Discounted Cash Flow

Gravity Co., Ltd. ADR

GRVY · Based on 10 years of SEC filings · Converted from KRW to USD

⚠ Cash flow predictability 62/100 (moderate) — FCF YoY std dev 47%, net income 45% (full history)

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $31.6k $153 $1.4k 0.5% $95.00
2017 $104.8m (331585.3%) $9.9m (6434199.5%) $18.7m (1350194.3%) 9.4% (1839.9%) $1917.00 (1917.9%)
2018 $212.2m (102.5%) $23.3m (136.1%) $25.8m (38.0%) 11.0% (16.6%) $4525.00 (136.0%)
2019 $267.1m (25.9%) $29.5m (26.8%) $18.8m (-27.1%) 11.0% (0.8%) $5738.00 (26.8%)
2020 $300.4m (12.5%) $46.4m (57.2%) $50.9m (170.9%) 15.4% (39.8%) $9023.00 (57.2%)
2021 $306.3m (2.0%) $48.8m (5.2%) $53.6m (5.3%) 15.9% (3.1%) $9490.00 (5.2%)
2022 $343.1m (12.0%) $61.5m (26.1%) $72.2m (34.7%) 17.9% (12.6%) $11968.00 (26.1%)
2023 $536.9m (56.5%) $97.7m (58.7%) $96.2m (33.2%) 18.2% (1.4%) $18999.00 (58.7%)
2024 $370.6m (-31.0%) $62.8m (-35.7%) $57.7m (-40.0%) 17.0% (-6.8%) $12221.00 (-35.7%)
2025 $414.8m (11.9%) $51.1m (-18.7%) $55.5m (-3.7%) 12.3% (-27.4%) $9709.00 (-20.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in KRW. Values above are converted to USD for comparison with the US-listed share price.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model