Reducing FVE of NetEase to USD 283 per Share; Shares Undervalued
We have reduced the fair value estimate of narrow-moat NetEase to USD 283 per share from USD 344 per share, reflecting the delayed monetization of its new games and weaker economy. Ten-year revenue CAGR is now 13% versus 15% previously, while operating income CAGR has been reduced to 9% from 12%. NetEase is still undervalued in our view, as the international expansion of the gaming business and the turnaround of its e-commerce business are not yet reflected in the share price. The resumption of...
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