![South Korean tech giant Naver is gaining increased attention from global investment banks. (Image courtesy of Naver Webtoon)](http://koreabizwire.com/wp/wp-content/uploads/2024/07/PYH2024070700620000500.jpg)
South Korean tech giant Naver is gaining increased attention from global investment banks. (Image courtesy of Naver Webtoon)
SEOUL, Jul. 25 (Korea Bizwire) – South Korean tech giant Naver is gaining increased attention from global investment banks, with its webtoon platform and robotics ventures leading the charge.
According to industry sources on July 24, Goldman Sachs and Evercore ISI, two prominent investment banks, have set ambitious target prices for Webtoon Entertainment, the parent company of Naver Webtoon, which recently listed on the NASDAQ.
Goldman Sachs set a target price of $62 per share, while Evercore ISI projected $30 per share. Goldman’s target represents nearly triple the initial public offering price of $21 per share.
Evercore ISI lauded Webtoon Entertainment as the “only global player” in the webtoon and web novel sector, highlighting the potential for expansion in paid content, intellectual property businesses, and advertising within the webtoon business model.
Goldman Sachs forecasts an average annual revenue growth rate exceeding 20% for Webtoon Entertainment through 2029, based on its growth potential.
Amid these positive assessments, Webtoon Entertainment’s stock price surged 16.97% on July 22, closing at $23.85.
The world’s largest asset management firm, BlackRock, has invested $50 million in Webtoon Entertainment shares, underscoring growing international interest in Naver Webtoon.
BlackRock, already Naver’s second-largest shareholder with a 5.05% stake, is expected to become a major shareholder in Webtoon Entertainment as well.
Kim Junkoo, CEO of Webtoon Entertainment, noted in a recent press conference that BlackRock has shown confidence in webtoons from an early stage, particularly appreciating the diversity of the webtoon ecosystem created by numerous creators and their growth model.
Earlier, Morgan Stanley, another Wall Street heavyweight, identified Naver as a leading global “Humanoid Enabler” in its investment report on Tesla’s humanoid robot, published on June 27.
An industry insider commented, “Webtoon Entertainment’s listing is significant as it demonstrates Naver’s ability to grow new businesses internationally and successfully list them on foreign markets, unlike Coupang. It’s also encouraging that Naver has achieved another overseas listing following Line in 2016.”
Kevin Lee (kevinlee@koreabizwire.com)