Financials NAVER Corporation

Equities

A035420

KR7035420009

Internet Services

End-of-day quote Korea S.E. Other stock markets 2024-09-06			5-day change	1st Jan Change
157,200.00 ^KRW	-1.63%		-7.04%	-29.82%

Sep. 02	Naver Launches Crypto Wallet with Sports Blockchain Provider Chiliz	MT
Aug. 20	South Korean shares rise as chipmakers track US peers higher	RE

Projected Income Statement: NAVER Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,593	5,304	6,818	8,220	9,671	10,608	11,617	12,605
Change	-	-19.55%	28.53%	20.57%	17.65%	9.7%	9.51%	8.5%
EBITDA ¹	1,048	1,567	1,759	1,866	2,071	2,556	2,803	3,171
Change	-	49.5%	12.23%	6.06%	11.02%	23.4%	9.68%	13.13%
EBIT ¹	710.1	1,215	1,325	1,305	1,489	1,893	2,121	2,392
Change	-	71.15%	9.06%	-1.57%	14.11%	27.17%	12.02%	12.78%
Interest Paid ²	-166,170	-146,433	-349,334	-931,523	-682,768	-682,500	-699,250	-713,000
Earnings before Tax (EBT) ¹	866.7	1,509	2,040	1,056	1,486	2,190	2,291	2,599
Change	-	74.14%	35.19%	-48.25%	40.71%	47.35%	4.65%	13.42%
Net income ¹	583.1	1,100	1,430	752.3	1,013	1,576	1,612	1,837
Change	-	88.69%	29.96%	-47.38%	34.6%	55.67%	2.25%	13.95%
Announcement Date	1/30/20	1/28/21	1/26/22	2/2/23	2/1/24	-	-	-

¹KRW in Billions²KRW in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	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	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	1,665	1,787	1,732	1,902	1,361	1,513	1,499	1,664	1,727	1,928	1,845	2,046	2,057	2,272	2,280	2,408	2,445	2,537	2,526	2,610	2,669	2,782	2,760	2,881	2,908	3,008
Change	-	7.37%	-3.1%	9.84%	-28.47%	11.16%	-0.9%	10.97%	3.84%	11.6%	-4.28%	10.87%	0.56%	10.42%	0.38%	5.59%	1.55%	3.75%	-0.43%	3.34%	2.25%	4.23%	-0.81%	4.4%	0.95%	3.4%
EBITDA	330.2	296.7	-	-	-	-	-	-	-	-	-	-	593.7	-	-	445.5	-	-	600.9	583.8	-	-	-	-	-	-
Change	-	-10.17%	-100%	-	-	-	-	-	-	-	-	-	-	-100%	-	-	-100%	-	-	-2.85%	-100%	-	-	-	-	-
EBIT ¹	202.1	173.4	221.5	230.6	291.7	323.8	288.8	335.6	349.8	351.2	301.8	336.2	330.2	336.5	330.5	372.7	380.2	405.5	439.3	472.7	489.2	507.3	446	570	574	543
Change	-	-14.2%	27.74%	4.11%	26.51%	10.99%	-10.8%	16.19%	4.23%	0.4%	-14.07%	11.4%	-1.78%	1.91%	-1.78%	12.77%	2.01%	6.65%	8.34%	7.6%	3.49%	3.7%	-12.08%	27.8%	0.7%	-5.4%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	180.2	386.3	253.9	175.8	361.6	550.4	424.9	647.1	495	473.5	256.6	263.2	374.7	161.5	116.6	421.1	504.5	443.8	660.2	467.4	531.7	498.7	449	574	575	562
Change	-	114.35%	-34.27%	-30.76%	105.68%	52.22%	-22.8%	52.3%	-23.5%	-4.34%	-45.81%	2.57%	42.36%	-56.9%	-27.8%	261.15%	19.81%	-12.03%	48.76%	-29.2%	13.75%	-6.2%	-9.97%	27.84%	0.17%	-2.26%
Net income ¹	125.4	248.7	184.8	139.5	245.5	415.7	314.1	527.7	331.9	256.1	171.2	183.3	257	140.8	55.1	267.7	375.8	314.1	510.6	338.4	371.9	367.9	339.5	399.5	398	399
Change	-	98.33%	-25.7%	-24.51%	75.96%	69.35%	-24.44%	67.99%	-37.1%	-22.84%	-33.15%	7.07%	40.21%	-45.21%	-60.87%	385.84%	40.38%	-16.42%	62.56%	-33.73%	9.91%	-1.08%	-7.73%	17.67%	-0.38%	0.25%
Announcement Date	10/30/19	1/30/20	4/22/20	7/29/20	10/29/20	1/28/21	5/14/21	7/21/21	10/20/21	1/26/22	4/20/22	8/4/22	11/6/22	2/2/23	5/7/23	8/3/23	11/2/23	2/1/24	5/3/24	8/8/24	-	-	-	-	-	-

