Company Valuation: GMO Payment Gateway, Inc.

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 1,075,448 754,633 620,164 667,460 629,358 645,793 - -
Change - -29.83% -17.82% 7.63% -5.71% 2.61% - -
Enterprise Value (EV) 1 986,083 663,665 515,856 522,756 472,482 446,491 438,809 398,972
Change - -32.7% -22.27% 1.34% -9.62% -5.5% -1.72% -9.08%
P/E ratio 120x 31.2x 46x 35.7x 28.8x 26.8x 22.2x 18.1x
PBR 19.3x 8.66x 6.72x 6.49x 5.57x 5.04x 4.43x 3.86x
PEG - 0x -1x 0.9x 1.7x 2.6x 1.1x 0.8x
Capitalization / Revenue 25.8x 15x 9.83x 9.05x 7.63x 6.85x 5.93x 5.11x
EV / Revenue 23.7x 13.2x 8.17x 7.08x 5.73x 4.74x 4.03x 3.16x
EV / EBITDA 66.3x 36.1x 22.7x 18.3x 13.4x 10.8x 9.22x 7.23x
EV / EBIT 75.9x 40.8x 25.4x 20.8x 15.1x 12x 9.73x 7.5x
EV / FCF -115x 127x 21.6x 11.8x 10.2x 20.6x 14.4x 10.8x
FCF Yield -0.87% 0.79% 4.63% 8.46% 9.83% 4.85% 6.94% 9.25%
Dividend per Share 2 59 160 89 124 144 169.1 201.6 244.1
Rate of return 0.42% 1.61% 1.09% 1.41% 1.74% 1.99% 2.37% 2.87%
EPS 2 118 318.4 177.7 246.6 287.8 317.7 382.8 468.8
Distribution rate 50% 50.2% 50.1% 50.3% 50% 53.2% 52.7% 52.1%
Net sales 1 41,667 50,298 63,119 73,785 82,499 94,294 108,969 126,402
EBITDA 1 14,884 18,397 22,725 28,535 35,261 41,258 47,595 55,176
EBIT 1 12,987 16,249 20,312 25,187 31,340 37,221 45,121 53,196
Net income 1 8,818 24,152 13,475 18,705 21,829 24,126 29,070 35,581
Net Debt 1 -89,365 -90,968 -104,308 -144,704 -156,876 -199,302 -206,984 -246,822
Reference price 2 14,180.00 9,950.00 8,177.00 8,800.00 8,297.00 8,498.00 8,498.00 8,498.00
Nbr of stocks (in thousands) 75,843 75,843 75,842 75,848 75,854 75,994 - -
Announcement Date 11/11/21 11/14/22 11/13/23 11/12/24 11/13/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.75x4.74x10.82x1.99% 4.06B
24.12x13.15x18.66x0.88% 580B
8.73x1.26x6.46x0.76% 40.7B
19.31x1.28x7.35x-.--% 37.03B
9.67x2.73x6.46x-.--% 29.9B
14.86x4.24x8x-.--% 20.03B
12.93x2.88x6.06x1.65% 18.01B
17.22x9.18x33.11x - 13.61B
26.67x4.42x14.39x-.--% 13.31B
120.34x7.01x107.2x-.--% 7.73B
Average 28.06x 5.09x 21.85x 0.59% 76.45B
Weighted average by Cap. 22.91x 10.73x 17.44x 0.77%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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