Analysts have lifted their fair value estimate for NHN from ₩37,780 to ₩38,280, citing updated assumptions around revenue growth, profit margin, and a lower future P/E multiple that together shape a slightly higher price target.
What's in the News
- NHN rolled out the official global launch of collection RPG Abyssdia, developed by Ring Games, targeting players in North America and other international markets (Key Developments).
- The game centers on a real-time 4-player Chained Action Combat system, with a focus on elemental synergies and squad composition through Vanguards, each with distinct weapon styles and skill triggers (Key Developments).
- Abyssdia places strong emphasis on story and character immersion, including cinematic cutscenes, character-specific musical themes, and the "Let's Eat Together" bonding system that ties progression to interactions rather than pure stat grinding (Key Developments).
- To support the launch, NHN is running a series of rewards for new players, including a free SR-rank character Elena, in-game currencies, draw Tickets, and EXP Potions, along with limited-time events and missions running through May 7 (Key Developments).
Valuation Changes
- Fair Value: Revised slightly higher from ₩37,780 to ₩38,280.
- Discount Rate: Adjusted modestly lower from 9.96% to 9.80%.
- Revenue Growth: Assumption raised from 8.51% to 12.43%.
- Net Profit Margin: Assumption trimmed slightly from 3.91% to 3.87%.
- Future P/E: Target multiple reduced from 11.79x to 10.25x.
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