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3659.T
ACCE-researched

NEXON Co., Ltd. (3659.T) fair value

Communication Services · Electronic Gaming & Multimedia · TSE · Japan
¥2773.00-1.46%
Market cap ¥2.16TNext earnings 2026-11-10Updated Oct 24, 2026 · valuation updating
Our verdict
No fair value
We are missing the financial data our models need for this company. It will appear once the data arrives.
Not valued: there are no financial statements on file yet.
ACCE opinionNEXON Co., Ltd. (3659.T)
Fair value
Not available
ACCE price target
¥2847
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ¥2773 at the close on 23 Oct 2026, 08:30 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Full methodology
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
67
out of 100
P/E
16.4x
forward 16.6x
1-year return
-11.3%
Dividend yield
2.13%

NEXON Co., Ltd. in four questions

Plain answers, details below
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OverviewAsk ACCEValuationQualityAnalystsSmart MoneyCompareNews and Record

Overview

ACCE thesis

Nexon makes the online games Maplestory, Dungeon & Fighter and the PC and mobile shooter Vindictus, and it earns most of its revenue from in-game purchases in those long-running titles. The moat is in the franchises themselves: Maplestory has been live for close to two decades, which gives it a player base and a content pipeline that new entrants can't easily replicate. Revenue growth is only 1.9%, so the thesis rests on margins and cash generation rather than top-line expansion. The operating margin of 25.8% and gross margin of 60.1% are strong for a mature publisher, and the stock trades at 16.3 times trailing earnings and 16.8 times forward, a modest multiple for a business with this profitability. The open question is whether the catalyst is a new hit or simply the durability of the existing catalogue, and that is what the deeper work should establish before anyone takes a view.

AI-assisted·How I use AIWritten Oct 23, 2026
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
  • moderate
    Revenue growth slowing
    Revenue grew only 1.9% year on year, against a 10.3% five-year CAGR. Earnings jumped 80.4%, so the profit gain is not coming from the top line.

AI research notes

AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
  • Net margin of 26.4% means Nexon keeps a large share of each yen of revenue as profit.
  • Free cash flow of JPY 110.0B over the last twelve months shows the business generates substantial cash.
  • Earnings per share beat expectations by 73.7% in the latest reported period, with EPS of 37.56 against 21.63 expected.
Why it could disappoint
  • Revenue grew just 1.9% year over year, far below the 10.3% average annual growth of the past five years.
  • Return on equity of 12.5% is modest for a company with such high margins, suggesting limited returns on shareholder capital.
  • The latest earnings beat was large, but the key risk on file warns it may be driven by one-off items rather than steady revenue growth.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.

Walk me through this stock

Plain-English pros, cons, and what to watch. Pro feature.

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Valuation

INVESTOR
Where 3659.T's valuation models land
Price
¥2773.00
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Quality

INVESTOR
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Analysts

Wall Street consensus

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Smart Money

PRO

In one line

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Last 90 days
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No trades filed
Last 180 days
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No trades filed
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Where it sits vs peers

News and Record

Recent performance

1 week
-1.4%
1 month
-13.3%
3 months
+21.7%
6 months
+4.5%
YTD
-27.5%
1 year
-11.3%

Recommendation history, last 12 months

DateTypeNewPreviousPrice
22 Oct 2026, 16:00 CESTACCE price target¥2847first publication¥2814

This analysis is not personalised investment advice and does not take your situation, objectives or risk tolerance into account. ACCE Investments is not an authorised investment firm.

Investing in shares carries a risk of losing capital. The value of an investment can go down as well as up.

This security trades in JPY. Exchange-rate movements can increase or reduce the result in your own currency.

Valuation horizon: 12 months from the publication date.

Conflicts of interest. ACCE Investments is operated by Adrien Chantreuil, who may hold personal positions in the securities analysed. Positions are declared on each security. ACCE receives no payment from the companies analysed or from any intermediary for this analysis.

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Snapshot

Growth55Value74Quality90Momentum47Total67
Valuation
Trailing P/E
16.4x
Forward P/E
16.6x
PEG
0.20
P/B
no data
EV / Revenue
no data
Book value/sh
no data
Enterprise value
no data
Profitability
ROE
12.5%
FCF yield
5.02%
ROIC
no data
Health and risk
Debt / equity
0.05
Dividend yield
2.13%
Beta
no data

Price

-11.0% · 1Y

Ask anything about 3659.T

Answered from NEXON Co., Ltd. fundamentals + recent valuations. Every number shows its source and date.

This stock Peer Peer median weaker → stronger
P/Ebetter than 100% of peers
low 16.4x16.4xhigh 28.7x
ROEbetter than 80% of peers
low -432%13%high 21%
Div yieldbetter than 100% of peers
low 0.0%2.1%high 2.1%

Peers

Prices Oct 23, 2026
CompanyPriceFair valuevs fair valueP/EROEQualityScore
3659.T NEXON Co., Ltd.¥2773.00--16.4x12.5%9067
9697.T Capcom Co., Ltd.¥4413.00--27.7x-9379
9766.T Konami Group Corporation¥25175.00--21.0x21.2%9180
9684.T Square Enix Holdings Co., Ltd.¥3027.00--28.7x11.1%6878
RBLX Roblox Corporation Class A Common Stock$53.96----432.3%2137
TTWO Take-Two Interactive Software Inc. Common Stock$207.81----9.0%3429
6460.T Sega Sammy Holdings Inc.¥3397.00----0.1%3972

Sector report card

Where 3659.T ranks against its sector peers on each metric.

Computing percentiles…