NHN BUGS Corporation (104200) Fair Value & Analysis
Communication Services · KR · Market cap 35.6B KRW
Fair value as of: Jul 20, 2026
From 10 valuation models · updated 21 days ago
Share price −3.8% over the past month.
A solid business, screening 21% undervalued on our models.
What matters now
- The price is below even our cautious bear case (2,836 KRW). The market is more pessimistic than our downside scenario.
- Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.
How to read this chart
60‑month range 2,295 KRW – 22,700 KRW · fair‑value band 2,836 KRW – 3,868 KRW · the 2,775 KRW price screens below the 3,352 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 20, 2026.
Analysis
NHN BUGS Corporation (104200) currently trades at 2,775 KRW, while our model-based Fair Value estimate is 3,352 KRW, implying the stock looks roughly 20.8% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.
Over the trailing twelve months, NHN BUGS Corporation generated revenue of 67.0B KRW at a net margin of -8.0%. Revenue grew 0.8% year over year. It earns a return on equity of -9.4%. Fundamentals as of Jul 20, 2026
Our scenario range runs from 2,836 KRW (bear case) to 3,868 KRW (bull case); at 2,775 KRW, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 62% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -20% fair-value upside, at 21%, 104200 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 10 models by family
Widest divergence: Growth DCF (5,690 KRW) versus Asset-Based (2,512 KRW). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 66 · Market factors (momentum, volatility) 12
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
NHN BUGS Corporation 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.
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Peer Group
Internet Content & Information · 151 stocks
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.
Valuation Multiples vs Internet Content & Information median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Internet Content & Information stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Alphabet Inc GOOGL | $354.46 | $145.14 | -59% |
| Meta Platforms, Inc META | $669.21 | $534.91 | -20% |
| Tencent Holdings 0700 | HK$460.20 | HK$467.50 | +2% |
| Spotify Technology S.A SPOT | $485.38 | $209.56 | -57% |
| Reddit, Inc RDDT | $195.34 | $39.59 | -80% |
| Baidu, Inc BIDU | $109.50 | $66.96 | -39% |
| Kuaishou Technology, an investment holding company, 1024 | HK$44.70 | HK$101.03 | +126% |
| NAVER Corporation 035420 | 191,300 KRW | 231,585 KRW | +21% |
| Tencent Music Entertainment Group 1698 | HK$34.74 | HK$65.78 | +89% |
| REA Group REA | A$149.14 | A$88.53 | -41% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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