Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

NAVER Corporation (035420.KS)

Company Dividend Discount ModelIndustry: Internet Content & InformationSector: Communication Services

Valuation Snapshot

Stable Growth$134,235.79 - $209,864.45$169,038.09
Multi-Stage$108,541.32 - $118,331.13$113,348.98
Blended Fair Value$141,193.54
Current Price$262,500.00
Upside-46.21%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS20.49%18.46%772.68405.211,385.58388.24356.84304.32275.80211.58208.66149.64
YoY Growth--90.69%-70.76%256.89%8.80%17.26%10.34%30.35%1.40%39.44%5.36%
Dividend Yield--0.40%0.21%0.69%0.11%0.09%0.18%0.22%0.13%0.12%0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,987,895.58
(-) Cash Dividends Paid (M)168,436.67
(=) Cash Retained (M)1,819,458.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)397,579.12248,486.95149,092.17
Cash Retained (M)1,819,458.911,819,458.911,819,458.91
(-) Cash Required (M)-397,579.12-248,486.95-149,092.17
(=) Excess Retained (M)1,421,879.801,570,971.961,670,366.74
(/) Shares Outstanding (M)153.99153.99153.99
(=) Excess Retained per Share9,233.6510,201.8510,847.31
LTM Dividend per Share1,093.821,093.821,093.82
(+) Excess Retained per Share9,233.6510,201.8510,847.31
(=) Adjusted Dividend10,327.4711,295.6711,941.13
WACC / Discount Rate13.62%13.62%13.62%
Growth Rate5.50%6.50%7.50%
Fair Value$134,235.79$169,038.09$209,864.45
Upside / Downside-48.86%-35.60%-20.05%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,987,895.582,117,108.792,254,720.862,401,277.722,557,360.772,723,589.222,805,296.90
Payout Ratio8.47%24.78%41.08%57.39%73.69%90.00%92.50%
Projected Dividends (M)168,436.67524,587.62926,326.561,378,075.171,884,637.382,451,230.302,594,899.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate13.62%13.62%13.62%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)457,381.75461,717.12466,052.49
Year 2 PV (M)704,183.25717,595.97731,135.21
Year 3 PV (M)913,387.94939,608.03966,325.16
Year 4 PV (M)1,089,108.011,130,992.031,174,072.65
Year 5 PV (M)1,235,060.011,294,713.871,356,650.82
PV of Terminal Value (M)12,315,048.1012,909,869.5313,527,456.17
Equity Value (M)16,714,169.0617,454,496.5418,221,692.51
Shares Outstanding (M)153.99153.99153.99
Fair Value$108,541.32$113,348.98$118,331.13
Upside / Downside-58.65%-56.82%-54.92%

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