Financials Ncsoft Corporation

Equities

A036570

KR7036570000

Internet Services

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
171,200 ^KRW	-0.75%		+3.82%	-28.81%

Mar. 28	NCSoft Collaborates with Google Cloud on AI, Cloud Computing Initiatives	MT
Feb. 08	NCSoft Swings to Profit in Q4	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,148,624	19,185,526	13,200,409	9,097,733	4,883,939	3,476,634	-	-
Enterprise Value (EV) ²	9,734	17,404	11,912	7,290	3,408	2,026	1,864	1,810
P/E ratio	31.1 x	32.7 x	33.3 x	20.9 x	23 x	25.1 x	13.6 x	13.1 x
Yield	1.12%	0.56%	0.91%	1.31%	-	2.35%	2.75%	2.55%
Capitalization / Revenue	6.55 x	7.94 x	5.74 x	3.54 x	2.74 x	1.94 x	1.66 x	1.49 x
EV / Revenue	5.72 x	7.2 x	5.18 x	2.83 x	1.91 x	1.13 x	0.89 x	0.78 x
EV / EBITDA	18.3 x	19.7 x	25.4 x	11 x	13.7 x	8.62 x	4.98 x	4.2 x
EV / FCF	28.5 x	27.1 x	114 x	15 x	-	14.4 x	6.11 x	7.1 x
FCF Yield	3.51%	3.7%	0.88%	6.67%	-	6.92%	16.4%	14.1%
Price to Book	4.43 x	6.1 x	4.2 x	2.85 x	-	1.09 x	1.04 x	0.98 x
Nbr of stocks (in thousands)	20,607	20,607	20,529	20,307	20,307	20,307	-	-
Reference price ³	541,000	931,000	643,000	448,000	240,500	171,200	171,200	171,200
Announcement Date	2/11/20	2/5/21	2/15/22	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	1,701	2,416	2,300	2,572	1,780	1,789	2,094	2,333
EBITDA ¹	531	884.7	468.9	664.9	249.2	235	374.3	431.2
EBIT ¹	479	824.8	375.2	559	137.3	126.5	278.7	302.5
Operating Margin	28.16%	34.14%	16.31%	21.74%	7.71%	7.07%	13.31%	12.96%
Earnings before Tax (EBT) ¹	496.3	803.3	491.3	624	206.2	210.5	346.5	361.7
Net income ¹	359.3	587.4	396.9	452.3	212.1	165.4	275.9	297.9
Net margin	21.12%	24.31%	17.26%	17.59%	11.92%	9.25%	13.17%	12.77%
EPS ²	17,381	28,504	19,318	21,456	10,446	6,809	12,620	13,116
Free Cash Flow ³	341,221	643,210	104,526	486,308	-	140,225	304,810	255,000
FCF margin	20,057.83%	26,620.89%	4,544.6%	18,909.32%	-	7,839.71%	14,554.47%	10,928.36%
FCF Conversion (EBITDA)	64,264.79%	72,702.42%	22,290.43%	73,136.18%	-	59,677.35%	81,444.32%	59,138.18%
FCF Conversion (Net income)	94,964.55%	109,500.59%	26,336.04%	107,514.25%	-	84,787.5%	110,475.35%	85,594.4%
Dividend per Share ²	6,050	5,220	5,860	5,860	-	4,021	4,710	4,370
Announcement Date	2/11/20	2/5/21	2/15/22	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	500.6	757.2	790.3	629.3	604.2	547.9	478.8	440.2	423.1	437.7	411	419.1	462.7	486.9	500.7
EBITDA ¹	119.5	-	-	-	-	-	-	63.23	45.86	30.47	50.2	35.4	77.2	62	-
EBIT ¹	96.25	109.5	244.2	123	144.4	47.43	81.63	35.28	16.53	3.853	13.48	12.89	42.71	45.92	33.8
Operating Margin	19.23%	14.46%	30.9%	19.54%	23.9%	8.66%	17.05%	8.01%	3.91%	0.88%	3.28%	3.08%	9.23%	9.43%	6.75%
Earnings before Tax (EBT) ¹	126.6	148.9	233.2	163.1	250.4	-22.59	141.3	39.1	46.19	-20.37	41.57	25.67	67.9	58.88	42.7
Net income ¹	99.75	121.9	168.9	118.6	181.8	-17.01	113.7	29.88	43.61	24.95	31.95	28.12	53.67	50.06	-
Net margin	19.92%	16.1%	21.37%	18.85%	30.09%	-3.1%	23.75%	6.79%	10.31%	5.7%	7.77%	6.71%	11.6%	10.28%	-
EPS ²	4,843	5,970	8,317	5,841	8,953	-1,655	5,599	1,471	2,148	1,228	1,905	730.0	2,304	2,603	-
Dividend per Share ²	-	-	-	-	-	5,860	-	-	-	-	-	-	-	3,510	-
Announcement Date	11/10/21	2/15/22	5/12/22	8/11/22	11/10/22	2/8/23	5/9/23	8/8/23	11/8/23	2/7/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,414	1,781	1,289	1,807	1,476	1,451	1,613	1,667
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	341,221	643,210	104,526	486,308	-	140,225	304,810	255,000
ROE (net income / shareholders' equity)	14.7%	20.7%	12.6%	14.2%	6.58%	5.02%	7.67%	8.18%
ROA (Net income/ Total Assets)	11.4%	15.8%	9.16%	10%	4.8%	3.12%	5.32%	5.7%
Assets ¹	3,144	3,719	4,332	4,518	4,416	5,306	5,191	5,227
Book Value Per Share ³	122,017	152,600	153,264	157,391	-	157,187	165,031	175,337
Cash Flow per Share ³	19,034	34,339	19,035	36,244	-	12,742	18,867	20,145
Capex ¹	51	64.4	287	250	-	160	205	187
Capex / Sales	3%	2.67%	12.46%	9.71%	-	8.93%	9.77%	8%
Announcement Date	2/11/20	2/5/21	2/15/22	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

Ratings for Ncsoft Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

171,200 KRW

Average target price

210,481 KRW

Spread / Average Target

+22.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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