Monetization in Advertisement Business Is Faster than our Forecast: Raising Line's FVE to JPY 4,800
We fine-tune our forecast and raise our fair value estimate for Line to JPY 4,800 per share and USD 42 per U.S. ADR from JPY 4,500 and USD 40, respectively. We are encouraged with Line’s September quarter results as advertisement revenue exceeded our forecast, implying that the monetization pace is above our expectation, while sales from games and stickers are in line with our numbers. Cost per mille, advertisement revenue paid per 1,000 impressions, jumped to JPY 486 from JPY 377 on the previou...
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