¹KRW in Billions

Estimates

Forecast Balance Sheet: NAVER Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-2,669	-1,165	-5,468	-2,231	-206	-2,748	-3,794	-4,821
Change	-	-143.65%	-569.36%	-140.8%	-109.23%	-1,435.14%	-238.06%	-227.07%
Announcement Date	1/30/20	1/28/21	1/26/22	2/2/23	2/1/24	-	-	-

¹KRW in Billions

Estimates

Cash Flow Forecast: NAVER Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	489.9	646	753.9	700.7	640.6	685.2	687.6	691.8
Change	-	31.86%	16.71%	-7.06%	-8.58%	6.96%	0.34%	0.61%
Free Cash Flow (FCF) ¹	920,935	526,500	625,963	752,657	1,361,610	2,057,497	1,858,008	1,913,495
Change	-	-42.83%	18.89%	20.24%	80.91%	51.11%	-9.7%	2.99%
Announcement Date	1/30/20	1/28/21	1/26/22	2/2/23	2/1/24	-	-	-

¹KRW in Million

Estimates

Forecast Financial Ratios: NAVER Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	15.9%	29.55%	25.8%	22.7%	21.42%	24.09%	24.13%	25.16%
EBIT Margin (%)	10.77%	22.91%	19.44%	15.87%	15.4%	17.85%	18.26%	18.98%
EBT Margin (%)	13.15%	28.46%	29.93%	12.85%	15.37%	20.64%	19.72%	20.62%
Net margin (%)	8.84%	20.74%	20.97%	9.15%	10.47%	14.86%	13.87%	14.57%
FCF margin (%)	13,967.53%	9,926.2%	9,181.62%	9,156.32%	14,079.89%	19,395.35%	15,993.64%	15,180.82%
FCF / Net Income (%)	157,950.75%	47,856.46%	43,779.19%	100,047.44%	134,466.68%	130,527.41%	115,275.72%	104,184.84%
Profitability
ROA	5.26%	5.71%	64.99%	2.25%	2.91%	4.32%	4.21%	4.55%
ROE	10.56%	11.34%	106.64%	2.8%	4.41%	6.54%	6.32%	6.87%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	7.43%	12.18%	11.06%	8.52%	6.62%	6.46%	5.92%	5.49%
CAPEX / EBITDA (%)	46.73%	41.22%	42.86%	37.56%	30.93%	26.81%	24.53%	21.81%
CAPEX / FCF (%)	0.05%	0.12%	0.12%	0.09%	0.05%	0.03%	0.04%	0.04%
Items per share
Cash flow per share ¹	9,323	9,877	9,199	9,662	13,273	15,478	16,043	19,913
Change	-	5.93%	-6.86%	5.04%	37.37%	16.62%	3.65%	24.12%
Dividend per Share ¹	376	402	511	914	415	1,185	1,373	1,474
Change	-	6.91%	27.11%	78.86%	-54.6%	185.5%	15.89%	7.33%
Book Value Per Share ¹	39,889	50,278	156,900	151,646	133,212	156,703	165,725	175,837
Change	-	26.04%	212.07%	-3.35%	-12.16%	17.63%	5.76%	6.1%
EPS ¹	4,006	6,839	109,860	5,161	6,576	10,020	10,271	11,607
Change	-	70.72%	1,506.38%	-95.3%	27.42%	52.38%	2.5%	13.02%
Nbr of stocks (in thousands)	145,448	145,365	149,069	149,970	150,591	150,996	150,996	150,996
Announcement Date	1/30/20	1/28/21	1/26/22	2/2/23	2/1/24	-	-	-