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Kakao Games · 293490 · Software

Kakao Games: Model Fair Value Estimate Cut 47% to ₩1,478 per Share

Why this report

Written after:

  • Model fair value changeModel estimate of fair value moved -47% (₩2,815 → ₩1,478 per share)Oct 22, 2026

Our model estimate of fair value for Kakao Games fell 47.5% from ₩2,815 to ₩1,478 per share on 2026-10-22, and the range between bear and bull cases widened sharply. The share price of ₩10,180 remains far above the whole range, so the gap between the market and the model has grown.

Written Oct 21, 2026 · Data as of Oct 20, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

The only material event is a change in our model output, not a company filing. The base estimate moved from ₩2,815 to ₩1,478 per share, a fall of 47.5%. No new filings or excerpts accompany the change, and no smaller recent events are available as background.

The model still uses trailing figures to H1 2026, so the financial inputs are the same as in the previous report: revenue of ₩384.3B, an operating loss of ₩67.0B, a net loss of ₩129.9B and free cash flow of -₩59.5B. The discount rate was trimmed slightly from 7.5% to 7.3%. The data does not explain what drove the large cut in the estimate, so we cannot say which assumption changed. The share price was ₩10,180 on 2026-10-20, up 11.1% over one month and 34.1% over three months, but down 33.3% over one year.

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Model estimate of fair value

Bear
₩837
-93%
Base
₩1,478
-88%
Bull
₩2,671
-78%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.3%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 28, 2026Update noteBig price moveKakao Games: Shares Rise 16.4% in Five Days on Heavy Volume
  2. Oct 21, 2026Update noteModel fair value changeKakao Games: Model Fair Value Estimate Cut 47% to ₩1,478 per Share
  3. Oct 18, 2026InitiationStart of coverage (300 largest)Kakao Games: Shares Rebound 30.8% Over Three Months While Losses Persist and Revenue Keeps Falling

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information