Financials M3, Inc.

Equities

2413

JP3435750009

Internet Services

Market Closed - Japan Exchange 02:00:00 2024-04-26 am EDT 5-day change 1st Jan Change
1,878 JPY -0.29% Intraday chart for M3, Inc. +4.92% -19.52%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,203,136 2,168,012 5,138,636 3,033,456 2,241,071 1,274,857 - -
Enterprise Value (EV) 1 1,175,598 2,120,064 5,033,806 2,892,240 2,133,134 1,451,044 1,114,709 1,090,505
P/E ratio 61.4 x 100 x 136 x 47.5 x 45.7 x 32 x 25.5 x 21.3 x
Yield 0.38% 0.27% 0.16% 0.36% 0.58% 1.11% 1.16% 1.33%
Capitalization / Revenue 10.6 x 16.6 x 30.4 x 14.6 x 9.71 x 6.07 x 4.84 x 4.35 x
EV / Revenue 10.4 x 16.2 x 29.8 x 13.9 x 9.24 x 6.07 x 4.24 x 3.72 x
EV / EBITDA 36.5 x 54.6 x 79 x 28.5 x 26.9 x 14.3 x 14.2 x 11.7 x
EV / FCF 131 x -91.8 x 100 x 101 x 60.6 x 27.6 x 26.1 x 22.8 x
FCF Yield 0.76% -1.09% 1% 0.99% 1.65% 3.63% 3.83% 4.39%
Price to Book 12.2 x 13.1 x 25.8 x 11.8 x 7.43 x 4.14 x 3.41 x 3.13 x
Nbr of stocks (in thousands) 647,892 678,564 678,726 678,777 678,907 679,018 - -
Reference price 2 1,857 3,195 7,571 4,469 3,301 1,878 1,878 1,878
Announcement Date 4/24/19 5/15/20 4/23/21 4/27/22 4/28/23 4/26/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 113,059 130,973 169,198 208,159 230,818 238,883 263,162 293,269
EBITDA 1 32,191 38,830 63,708 101,415 79,417 79,340 78,728 92,879
EBIT 1 30,800 34,337 57,972 95,141 71,983 64,381 75,381 86,081
Operating Margin 27.24% 26.22% 34.26% 45.71% 31.19% 26.95% 28.64% 29.35%
Earnings before Tax (EBT) 1 30,942 34,610 58,264 96,187 74,318 68,840 75,362 91,826
Net income 1 19,577 21,635 37,822 63,845 49,028 45,271 48,225 59,728
Net margin 17.32% 16.52% 22.35% 30.67% 21.24% 18.95% 18.33% 20.37%
EPS 2 30.22 31.89 55.73 94.06 72.22 66.68 73.66 87.97
Free Cash Flow 1 8,966 -23,094 50,219 28,701 35,180 41,249 42,716 47,871
FCF margin 7.93% -17.63% 29.68% 13.79% 15.24% 17.1% 16.23% 16.32%
FCF Conversion (EBITDA) 27.85% - 78.83% 28.3% 44.3% 51.99% 54.26% 51.54%
FCF Conversion (Net income) 45.8% - 132.78% 44.95% 71.75% 83.73% 88.58% 80.15%
Dividend per Share 2 7.000 8.500 12.00 16.00 19.00 20.75 21.84 24.89
Announcement Date 4/24/19 5/15/20 4/23/21 4/27/22 4/28/23 4/26/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2020 S2 2021 S1 2021 S2 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 61,545 69,428 75,022 94,176 51,244 97,647 56,522 53,990 56,996 55,620 112,616 62,539 55,663 118,202 57,396 58,399 115,795 63,394 59,694 62,658 63,570 71,400 68,422
EBITDA - - - - - - - - - - - - 18,075 - - - - - - - - - -
EBIT 1 16,549 17,788 23,931 34,041 37,290 61,941 22,686 10,514 18,695 17,598 36,293 22,441 15,980 35,690 18,004 16,555 34,559 20,404 9,418 17,171 16,173 23,926 17,405
Operating Margin 26.89% 25.62% 31.9% 36.15% 72.77% 63.43% 40.14% 19.47% 32.8% 31.64% 32.23% 35.88% 28.71% 30.19% 31.37% 28.35% 29.84% 32.19% 15.78% 27.4% 25.44% 33.51% 25.44%
Earnings before Tax (EBT) 1 16,597 18,013 23,943 34,321 37,469 62,232 22,945 11,010 19,748 18,319 38,067 22,182 14,069 36,251 19,831 17,491 37,322 20,003 11,515 16,883 15,342 27,115 14,860
Net income 1 9,825 11,810 14,710 23,112 25,019 40,788 15,381 7,676 12,127 11,933 24,060 15,219 9,749 24,968 12,414 10,992 23,406 13,208 8,657 10,890 9,819 18,006 9,484
Net margin 15.96% 17.01% 19.61% 24.54% 48.82% 41.77% 27.21% 14.22% 21.28% 21.45% 21.36% 24.34% 17.51% 21.12% 21.63% 18.82% 20.21% 20.83% 14.5% 17.38% 15.45% 25.22% 13.86%
EPS 2 14.48 - 21.68 - 36.86 60.09 22.66 11.31 17.86 - 35.44 22.42 14.36 - 18.29 16.18 34.47 19.46 12.75 13.25 13.11 22.09 18.85
Dividend per Share 2 - - - - - - - 16.00 - - - - - - - - - - 21.00 - - - 24.00
Announcement Date 10/25/19 5/15/20 10/30/20 4/23/21 10/27/21 10/27/21 2/2/22 4/27/22 7/27/22 11/2/22 11/2/22 2/3/23 4/28/23 4/28/23 7/28/23 10/27/23 10/27/23 1/31/24 4/26/24 - - - -
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 27,538 47,948 104,830 141,216 107,937 137,243 160,148 184,353
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 8,966 -23,094 50,219 28,701 35,180 41,249 42,716 47,871
ROE (net income / shareholders' equity) 21.6% 16.3% 20.7% 27.9% 17.5% 13.8% 13.3% 15.3%
ROA (Net income/ Total Assets) 15.4% 19.3% 23.5% 31.1% 19.9% 15.4% 14.3% 14.4%
Assets 1 126,874 112,252 160,652 205,468 246,277 293,112 337,207 413,956
Book Value Per Share 2 152.0 244.0 294.0 379.0 444.0 516.0 551.0 600.0
Cash Flow per Share 2 32.40 38.50 64.20 103.0 83.20 79.80 86.40 97.90
Capex 1 677 1,848 1,989 3,721 5,911 6,682 6,250 7,159
Capex / Sales 0.6% 1.41% 1.18% 1.79% 2.56% 2.77% 2.37% 2.44%
Announcement Date 4/24/19 5/15/20 4/23/21 4/27/22 4/28/23 4/26/24 - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
1,878 JPY
Average target price
2,484 JPY
Spread / Average Target
+32.31%
Consensus