Independent equity research
Is Naver Corp (035420) a Buy, Hold or Sell?
Naver Corp — our independent, AI-built valuation and rating, in brief.
BUY (accumulate)
12-mo fair value
₩251,000
To fair value
+22%
By · report dated 2026-09-05 · fair value derived independently of the market price.
The thesis, in brief
Netting out consolidated WEBTOON and the equity-accounted LY stake, NAVER's Korean core trades at 7.83x trailing EBITDA against a 14.06x peer median; we think it is worth 9.75x, and the thesis is falsified if NAVER Platform advertising growth falls below 5% year-on-year for two consecutive quarters
How we value it
We value Naver Corp using SOTP: core DCF at 9.10% converged WACC + WEBTOON 59.67% at market + LY look-through less 30% + net cash. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Naver Corp report
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