Financials Mercari, Inc.

Equities

4385

JP3921290007

Internet Services

Market Closed - Japan Exchange Other stock markets 01:30:00 2025-01-24 am EST			5-day change	1st Jan Change
1,791.50 ^JPY	+0.53%		+6.92%	-0.08%

Jan. 08	Jefferies Adjusts Mercari's Price Target to 2,400 Yen From 2,625 Yen, Keeps at Buy	MT
Nov. 06	Mercari's Profit Hikes Over 4% in Fiscal Q1	MT

Projected Income Statement: Mercari, Inc.

income-statement-evolution-chart MERCARI-INC

Fiscal Period: June	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	76,275	106,115	147,049	172,064	187,407	195,633	212,631	231,502
Change	-	39.12%	38.58%	17.01%	8.92%	4.39%	8.69%	8.87%
EBITDA ¹	-17,669	6,029	-2,897	17,956	19,528	22,529	28,121	33,679
Change	-	-	-	-	8.75%	15.37%	24.82%	19.77%
EBIT ¹	-19,308	5,184	-3,715	17,023	18,869	21,744	27,697	33,675
Change	-	-	-	-	10.84%	15.23%	27.38%	21.58%
Interest Paid ¹	-248	-232	-129	-182	-488	-520	-440	-435
Earnings before Tax (EBT) ¹	-20,519	11,874	-3,997	16,389	17,889	22,532	27,828	33,725
Change	-	-	-	-	9.15%	25.96%	23.5%	21.19%
Net income ¹	-22,772	5,720	-7,569	13,070	13,461	15,324	19,468	23,473
Change	-	-	-	-	2.99%	13.84%	27.04%	20.57%
Announcement Date	8/6/20	8/12/21	8/8/22	8/10/23	8/13/24	-	-	-

¹JPY in Million

Estimates

Fiscal Period: June	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	14,548	18,445	20,357	22,925	22,156	26,057	28,688	29,214	33,634	37,557	38,510	37,348	40,029	44,256	43,628	44,151	44,271	48,115	48,492	46,529	44,924	49,027	50,346	49,493
Change	-	26.79%	10.37%	12.61%	-3.35%	17.61%	10.1%	1.83%	15.13%	11.66%	2.54%	-3.02%	7.18%	10.56%	-1.42%	1.2%	0.27%	8.68%	0.78%	-4.05%	-3.45%	9.13%	2.69%	-1.69%
EBITDA	-6,744	-6,509	-5,718	1,585	-	1,237	-	-	-	-	-2,667	1,188	-	-	5,879	5,830	-	3,902	-	-	-	-	-	-
Change	-	-3.48%	-12.15%	-	-100%	-	-100%	-	-	-	-	-	-100%	-	-	-0.83%	-100%	-	-100%	-	-	-	-	-
EBIT ¹	-7,010	-6,896	-6,386	984	364	1,006	158	3,656	849	-2,623	-2,912	971	3,119	2,713	5,697	5,494	4,477	3,344	4,979	5,425	4,098	4,836	5,871	6,618
Change	-	-1.63%	-7.4%	-	-63.01%	176.37%	-84.29%	2,213.92%	-76.78%	-	11.02%	-	221.22%	-13.02%	109.99%	-3.56%	-18.51%	-25.31%	48.89%	8.96%	-24.46%	18%	21.4%	12.73%
Charge d'intérêts	-57	-	-64	-	-59	-	-54	-	-35	-	-32	-	-30	-	-73	-	-117	-116	-134	-	-121	-	-	-
Earnings before Tax (EBT) ¹	-7,027	-	-7,552	-	7,204	-	155	-	834	-	-2,997	-	2,965	-	5,755	5,413	4,577	3,448	5,035	4,828	5,584	5,953	6,500	6,400
Change	-	-100%	-	-100%	-	-100%	-	-100%	-	-100%	-	-100%	-	-100%	-	-5.94%	-15.44%	-24.67%	46.03%	-4.11%	15.66%	6.61%	9.19%	-1.54%
Net income ¹	-7,113	-6,990	-8,109	-560	4,281	-170	-535	2,144	-119	-	-4,980	139	412	790	3,854	8,014	2,811	1,739	4,203	4,707	2,933	3,306	3,824	5,329
Change	-	-1.73%	16.01%	-93.09%	-	-	214.71%	-	-	-100%	-	-	196.4%	91.75%	387.85%	107.94%	-64.92%	-38.14%	141.69%	11.99%	-37.69%	12.71%	15.67%	39.36%
Announcement Date	11/7/19	2/6/20	4/30/20	8/6/20	10/30/20	2/4/21	4/30/21	8/12/21	10/29/21	2/3/22	4/28/22	8/8/22	10/31/22	2/7/23	4/28/23	8/10/23	11/13/23	2/13/24	5/9/24	8/13/24	11/5/24	-	-	-

