Financials NEOWIZ

Equities

A095660

KR7095660007

Internet Services

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
21,800 ^KRW	-.--%		+5.83%	-18.20%

Apr. 04	Intella X Launches 'Adventure': Rewarding Traditional Gameplay with Web3 Rewards	CI
Mar. 20	NEOWIZ Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	362,115	486,398	764,314	771,630	543,358	444,473	-
Enterprise Value (EV) ²	208.3	282.9	542.9	679.9	543.4	239.7	165.3
P/E ratio	15 x	8.04 x	13.7 x	59.3 x	11.2 x	13.1 x	8.33 x
Yield	-	-	-	-	-	1.15%	1.17%
Capitalization / Revenue	1.42 x	1.68 x	2.93 x	2.62 x	1.49 x	1.15 x	0.95 x
EV / Revenue	0.82 x	0.98 x	2.08 x	2.31 x	1.49 x	0.62 x	0.35 x
EV / EBITDA	5.07 x	4.08 x	16.3 x	17.7 x	10.8 x	5.03 x	2.06 x
EV / FCF	5.88 x	3.92 x	19.6 x	16.4 x	-	5.58 x	3.03 x
FCF Yield	17%	25.5%	5.11%	6.09%	-	17.9%	33%
Price to Book	1.12 x	1.25 x	1.68 x	1.81 x	-	0.86 x	0.8 x
Nbr of stocks (in thousands)	21,364	21,666	21,172	20,883	20,389	20,389	-
Reference price ³	16,950	22,450	36,100	36,950	26,650	21,800	21,800
Announcement Date	2/10/20	2/9/21	2/9/22	2/14/23	2/13/24	-	-

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	254.9	289.6	261.2	294.6	365.6	387.2	467.9	-
EBITDA ¹	41.12	69.27	33.32	38.39	50.36	47.66	80.14	-
EBIT ¹	32.57	60.34	23.15	22.61	31.73	35.41	62.25	-
Operating Margin	12.78%	20.83%	8.87%	7.68%	8.68%	9.15%	13.3%	-
Earnings before Tax (EBT) ¹	31.21	65.9	66.53	19.48	44.03	42.84	69.34	-
Net income ¹	22.6	63.36	52.95	13.07	48.5	36.68	57.8	54
Net margin	8.87%	21.88%	20.27%	4.44%	13.26%	9.47%	12.35%	-
EPS ²	1,132	2,793	2,641	623.0	2,374	1,662	2,617	-
Free Cash Flow ³	35,412	72,188	27,720	41,431	-	42,929	54,533	-
FCF margin	13,892.48%	24,926.3%	10,613.31%	14,064.8%	-	11,086.92%	11,655.22%	-
FCF Conversion (EBITDA)	86,111.37%	104,216.42%	83,198.48%	107,926.67%	-	90,072.54%	68,049.71%	-
FCF Conversion (Net income)	156,654.93%	113,934.99%	52,348.8%	317,063.77%	-	117,035.36%	94,348.33%	-
Dividend per Share ²	-	-	-	-	-	250.0	255.0	-
Announcement Date	2/10/20	2/9/21	2/9/22	2/14/23	2/13/24	-	-	-

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	61.68	69.26	76.59	70.31	74.92	72.76	68.54	70.14	117.5	109.5	91.15	90.9	95.65	107.8	113.9
EBITDA ¹	-	-	-	-	9.873	1.916	5.435	-0.4568	-	20.16	24.1	15.6	19.6	-	-
EBIT ¹	-1.408	5.946	11.17	5.91	5.244	0.291	1.252	-4.893	20.25	15.12	7.95	5.625	9.1	14.5	12.5
Operating Margin	-2.28%	8.59%	14.58%	8.41%	7%	0.4%	1.83%	-6.98%	17.24%	13.81%	8.72%	6.19%	9.51%	13.44%	10.97%
Earnings before Tax (EBT) ¹	10.32	21.29	15.24	25.1	7.923	-28.77	4.851	13.26	22.27	3.642	12.3	7.85	9.5	14.45	18
Net income ¹	8.767	15.57	11.87	19.86	8.156	-26.83	3.602	22.53	18.67	3.688	8.8	6.975	9.475	13.2	14.6
Net margin	14.21%	22.48%	15.5%	28.25%	10.89%	-36.87%	5.26%	32.13%	15.9%	3.37%	9.65%	7.67%	9.91%	12.24%	12.82%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/11/21	2/9/22	5/12/22	8/11/22	11/10/22	2/14/23	5/11/23	8/10/23	11/9/23	2/13/24	-	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	154	204	221	91.7	-	205	279	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	35,412	72,188	27,720	41,431	-	42,929	54,533	-
ROE (net income / shareholders' equity)	7.78%	17%	12%	3.48%	-	6.84%	10.1%	8.7%
ROA (Net income/ Total Assets)	6.33%	13.7%	10.8%	2.3%	-	4.6%	7.56%	-
Assets ¹	357.4	461.5	491.4	567.4	-	797.4	764.8	-
Book Value Per Share ³	15,118	18,025	21,514	20,381	-	25,261	27,307	-
Cash Flow per Share ³	-	3,541	1,336	2,061	-	2,928	3,554	-
Capex ¹	1.59	4.18	1.01	1.8	-	5.54	7.23	-
Capex / Sales	0.62%	1.44%	0.39%	0.61%	-	1.43%	1.54%	-
Announcement Date	2/10/20	2/9/21	2/9/22	2/14/23	2/13/24	-	-	-

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 NEOWIZ

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

21,800 KRW

Average target price

32,556 KRW

Spread / Average Target

+49.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Internet Gaming

	1st Jan change	Capi.
NEOWIZ	-18.20%	321M
NETEASE, INC.	+0.33%	60.24B
NEXON CO., LTD.	-2.08%	13.18B
KRAFTON, INC.	+23.71%	8B
KUNLUN TECH CO., LTD.	+6.90%	6.71B
37 INTERACTIVE ENTERTAINMENT NETWORK TECHNOLOGY GROUP CO., LTD.	-11.22%	5.08B
ZHEJIANG CENTURY HUATONG GROUP CO.,LTD	-9.30%	4.75B
SQUARE ENIX HOLDINGS CO., LTD.	+18.74%	4.36B
NETMARBLE CORPORATION	-3.79%	3.31B
GIANT NETWORK GROUP CO., LTD.	+5.83%	3.1B

Internet Gaming