Intrinsic value of GRAVITY ADR - GRVY

Previous Close

$33.91

  Intrinsic Value

$1,250

stock screener

  Rating & Target

str. buy

+999%

Previous close

$33.91

 
Intrinsic value

$1,250

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of GRVY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  213
  328
  491
  713
  1,006
  1,382
  1,856
  2,436
  3,135
  3,960
  4,917
  6,012
  7,246
  8,622
  10,137
  11,792
  13,584
  15,509
  17,565
  19,748
  22,056
  24,486
  27,036
  29,706
  32,495
  35,402
  38,430
  41,581
  44,857
  48,262
Variable operating expenses, $m
  189
  291
  435
  632
  891
  1,225
  1,645
  2,159
  2,779
  3,510
  4,358
  5,328
  6,422
  7,641
  8,984
  10,451
  12,039
  13,745
  15,567
  17,502
  19,547
  21,701
  23,961
  26,327
  28,799
  31,376
  34,060
  36,852
  39,755
  42,773
Fixed operating expenses, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Total operating expenses, $m
  190
  292
  436
  633
  892
  1,226
  1,646
  2,160
  2,780
  3,511
  4,359
  5,329
  6,423
  7,642
  8,985
  10,452
  12,040
  13,746
  15,569
  17,504
  19,549
  21,703
  23,963
  26,329
  28,801
  31,378
  34,062
  36,854
  39,757
  42,775
Operating income, $m
  23
  36
  55
  80
  113
  156
  210
  276
  355
  449
  558
  682
  823
  979
  1,152
  1,340
  1,543
  1,762
  1,996
  2,244
  2,507
  2,783
  3,073
  3,377
  3,694
  4,025
  4,369
  4,727
  5,100
  5,487
EBITDA, $m
  23
  37
  55
  81
  115
  158
  212
  279
  360
  455
  565
  691
  833
  991
  1,166
  1,356
  1,562
  1,784
  2,021
  2,272
  2,538
  2,817
  3,111
  3,418
  3,739
  4,074
  4,423
  4,785
  5,163
  5,555
Interest expense (income), $m
  0
  0
  2
  5
  10
  16
  24
  34
  47
  63
  82
  104
  130
  160
  193
  231
  272
  317
  365
  418
  473
  533
  595
  661
  731
  803
  879
  958
  1,040
  1,126
  1,214
Earnings before tax, $m
  23
  34
  49
  70
  97
  132
  176
  229
  293
  368
  454
  553
  663
  786
  921
  1,068
  1,227
  1,397
  1,579
  1,771
  1,974
  2,188
  2,412
  2,646
  2,891
  3,146
  3,411
  3,687
  3,974
  4,273
Tax expense, $m
  6
  9
  13
  19
  26
  36
  47
  62
  79
  99
  123
  149
  179
  212
  249
  288
  331
  377
  426
  478
  533
  591
  651
  714
  781
  849
  921
  996
  1,073
  1,154
Net income, $m
  17
  25
  36
  51
  71
  97
  128
  167
  214
  268
  331
  403
  484
  574
  672
  780
  896
  1,020
  1,152
  1,293
  1,441
  1,597
  1,761
  1,932
  2,110
  2,296
  2,490
  2,692
  2,901
  3,119