¹JPY in Million

Estimates

Fiscal Period: June	2021 S1	2022 S1	2023 S1	2024 S1	2025 S1
Net sales ¹	48,213	71,191	84,285	92,386	92,000
Change	-	47.66%	18.39%	9.61%	-0.42%
EBITDA	-	-	-	-	-
Change	-	-	-	-	-
EBIT ¹	1,370	-1,774	5,832	7,821	8,500
Change	-	-	-	34.1%	8.68%
Charge d'intérêts	-121	-65	-62	-233	-
Earnings before Tax (EBT)	8,133	-1,872	5,221	8,025	-
Change	-	-	-	53.71%	-100%
Net income	4,111	-2,728	1,202	4,550	-
Change	-	-	-	278.54%	-100%
Announcement Date	2/4/21	2/3/22	2/7/23	2/13/24	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Mercari, Inc.

balance-sheet-analysis-chart MERCARI-INC

Fiscal Period: June	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-88,560	-100,315	-130,055	-88,741	1,310	-152,970	-212,670	-278,031
Change	-	-213.27%	-229.65%	-168.23%	-98.52%	-11,777.1%	-239.03%	-230.73%
Announcement Date	8/6/20	8/12/21	8/8/22	8/10/23	8/13/24	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Mercari, Inc.

Fiscal Period: June	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	773	420	669	471	155	629.7	566.7	612.7
Change	-	-45.67%	59.29%	-29.6%	-67.09%	306.24%	-10%	8.11%
Free Cash Flow (FCF) ¹	9,880	10,274	-26,888	-37,515	-44,214	-10,965	-1,933	1,293
Change	-	3.99%	-361.71%	39.52%	17.86%	-75.2%	-82.37%	-166.9%
Announcement Date	8/6/20	8/12/21	8/8/22	8/10/23	8/13/24	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Mercari, Inc.

Fiscal Period: June	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-23.16%	5.68%	-1.97%	10.44%	10.42%	11.52%	13.23%	14.55%
EBIT Margin (%)	-25.31%	4.89%	-2.53%	9.89%	10.07%	11.11%	13.03%	14.55%
EBT Margin (%)	-26.9%	11.19%	-2.72%	9.52%	9.55%	11.52%	13.09%	14.57%
Net margin (%)	-29.86%	5.39%	-5.15%	7.6%	7.18%	7.83%	9.16%	10.14%
FCF margin (%)	12.95%	9.68%	-18.29%	-21.8%	-23.59%	-5.6%	-0.91%	0.56%
FCF / Net Income (%)	-43.39%	179.62%	355.24%	-287.03%	-328.46%	-71.55%	-9.93%	5.51%
Profitability
ROA	-10.72%	2.16%	-2.51%	4.62%	3.9%	3.81%	4.29%	4.6%
ROE	-53.1%	15.5%	-20%	28.9%	21.2%	19.81%	20.63%	20.25%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	0.07x	-	-	-
Debt / Free cash flow	-	-	-	-	-0.03x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.01%	0.4%	0.45%	0.27%	0.08%	0.32%	0.27%	0.26%
CAPEX / EBITDA (%)	-4.37%	6.97%	-23.09%	2.62%	0.79%	2.79%	2.02%	1.82%
CAPEX / FCF (%)	7.82%	4.09%	-2.49%	-1.26%	-0.35%	-5.74%	-29.31%	47.37%
Items per share
Cash flow per share ¹	-138.4	41.8	-42.22	86.79	94.98	88.37	139.6	171.1
Change	-	-130.21%	-201%	-305.57%	9.44%	-6.96%	57.98%	22.55%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	222.8	247.5	228.6	329.8	438.3	526.6	645.8	792.2
Change	-	11.11%	-7.66%	44.29%	32.91%	20.13%	22.64%	22.68%
EPS ¹	-147.9	36.43	-47.34	81.01	82.48	93.55	118.8	143.2
Change	-	-124.64%	-229.95%	-271.12%	1.81%	13.42%	27.04%	20.46%
Nbr of stocks (in thousands)	156,100	157,756	160,608	161,791	163,800	164,113	164,113	164,113
Announcement Date	8/6/20	8/12/21	8/8/22	8/10/23	8/13/24	-	-	-