NEXON Co., Ltd.

TSE:3659 Stock Report

Market Cap: JP¥2.7t

NEXON Valuation

Is 3659 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 3659 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
JP¥1.96k
Fair Value
71.7% overvalued intrinsic discount
18
Number of Analysts

Below Fair Value: 3659 (¥3360) is trading above our estimate of fair value (¥1956.8)

Significantly Below Fair Value: 3659 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3659?

Key metric: As 3659 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3659. This is calculated by dividing 3659's market cap by their current earnings.
What is 3659's PE Ratio?
PE Ratio26.3x
EarningsJP¥102.08b
Market CapJP¥2.67t

Price to Earnings Ratio vs Peers

How does 3659's PE Ratio compare to its peers?

The above table shows the PE ratio for 3659 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average37.9x
9766 Konami Group
38.2x11.85%JP¥2.9t
9697 Capcom
30.5x8.67%JP¥1.7t
9684 Square Enix Holdings
62.8x15.22%JP¥1.2t
3635 Koei Tecmo Holdings
20.3x6.10%JP¥609.7b
3659 NEXON
26.3x3.28%JP¥2.7t

Price-To-Earnings vs Peers: 3659 is good value based on its Price-To-Earnings Ratio (26.3x) compared to the peer average (37.9x).

Price to Earnings Ratio vs Industry

How does 3659's PE Ratio compare vs other companies in the JP Entertainment Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
3659 26.3xIndustry Avg. 23.3xNo. of Companies10PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3659 is expensive based on its Price-To-Earnings Ratio (26.3x) compared to the JP Entertainment industry average (23.3x).

Price to Earnings Ratio vs Fair Ratio

What is 3659's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

3659 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio26.3x
Fair PE Ratio30.4x

Price-To-Earnings vs Fair Ratio: 3659 is good value based on its Price-To-Earnings Ratio (26.3x) compared to the estimated Fair Price-To-Earnings Ratio (30.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 3659 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentJP¥3,360.00
JP¥3,078.44
-8.38%
16.93%JP¥4,000.00JP¥1,900.00n/a18
Sep ’26JP¥3,350.00
JP¥3,066.67
-8.46%
17.15%JP¥4,000.00JP¥1,900.00n/a18
Aug ’26JP¥2,826.50
JP¥2,689.44
-4.85%
16.28%JP¥3,400.00JP¥1,900.00n/a18
Jul ’26JP¥2,866.50
JP¥2,591.67
-9.59%
16.70%JP¥3,400.00JP¥1,900.00n/a18
Jun ’26JP¥2,612.00
JP¥2,544.83
-2.57%
14.55%JP¥3,200.00JP¥1,900.00n/a18
May ’26JP¥2,233.00
JP¥2,398.72
+7.42%
15.15%JP¥3,000.00JP¥1,700.00n/a18
Apr ’26JP¥2,040.50
JP¥2,426.88
+18.94%
14.92%JP¥3,000.00JP¥1,700.00n/a17
Mar ’26JP¥2,023.50
JP¥2,593.13
+28.15%
16.58%JP¥3,500.00JP¥1,900.00n/a15
Feb ’26JP¥2,027.00
JP¥2,844.79
+40.34%
14.50%JP¥3,500.00JP¥2,230.00n/a14
Jan ’26JP¥2,376.50
JP¥3,120.67
+31.31%
20.16%JP¥4,870.00JP¥2,330.00n/a15
Dec ’25JP¥2,058.50
JP¥3,310.67
+60.83%
18.10%JP¥4,870.00JP¥2,500.00n/a15
Nov ’25JP¥2,611.00
JP¥3,761.33
+44.06%
19.67%JP¥5,500.00JP¥2,500.00n/a15
Oct ’25JP¥2,875.00
JP¥3,796.00
+32.03%
19.00%JP¥5,500.00JP¥2,500.00n/a15
Sep ’25JP¥2,860.00
JP¥3,766.88
+31.71%
18.68%JP¥5,500.00JP¥2,500.00JP¥3,350.0016
Aug ’25JP¥3,246.00
JP¥3,566.88
+9.89%
12.96%JP¥4,340.00JP¥2,500.00JP¥2,826.5016
Jul ’25JP¥2,933.00
JP¥3,411.25
+16.31%
11.01%JP¥4,340.00JP¥2,800.00JP¥2,866.5016
Jun ’25JP¥2,691.50
JP¥3,307.78
+22.90%
14.47%JP¥4,230.00JP¥2,000.00JP¥2,612.0018
May ’25JP¥2,516.00
JP¥3,302.78
+31.27%
13.78%JP¥4,230.00JP¥2,300.00JP¥2,233.0018
Apr ’25JP¥2,520.00
JP¥3,406.25
+35.17%
16.40%JP¥4,540.00JP¥2,300.00JP¥2,040.5016
Mar ’25JP¥2,553.00
JP¥3,487.50
+36.60%
16.19%JP¥4,540.00JP¥2,300.00JP¥2,023.5016
Feb ’25JP¥2,306.00
JP¥3,409.13
+47.84%
17.45%JP¥4,540.00JP¥2,300.00JP¥2,027.0016
Jan ’25JP¥2,569.50
JP¥3,660.63
+42.46%
13.95%JP¥4,540.00JP¥2,700.00JP¥2,376.5016
Dec ’24JP¥3,171.00
JP¥3,597.50
+13.45%
13.94%JP¥4,540.00JP¥2,700.00JP¥2,058.5016
Nov ’24JP¥2,815.00
JP¥3,447.50
+22.47%
12.54%JP¥3,900.00JP¥2,400.00JP¥2,611.0016
Oct ’24JP¥2,673.50
JP¥3,439.33
+28.65%
12.74%JP¥3,900.00JP¥2,400.00JP¥2,875.0015
Sep ’24JP¥2,958.50
JP¥3,392.00
+14.65%
12.50%JP¥3,900.00JP¥2,400.00JP¥2,860.0015
AnalystPriceTarget
Consensus Narrative from 18 Analysts
JP¥3.08k
Fair Value
9.1% overvalued intrinsic discount
18
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/09/22 13:56
End of Day Share Price 2025/09/22 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

NEXON Co., Ltd. is covered by 33 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Keiichi YoneshimaBarclays
Haruka MoriBarclays
Jay HanBNP Paribas Securities (Asia)