Netmarble Games IPO (Part 3): Valuation Sensitivity Analysis
Our base case valuation for the company is 170,000 won per share (using 2018 EV/EBITDA), which suggests implied market cap of 14,658 billion won...
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Netmarble Games IPO (Part 2): A Human, Elf, Dark Elf, and A Dwarf on Its Way to $1Billion+ in Sales
We estimate Netmarble Games to generate sales of 2,961 billion won in 2017, up 97.4% YoY. We expect L2R to generate 1,125 billion in sales in...
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Netmarble Games IPO (Part 1) - Good: L2R; Bad: LineageM & China's Ban of New Mobile Games from Korea
GOOD NEWS: Netmarble Games' L2R mobile game is showing stunning growth.BAD NEWS: China recently banned all new mobile games from Korea. NCSoft's...
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Netmarble Games IPO Part 2 - Business Structure, Sales Breakdown & Valuation
Netmarble Enterprise as a business group is basically a mobile game development/publishing company. It also serves PC games, but PC games account...
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Netmarble Games IPO Part 1 - Schedule, Financials & Valuation
Netmarble Games finally submitted the IPO book. Netmarble Games IPO will be Korea’s biggest IPO this year. Its indicative price band is ₩121,000 -...
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