NHN Bugs Corp (104200) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of NHN Bugs Corp stock KRW 4,502, price KRW 2,265, upside +98.8%, quality 66 out of 100. Rating: strongly undervalued. Calculated from audited financials with 10 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
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 2,155 KRW – 22,700 KRW · fair‑value band 3,820 KRW – 5,414 KRW · the 2,265 KRW price screens below the 4,502 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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NHN BUGS Corporation provides digital music service and music distribution through Bucks and SNS music portals in South Korea, the United States, and internationally. The company operates through B2C and B2B Business divisions.
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It provides Bugs that music in the form of download or streaming through internet sites and mobile devices, such as mobile phones and tablet PCs; and Say Club and Say cast, a social network service business that secures users through community services, including internet music broadcasting and chatting.
The company was formerly known as Bugs Corporation and changed its name to NHN Bugs Corp. in March 2017. NHN BUGS Corporation was founded in 2002 and is headquartered in Seoul, South Korea.
Stock analysis
NHN Bugs Corp (104200) currently trades at 2,265 KRW, while our model-based Fair Value estimate is 4,502 KRW, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 4,868 KRW per share, and 9 of the 10 models we run sit above the 2,265 KRW price.
Bear case: the Asset-Based group reads lowest at 944.20 KRW, and 1 of the 10 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 3,820 KRW (bear) to 5,414 KRW (bull), the price of 2,265 KRW sits below 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.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
NHN Bugs Corp reported revenue of 44.9B KRW in FY2025 versus 65.0B KRW in FY2021, a compound −8.8%/yr. Reported net income was −6.2B KRW in FY2025.
Key figures
Market cap 30.6B KRW (≈ $22.6M) Micro · P/S ratio 0.49 · EPS (TTM) −394.56 KRW · Net margin −8.0% · Return on equity −9.4% · Return on assets (EBIT) −0.3% (5-year average) · Operating margin −0.3% · Revenue (TTM) 67.0B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).
What moves the price
The share trades about 66% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 11% fair-value upside, at 99%, 104200 screens cheaper than that median.
Fair Value models
Bear3,820 KRWFair Value 4,502 KRWBull5,414 KRW
Price 2,265 KRW · Upside +98.8%
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.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.15/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−13.8%
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.
−12.0%
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.
−8.2%
Start year 2020 (pandemic). Over 10 years: −3.0% a year
Revenue growth 14 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.
−0.4%
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Profit margin (trend) ⓘ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.
0.7% (2020) → −1.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−11.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −13.3% a year for the price.
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 · 123 stocks
Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Above median
Fair Value upside+98.8% · Top 25%
Profitability
Return on assets−9.3% · Bottom 25%
Net margin (12 months)−8.0% · Bottom 25%
Operating margin (12 months)−0.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)0.8% · 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.
Is NHN Bugs Corp (104200) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 4,502 KRW versus a price of 2,265 KRW, about +99% upside (undervalued).
What is the fair value of 104200?
Our model-based fair value for NHN Bugs Corp is 4,502 KRW (as of Nov 3, 2026), built from audited fundamentals. The current price: 2,265 KRW.
What is the quality score of 104200?
NHN Bugs Corp 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 NHN Bugs Corp (104200)?
Our model-based price target is the fair value of 4,502 KRW (as of Nov 3, 2026) from 10 valuation models. Cautious scenario 3,820 KRW, optimistic scenario 5,414 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the NHN Bugs Corp stock forecast for 2026?
Our models put fair value at 4,502 KRW, about +99% upside versus a price of 2,265 KRW (undervalued). Cautious scenario 3,820 KRW, optimistic scenario 5,414 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of NHN Bugs Corp (104200)?
NHN Bugs Corp reported trailing-twelve-month revenue of about 67.0B KRW (latest available figure, as of Nov 3, 2026).
What growth is priced into NHN Bugs Corp (104200)?
For today's price to be fair in a discounted-cash-flow model, NHN Bugs Corp would have to grow free cash flow by -11.5 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -8.2 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 104200 use?
