Financials Capcom Co., Ltd.

Equities

9697

JP3218900003

Software

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,620 ^JPY	-0.11%		+5.31%	+14.99%

Apr. 02	Winking Studios Completes Acquisition of Gaming Studio	MT
Jan. 31	Capcom Co., Ltd. Reports Earnings Results for the Nine Months Ended December 31, 2023	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	264,743	361,887	767,533	633,666	990,144	1,095,567	-	-
Enterprise Value (EV) ¹	220,828	304,157	703,123	532,501	899,782	983,757	961,651	921,040
P/E ratio	21.5 x	22.7 x	30.8 x	19.5 x	27.1 x	26 x	22.5 x	20.5 x
Yield	1.41%	1.33%	0.99%	1.55%	1.33%	1.36%	1.51%	1.62%
Capitalization / Revenue	2.65 x	4.44 x	8.05 x	5.76 x	7.86 x	7.52 x	6.43 x	6.1 x
EV / Revenue	2.21 x	3.73 x	7.38 x	4.84 x	7.15 x	6.76 x	5.64 x	5.13 x
EV / EBITDA	10.3 x	11.9 x	18.8 x	11.5 x	16.6 x	15.4 x	12.8 x	11.1 x
EV / FCF	12.8 x	15.4 x	63.8 x	12.5 x	74 x	24.4 x	24.2 x	19.4 x
FCF Yield	7.82%	6.48%	1.57%	8.02%	1.35%	4.1%	4.13%	5.16%
Price to Book	2.98 x	3.63 x	6.35 x	4.33 x	6.15 x	5.7 x	4.08 x	3.57 x
Nbr of stocks (in thousands)	427,005	427,005	427,001	426,999	418,224	418,235	-	-
Reference price ²	620.0	847.5	1,798	1,484	2,368	2,620	2,620	2,620
Announcement Date	5/7/19	5/8/20	5/10/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	100,031	81,591	95,308	110,054	125,930	145,612	170,473	179,635
EBITDA ¹	21,372	25,622	37,387	46,294	54,250	63,778	74,978	82,611
EBIT ¹	18,144	22,827	34,596	42,909	50,812	60,050	71,692	77,780
Operating Margin	18.14%	27.98%	36.3%	38.99%	40.35%	41.24%	42.05%	43.3%
Earnings before Tax (EBT) ¹	17,770	22,890	34,828	44,322	51,143	61,518	74,504	80,679
Net income ¹	12,551	15,949	24,923	32,553	36,737	43,220	51,095	55,505
Net margin	12.55%	19.55%	26.15%	29.58%	29.17%	29.68%	29.97%	30.9%
EPS ²	28.86	37.35	58.37	76.24	87.36	100.8	116.3	127.8
Free Cash Flow ¹	17,279	19,703	11,028	42,714	12,165	40,294	39,736	47,531
FCF margin	17.27%	24.15%	11.57%	38.81%	9.66%	27.67%	23.31%	26.46%
FCF Conversion (EBITDA)	80.85%	76.9%	29.5%	92.27%	22.42%	63.18%	53%	57.54%
FCF Conversion (Net income)	137.67%	123.54%	44.25%	131.21%	33.11%	93.23%	77.77%	85.63%
Dividend per Share ²	8.750	11.25	17.75	23.00	31.50	35.64	39.68	42.47
Announcement Date	5/7/19	5/8/20	5/10/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	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	37,272	44,319	42,059	53,249	21,572	69,995	18,168	21,891	40,059	25,232	23,835	49,067	30,604	46,259	76,863	43,858	31,076	74,934	31,245	38,897	29,083	32,072	48,900	60,078
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24,947	10,793	-	-	10,100	-	-	-	-
EBIT ¹	13,992	8,835	17,863	16,733	5,320	28,924	6,172	7,813	13,985	12,061	9,834	21,895	11,437	17,480	28,917	24,047	9,788	33,835	13,869	11,881	13,492	10,488	24,980	22,973
Operating Margin	37.54%	19.94%	42.47%	31.42%	24.66%	41.32%	33.97%	35.69%	34.91%	47.8%	41.26%	44.62%	37.37%	37.79%	37.62%	54.83%	31.5%	45.15%	44.39%	30.54%	46.39%	32.7%	51.08%	38.24%
Earnings before Tax (EBT) ¹	13,991	-	17,564	-	5,820	29,718	6,424	8,180	-	12,805	10,193	22,998	10,553	17,592	-	25,866	10,299	36,165	13,433	9,075	-	-	-	-
Net income ¹	9,846	6,103	12,993	11,930	4,879	22,219	4,489	5,845	10,334	9,007	7,135	16,142	7,468	13,127	20,595	18,163	7,124	25,287	9,349	8,250	10,200	10,900	12,000	20,600
Net margin	26.42%	13.77%	30.89%	22.4%	22.62%	31.74%	24.71%	26.7%	25.8%	35.7%	29.93%	32.9%	24.4%	28.38%	26.79%	41.41%	22.92%	33.75%	29.92%	21.21%	35.07%	33.99%	24.54%	34.29%
EPS ²	23.06	-	30.43	-	11.42	52.04	10.52	13.69	-	21.10	17.08	38.18	17.86	31.32	-	43.43	17.04	60.46	22.35	22.69	-	-	-	-
Dividend per Share ²	5.000	-	6.250	-	9.000	9.000	-	14.00	-	-	11.50	11.50	-	20.00	20.00	-	13.50	13.50	-	19.00	-	12.50	-	23.50
Announcement Date	10/29/19	5/8/20	10/29/20	5/10/21	10/28/21	10/28/21	1/26/22	5/11/22	5/11/22	7/26/22	10/26/22	10/26/22	1/30/23	5/10/23	5/10/23	7/26/23	10/26/23	10/26/23	1/31/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	43,915	57,730	64,410	101,165	90,362	111,810	133,916	174,527
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	17,279	19,703	11,028	42,714	12,165	40,295	39,736	47,531
ROE (net income / shareholders' equity)	14.4%	16.9%	22.6%	24.4%	23.9%	24.9%	24.8%	22.6%
ROA (Net income/ Total Assets)	14.6%	17.2%	22.7%	25.3%	25.4%	21.8%	23.8%	23.8%
Assets ¹	85,879	92,703	109,855	128,904	144,723	198,605	214,951	233,623
Book Value Per Share ²	208.0	234.0	283.0	343.0	385.0	459.0	641.0	734.0
Cash Flow per Share ²	36.30	43.90	64.90	84.20	95.50	59.70	106.0	120.0
Capex ¹	2,568	2,576	3,597	3,788	9,624	5,897	6,103	6,212
Capex / Sales	2.57%	3.16%	3.77%	3.44%	7.64%	4.05%	3.58%	3.46%
Announcement Date	5/7/19	5/8/20	5/10/21	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 Capcom Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,620 JPY

Average target price

3,474 JPY

Spread / Average Target

+32.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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