NAVER (NHNCF)

Thursday

4:06 PM

ThesisNAVER: the story is balanced — LINE monthly active users and ARPU growth in Japan (60% of LINE revenue)

Revenue Outlook

Metric	FY2025	FY2026E	FY2027E
Revenue	$11.96T	$14.75T	$16.62T
Rev. Growth	+11.4%	+23.3%	+12.7%
EPS	$12935.00	$13248.11	$15929.03
EPS Growth	+2.4%	+2.4%	+20.2%
P/E (fwd)	0.0×	0.0×	0.0×

★ Analysts see FY2026 revenue reaching $14.75T — +23.3% growth in a single year.

01LINE monthly active users and ARPU growth in Japan (60% of LINE revenue)
02Korean search advertising revenue growth and market share vs Kakao
03Webtoon subscriber additions and IP monetization deals (Netflix, film adaptations)
04NAVER Pay transaction volume and fintech penetration rates
05Cloud infrastructure (NAVER Cloud) revenue growth and margin trajectory
06Japanese yen/Korean won exchange rate (LINE revenue translation)
07Search Platform (advertising, display ads) - estimated 35-40% of revenue
08LINE messaging ecosystem (advertising, fintech, content) - estimated 25-30% of revenue

FY2025 Snapshot

growth - Investors attracted to dominant platform positions in high-growth Korean/Japanese digital markets…
Rising rates create modest headwinds through multiple compression (high-growth tech valuation de-rating) and reduced consumer discretionary…
Watch on earnings: Korean won vs Japanese yen exchange rate (LINE revenue translation), Korean retail sales growth (e-commerce GMV proxy), Japan household consumption expenditure (LINE digital goods spending).

NAVER: the story is balanced — line monthly active users and arpu growth in japan (60% of line revenue).

Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.

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