Alphabiz - Naver’s Operating Profit Expected to Exceed 3 Trillion Won Following Dunamu Merger

[Alpha Biz= Paul Lee] SEOUL, Oct. 15 — Naver Corp.’s consolidated operating profit is projected to surpass 3 trillion won following its merger with blockchain company Dunamu, according to a new report from Korea Investment & Securities.


The brokerage estimated that after acquiring Dunamu, Naver’s consolidated operating profit will rise to 3 trillion won, while its net profit attributable to controlling shareholders will increase by more than 350 billion won, assuming a 35% ownership stake.


Korea Investment & Securities forecast Naver’s 2025 net profit to reach 2 trillion won, close to the market consensus of 2.1 trillion won, while Dunamu is expected to post 1.3 trillion won in operating profit and 1 trillion won in net profit next year.


Analyst Jang Ho-yoon of Korea Investment & Securities noted that the merger could mark a strategic turning point for Naver’s business model:


“While Kakao has historically received higher valuations through aggressive business expansion, Naver has remained relatively undervalued,” Jang said. “The acquisition of Dunamu allows Naver to formally enter the cryptocurrency-based business arena, and its potential stablecoin operations could create significant synergies with its existing advertising, commerce, and fintech businesses.”

Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)