(Microsoft Word - 211105_\307\317\300\314\272\352_3QRE) (352820)

·
3 3,410(+79.5% YoY), 656(+81.9% YoY), OPM 19.2%
.
9.1%p . 1) 48% 3 1,634(+155.5% YoY)
, 2) 52% 1,776(+40.9% YoY)
. [] 1,297(+176.8% YoY)
. [/] 338(+140.7% YoY). [MD/] 767(-
23.5% YoY). [] 873(+438.2% YoY) 14% .
2 6 13~14 'BTS '
3 . [] 136(+42.0% YoY)
. []MAU 640(+438.2% YoY) 1)
, 2) , 3) 20%
. ARPU , 14%
Buy, 502,000
Original Originality 1) ''
, 2) , ''
. IP -
, 'Original' IP
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. 1) , 2)
. 22 1 1) ,
2) , 3)NFT , 4)+VLive , 5) , 6)
SOTP
Financial Data
EPS () n/a 2,411 3,849 10,129 22,666
(%) n/a n/a 59.6 163.1 123.8
PER (x) n/a 65.7 84.3 32.0 14.3
PBR (x) n/a 4.8 8.8 6.9 4.6
EV/EBITDA (x) -1.4 27.1 42.4 17.0 7.3
(%) 16.8 18.3 17.0 24.8 25.5
EBITDA (%) 18.4 22.7 22.2 28.7 28.7
ROE (%) 56.5 12.5 11.0 24.0 38.7
(%) 109.2 60.5 53.0 48.4 44.6
: IFRS
: ,
Buy (maintain) 502,000 356,500

139,216
39,051
90 856.12
16.2%
6 54.1%
12 115.1%
6.4%
3.6%
Stock Price
/
3 – ····
3 3,410(+79.5% YoY), 656(+81.9%
YoY), OPM 19.2% ,
4 .
9.1%p .
1) 48% 3 1,634(+155.5% YoY)
, 2) 52% 1,776(+40.9% YoY)
.
[[[[]]]] 1111,,,,297297297297(+(+(+(+111176.876.876.876.8% YoY)% YoY)% YoY)% YoY).
. 1)BTS (+200 ), 2)TXT
(+80 ) , 3)

[[[[////]]]] 338338338338(+(+(+(+140.7140.7140.7140.7% YoY)% YoY)% YoY)% YoY).... BTS
+56.3% ,
.
, SB
[MD/[MD/[MD/[MD/]]]] 767767767767((((----23232323.5.5.5.5% YoY)% YoY)% YoY)% YoY).... MD/Goods
3 BTS 'Butter', 'Mcdonalds
MD', 'BTS ', BTS, '(IN THE SOOP)' MD/

[[[[]]]] 873873873873((((++++438.2438.2438.2438.2% YoY)% YoY)% YoY)% YoY) 4% . 2
6 13~14 'BTS ' 3
.
Memories 2020, (BTS, )
[[[[]]]] 131313136666((((++++42.042.042.042.0% YoY% YoY% YoY% YoY)
[[[[]]]]MAUMAUMAUMAU 640640640640((((++++438.2438.2438.2438.2% % % % YoY)YoY)YoY)YoY) 1) ,
2) , 3) 20% . ARPU
, 14%
/
'BOUNDLESS' – 1), 2), 3), 4) /
'' , '' . · , 1) · , 2) , 3) , - . , IP , . , '++=', 'Original' IP . (=) , , 1)/, 2) , 3), 4), 5), 6), 7) , .
1 Origianl IP – , 2,3
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2 - + ,
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2022202220222022 1111 [[[[////]]]] IP IP IP IP .
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+=) 4 2022 1
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2022202220222022 [[[[]]]] , 2 .
, ,
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IP . BTS
BTS .
.
2022202220222022 [[[[+VLive +VLive +VLive +VLive ]]]] , -,
- VLive ,
, ( , ,
) . 2022
2022202220222022[[[[]]]] 1)1)1)1) , 2)V, 2)V, 2)V, 2)V----Live, 3)Live, 3)Live, 3)Live, 3)
'
'. IP
. J Balvin <The Boy From Medellin>, Demi Lovato
<Dancing With The Devil>, Justin Bieber <Our World>, <Dave season 2>(Hailey Bieber, J Balvin, Doja Cat, Kendall Jenner ), &
<THE BEAT BUDS> nickelodeon , 3
Spotify . Amazon Studios TV
, TV, ,
Walt Disney, Netflix, Amazon, Paramount , OTT

4Q21~1H224Q21~1H224Q21~1H224Q21~1H22[[[[]]]] 1)1)1)1), 2), 2), 2), 2) K-POP
MD, Goods IP .
2021 Justin Bieber IP , 1)Balenciaga,
Crocs , 2)Ariana Grande 'r.e.m.
beauty' 21 4 . , 45
80 Ariana Grande
. 1) , 2)K-POP
, 3)
/

