Company Valuation: Kakao Games Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 3,400,874 7,033,527 3,635,743 2,111,049 1,342,849 1,347,333 1,347,333 -
Change - 106.82% -48.31% -41.94% -36.39% 0.33% 0% -
Enterprise Value (EV) 1 2,982 6,410 3,790 2,619 1,705 1,685 1,736 1,723
Change - 114.92% -40.87% -30.9% -34.89% -1.2% 3.06% -0.74%
P/E ratio 33.7x 14.3x -16.8x -9.22x -12.3x -44.7x 338x 20.5x
PBR 2.78x 2.81x 1.74x 1.51x 1x 0.99x 1.03x 0.93x
PEG - 0x 0x -1.6x 0.2x 0.6x -3x 0x
Capitalization / Revenue 6.86x 6.95x 3.17x 2.06x 1.82x 2.85x 2.66x 1.72x
EV / Revenue 6.02x 6.33x 3.3x 2.56x 2.31x 3.44x 3.42x 2.2x
EV / EBITDA 37.2x 45.6x 15.3x 18.1x 18.7x -693x 27.5x 15.6x
EV / EBIT 44.8x 56.1x 21.3x 35.2x 263x -49.4x 79.8x 20.7x
EV / FCF - 28.7x 34.3x 27x 115x 59.9x 1,042x 83.6x
FCF Yield - 3.48% 2.92% 3.7% 0.87% 1.67% 0.1% 1.2%
Dividend per Share 3 - - - - - - - -
Rate of return - - - - - - - -
EPS 3 1,367 6,358 -2,650 -2,803 -1,332 -338.9 44.77 737.6
Distribution rate - - - - - - - -
Net sales 1 495.5 1,012 1,148 1,024 738.8 465 507 782.4
EBITDA 1 80.22 140.5 247.1 144.7 91.4 -2.43 63.16 110.8
EBIT 1 66.55 114.3 177.7 74.46 6.485 -39.59 21.75 83.43
Net income 1 85.97 528.7 -209.8 -244.6 -94.69 -99.91 -31.6 61.08
Net Debt 1 -418.6 -623.9 154.5 508.1 362.4 337.4 388.9 376.1
Reference price 3 46,000.00 91,000.00 44,650.00 25,850.00 16,380.00 15,150.00 15,150.00 15,150.00
Nbr of stocks (in thousands) 73,932 77,292 81,428 81,665 81,981 88,933 88,933 -
Announcement Date 2/8/21 2/8/22 2/8/23 2/7/24 2/11/25 2/11/26 - -
1KRW in Million2KRW in Billions3KRW
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-44.7x3.44x-693.31x-.--% 934M
35.21x14.08x29.86x1.04% 11.21B
-25.23x1.22x7.81x-.--% 8.16B
45.06x7.65x42.01x-.--% 3.99B
22.59x3.17x15.94x0.65% 3.48B
11.36x1.44x5.83x1.59% 1.93B
18.03x - - 1.86% 1.59B
Average 8.91x 5.17x -98.64x 0.73% 4.47B
Weighted average by Cap. 14.58x 7.25x -0.50x 0.64%

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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