We Increase Our FVE for Naver to KRW 831,000
We have increased our fair value estimate for wide-moat Naver to KRW 831,000 per share from KRW 708,000 after increasing our revenue growth forecast for its new initiatives. In the next five years, we project the firm's others revenue to grow at 30% per year, which will account for 7% of total revenue in 2021. We think that Naver’s new business will remain a swing factor for our valuation. In the near to medium term, the monetization of Naver’s camera apps, particularly Snow, will bring faster r...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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