Financials Kakaku.com, Inc.

Equities

2371

JP3206000006

Internet Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,816 ^JPY	+1.37%		+5.77%	+4.01%

Apr. 01	Morgan Stanley Upgrades Kakaku.com to Overweight From Underweight, Adjusts Price Target to 2,200 Yen From 1,500 Yen	MT
Apr. 01	Kakaku.com, Inc. Appoints Shinichi as CFO	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	443,754	408,624	621,989	564,087	362,989	358,776	-	-
Enterprise Value (EV) ¹	417,332	379,120	587,101	529,789	332,494	326,201	319,100	310,879
P/E ratio	26.7 x	22.5 x	52.9 x	39.6 x	22.8 x	20.5 x	18 x	16.2 x
Yield	1.69%	2.02%	1.32%	1.45%	2.22%	2.52%	2.69%	3.02%
Capitalization / Revenue	8.09 x	6.7 x	12.2 x	10.9 x	5.97 x	5.37 x	4.82 x	4.41 x
EV / Revenue	7.61 x	6.22 x	11.5 x	10.2 x	5.47 x	4.88 x	4.28 x	3.82 x
EV / EBITDA	15.6 x	12.5 x	26.9 x	23.4 x	12.1 x	11.3 x	9.87 x	8.77 x
EV / FCF	25.4 x	17.8 x	38.9 x	36 x	16.3 x	18.1 x	15.9 x	14 x
FCF Yield	3.93%	5.62%	2.57%	2.78%	6.14%	5.54%	6.31%	7.13%
Price to Book	10.9 x	9.52 x	13.3 x	11.8 x	7.59 x	6.76 x	6.03 x	5.31 x
Nbr of stocks (in thousands)	208,629	205,856	205,957	204,602	201,102	197,564	-	-
Reference price ²	2,127	1,985	3,020	2,757	1,805	1,816	1,816	1,816
Announcement Date	5/9/19	5/12/20	5/11/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	54,832	60,978	51,077	51,723	60,820	66,810	74,486	81,331
EBITDA ¹	26,836	30,436	21,863	22,650	27,510	28,829	32,326	35,455
EBIT ¹	25,070	27,217	18,295	19,147	23,947	25,742	29,106	32,046
Operating Margin	45.72%	44.63%	35.82%	37.02%	39.37%	38.53%	39.08%	39.4%
Earnings before Tax (EBT) ¹	24,839	26,619	17,904	20,897	23,253	25,836	28,996	32,054
Net income ¹	16,697	18,348	11,763	14,294	16,132	17,694	20,071	22,048
Net margin	30.45%	30.09%	23.03%	27.64%	26.52%	26.48%	26.95%	27.11%
EPS ²	79.70	88.25	57.13	69.65	79.29	88.56	101.1	112.0
Free Cash Flow ¹	16,421	21,294	15,086	14,722	20,400	18,062	20,125	22,159
FCF margin	29.95%	34.92%	29.54%	28.46%	33.54%	27.03%	27.02%	27.25%
FCF Conversion (EBITDA)	61.19%	69.96%	69%	65%	74.15%	62.65%	62.26%	62.5%
FCF Conversion (Net income)	98.35%	116.06%	128.25%	102.99%	126.46%	102.07%	100.27%	100.5%
Dividend per Share ²	36.00	40.00	40.00	40.00	40.00	45.71	48.83	54.89
Announcement Date	5/9/19	5/12/20	5/11/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	29,529	21,746	11,861	23,882	14,053	13,788	14,015	14,225	28,240	16,321	16,259	15,362	16,073	31,435	17,244	18,066	17,121	17,549	18,515	19,529
EBITDA ¹	-	-	-	-	-	6,244	6,238	6,407	-	7,916	6,949	-	-	-	7,922	7,900	-	-	-	-
EBIT ¹	13,569	6,877	4,109	8,121	5,661	5,365	5,374	5,532	10,906	7,021	6,020	5,171	6,128	11,299	7,000	7,341	6,730	6,690	7,400	7,470
Operating Margin	45.95%	31.62%	34.64%	34%	40.28%	38.91%	38.34%	38.89%	38.62%	43.02%	37.03%	33.66%	38.13%	35.94%	40.59%	40.63%	39.31%	38.12%	39.97%	38.25%
Earnings before Tax (EBT) ¹	13,343	6,579	4,060	8,027	6,786	6,084	5,645	5,685	11,330	7,045	4,878	5,296	6,220	11,516	6,989	7,305	-	-	-	-
Net income ¹	9,095	4,442	3,024	5,774	4,674	3,846	4,170	3,876	8,046	4,791	3,295	3,651	4,265	7,916	4,761	5,038	-	-	-	-
Net margin	30.8%	20.43%	25.5%	24.18%	33.26%	27.89%	29.75%	27.25%	28.49%	29.35%	20.27%	23.77%	26.54%	25.18%	27.61%	27.89%	-	-	-	-
EPS ²	43.59	21.57	-	28.06	22.80	-	20.38	-	39.33	23.53	-	18.15	21.21	39.36	23.76	26.37	-	-	-	-
Dividend per Share ²	-	20.00	-	20.00	-	-	-	-	20.00	-	-	-	23.00	23.00	-	23.00	-	25.00	-	25.00
Announcement Date	11/6/19	11/5/20	11/5/21	11/5/21	2/3/22	5/11/22	8/3/22	11/2/22	11/2/22	2/2/23	5/10/23	8/3/23	11/7/23	11/7/23	2/6/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	26,422	29,504	34,888	34,298	30,495	32,575	39,675	47,897
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	16,421	21,294	15,086	14,722	20,400	18,062	20,125	22,159
ROE (net income / shareholders' equity)	45.1%	44%	26.2%	30.1%	33.7%	35.6%	36.2%	35.8%
ROA (Net income/ Total Assets)	52.8%	46.5%	26.7%	29.5%	31.2%	21.8%	22.4%	22.7%
Assets ¹	31,598	39,482	44,110	48,372	51,697	81,167	89,804	97,234
Book Value Per Share ²	194.0	208.0	228.0	234.0	238.0	268.0	301.0	342.0
Cash Flow per Share	88.10	104.0	74.50	86.70	96.80	-	-	-
Capex ¹	1,870	2,703	2,202	1,775	2,000	2,131	2,237	2,569
Capex / Sales	3.41%	4.43%	4.31%	3.43%	3.29%	3.19%	3%	3.16%
Announcement Date	5/9/19	5/12/20	5/11/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kakaku.com, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,816 JPY

Average target price

2,017 JPY

Spread / Average Target

+11.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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