Financials Akatsuki Inc.

Equities

3932

JP3107000006

Internet Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
2,306 ^JPY	-0.26%		+1.90%	-8.93%

2023	Tranche Update on Akatsuki Inc.'s Equity Buyback Plan announced on May 15, 2023.	CI
2023	Akatsuki Inc.'s Equity Buyback announced on May 15, 2023, has closed with 2,094,500 shares, representing 15.41% for ¥4,484.32 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	88,136	50,329	62,680	39,308	30,230	27,415	-	-
Enterprise Value (EV) ¹	72,018	31,828	37,001	17,792	5,359	662.8	-2,489	-2,738
P/E ratio	11.2 x	7.59 x	9.86 x	7.61 x	22.5 x	16.5 x	9.82 x	6.23 x
Yield	0.79%	0.83%	1.56%	2.75%	3.6%	3.49%	3.57%	3.99%
Capitalization / Revenue	3.13 x	1.57 x	2.02 x	1.5 x	1.24 x	1.15 x	1.09 x	1.06 x
EV / Revenue	2.56 x	0.99 x	1.19 x	0.68 x	0.22 x	0.03 x	-0.1 x	-0.11 x
EV / EBITDA	5.18 x	2.78 x	3.2 x	2.34 x	0.92 x	0.19 x	-0.65 x	-0.75 x
EV / FCF	11.2 x	5.05 x	3.73 x	4.09 x	1.07 x	0.18 x	-1.1 x	-1.1 x
FCF Yield	8.95%	19.8%	26.8%	24.4%	93.1%	553%	-91.3%	-91.3%
Price to Book	3.72 x	1.67 x	1.75 x	1.03 x	0.78 x	0.73 x	0.71 x	0.69 x
Nbr of stocks (in thousands)	13,858	13,922	14,007	13,527	13,593	11,889	-	-
Reference price ²	6,360	3,615	4,475	2,906	2,224	2,306	2,306	2,306
Announcement Date	4/25/19	5/13/20	4/28/21	5/9/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,130	32,048	31,096	26,273	24,336	23,773	25,058	25,782
EBITDA ¹	13,902	11,447	11,552	7,610	5,848	3,404	3,816	3,673
EBIT ¹	13,635	11,053	11,294	7,448	5,700	3,090	3,952	4,025
Operating Margin	48.47%	34.49%	36.32%	28.35%	23.42%	13%	15.77%	15.61%
Earnings before Tax (EBT) ¹	11,924	9,880	9,066	7,280	3,776	2,750	3,990	4,535
Net income ¹	7,858	6,620	6,345	5,193	1,342	1,771	2,830	4,275
Net margin	27.93%	20.66%	20.4%	19.77%	5.51%	7.45%	11.29%	16.58%
EPS ²	567.7	476.3	453.9	381.6	98.97	140.1	234.8	370.0
Free Cash Flow ¹	6,446	6,302	9,929	4,346	4,991	3,667	2,272	2,500
FCF margin	22.92%	19.66%	31.93%	16.54%	20.51%	15.43%	9.07%	9.69%
FCF Conversion (EBITDA)	46.37%	55.05%	85.95%	57.11%	85.35%	107.74%	59.54%	68.04%
FCF Conversion (Net income)	82.03%	95.2%	156.49%	83.69%	371.91%	207.06%	80.28%	58.47%
Dividend per Share ²	50.00	30.00	70.00	80.00	80.00	80.50	82.25	92.00
Announcement Date	4/25/19	5/13/20	4/28/21	5/9/22	5/11/23	-	-	-

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	15,616	16,680	7,517	12,637	6,138	7,498	5,213	7,657	12,870	5,262	6,204	3,610	7,952	11,562	5,270	6,732	4,109	8,207	6,255	9,458
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,065	7,102	2,816	3,716	1,234	2,498	448	3,329	3,777	628	1,295	-802	2,782	1,980	-419	1,193	-951	2,597	195	3,168
Operating Margin	38.84%	42.58%	37.46%	29.41%	20.1%	33.32%	8.59%	43.48%	29.35%	11.93%	20.87%	-22.22%	34.98%	17.13%	-7.95%	17.72%	-23.14%	31.64%	3.12%	33.5%
Earnings before Tax (EBT)	5,843	6,071	-	3,729	1,680	-	498	-	3,072	206	-	-732	-	1,639	-421	-	-	-	-	-
Net income ¹	3,858	4,222	2,037	2,603	1,181	1,409	190	1,683	1,873	232	-763	-709	1,822	1,113	-439	626	-	-	-	-
Net margin	24.71%	25.31%	27.1%	20.6%	19.24%	18.79%	3.64%	21.98%	14.55%	4.41%	-12.3%	-19.64%	22.91%	9.63%	-8.33%	9.3%	-	-	-	-
EPS	278.1	302.4	-	190.2	87.31	-	14.09	-	138.4	16.91	-	-56.62	-	92.62	-35.82	-	-	-	-	-
Dividend per Share	-	30.00	-	40.00	-	-	-	-	40.00	-	-	-	-	40.00	-	-	-	-	-	-
Announcement Date	10/31/19	10/30/20	10/29/21	10/29/21	1/31/22	5/9/22	8/9/22	11/9/22	11/9/22	2/10/23	5/11/23	8/9/23	11/10/23	11/10/23	2/9/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	16,118	18,501	25,679	21,516	24,871	26,753	29,905	30,154
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,446	6,302	9,929	4,346	4,991	3,667	2,272	2,500
ROE (net income / shareholders' equity)	38.9%	24.6%	19.2%	14%	3.5%	4.43%	5.79%	7.17%
ROA (Net income/ Total Assets)	40.7%	26.9%	25.2%	17.1%	10.5%	3.12%	2.89%	1.3%
Assets ¹	19,296	24,631	25,152	30,406	12,788	56,754	98,043	330,116
Book Value Per Share ²	1,712	2,167	2,556	2,827	2,843	3,153	3,252	3,349
Cash Flow per Share ²	577.0	505.0	472.0	394.0	110.0	126.0	281.0	325.0
Capex ¹	1,373	969	84	0	56	1,250	1,250	1,250
Capex / Sales	4.88%	3.02%	0.27%	0%	0.23%	5.26%	4.99%	4.85%
Announcement Date	4/25/19	5/13/20	4/28/21	5/9/22	5/11/23	-	-	-

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 Akatsuki Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,306 JPY

Average target price

2,840 JPY

Spread / Average Target

+23.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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