22.01.1522.01.1522.01.1522.01.15 7FATES: 7FATES: 7FATES: 7FATES:
CHAKHOCHAKHOCHAKHOCHAKHO BTSBTSBTSBTS
- '' ''
- ,

- 7

22.01.1622.01.1622.01.1622.01.16
ALTARALTARALTARALTAR
ENHYPENENHYPENENHYPENENHYPEN


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SEEKERSSEEKERSSEEKERSSEEKERS
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'BOUNDLESS' – ' x NFT' Business
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JV IP NFT
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NFT .
NFT ,
JV , 2022 2
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IP NFT
.
86(5,000, 2.5%) 3
, CB 4,000
(2021.11.24) . 3 7,000
(5,000), (1,000), (1,000)
. , 1.8 2
1.2 6,000 .
1) IP , 2)
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2
((((: : : : , %, %, %, %)))) 1Q211Q211Q211Q21 2Q212Q212Q212Q21 3Q213Q213Q213Q21PPPP 4Q21E4Q21E4Q21E4Q21E 1Q22E1Q22E1Q22E1Q22E 2Q22E2Q22E2Q22E2Q22E 3Q22E3Q22E3Q22E3Q22E 4Q22E4Q22E4Q22E4Q22E 2020202020202020 2021E2021E2021E2021E 2022E2022E2022E2022E
1,783 1,783 1,783 1,783 2,786 2,786 2,786 2,786 3,410 3,410 3,410 3,410 3,980 3,980 3,980 3,980 3,778 3,778 3,778 3,778 4,889 4,889 4,889 4,889 6,667 6,667 6,667 6,667 6,889 6,889 6,889 6,889 7,963 7,963 7,963 7,963 11,960 11,960 11,960 11,960 22,222 22,222 22,222 22,222
YoY (%) 28.7 79.3 79.5 27.5 111.8 75.5 95.5 73.1 35.6 50.2 85.8
QoQ (%) -42.9 56.2 22.4 16.7 -5.1 29.4 36.4 3.3
667 667 667 667 1,286 1,286 1,286 1,286 1,634 1,634 1,634 1,634 1,220 1,220 1,220 1,220 1,632 1,632 1,632 1,632 2,165 2,165 2,165 2,165 2,760 2,760 2,760 2,760 3,199 3,199 3,199 3,199 3,708 3,708 3,708 3,708 4,808 4,808 4,808 4,808 9,755 9,755 9,755 9,755
545 1,070 1,297 772 971 1,178 1,687 1,386 3,206 3,684 5,222
0 0 0 60 472 675 933 1,542 34 60 3,622
, 122 216 338 389 189 312 140 270 468 1,064 911
1,116 1,116 1,116 1,116 1,500 1,500 1,500 1,500 1,776 1,776 1,776 1,776 2,760 2,760 2,760 2,760 2,032 2,032 2,032 2,032 2,167 2,167 2,167 2,167 2,935 2,935 2,935 2,935 4,332 4,332 4,332 4,332 4,254 4,254 4,254 4,254 7,152 7,152 7,152 7,152 11,467 11,467 11,467 11,467
MD/ 648 501 767 1,660 1,266 1,258 1,608 2,668 2,590 3,576 6,800
372 913 873 941 521 675 1,020 1,340 1,335 3,098 3,556
96 86 136 160 246 234 307 325 329 478 1,111
228 228 228 228 280 280 280 280 656 656 656 656 870 870 870 870 948 948 948 948 1,227 1,227 1,227 1,227 1,633 1,633 1,633 1,633 1,702 1,702 1,702 1,702 1,455 1,455 1,455 1,455 2,033 2,033 2,033 2,033 5,511 5,511 5,511 5,511
OPM(%)OPM(%)OPM(%)OPM(%) 12.8 12.8 12.8 12.8 10.1 10.1 10.1 10.1 19.2 19.2 19.2 19.2 21.8 21.8 21.8 21.8 25.1 25.1 25.1 25.1 25.1 25.1 25.1 25.1 24.5 24.5 24.5 24.5 24.7 24.7 24.7 24.7 18.3 18.3 18.3 18.3 17.0 17.0 17.0 17.0 24.8 24.8 24.8 24.8
YoY (%) 14.3 -6.1 63.5 56.4 316.4 338.1 149.1 95.8 47.4 39.7 171.0
QoQ (%) -59.1 23.0 134.1 32.6 9.0 29.4 33.1 4.2
172 172 172 172 208 208 208 208 540 540 540 540 469 469 469 469 679 679 679 679 865 865 865 865 1,153 1,153 1,153 1,153 991 991 991 991 1,390 1,390 1,390 1,390 3,688 3,688 3,688 3,688 8,316 8,316 8,316 8,316
NPM(%)NPM(%)NPM(%)NPM(%) 9.7 9.7 9.7 9.7 7.5 7.5 7.5 7.5 13.0 13.0 13.0 13.0 14.5 14.5 14.5 14.5 18.0 18.0 18.0 18.0 17.7 17.7 17.7 17.7 17.3 17.3 17.3 17.3 14.4 14.4 14.4 14.4 11.6 11.6 11.6 11.6 16.6 16.6 16.6 16.6 17.8 17.8 17.8 17.8
: ,
: ,
13 62 4 8 9
25 832 866 901 937
68 535 541 573 664
2 1 1 1 2
8 48 59 96 190
26 288 275 262 250
363 363 363 363 1,924 1,924 1,924 1,924 2,046 2,046 2,046 2,046 2,526 2,526 2,526 2,526 3,640 3,640 3,640 3,640
175 296 281 395 692
29 38 118 226 517
11 21 21 21 21
135 238 143 148 154
15 429 427 429 430
3 323 323 323 323
12 107 105 106 108
189 189 189 189 726 726 726 726 708 708 708 708 824 824 824 824 1,122 1,122 1,122 1,122
174 1,195 1,334 1,698 2,514
1 18 18 18 18
213 1,132 1,132 1,132 1,132
-42 44 183 547 1,363
() -1 4 4 4 4
174 174 174 174 1,199 1,199 1,199 1,199 1,337 1,337 1,337 1,337 1,702 1,702 1,702 1,702 2,518 2,518 2,518 2,518

