Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Netmarble Corporation (251270.KS)

Company Dividend Discount ModelIndustry: Electronic Gaming & MultimediaSector: Technology

Valuation Snapshot

Stable Growth$28,593.15 - $77,941.97$44,098.61
Multi-Stage$106,651.45 - $117,834.88$112,131.01
Blended Fair Value$78,114.81
Current Price$61,700.00
Upside26.60%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.46%0.00%1.0625.97627.151,876.920.001.57365.880.0046.1737.41
YoY Growth---95.90%-95.86%-66.59%0.00%-100.00%-99.57%0.00%-100.00%23.41%0.00%
Dividend Yield--0.00%0.04%0.95%1.68%0.00%0.00%0.30%0.00%0.03%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)107,560.13
(-) Cash Dividends Paid (M)41,257.49
(=) Cash Retained (M)66,302.64
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)21,512.0313,445.028,067.01
Cash Retained (M)66,302.6466,302.6466,302.64
(-) Cash Required (M)-21,512.03-13,445.02-8,067.01
(=) Excess Retained (M)44,790.6152,857.6258,235.63
(/) Shares Outstanding (M)83.6483.6483.64
(=) Excess Retained per Share535.55632.00696.30
LTM Dividend per Share493.30493.30493.30
(+) Excess Retained per Share535.55632.00696.30
(=) Adjusted Dividend1,028.851,125.301,189.61
WACC / Discount Rate1.53%1.53%1.53%
Growth Rate-2.00%-1.00%0.00%
Fair Value$28,593.15$44,098.61$77,941.97
Upside / Downside-53.66%-28.53%26.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)107,560.13106,484.53105,419.68104,365.49103,321.83102,288.61105,357.27
Payout Ratio38.36%48.69%59.01%69.34%79.67%90.00%92.50%
Projected Dividends (M)41,257.4951,843.1562,212.9772,370.2082,318.0792,059.7597,455.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.53%1.53%1.53%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)50,547.9851,063.7751,579.57
Year 2 PV (M)59,143.3360,356.4961,581.98
Year 3 PV (M)67,080.6269,155.1471,271.99
Year 4 PV (M)74,395.2177,478.5480,656.74
Year 5 PV (M)81,120.7585,344.9089,743.21
PV of Terminal Value (M)8,587,533.139,034,705.909,500,315.91
Equity Value (M)8,919,821.029,378,104.759,855,149.39
Shares Outstanding (M)83.6483.6483.64
Fair Value$106,651.45$112,131.01$117,834.88
Upside / Downside72.85%81.74%90.98%

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