Gravity Co Ltd ADR (GRVY) is undervalued and NetEase Inc ADR (NTES) is undervalued.
Against our estimates of intrinsic value, GRVY trades at the wider discount: a margin of safety of +52%, against +23% for NTES.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.0% (average of 3 methods) values the shares at $142.21; the price of $68.68 is 52% below that value, and 72% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 8.8% (average of 3 methods) values the shares at $153.57; the price of $118.76 is 23% below that value, and 77% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | GRVY | NTES |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $68.68 | $118.76 |
| Intrinsic value | $142.21 | $153.57 |
| Margin of safety | +52% | +23% |
| Leak Score | 100/100 (3/12) | 100/100 (3/12) |
| Market cap | $477M | $75.6B |
| Revenue growth, 5 years | 2.8% | 8.0% |
| Operating margin | 16.2% | 35.3% |
| Net margin | 14.9% | 27.9% |
| Return on equity | 13.2% | 20.4% |
| Debt to equity | 0.01 | 0.08 |
| P/E | 8.1x | 16.5x |
| Forward P/E | — | 11.1x |
| P/B | 1.1x | 3.1x |
| Dividend yield | — | 2.7% |