386 422 646 1,093 2,310
202 202 202 202 375 375 375 375 550 550 550 550 1,129 1,129 1,129 1,129 2,357 2,357 2,357 2,357
103 229 347 578 1,167
99 99 99 99 146 146 146 146 203 203 203 203 551 551 551 551 1,190 1,190 1,190 1,190
(EBITDA) 108 180 265 637 1,339
3 -14 -8 -8 -11
1 4 9 8 9
-1 -2 0 0 0
-2 -3 3 0 1
98 98 98 98 126 126 126 126 199 199 199 199 543 543 543 543 1,180 1,180 1,180 1,180
26 39 58 174 350
72 87 141 369 831
0 0 0 0 0
72 72 72 72 87 87 87 87 141 141 141 141 369 369 369 369 831 831 831 831
74 86 139 364 816
72 72 72 72 87 87 87 87 141 141 141 141 369 369 369 369 831 831 831 831
(%) 34.3 47.1 46.0 50.8 50.5
(%) 16.8 18.3 17.0 24.8 25.5
EBITDA (%) 18.4 22.7 22.2 28.7 28.7
(%) 12.3 10.9 11.8 16.6 17.8
ROA (%) 26.0 7.5 7.0 15.9 26.5
ROE (%) 56.5 12.5 11.0 24.0 38.7
ROIC (%) 509.6 48.7 41.7 138.5 583.7
(((()))) 2019201920192019 2020202020202020 2021E2021E2021E2021E 2022E2022E2022E2022E 2023E2023E2023E2023E 0 0 0 0 117 117 117 117 295 295 295 295 543 543 543 543 1,249 1,249 1,249 1,249
() 98 126 141 369 831
19 61 -44 83 136
8 21 49 73 137
1 14 13 13 12
1 14 -105 -3 -13
0 -26 198 91 283
() 0 -20 56 -16 -11
() 0 -54 58 -4 0
() 0 9 81 108 291
, 0 39 3 3 3
0 0 0 0 ----1,022 1,022 1,022 1,022 ----99 99 99 99 ----151 151 151 151 ----274 274 274 274
() -5 -39 -59 -110 -231
() -2 -13 0 0 0
() 1 -2 -31 -33 -34
6 -968 -8 -8 -9
0 0 0 0 1,133 1,133 1,133 1,133 0 0 0 0 0 0 0 0 0 0 0 0
() 6 215 0 0 0
() 0 948 0 0 0
0 0 0 0 0
-6 -30 0 0 0
103 103 103 103 219 219 219 219 196 196 196 196 392 392 392 392 975 975 975 975
58 161 380 576 968
161 380 576 968 1,944
: IFRS
: ,
P/E n/a 65.7 92.6 35.2 15.7
P/B n/a 4.8 9.6 7.6 5.1
EV/EBITDA -1.4 27.1 48.6 19.6 8.6
P/CF #VALUE! 30.0 132.1 28.4 13.3
(%) n/a n/a n/a n/a n/a
(%)(%)(%)(%)
(%)(%)(%)(%)
() 14 343 343 343 343
() -148 -808 -1,036 -1,460 -2,469
(((())))
/




(%)(%)(%)(%)











2020.10.15 2020.10.15 Buy 212,000 -20.2 2020.11.17 Buy 250,000 -0.4 -24.7 2021.02.24 Buy 350,000 -30.6 -36.6 2021.04.05 Buy 502,000
Compliance Notice
(: )
.
, .
.
, , , .
_ 3 .
_ 1% .
_ .
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( 6~12 )
() Neutral ()
3 Underweight ()
CompanyCompanyCompanyCompany Buy () +15% 93.6% 2018 10 25
±20% ±15% () 3 Hold () -15% ~ +15% 6.4%
Sell () -15%
100.0%100.0%100.0%100.0% 2020. 10. 1 ~ 2021. 9. 30


( 1 . )
0
100,000
200,000
300,000
400,000
500,000
600,000