Update shared on 11 Dec 2025
Fair value Increased 0.13%Narrative Update on Netmarble
Analysts have modestly raised their price target on Netmarble, lifting fair value by approximately ₩90 to ₩70,917. They cite slightly stronger expectations for revenue growth, profit margins, and valuation multiples, despite a marginally higher discount rate.
What's in the News
- Global launch of Raven2, Netmarble's brutal dark fantasy MMORPG, across mobile and PC in 150 countries and 16 languages, supported by large-scale guild battles and extensive launch events rewarding high-engagement players (Key Developments).
- Pre-launch campaign for Raven2 detailed through the INSIDE RAVEN2 Dev's Message, highlighting eight distinct classes, seamless dark fantasy world design, and massive unified battlefields, alongside global multi-region server architecture and crystal reward events (Key Developments).
- Pre-download and pre-registration push for Raven2 ahead of the official launch, with exclusive pre-registration rewards including heroic grade Holy Garments and special packages to accelerate early player progression (Key Developments).
- Major content update for Raven2 introducing the Gunslinger class, a fast long-range DPS archetype, accompanied by growth support chests, special missions, and check-in events that provide high-value items and currencies to drive engagement (Key Developments).
- Global rollout of Seven Knights Re:BIRTH on mobile and PC, leveraging Netmarble's long-running Seven Knights IP with over 120 heroes and multiple PvE and PvP modes, supported by generous check-in, buff, and rate up events following strong domestic performance in Korea (Key Developments).
Valuation Changes
- Fair Value: The fair value estimate has risen slightly, moving from approximately ₩70,826 to about ₩70,917 per share.
- Discount Rate: The discount rate has increased marginally, from roughly 10.09 percent to about 10.21 percent, indicating a slightly higher perceived risk or required return.
- Revenue Growth: The long-term revenue growth assumption has inched up, from around 5.61 percent to about 5.62 percent.
- Net Profit Margin: The forecast net profit margin has risen slightly, from roughly 14.06 percent to about 14.08 percent.
- Future P/E: The future P/E multiple has edged higher, from about 17.21x to roughly 17.26x, reflecting a modestly richer valuation outlook.
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