Corporate Logo(source: m-logoproject.naver.com)
NH Investment & Securities said on September 26 that if a comprehensive stock swap between Naver Financial and Dunamu materializes, NAVER (035420)’s overall corporate value is expected to increase.
Ahn Jae-min, analyst at NH Investment & Securities, stated, “Naver Financial’s earnings are expected to improve, and the company would be able to expand into the new business of cryptocurrency exchange operations, while also actively entering the stablecoin sector. This would lead not only to improved valuation for Naver Financial but also to a rise in NAVER’s overall corporate value.”
The brokerage estimated the share exchange ratio between Naver Financial and Dunamu at 1 to 0.93. Ahn noted, “Dunamu’s current corporate value in over-the-counter trading stands at around 10.7912 trillion won, while Naver Financial’s market capitalization is estimated at about 13.685 trillion won.”
He added, “Considering that Dunamu’s operating profit is greater than that of Naver Financial, and if we take into account a management premium, Dunamu’s value could be assessed at 14 trillion won, which represents a 30% premium over its current OTC market capitalization.”
Ahn further projected, “With a stock exchange ratio of 1 to 0.93 between Naver Financial and Dunamu, NAVER would secure a 37.9% stake in the merged entity, which is estimated to be valued at 28.4546 trillion won.”
*[KOSPI]NAVER(035420) is Korea's leading portal service provider, with a total of 98 affiliated subsidiaries including Naver Financial, Naver Webtoon, Snow, and Naver Jet. It is an ICT company that engages in businesses such as content, advertising, commerce, fintech, and cloud services. The market capitalization is 30 trillion 705.1 billion won(as of January 2, 2025, closing price).
Corporate Logo(source: m-logoproject.naver.com)
NH Investment & Securities said on September 26 that if a comprehensive stock swap between Naver Financial and Dunamu materializes, NAVER (035420)’s overall corporate value is expected to increase.
Ahn Jae-min, analyst at NH Investment & Securities, stated, “Naver Financial’s earnings are expected to improve, and the company would be able to expand into the new business of cryptocurrency exchange operations, while also actively entering the stablecoin sector. This would lead not only to improved valuation for Naver Financial but also to a rise in NAVER’s overall corporate value.”
The brokerage estimated the share exchange ratio between Naver Financial and Dunamu at 1 to 0.93. Ahn noted, “Dunamu’s current corporate value in over-the-counter trading stands at around 10.7912 trillion won, while Naver Financial’s market capitalization is estimated at about 13.685 trillion won.”
He added, “Considering that Dunamu’s operating profit is greater than that of Naver Financial, and if we take into account a management premium, Dunamu’s value could be assessed at 14 trillion won, which represents a 30% premium over its current OTC market capitalization.”
Ahn further projected, “With a stock exchange ratio of 1 to 0.93 between Naver Financial and Dunamu, NAVER would secure a 37.9% stake in the merged entity, which is estimated to be valued at 28.4546 trillion won.”
*[KOSPI]NAVER(035420) is Korea's leading portal service provider, with a total of 98 affiliated subsidiaries including Naver Financial, Naver Webtoon, Snow, and Naver Jet. It is an ICT company that engages in businesses such as content, advertising, commerce, fintech, and cloud services. The market capitalization is 30 trillion 705.1 billion won(as of January 2, 2025, closing price).