Our models discount NHN Bugs Corp at 12.1 %: a base by market capitalisation (nano), damped by beta 1.78, 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 NHN Bugs Corp that is -11.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has NHN Bugs Corp (104200) delivered so far?
Over the past 5 years revenue at NHN Bugs Corp grew -8.2 % a year. The price currently implies free-cash-flow growth of -11.5 % per 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 NHN Bugs Corp (104200) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into NHN Bugs Corp (-11.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NHN Bugs Corp (104200)?
The free-cash-flow yield on the price is 14.82 %: that much free cash flow NHN Bugs Corp produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NHN Bugs Corp (104200)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NHN Bugs Corp it is 4,502 KRW per share (as of Nov 3, 2026), against a price of 2,265 KRW. It is the blended result of 10 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is NHN Bugs Corp stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 104200 trades below its calculated fair value: price 2,265 KRW, fair value 4,502 KRW, a gap of about +99% (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 104200?
No. The price is what the market pays today (2,265 KRW); the fair value is what the company's own numbers justify (4,502 KRW). For NHN Bugs Corp the two are 2,237 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is NHN Bugs Corp worth?
The market values NHN Bugs Corp at about 30.6B KRW (market capitalisation, as of Nov 3, 2026). Per share that is 2,265 KRW; our models calculate a fair value of 4,502 KRW per share.
What do the bullish and bearish scenarios say about 104200?
Our models span a range for NHN Bugs Corp: cautious scenario 3,820 KRW, base 4,502 KRW, optimistic 5,414 KRW per share (as of Nov 3, 2026, price 2,265 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of NHN Bugs Corp (104200)?
Balance-sheet figures for NHN Bugs Corp (as of Nov 3, 2026): return on equity −9.4%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is 104200 from its 52-week high?
NHN Bugs Corp trades at 2,265 KRW, about 66% below its 52-week high of 6,660 KRW and 5% above the low of 2,155 KRW (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 4,502 KRW is for.
Which stocks are comparable to NHN Bugs Corp?
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 NHN Bugs Corp stock attractive at the current price?
The data as of Nov 3, 2026: price 2,265 KRW, calculated fair value 4,502 KRW (+99%), Quality Score 66/100, from 10 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 104200 calculated?
We run NHN Bugs Corp through 10 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of 4,502 KRW builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. NHN Bugs Corp currently trades 50% 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 NHN Bugs Corp (104200)?
The closing price on Nov 9, 2026 was 2,265 KRW. Our model-based fair value is 4,502 KRW, about +99% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NHN Bugs Corp right now?
The price is below even our cautious bear case (3,820 KRW). The market is more pessimistic than our downside scenario. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of NHN Bugs Corp
How large is the market capitalisation of NHN Bugs Corp (104200)?
The market capitalisation of NHN Bugs Corp is 30.6B KRW (≈ $22.6M). 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 NHN Bugs Corp (104200)?
The price-to-sales ratio of NHN Bugs Corp is 0.49 (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 NHN Bugs Corp (104200)?
Earnings per share at NHN Bugs Corp are −394.56 KRW. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of NHN Bugs Corp (104200)?
The net margin of NHN Bugs Corp is −8.0% (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 NHN Bugs Corp (104200)?
The return on equity (ROE) of NHN Bugs Corp is −9.4% (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 NHN Bugs Corp (104200)?
On an EBIT basis the return on assets of NHN Bugs Corp is −0.3% (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 NHN Bugs Corp (104200)?
The operating margin of NHN Bugs Corp is −0.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NHN Bugs Corp (104200)?
Revenue at NHN Bugs Corp is growing +0.8% versus a year earlier (3y avg −12.0%). 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 NHN Bugs Corp (104200)?
Earnings per share at NHN Bugs Corp are growing −93.9% versus a year earlier. How much earnings per share grew versus a year earlier.
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Some data
Nov 3, 2026