Complete WBTN Stock Valuation Analysis
Comprehensive intrinsic value analysis using 2 different methodologies
WBTN DCF Analysis
WBTN (WEBTOON Entertainment Inc. Common stock) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.3B | $1.3B | $1.5B | $1.6B | $1.7B | $1.9B | $2.0B |
| Revenue Growth % | - | 18.8% | 5.1% | 9.7% | 8.7% | 7.9% | 7.1% | 6.4% |
| EBIT | $-114.7M | $-36.4M | $-100.7M | $74.0M | $80.4M | $86.7M | $92.9M | $98.8M |
| EBIT Margin % | -10.6% | -2.8% | -7.5% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% |
| NOPAT | $-86.0M | $-27.3M | $-75.5M | $55.5M | $60.3M | $65.0M | $69.6M | $74.1M |
| NOPAT Margin % | -8.0% | -2.1% | -5.6% | 3.8% | 3.8% | 3.8% | 3.8% | 3.8% |
| Capex | $21.2M | $22.3M | $13.1M | $23.1M | $23.8M | $24.4M | $24.8M | $25.1M |
| Capex / Revenue % | 2.0% | 1.7% | 1.0% | 1.6% | 1.5% | 1.4% | 1.3% | 1.3% |
| Depreciation | $32.8M | $35.9M | $40.1M | $43.4M | $47.2M | $50.9M | $54.5M | $58.0M |
| D&A / Revenue % | 3.0% | 2.8% | 3.0% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% |
| Change in NWC | $0 | $-42.5M | $346.4M | $-24.5M | $-21.3M | $-18.4M | $-15.7M | $-13.4M |
| NWC Change / Revenue % | 0.0% | -3.3% | 25.7% | -1.7% | -1.3% | -1.1% | -0.8% | -0.7% |
| Unlevered FCF | $-74.4M | $28.7M | $-395.0M | $100.3M | $105.0M | $109.9M | $115.1M | $120.4M |
| UFCF % Chg. | - | 138.6% | -1475.3% | 125.4% | 4.7% | 4.7% | 4.7% | 4.6% |
| FCF / Revenue % | -6.9% | 2.2% | -29.3% | 6.8% | 6.5% | 6.3% | 6.2% | 6.1% |
| Discount Factor | - | - | - | 0.925 | 0.856 | 0.793 | 0.734 | 0.679 |
| Present Value of FCF | - | - | - | $92.8M | $89.9M | $87.1M | $84.4M | $81.7M |
| Sum of PV of UFCF | - | - | - | $92.8M | $182.8M | $269.9M | $354.3M | $436.0M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.9% |
| Tax Rate | 25.0% |
| After Tax Cost of Debt | 5.2% |
| Risk Free Rate | 4.40% |
| Market Risk Premium | 4.3% |
| Beta | 0.85 |
| Cost of Equity | 8.1% |
| Total Debt | $17.2M |
| Market Cap | $1.2B |
| Total Capital | $1.2B |
| Debt Weighting | 1.5% |
| Equity Weighting | 98.5% |
| WACC | 8.1% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $120.4M |
| Terminal Value | $2.2B |
| PV of Terminal Value | $1.5B |
| Cumulative PV of UFCF | $436.0M |
| Net Debt | $-555.2M |
| Equity Value | $2.5B |
| Shares Outstanding | 128.6M |
| Implied Share Price | $19 |
| Current Share Price | $9 |
| Implied Upside/(Downside) | +117.1% |
Valuation Summary
$19.43
Implied Price
$8.95
Current Price
+117.1%
Upside/Downside
8.1%
WACC
WBTN Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 11 peer companies in Technology
P/E Ratio
$-27.25
-404.5%
Peer Median: 18.9x
EV/EBITDA
$0.00
-100.0%
Peer Median: 10.3x
P/S Ratio
$7.17
-19.9%
Peer Median: 0.9x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for WBTN's business model and current situation.
Multiple Comparison
| Multiple | WBTN Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -6.2x | 18.9x | 21.7x | -132.8% | Undervalued |
| EV/EBITDA | Infinityx | 10.3x | 15.4x | Infinity% | Overvalued |
| P/S Ratio | 1.1x | 0.9x | 1.4x | 24.8% | Overvalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $2.90B | 642.3x | 3.8x | 0.8x | |
| $2.36B | 17.4x | 9.5x | 1.6x | |
| $1.68B | 18.7x | 7.9x | 0.9x | |
| $1.38B | 18.9x | 5.7x | 1.0x | |
| $1.18B | 16.3x | 43.0x | 0.7x | |
| $1.17B | 0.0x | 0.0x | 1.1x | |
| $1.17B | 36.9x | 10.3x | 0.7x | |
| $0.91B | 0.0x | 33.3x | 0.9x | |
| $0.91B | 24.7x | 19.1x | 1.6x | |
| $0.80B | 158.5x | 6.9x | 0.7x | |
| $2100.74B | 19.1x | 14.0x | 5.8x |