Financials NEXON Co., Ltd.

Equities

3659

JP3758190007

Internet Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,484 ^JPY	-1.35%		+6.50%	-3.35%

Apr. 22	NEXON Co., Ltd.'s Highly Anticipated Dungeon&Fighter Mobile to Launch in China on May 21, 2024	CI
Apr. 22	Tencent Shares Gain on 'Dungeon & Fighter Mobile' Release Plans	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,287,257	2,819,386	1,994,121	2,558,406	2,187,677	2,084,684	-	-
Enterprise Value (EV) ¹	1,046,480	2,282,934	1,445,380	1,986,794	1,716,105	1,439,653	1,345,572	1,278,393
P/E ratio	11.2 x	50 x	17.3 x	25.8 x	31 x	21.3 x	17.2 x	16.7 x
Yield	0.17%	0.16%	0.34%	0.34%	0.39%	0.41%	0.46%	0.45%
Capitalization / Revenue	5.18 x	9.62 x	7.27 x	7.23 x	5.17 x	4.67 x	4.33 x	4.16 x
EV / Revenue	4.21 x	7.79 x	5.27 x	5.62 x	4.05 x	3.23 x	2.79 x	2.55 x
EV / EBITDA	10.2 x	19 x	14.5 x	18 x	12 x	11.5 x	8.4 x	8.08 x
EV / FCF	10.2 x	18 x	13.9 x	17.4 x	13.7 x	15.3 x	10.7 x	9.78 x
FCF Yield	9.83%	5.57%	7.22%	5.74%	7.3%	6.54%	9.37%	10.2%
Price to Book	2.06 x	3.97 x	2.37 x	2.97 x	2.41 x	2.11 x	1.87 x	1.77 x
Nbr of stocks (in thousands)	887,763	886,599	896,637	863,743	851,402	839,414	-	-
Reference price ²	1,450	3,180	2,224	2,962	2,570	2,484	2,484	2,484
Announcement Date	2/13/20	2/9/21	2/8/22	2/9/23	2/8/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	248,542	293,024	274,462	353,714	423,356	446,117	481,547	500,660
EBITDA ¹	102,219	120,024	100,009	110,463	143,343	124,687	160,100	158,120
EBIT ¹	94,525	111,450	91,541	103,696	134,745	119,508	149,291	149,490
Operating Margin	38.03%	38.03%	33.35%	29.32%	31.83%	26.79%	31%	29.86%
Earnings before Tax (EBT) ¹	121,968	108,171	135,472	140,525	125,929	140,859	171,634	176,735
Net income ¹	115,664	56,220	114,888	100,339	70,609	100,099	121,935	124,659
Net margin	46.54%	19.19%	41.86%	28.37%	16.68%	22.44%	25.32%	24.9%
EPS ²	129.3	63.57	128.9	114.7	82.89	116.8	144.5	148.3
Free Cash Flow ¹	102,913	127,083	104,329	114,016	125,305	94,146	126,035	130,739
FCF margin	41.41%	43.37%	38.01%	32.23%	29.6%	21.1%	26.17%	26.11%
FCF Conversion (EBITDA)	100.68%	105.88%	104.32%	103.22%	87.42%	75.51%	78.72%	82.68%
FCF Conversion (Net income)	88.98%	226.05%	90.81%	113.63%	177.46%	94.05%	103.36%	104.88%
Dividend per Share ²	2.500	5.000	7.500	10.00	10.00	10.21	11.46	11.23
Announcement Date	2/13/20	2/9/21	2/8/22	2/9/23	2/8/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	147,228	144,322	75,890	54,250	91,034	84,122	175,156	97,463	81,095	124,087	94,436	218,523	120,256	84,577	104,212	96,755	-	130,023	105,990	126,200
EBITDA	-	-	-	-	40,299	24,335	-	33,246	12,583	-	30,158	-	48,272	6,125	-	-	-	-	-	-
EBIT ¹	68,254	58,730	29,835	2,976	38,520	22,684	61,204	31,524	10,968	56,275	27,614	83,889	46,310	3,797	22,794	21,996	46,100	45,169	23,725	43,400
Operating Margin	46.36%	40.69%	39.31%	5.49%	42.31%	26.97%	34.94%	32.34%	13.52%	45.35%	29.24%	38.39%	38.51%	4.49%	21.87%	22.73%	-	34.74%	22.38%	34.39%
Earnings before Tax (EBT) ¹	86,667	77,470	48,358	9,644	57,201	41,698	98,899	57,966	-16,340	71,903	42,827	114,730	52,859	-41,660	28,767	27,333	56,100	52,167	26,067	-
Net income ¹	69,674	54,991	37,902	21,995	40,261	24,707	64,968	43,303	-7,932	52,791	24,538	77,329	35,167	-41,870	21,150	18,600	39,400	36,750	15,800	-
Net margin	47.32%	38.1%	49.94%	40.54%	44.23%	29.37%	37.09%	44.43%	-9.78%	42.54%	25.98%	35.39%	29.24%	-49.51%	20.3%	19.22%	-	28.26%	14.91%	-
EPS ²	78.91	61.90	42.46	24.55	45.35	28.19	73.54	49.79	-8.590	61.63	28.86	90.49	41.28	-48.88	27.14	24.83	-	44.83	23.28	-
Dividend per Share ²	2.500	2.500	-	5.000	-	5.000	5.000	-	5.000	-	5.000	5.000	-	5.000	-	5.000	-	-	5.000	-
Announcement Date	8/6/20	8/11/21	11/9/21	2/8/22	5/12/22	8/9/22	8/9/22	11/9/22	2/9/23	5/11/23	8/9/23	8/9/23	11/9/23	2/8/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	240,777	536,452	548,741	571,612	471,572	645,031	739,112	806,291
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	102,913	127,083	104,329	114,016	125,305	94,146	126,035	130,739
ROE (net income / shareholders' equity)	19.7%	8.5%	14.9%	11.8%	8%	10.9%	12%	11.7%
ROA (Net income/ Total Assets)	17.8%	13.7%	14.7%	13.8%	11.8%	8.43%	9.75%	9.65%
Assets ¹	649,162	410,913	783,941	724,555	600,221	1,187,926	1,250,957	1,291,397
Book Value Per Share ²	703.0	800.0	939.0	997.0	1,065	1,177	1,328	1,400
Cash Flow per Share ²	138.0	73.30	138.0	122.0	93.00	112.0	141.0	151.0
Capex ¹	2,160	10,520	5,185	16,128	5,713	9,322	9,442	9,802
Capex / Sales	0.87%	3.59%	1.89%	4.56%	1.35%	2.09%	1.96%	1.96%
Announcement Date	2/13/20	2/9/21	2/8/22	2/9/23	2/8/24	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for NEXON Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,484 JPY

Average target price

3,303 JPY

Spread / Average Target

+32.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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