Core Thesis - WEBTOON Entertainment Inc. is positioned as a global leader in digital comics with significant growth potential, currently trading at $13.91 as of December 2nd [1] Company Overview - WEBTOON operates a mobile-first platform for creators to publish episodic stories in over 150 countries, boasting 155 million monthly active users and 24 million creators [2] - The company was originally part of Naver and went public in mid-2024, monetizing through paid content, advertising, and IP licensing, having paid out $2.8 billion to creators from 2017 to 2023 [3] Growth and Market Expansion - WEBTOON's user growth is accelerating in Western markets, particularly the U.S., with a 19% year-over-year increase in monthly active users, supported by partnerships with major IP holders like Disney and Marvel [4] - The company has a clean balance sheet with zero debt and over $580 million in cash, enabling aggressive investments in content and global expansion [4] Financial Performance - WEBTOON is nearing profitability, reporting an adjusted EBITDA of $9.7 million in Q2 2025 and positive free cash flow, with revenue showing double-digit growth [5] - The stock is considered underappreciated at around $17 per share, with potential for significant returns as the company scales and monetizes its platform further [5] Competitive Landscape - The bullish thesis on WEBTOON aligns with broader trends in the entertainment industry, emphasizing the importance of creator ecosystems and strategic partnerships for growth [6]