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New growth drivers: Stablecoins and webtoons

Poised to benefit from stablecoin market growth

NAVER is seeking to enter the won-based stablecoin business in partnership with Upbit. If this initiative comes to fruition, we estimate that related revenue could reach W300bn annually by 2030. Assuming a 50:50 split, the stablecoin business could add W150bn to NAVER’s annual revenue. By 2035, total revenue could reach W1tr, with NAVER’s share reaching approximately W500bn.

Furthermore, assuming that stablecoin payments account for 10% of total transactions by 2030, we estimate that NAVER Financial could save around W145bn in payment processing fees. Payment processing fees as a percentage of NAVER Financial’s revenue could fall to below 50% (from 54% currently). And as a percentage of total payment volume (TPV), payment processing fees could drop to 0.95% (from 1.2% currently).

Webtoons to re-emerge as a global growth driver

NAVER’s webtoon business is poised for accelerated global growth, driven by: 1) the addition of Disney IP; and 2) the launch of a new platform for short-form animated content. Notably, with the business moving to introduce animated content, we believe that a subscription model could gain meaningful traction. Over the long term, assuming 10% of global users subscribe at US$10 per month, we estimate that the webtoon business could generate roughly US$1.8bn in new subscription revenue annually. If the subscription penetration rate reaches 20%, related revenue could reach US$3.6bn.

If NAVER Webtoon evolves into a subscription-based business, advertising should emerge as a core revenue driver. Total time spent on NAVER Webtoon (globally) is comparable to the time spent on NAVER’s domestic services, yet quarterly ad revenue from the webtoon platform is only about 1/20th of domestic ad revenue. This suggests ample room for growth if ad rates increase.

Lift TP to W340,000 and maintain Buy

We raise our target price for NAVER to W340,000 (from W310,000), as we shifted our valuation base year from 2025 to 2026 (target P/E unchanged at 29x). We continue to recommend the stock as our top internet pick. With the stock currently trading at a 2026F P/E of 20x, valuation does not appear demanding.

In 4Q25, we expect new growth drivers to come into focus, creating positive momentum. First, the anticipated enactment of stablecoin-related legislation is likely to position NAVER as a primary beneficiary of stablecoin adoption. Indeed, if the joint stablecoin initiative with Upbit comes to fruition, NAVER could emerge as the dominant player in the domestic market. Additionally, the Disney-Webtoon Entertainment partnership is likely to drive a valuation re-rating over the medium to long term.