NAVER Corp

035420: XKRX (KOR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	₩692,919.00	Xpyjvh	Ndrztcdb

Naver to Purchase Poshmark at Reasonable Value, but Likely to Dilute Near-Term Earnings

Dan Baker

Oct 4, 2022

Naver has agreed to purchase online secondhand-fashion marketplace Poshmark for USD 17.90 per share in cash, implying an enterprise value of USD 1.2 billion, or around 6.5% of Naver’s existing enterprise value. The purchase price is marginally above Morningstar’s fair value estimate for Poshmark of USD 17.40 per share. The transaction is set to close by the first quarter of next year, pending Poshmark shareholders’ approval. We currently rate Poshmark as a no-moat company with a positive moat trend based on the potential for the company to develop a network effect.

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