Naver's AI Factory Business Value Reevaluated at 14.4 Trillion Won

Naver's artificial intelligence (AI) factory business value has been reassessed at 14.4 trillion won. This evaluation reflects the assumption that a 1-gigawatt (GW) scale facility will lead to revenue by 2032. In a report on the 14th, Kiwoom Securities' researcher Kim Jin-goo recalculated the value of Naver's AI factory business based on the value of the operating company, adjusting the valuation multiples considering the medium-term investment impact of the commerce division and long-term growth potential. The calculation applied assumptions of 500,000 GPUs, a 75% utilization rate, and an average selling price (ASP) of $5 per hour. Under this assumption, the AI factory's revenue is estimated at 23.4 trillion won, with an operating profit of 3.5 trillion won. Kiwoom Securities maintained Naver's target stock price at 320,000 won, applying a price-to-earnings ratio (PER) of 10 times and a discount rate of 10%, upgrading its investment opinion from 'outperform' to 'buy'. Researcher Kim forecasts that sustainable medium- to long-term demand centered around AI agents will form around frontier companies, and it is necessary to verify whether Naver's strategy will lead to continuous demand and long-term growth. Naver announced in June that it is pursuing the construction of a gigawatt-scale global AI factory in collaboration with NVIDIA, planning to start operating infrastructure with a scale of 55 megawatts (MW) by 2027.

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