Naver Corporation (035420) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Naver Corporation stock KRW 314,922, price KRW 184,900, upside +70.3%, quality 66 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range 152,640 KRW – 441,834 KRW · fair‑value band 184,834 KRW – 409,399 KRW · the 184,900 KRW price screens below the 314,922 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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NAVER Corporation, together with its subsidiaries, provides online search portal and information services in South Korea and internationally.
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It is involved in the electronic financial; film and audio content production and distribution; Webtoon service development and operation; language learning application development; monitoring and advertisement operation; mobile service operation; trading platform operation; clothes, accessories, and news distribution; web novel platform support; and e-commerce businesses.
In addition, the company engages in the provision of cloud service management, business support, workforce supply, and employee dispatch; camera and communication application development service; groupware service operation and distribution; exhibition and performance planning; new technology development and research; global business support; software consulting, development, and distribution; IT investment and research; online live broadcast service and local marketing; contents production and reinforcement; IT infrastructure operation; commerce platform; and customer center operation businesses.
NAVER Corporation was formerly known as NHN Corporation. The company was founded in 1999 and is based in Seongnam-si, South Korea.
Stock analysis
Naver Corporation (035420) currently trades at 184,900 KRW, while our model-based Fair Value estimate is 314,922 KRW, implying the stock looks roughly 41% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 327,046 KRW per share, and 20 of the 26 models we run sit above the 184,900 KRW price.
Bear case: the Asset-Based group reads lowest at 108,060 KRW, and 6 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 184,834 KRW (bear) to 409,399 KRW (bull), the price of 184,900 KRW sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Naver Corporation reported revenue of 12.0T KRW in FY2025 versus 6.8T KRW in FY2021, a compound +15.3%/yr. Reported net income was 2.0T KRW in FY2025, compounding −41.3%/yr from FY2021.
Key figures
Market cap 27.6T KRW (≈ $20.6B) Large · P/E ratio 13.7 · P/S ratio 2.13 · EPS (TTM) 13,370 KRW · Dividend yield 1.4% · Net margin 15.6% · Return on equity 6.4% · Return on assets (EBIT) 4.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 10% fair-value upside, at 70%, 035420 screens cheaper than that median.
Fair Value models
Bear184,834 KRWFair Value 314,922 KRWBull409,399 KRW
Price 184,900 KRW · Upside +70.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (9,092 KRW per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+12.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.8%
Start year 2020 (pandemic). Over 10 years: +14.0% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.0%
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What shareholders gained per year (last 5 years), in KRW (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+15.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.0%
Dividend (yield on the price)1.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 18%
2025 sits 94% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+12.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +1.6% a year for the price and +10.6% for the forecasts.
AI conclusion: Naver draws steady cash flows from search and commerce to fund an AI factory through a low-capex Brookfield partnership that enables cloud expansion, yet near-term profitability remains exposed to ongoing AI spending.
Main risk: Generative AI tools and agents might reduce demand for conventional search queries and ad clicks on Naver's platform, squeezing search advertising revenue and related commerce conversions.
Bull case: Naver could integrate its proprietary Korean-language data and commerce ecosystem into AI agents to capture higher-value transactions and cloud revenue, turning the technology shift into a competitive edge over global rivals.
Bear case: If generative AI agents handle end-to-end queries and purchases while the AI factory incurs high depreciation without sufficient customers, Naver's core search margins could erode and the infrastructure venture could weigh on overall profitability for years.
Naver generates steady cash flows from its search and commerce platforms while building an AI factory through a Brookfield partnership that supplies infrastructure without heavy direct capital outlays. This setup positions the company to expand into high-margin cloud services yet leaves near-term profitability exposed to continued AI spending. Our models currently see the shares as undervalued. Will the infrastructure venture deliver meaningful earnings sooner than the core business faces margin pressure?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Internet Content & Information · 126 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Above median
Fair Value upside+70.3% · Top 25%
Profitability
Return on equity (12 months)6.4% · Above median
Return on assets4.8% · Above median
Net margin (12 months)15.6% · Above median
Operating margin (12 months)15.4% · Above median
Growth and dividend
Revenue growth (quarter YoY)16.2% · Above median
Dividend yield (12 months)1.4% · Below median
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Internet Content & Information median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Naver Corporation Fair Value". https://www.fairvalue-calculator.com/stock/035420
Frequently asked questions
Is Naver Corporation (035420) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 314,922 KRW versus a price of 184,900 KRW, about +70% upside (undervalued).
What is the fair value of 035420?
Our model-based fair value for Naver Corporation is 314,922 KRW (as of Nov 3, 2026), built from audited fundamentals. The current price: 184,900 KRW.
What is the quality score of 035420?
Naver Corporation has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Naver Corporation (035420)?
Our model-based price target is the fair value of 314,922 KRW (as of Nov 3, 2026) from 26 valuation models. Cautious scenario 184,834 KRW, optimistic scenario 409,399 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Naver Corporation stock forecast for 2026?
