x | 13 x |
| FCF Yield | - | 3.48% | 2.92% | - | 7.77% | 7.92% | 7.7% |
| Price to Book | 2.78 x | 2.81 x | 1.74 x | - | 1.1 x | 1.01 x | 1.07 x |
| Nbr of stocks (in thousands) | 73,932 | 77,292 | 81,428 | 81,665 | 81,772 | - | - |
| Reference price 3 | 46,000 | 91,000 | 44,650 | 25,850 | 21,100 | 21,100 | 21,100 |
| Announcement Date | 2/8/21 | 2/8/22 | 2/8/23 | 2/7/24 | - | - | - |
1KRW in Million2KRW in Billions3KRW
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 391 | 495.5 | 1,012 | 1,148 | 1,024 | 1,154 | 1,292 | 1,355 |
| EBITDA 1 | - | 80.22 | 140.5 | 247.1 | 144.7 | 190.2 | 239.9 | 213 |
| EBIT 1 | - | 66.55 | 114.3 | 175.8 | 74.46 | 117.1 | 160 | 152.3 |
| Operating Margin | - | 13.43% | 11.29% | 15.32% | 7.27% | 10.15% | 12.38% | 11.24% |
| Earnings before Tax (EBT) 1 | - | 77.94 | 722.1 | -194.7 | -372.9 | 105.9 | 147.6 | 141 |
| Net income 1 | - | 85.97 | 528.7 | -209.8 | -244.6 | 69.18 | 104.9 | 88.67 |
| Net margin | - | 17.35% | 52.21% | -18.28% | -23.89% | 5.99% | 8.12% | 6.54% |
| EPS 2 | 197.0 | 1,367 | 6,358 | -2,650 | -2,803 | 899.3 | 1,387 | 1,300 |
| Free Cash Flow 3 | - | - | 223,159 | 110,534 | - | 166,438 | 163,589 | 160,667 |
| FCF margin | - | - | 22,040.78% | 9,630.95% | - | 14,418.64% | 12,662.14% | 11,854.4% |
| FCF Conversion (EBITDA) | - | - | 158,793.85% | 44,734.68% | - | 87,526.61% | 68,189.66% | 75,430.36% |
| FCF Conversion (Net income) | - | - | 42,212.47% | - | - | 240,591.13% | 155,989.95% | 181,203% |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 3/30/20 | 2/8/21 | 2/8/22 | 2/8/23 | 2/7/24 | - | - | - |
1KRW in Billions2KRW3KRW in Million
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 466.2 | 286.7 | 266.3 | 338.8 | 306.9 | 235.7 | 249.2 | 271.1 | 264.7 | 239.2 | 249.6 | 286.2 | 309.1 | 309.3 | 317.1 |
| EBITDA 1 | - | - | - | - | - | - | 34.86 | 50.4 | 46.44 | 32.27 | 33.6 | 45 | 65.6 | 62.3 | - |
| EBIT 1 | 42.75 | 47.86 | 42.09 | 81.04 | 43.73 | 8.957 | 11.34 | 26.48 | 22.55 | 14.08 | 12.46 | 24.71 | 36.22 | 35.02 | 25.6 |
| Operating Margin | 9.17% | 16.69% | 15.8% | 23.92% | 14.25% | 3.8% | 4.55% | 9.77% | 8.52% | 5.89% | 4.99% | 8.63% | 11.72% | 11.32% | 8.07% |
| Earnings before Tax (EBT) 1 | 61.76 | 637.2 | 34.2 | 116.9 | 26.47 | -372.3 | 2.712 | 18.04 | 13.73 | -407.4 | 11.95 | 24.7 | 31.32 | 35.23 | 16.9 |
| Net income 1 | 49.6 | 457.3 | 13.55 | 45.09 | 3.153 | -271.6 | 2.242 | 3.369 | 2.983 | -253.2 | 5.527 | 14.12 | 21.12 | 21.48 | 9.8 |
| Net margin | 10.64% | 159.51% | 5.09% | 13.31% | 1.03% | -115.25% | 0.9% | 1.24% | 1.13% | -105.89% | 2.21% | 4.93% | 6.83% | 6.95% | 3.09% |
| EPS | - | 5,415 | 157.0 | - | 37.00 | - | 26.00 | - | 35.00 | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/3/21 | 2/8/22 | 5/3/22 | 8/3/22 | 11/2/22 | 2/8/23 | 5/3/23 | 8/1/23 | 11/8/23 | 2/7/24 | - | - | - | - | - |
1KRW in Billions
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | 154 | - | 416 | 339 | 362 |
| Net Cash position 1 | - | 419 | 624 | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | 0.6251 x | - | 2.188 x | 1.414 x | 1.7 x |
| Free Cash Flow 2 | - | - | 223,159 | 110,534 | - | 166,438 | 163,589 | 160,667 |
| ROE (net income / shareholders' equity) | - | 9.33% | 30.2% | -9.43% | - | 4.88% | 7.01% | 5.63% |
| ROA (Net income/ Total Assets) | - | 7.08% | 18.8% | -5.13% | - | 2.42% | 3.19% | 2.87% |
| Assets 1 | - | 1,214 | 2,807 | 4,090 | - | 2,854 | 3,292 | 3,093 |
| Book Value Per Share 3 | - | 16,552 | 32,383 | 25,617 | - | 19,150 | 20,916 | 19,754 |
| Cash Flow per Share 3 | - | 1,328 | 3,133 | 1,506 | - | 2,847 | 3,378 | 1,867 |
| Capex 1 | - | 27.8 | 11 | 23.3 | - | 40.6 | 41.6 | 22 |
| Capex / Sales | - | 5.61% | 1.09% | 2.03% | - | 3.52% | 3.22% | 1.62% |
| Announcement Date | 3/30/20 | 2/8/21 | 2/8/22 | 2/8/23 | 2/7/24 | - | - | - |
1KRW in Billions2KRW in Million3KRW
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
21,100
KRW
Average target price
26,618
KRW
Spread / Average Target
+26.15%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -18.38% | 1.25B | |
| -14.06% | 23.88B | |
| +9.94% | 2.63B | |
| -20.45% | 1.91B | |
| +80.82% | 1.86B | |
| -50.86% | 1.51B | |
| +7.97% | 1.36B | |
| -0.20% | 1.27B | |
| +15.94% | 1.13B | |
| -16.12% | 1.09B |
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- Financials Kakao Games Corp.