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  174
  269
  402
  583
  822
  1,130
  1,517
  1,992
  2,563
  3,238
  4,021
  4,916
  5,925
  7,050
  8,289
  9,642
  11,107
  12,681
  14,362
  16,147
  18,034
  20,021
  22,106
  24,289
  26,570
  28,947
  31,423
  33,999
  36,678
  39,462
Adjusted assets (=assets-cash), $m
  174
  269
  402
  583
  822
  1,130
  1,517
  1,992
  2,563
  3,238
  4,021
  4,916
  5,925
  7,050
  8,289
  9,642
  11,107
  12,681
  14,362
  16,147
  18,034
  20,021
  22,106
  24,289
  26,570
  28,947
  31,423
  33,999
  36,678
  39,462
Revenue / Adjusted assets
  1.224
  1.219
  1.221
  1.223
  1.224
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
  1.223
Average production assets, $m
  1
  2
  3
  5
  7
  10
  13
  17
  22
  28
  34
  42
  51
  60
  71
  83
  95
  109
  123
  138
  154
  171
  189
  208
  227
  248
  269
  291
  314
  338
Working capital, $m
  -26
  -40
  -60
  -88
  -124
  -170
  -228
  -300
  -386
  -487
  -605
  -739
  -891
  -1,060
  -1,247
  -1,450
  -1,671
  -1,908
  -2,160
  -2,429
  -2,713
  -3,012
  -3,325
  -3,654
  -3,997
  -4,354
  -4,727
  -5,114
  -5,517
  -5,936
Total debt, $m
  40
  98
  180
  291
  439
  628
  866
  1,158
  1,510
  1,924
  2,406
  2,956
  3,577
  4,269
  5,031
  5,863
  6,764
  7,732
  8,766
  9,863
  11,024
  12,246
  13,529
  14,871
  16,273
  17,736
  19,258
  20,843
  22,490
  24,202
Total liabilities, $m
  107
  165
  247
  358
  506
  695
  933
  1,225
  1,577
  1,991
  2,473
  3,023
  3,644
  4,335
  5,098
  5,930
  6,831
  7,799
  8,833
  9,930
  11,091
  12,313
  13,595
  14,938
  16,340
  17,802
  19,325
  20,910
  22,557
  24,269
Total equity, $m
  67
  103
  155
  224
  317
  435
  584
  767
  987
  1,247
  1,548
  1,893
  2,281
  2,714
  3,191
  3,712
  4,276
  4,882
  5,529
  6,217
  6,943
  7,708
  8,511
  9,351
  10,229
  11,145
  12,098
  13,090
  14,121
  15,193
Total liabilities and equity, $m
  174
  268
  402
  582
  823
  1,130
  1,517
  1,992
  2,564
  3,238
  4,021
  4,916
  5,925
  7,049
  8,289
  9,642
  11,107
  12,681
  14,362
  16,147
  18,034
  20,021
  22,106
  24,289
  26,569
  28,947
  31,423
  34,000
  36,678
  39,462
Debt-to-equity ratio
  0.600
  0.950
  1.160
  1.300
  1.390
  1.440
  1.480
  1.510
  1.530
  1.540
  1.550
  1.560
  1.570
  1.570
  1.580
  1.580
  1.580
  1.580
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
Adjusted equity ratio
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  17
  25
  36
  51
  71
  97
  128
  167
  214
  268
  331
  403
  484
  574
  672
  780
  896
  1,020
  1,152
  1,293
  1,441
  1,597
  1,761
  1,932
  2,110
  2,296
  2,490
  2,692
  2,901
  3,119
Depreciation, amort., depletion, $m
  0
  1
  1
  1
  2
  2
  3
  4
  4
  6
  7
  8
  10
  12
  14
  17
  19
  22
  25
  28
  31
  34
  38
  42
  45
  50
  54
  58
  63
  68
Funds from operations, $m
  17
  25
  37
  52
  73
  99
  131
  171
  218
  274
  338
  412
  494
  586
  687
  796
  915
  1,042
  1,177
  1,321
  1,472
  1,631
  1,799
  1,973
  2,156
  2,346
  2,544
  2,750
  2,964
  3,187
Change in working capital, $m
  -10
  -14
  -20
  -27
  -36
  -46
  -58
  -71
  -86
  -101
  -118
  -135
  -152
  -169
  -186
  -204
  -220
  -237
  -253
  -269
  -284
  -299
  -314
  -328
  -343
  -358
  -372
  -388
  -403
  -419
Cash from operations, $m
  27
  40
  57
  80
  109
  145
  189
  242
  304
  375
  456
  546
  646
  755
  873
  1,000
  1,135
  1,278
  1,430
  1,589
  1,756
  1,930
  2,112
  2,302
  2,499
  2,704
  2,916
  3,137
  3,367
  3,605
Maintenance CAPEX, $m
  0
  0
  0
  -1
  -1
  -1
  -2
  -3
  -3
  -4
  -6
  -7
  -8
  -10
  -12
  -14
  -17
  -19
  -22
  -25
  -28
  -31
  -34
  -38
  -42
  -45
  -50
  -54
  -58
  -63
New CAPEX, $m
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
Cash from investing activities, $m
  -1
  -1
  -1
  -3
  -3
  -4
  -5
  -7
  -8
  -10
  -13
  -15
  -17
  -20
  -23
  -26
  -30
  -32
  -36
  -40
  -44
  -48
  -52
  -57
  -62
  -65
  -71
  -76
  -81
  -87
Free cash flow, $m
  26
  39
  55
  77
  106
  141
  184
  235
  296
  365
  444
  532
  629
  735
  850
  974
  1,106
  1,246
  1,394
  1,549
  1,712
  1,882
  2,060
  2,245
  2,438
  2,638
  2,846
  3,062
  3,286
  3,519
Issuance/(repayment) of debt, $m
  40
  58
  82
  111
  147
  189
  238
  292
  351
  415
  481
  550
  621
  692
  762
  832
  901
  968
  1,034
  1,098
  1,161
  1,222
  1,283
  1,343
  1,402
  1,462
  1,523
  1,584
  1,647
  1,712
Issuance/(repurchase) of shares, $m
  8
  12
  15
  19
  21
  22
  21
  16
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  48
  70
  97
  130
  168
  211
  259
  308
  357
  415
  481
  550
  621
  692
  762
  832
  901
  968
  1,034
  1,098
  1,161
  1,222
  1,283
  1,343
  1,402
  1,462
  1,523
  1,584
  1,647
  1,712
Total cash flow (excl. dividends), $m
  75
  108
  152
  207
  274
  352
  443
  543
  653
  780
  925
  1,082
  1,250
  1,427
  1,613
  1,806
  2,007
  2,214
  2,427
  2,647
  2,873
  3,104
  3,343
  3,588
  3,840
  4,100
  4,368
  4,646
  4,933
  5,231
Retained Cash Flow (-), $m
  -25
  -36
  -51
  -70
  -92
  -119
  -149
  -183
  -220
  -260
  -301
  -345
  -389
  -433
  -477
  -521
  -564
  -606
  -647
  -687
  -727
  -765
  -803
  -840
  -878
  -915
  -953
  -992
  -1,031
  -1,072
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  49
  72
  101
  137
  182
  234
  294
  360
  433
  520
  624
  738
  861
  994
  1,135
  1,285
  1,443
  1,608
  1,780
  1,960
  2,146
  2,339
  2,540
  2,747
  2,962
  3,185
  3,415
  3,654
  3,902
  4,159
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  47
  66
  88
  113
  141
  170
  198
  225
  249
  273
  296
  315
  327
  334
  333
  327
  314
  296
  274
  249
  222
  194
  166
  140
  115
  93
  73
  57
  43
  31
Current shareholders' claim on cash, %
  93.4
  88.0
  83.7
  80.2
  77.7
  75.8
  74.5
  73.8
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6
  73.6

