Morningstar - NAVER Corp. (035420) Initiating Coverage of Naver With Wide Moat, Stable Trend, and FVE of KRW 752,000; Stock Overvalued

Report

Morningstar

Marie Sun

EUR 147.86 For Business Accounts Only

Initiating Coverage of Naver With Wide Moat, Stable Trend, and FVE of KRW 752,000; Stock Overvalued

We are initiating coverage of Naver with a fair value estimate of KRW 752,000 per share. Although the fundamentals of the company have been strong, we think the stock is overvalued and investors should wait for a better margin of safety. We believe Naver has a wide economic moat and stable moat trend, primarily derived from intangible assets and network effect. Naver is like Koreaâ€™s Google, and it has effectively built up its network effect through providing a variety of Internet services beside...

15/12/2016 14 EN

Underlying

NAVER Corp.

Naver is engaged in the Internet industry. Co. operates the search portal, Naver (www.naver.com) the online game portal, Hangame (www.hangame.com) the children's portal, Jr.Naver (jr.naver.com) and its first online donation portal, Happybean (happybean.naver.com). Co. along with its search portal, Naver, is engaged in the provision of Internet services to users, advertisers, publishers, and developers. Co. provides its owned and operated online properties and services to Internet users.

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KR7035420009 Korea Stock Exchange South Korea

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Marie Sun

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Initiating Coverage of Naver With Wide Moat, Stable Trend, and FVE of KRW 752,000; Stock Overvalued

Naver Corp: 1 director

Due to a more favourable environment, NAVER slightly increases to Neutral

Monthly LMI Update Independent Investment Research

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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