Our models put fair value at 314,922 KRW, about +70% upside versus a price of 184,900 KRW (undervalued). Cautious scenario 184,834 KRW, optimistic scenario 409,399 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Naver Corporation (035420)?
Naver Corporation reported trailing-twelve-month revenue of about 13.0T KRW (latest available figure, as of Nov 3, 2026).
Does Naver Corporation pay a dividend?
Naver Corporation currently shows a dividend yield of 1.42% relative to its recent price (as of Nov 3, 2026).
What growth is priced into Naver Corporation (035420)?
For today's price to be fair in a discounted-cash-flow model, Naver Corporation would have to grow free cash flow by +3.8 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +17.8 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 035420 use?
Our models discount Naver Corporation at 10.1 %: a base by market capitalisation (large), damped by beta 1.19, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Naver Corporation that is +3.8 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Naver Corporation (035420) delivered so far?
Over the past 5 years revenue at Naver Corporation grew +17.8 % a year. The price currently implies +3.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Naver Corporation (035420) growing?
The median revenue growth in the sector is +3.7 % a year. That is the yardstick for the growth priced into Naver Corporation (+3.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Naver Corporation (035420)?
The free-cash-flow yield on the price is 6.43 %: that much free cash flow Naver Corporation produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Naver Corporation (035420)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Naver Corporation it is 314,922 KRW per share (as of Nov 3, 2026), against a price of 184,900 KRW. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Naver Corporation stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 035420 trades below its calculated fair value: price 184,900 KRW, fair value 314,922 KRW, a gap of about +70% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 035420?
No. The price is what the market pays today (184,900 KRW); the fair value is what the company's own numbers justify (314,922 KRW). For Naver Corporation the two are 130,022 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Naver Corporation worth?
The market values Naver Corporation at about 27.6T KRW (market capitalisation, as of Nov 3, 2026). Per share that is 184,900 KRW; our models calculate a fair value of 314,922 KRW per share.
What do the bullish and bearish scenarios say about 035420?
Our models span a range for Naver Corporation: cautious scenario 184,834 KRW, base 314,922 KRW, optimistic 409,399 KRW per share (as of Nov 3, 2026, price 184,900 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 035420?
Naver Corporation trades at a price-to-earnings ratio of 13.7 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 314,922 KRW is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings, FY2025 ex one-offs: 30.4. Other multiples: PEG 25.8, P/B 1.0, P/S 2.1, EV/EBITDA 7.6.
What is the PEG ratio of 035420?
The PEG ratio of Naver Corporation is 25.82 (P/E divided by earnings growth, as of Nov 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Naver Corporation (035420)?
Balance-sheet figures for Naver Corporation (as of Nov 3, 2026): return on equity 6.4%, debt of 0.05 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is 035420 from its 52-week high?
Naver Corporation trades at 184,900 KRW, about 35% below its 52-week high of 284,017 KRW and 9% above the low of 169,000 KRW (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 314,922 KRW is for.
Which stocks are comparable to Naver Corporation?
From the same area (Communication Services) we also value Alphabet Inc, Meta Platforms, Inc, Tencent Holdings, Spotify Technology S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Naver Corporation stock attractive at the current price?
The data as of Nov 3, 2026: price 184,900 KRW, calculated fair value 314,922 KRW (+70%), Quality Score 66/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 035420 calculated?
We run Naver Corporation through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 314,922 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0% above its aggregate fair value. Naver Corporation currently trades 41% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Naver Corporation (035420)?
The closing price on Nov 5, 2026 was 184,900 KRW. Our model-based fair value is 314,922 KRW, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Naver Corporation right now?
Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (184,834 KRW to 409,399 KRW) leaves room in how you read the outcome.
Key figures of Naver Corporation
How large is the market capitalisation of Naver Corporation (035420)?
The market capitalisation of Naver Corporation is 27.6T KRW (≈ $20.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Naver Corporation (035420)?
The price-to-sales ratio of Naver Corporation is 2.13 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Naver Corporation (035420)?
Earnings per share at Naver Corporation are 13,370 KRW (price ÷ EPS = P/E 13.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Naver Corporation (035420)?
The dividend yield of Naver Corporation is 1.4% (payout 19.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Naver Corporation (035420)?
The net margin of Naver Corporation is 15.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Naver Corporation (035420)?
The return on equity (ROE) of Naver Corporation is 6.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Naver Corporation (035420)?
On an EBIT basis the return on assets of Naver Corporation is 4.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Naver Corporation (035420)?
The operating margin of Naver Corporation is 15.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Naver Corporation (035420)?
Revenue at Naver Corporation is growing +16.2% versus a year earlier (3y avg +13.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Naver Corporation (035420)?
Earnings per share at Naver Corporation are growing +43.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Naver Corporation (035420) carry?
The net debt of Naver Corporation is 690B KRW (fiscal year 2022, ≈ 0.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 3, 2026