[넥슨 리빌드]③ 배당 늘려도 남은 과제…주가 23% 괴리

Despite Nexon's commitment to shareholder returns through dividend increases and share buybacks, the company's stock price remains 23% below analyst targets, reflecting market skepticism about underlying profitability. The valuation gap reveals that dividend hikes alone cannot drive stock re-rating—improved operating margins and ROE are essential. Recovery depends on turnaround success of flagship titles like Dungeon & Fighter Mobile and execution of cost restructuring initiatives.