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Strategies & Market Trends : Value Investing
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To: Elroy who wrote (74072)10/27/2023 1:45:23 PM
From: Harshu Vyas  Read Replies (1) of 78523
 
Have you done the conversions between won to USD - I think GRVY generated $71m in USD in 2022 so 6x FCF. Cheap, sure, but I think I can find cheaper. Ok - there's some balance sheet strength in the cash but it will never find its way back to shareholders anyway. No dividend. I don't know if they're repurchasing shares but they're not investing either - low capex. A very strange situation. Maybe you ought to reach out to investor relations - what exactly are they up to?

You're right that it's basically an unknown company. Market cap of $400m and average volume of 30k shares.

I just don't get the business nor have I ever heard of "Ragnarok Online" - bear in mind, I'm still at the age of playing console + PC games. TTWO trades at a premium because everyone knows about GTA 6 in development and it's release date is surely coming out soon. If a new game from GRVY was to be released, I don't think the market would bat an eyelid because the games don't appeal to any Western audience. I suppose that's potentially where the value lies.

As for Taiwan + China, I just think that that whole area is totally uninvestable and you're throwing away your cash investing there. As a Brit, I feel far more comfortable buying US companies, then British companies, then European companies... Americans just complain a lot. US markets are as favourable as they get for investors.
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