Analysts have kept their fair value estimate for NHN steady at ₩36,880. The latest price target update mainly reflects a slightly higher discount rate and a marginally higher assumed future P/E multiple, rather than a change in the underlying growth or margin outlook.
What's in the News
- NHN launched the global version of its collection RPG "Abyssdia," bringing the title to North America and other international markets, with gameplay centered on 4 player real time Chained Action Combat and squad based elemental synergies (Key Developments).
- The game emphasizes story driven character development, including cinematic cutscenes, character specific musical themes, and the "Let's Eat Together" interaction system that focuses on relationship building rather than traditional stat grinding (Key Developments).
- To support the launch, NHN is providing a package for new players that includes the SR rank character "Elena," 1,400 EST, 10,000 Manarings, 10 draw Tickets, and 100 EXP Potions (Key Developments).
- Limited time launch events run through March and early May, including a Global Launch Login Bonus with additional draw Tickets, the "Endless Rabbit" Story Quest with event currency for in game rewards, and Progressive missions that grant EST, stamina Potions, and draw Tickets as players hit certain milestones (Key Developments).
- Separately, NHN completed a share repurchase tranche, buying back 420,562 shares, or 1.35% of the company, for ₩12,831.39 million under the buyback that was announced on October 23, 2025 (Key Developments).
Valuation Changes
- Fair Value: Kept unchanged at ₩36,880, with no adjustment to the core estimate.
- Discount Rate: Risen slightly from 9.55% to about 9.97%, implying a modestly higher required return on equity.
- Revenue Growth: Held effectively flat at about 8.44%, suggesting no change in top line growth assumptions.
- Net Profit Margin: Maintained at about 3.85%, indicating no revision to assumed profitability levels.
- Future P/E: Nudged up slightly from about 11.56x to about 11.69x, reflecting a marginally higher valuation multiple assumption.
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