Gravity Co., Ltd. is a developer, distributor and publisher of online games in Japan and Taiwan. The Company's segments include online games, mobile games and other. Its principal product includes Ragnarok Online, which is a multiplayer online role playing game. It categorizes products into over three categories, such as online games; mobile games and applications, and other games and game-related products and services, including character-based merchandise and animation. It offers over five online games, such as Ragnarok Online, Ragnarok Online II, Requiem, Dragonica (Dragon Saga) and R.O.S.E. Online, which are action adventure massively multiplayer online role-playing games (MMORPG). It develops mobile games, including Ragnarok Online-Uprising: Valkyrie, Ragnarok Online Mobile Story and Ragnarok Violet, and also publishes mobile games licensed from third parties. It provides games for game consoles and handheld game consoles, such as Nintendo DS, Xbox 360 and the PlayStation series.

FINANCIAL RATIOS  of  GRAVITY ADR (GRVY)

Valuation Ratios
P/E Ratio -2
Price to Sales 1
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -5.9
Price to Free Cash Flow -5.9
Growth Rates
Sales Growth Rate -8.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -32.3%
Ret/ On Assets - 3 Yr. Avg. -26.2%
Return On Total Capital -44.1%
Ret/ On T. Cap. - 3 Yr. Avg. -34.3%
Return On Equity -44.1%
Return On Equity - 3 Yr. Avg. -34.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 16.1%
Gross Margin - 3 Yr. Avg. 19.2%
EBITDA Margin -32.3%
EBITDA Margin - 3 Yr. Avg. -19.6%
Operating Margin -48.4%
Oper. Margin - 3 Yr. Avg. -39.1%
Pre-Tax Margin -45.2%
Pre-Tax Margin - 3 Yr. Avg. -34.4%
Net Profit Margin -48.4%
Net Profit Margin - 3 Yr. Avg. -46.8%
Effective Tax Rate -7.1%
Eff/ Tax Rate - 3 Yr. Avg. -46%
Payout Ratio 0%

GRVY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GRVY stock intrinsic value calculation we used $132.8670607 million for the last fiscal year's total revenue generated by GRAVITY ADR. The default revenue input number comes from 0001 income statement of GRAVITY ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GRVY stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for GRVY is calculated based on our internal credit rating of GRAVITY ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of GRAVITY ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GRVY stock the variable cost ratio is equal to 88.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1 million in the base year in the intrinsic value calculation for GRVY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for GRAVITY ADR.

Corporate tax rate of 27% is the nominal tax rate for GRAVITY ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GRVY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GRVY are equal to 0.7%.

