Financials M3, Inc.

Equities

2413

JP3435750009

Internet Services

Delayed Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
1,646 ^JPY	-0.51%		-12.30%	-29.43%

Apr. 29	M3's Attributable Profit Drops 7.7% in Fiscal 2024	MT
Apr. 29	Jefferies Adjusts M3’s Price Target to 1,800 Yen From 2,200 Yen, Keeps at Hold	MT

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	1,118,004	-	-
Enterprise Value (EV) ¹	1,175,598	2,120,064	5,033,806	2,892,240	2,133,134	1,311,648	954,209	938,023
P/E ratio	61.4 x	100 x	136 x	47.5 x	45.7 x	32 x	22.7 x	19.1 x
Yield	0.38%	0.27%	0.16%	0.36%	0.58%	0.98%	1.4%	1.52%
Capitalization / Revenue	10.6 x	16.6 x	30.4 x	14.6 x	9.71 x	6.07 x	4.28 x	3.84 x
EV / Revenue	10.4 x	16.2 x	29.8 x	13.9 x	9.24 x	5.49 x	3.65 x	3.22 x
EV / EBITDA	36.5 x	54.6 x	79 x	28.5 x	26.9 x	17.9 x	12.1 x	10.2 x
EV / FCF	131 x	-91.8 x	100 x	101 x	60.6 x	25.5 x	30.5 x	26 x
FCF Yield	0.76%	-1.09%	1%	0.99%	1.65%	3.91%	3.28%	3.85%
Price to Book	12.2 x	13.1 x	25.8 x	11.8 x	7.43 x	4.14 x	2.95 x	2.73 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	1,646	1,646	1,646
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	261,422	291,005
EBITDA ¹	32,191	38,830	63,708	101,415	79,417	73,259	78,560	91,555
EBIT ¹	30,800	34,337	57,972	95,141	71,983	64,381	74,371	83,709
Operating Margin	27.24%	26.22%	34.26%	45.71%	31.19%	26.95%	28.45%	28.77%
Earnings before Tax (EBT) ¹	30,942	34,610	58,264	96,187	74,318	68,840	75,382	90,023
Net income ¹	19,577	21,635	37,822	63,845	49,028	45,271	49,258	58,418
Net margin	17.32%	16.52%	22.35%	30.67%	21.24%	18.95%	18.84%	20.07%
EPS ²	30.22	31.89	55.73	94.06	72.22	66.68	72.55	86.04
Free Cash Flow ¹	8,966	-23,094	50,219	28,701	35,180	51,347	31,282	36,146
FCF margin	7.93%	-17.63%	29.68%	13.79%	15.24%	21.49%	11.97%	12.42%
FCF Conversion (EBITDA)	27.85%	-	78.83%	28.3%	44.3%	70.09%	39.82%	39.48%
FCF Conversion (Net income)	45.8%	-	132.78%	44.95%	71.75%	113.42%	63.51%	61.87%
Dividend per Share ²	7.000	8.500	12.00	16.00	19.00	21.00	22.98	24.95
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 S1	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	62,930	63,517	124,500	70,750	68,436
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%	27.29%	25.46%	-	33.82%	25.43%
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	16,842	15,271	32,000	24,272	15,465
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	10,891	9,804	20,680	16,046	9,858
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%	17.31%	15.43%	16.61%	22.68%	14.41%
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	139,396	163,795	179,981
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,966	-23,094	50,219	28,701	35,180	51,347	31,282	36,146
ROE (net income / shareholders' equity)	21.6%	16.3%	20.7%	27.9%	17.5%	13.8%	14.2%	14.9%
ROA (Net income/ Total Assets)	15.4%	19.3%	23.5%	31.1%	19.9%	15.4%	15.1%	14.2%
Assets ¹	126,874	112,252	160,652	205,468	246,277	293,112	325,444	411,808
Book Value Per Share ²	152.0	244.0	294.0	379.0	444.0	516.0	558.0	603.0
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	6,963	6,667	7,159
Capex / Sales	0.6%	1.41%	1.18%	1.79%	2.56%	2.91%	2.55%	2.46%
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

Ratings for M3, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,646 JPY

Average target price

2,476 JPY

Spread / Average Target

+50.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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