Naver viewed through Coupang “It’s undervalued, but…”

[아시아경제 황준호 기자] On the 13th, Korea Investment & Securities raised its target price for Naver to KRW 540,000. That’s a whopping 26.4% increase. This is the result of a re-evaluation of the commerce division of Naver, the number one e-commerce company in Korea. That criterion is Coupang. Based on the public offering price of Coupang, which successfully listed on the New York Stock Exchange (NYSE), Naver is worth this much.

Coupang’s public offering price was set at $35, and its market capitalization was set at $88.6 billion, and it was listed on the 11th. The stock price based on the closing price as of the 12th is $48.47 per share. Coupang’s current market capitalization is more than four times compared to last year’s transaction. Hantoo Securities analyzes that if this is substituted into Naver’s commerce division, Naver’s value needs to be evaluated more highly. The estimated value of the Naver Commerce division is about 16 trillion won, which is only 58.8% of last year’s estimated transaction amount of 27 trillion won.

However, in the long run, we thought that Coupang’s growth could act as a risk factor for Naver. Currently, Naver Shopping’s MAU is estimated to be more than 20 million, and Coupang’s MAU is rapidly following last year’s 14.5 million. If Coupang’s MAU increases and more loyal customers are secured, it could be a shock to Naver. Especially Assuming that about 30% of Naver’s external shopping mall transactions occur in Coupang, if the partnership with Coupang breaks, Naver’s commerce sales are likely to decrease by about 57.2 billion won. this is This figure is assuming last year’s transaction amount of 2.72 trillion won, 35% of external shopping mall transactions, of which Coupang’s 30% and sales commission 2%.

Reporter Hwang Joon-ho [email protected]