Life of production assets of 0 years is the average useful life of capital assets used in GRAVITY ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GRVY is equal to -12.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $41.8050473778 million for GRAVITY ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 3.474 million for GRAVITY ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of GRAVITY ADR at the current share price and the inputted number of shares is $0.1 billion.

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▶ What You Must Know About Gravity Co Ltds (GRVY) Risks   [Nov-02-17 03:12PM  Simply Wall St.]
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▶ Gravity Reports Third Quarter of 2016 Results   [Oct-28-16 06:25AM  GlobeNewswire]
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▶ GRAVITY Reports First Quarter of 2016 Results   [May-25-16 06:25AM  GlobeNewswire]
▶ GRAVITY CO., LTD. Financials   [01:04PM  EDGAR Online Financials]
▶ Gravity Issues Business Updates   [Jan-26-16 06:49AM  at noodls]
▶ GRAVITY Issues Business Updates   [06:20AM  GlobeNewswire]
▶ GRAVITY Reports Third Quarter of 2015 Results   [Nov-24  06:10AM  GlobeNewswire]
▶ Gravity Co., Ltd. Earnings Q2, 2015   [Sep-03  10:43AM  Capital Cube]
▶ Zynga, Inc. Earnings Analysis: By the Numbers Q2*, 2015   [Aug-11  08:53AM  Capital Cube]
▶ Gravity CEO being sued by brother   [Jul-21  11:00AM  CNBC Videos]
▶ 5 Stocks The Market Values At Less Than $0   [Jun-19  12:12PM  Benzinga]
▶ Gravity Reports First Quarter of 2015 Results   [May-27  06:10AM  PR Newswire]
▶ GRAVITY to Effect a 1-for-8 Reverse ADS Split   [May-11  06:15AM  GlobeNewswire]
▶ Gravity Announces 1-for-8 Reverse ADS Split   [Apr-22  06:17AM  PR Newswire]
▶ GRAVITY Reports Second Quarter of 2014 Results   [Aug-27  09:00AM  GlobeNewswire]
▶ GRAVITY Receives Nasdaq Staff Deficiency Letter   [Jun-03  09:00AM  GlobeNewswire]
▶ GRAVITY Reports First Quarter of 2014 Results   [May-22  09:00AM  GlobeNewswire]
▶ Gravity Is Very Cheap Again   [Apr-26  04:34PM  at Seeking Alpha]
▶ Two Game Stocks You Should Play, Say Analysts   [Jun-11  07:57AM  Talking Numbers]
▶ GRAVITY Reports First Quarter of 2013 Results   [May-19  09:00AM  GlobeNewswire]
▶ Top 5 Picks For 2013   [Dec-16-12 03:17AM  at Seeking Alpha]
▶ Gravity Is A Cheap Net-Net Strategy Again   [Dec-07-12 01:49PM  at Seeking Alpha]
▶ Mr. Market Beating Our Top 10 Stocks Of 2012   [Nov-19-12 02:52PM  at Seeking Alpha]
▶ What I Hold in My Portfolio - Part 2   [Sep-04-12 06:56AM  at Seeking Alpha]
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▶ A Summer Value Opportunity In Gravity Co., Ltd.   [May-17-12 03:19PM  at Seeking Alpha]
▶ GRAVITY Reports First Quarter of 2012 Results   [May-16-12 09:00AM  GlobeNewswire]
▶ The Best Dividend Track Records   [Apr-18-12 08:40AM  at Seeking Alpha]
▶ Gravity Volatility Tough On The Heart   [Apr-16-12 02:46PM  at Seeking Alpha]
▶ Top longs and shorts to watch   [Mar-06-12 12:17PM  at MarketWatch]
▶ Zynga Cannot Kick Facebook Addiction   [Mar-05-12 11:06AM  at Forbes]
▶ Gravity Has Game   [Mar-02-12 09:58AM  at Seeking Alpha]
▶ GRVY's Secret Recipe To Produce 50% YTD   [Feb-09-12 06:56AM  at Seeking Alpha]
▶ Analyzing 6 Potential Takeover Candidates   [Jan-04-12 04:34PM  at Seeking Alpha]
▶ GRAVITY Reports Third Quarter of 2011 Results   [Nov-09-11 09:00AM  GlobeNewswire]
▶ Activision Blizzard Inc Earnings Cheat Sheet: Beats Estimates   [Nov-08-11 04:38PM  Wall St. Cheat Sheet]
▶ Activision Blizzard Inc. Third Quarter Earnings Sneak Peek   [Nov-03-11 10:56AM  Wall St. Cheat Sheet]

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