MONEY FORWARD, INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5,896 JPY | -3.53% |
|
+7.77% | +36.42% |
| Apr. 22 | Japanese Shares End Higher Amid Receding Middle East Conflict Fears | MT |
| Apr. 22 | Money Forward Completes Payment for New Shares Issued as Restricted Stock Compensation; Stock Jumps 7% | MT |
Valuation
| Fiscal Period: November | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 106,941 | 224,600 | 416,166 | 262,620 | 245,873 | 321,351 | - | - |
| Enterprise Value (EV) 1 | 104,558 | 222,226 | 388,500 | 252,809 | 224,390 | 316,906 | 322,078 | 319,188 |
| P/E ratio | -40.9 x | -90.6 x | -261 x | -27.7 x | -38.8 x | -129 x | 179 x | 51.5 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 14.9 x | 19.8 x | 26.6 x | 12.2 x | 8.09 x | 7.79 x | 6.09 x | 4.9 x |
| EV / Revenue | 14.6 x | 19.6 x | 24.9 x | 11.8 x | 7.39 x | 7.68 x | 6.1 x | 4.87 x |
| EV / EBITDA | -46.1 x | -103 x | 903 x | -41.9 x | -99.3 x | 163 x | 46.6 x | 24.5 x |
| EV / FCF | -16.4 x | -59.6 x | -83.3 x | -38.3 x | -76.8 x | -36.3 x | 1,175 x | 60.7 x |
| FCF Yield | -6.11% | -1.68% | -1.2% | -2.61% | -1.3% | -2.76% | 0.09% | 1.65% |
| Price to Book | 13.6 x | 23.4 x | 10.3 x | 8.06 x | 8.84 x | 12.4 x | 10.7 x | 8.67 x |
| Nbr of stocks (in thousands) | 44,328 | 47,585 | 53,218 | 53,760 | 54,133 | 54,503 | - | - |
| Reference price 2 | 2,412 | 4,720 | 7,820 | 4,885 | 4,542 | 5,896 | 5,896 | 5,896 |
| Announcement Date | 1/14/20 | 1/14/21 | 1/14/22 | 1/16/23 | 1/12/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: November | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,156 | 11,318 | 15,633 | 21,477 | 30,380 | 41,270 | 52,779 | 65,583 |
| EBITDA 1 | -2,269 | -2,165 | 430 | -6,029 | -2,260 | 1,943 | 6,906 | 13,042 |
| EBIT 1 | -2,446 | -2,804 | -1,062 | -8,469 | -6,329 | -2,593 | 1,856 | 7,561 |
| Operating Margin | -34.18% | -24.77% | -6.79% | -39.43% | -20.83% | -6.28% | 3.52% | 11.53% |
| Earnings before Tax (EBT) 1 | -2,639 | -2,454 | -1,430 | -9,615 | -6,805 | -2,881 | 2,155 | 7,306 |
| Net income 1 | -2,572 | -2,423 | -1,482 | -9,449 | -6,315 | -2,464 | 1,792 | 6,191 |
| Net margin | -35.94% | -21.41% | -9.48% | -44% | -20.79% | -5.97% | 3.4% | 9.44% |
| EPS 2 | -58.94 | -52.08 | -29.97 | -176.4 | -117.0 | -45.55 | 32.93 | 114.6 |
| Free Cash Flow 1 | -6,389 | -3,726 | -4,662 | -6,596 | -2,921 | -8,733 | 274 | 5,261 |
| FCF margin | -89.29% | -32.92% | -29.82% | -30.71% | -9.61% | -21.16% | 0.52% | 8.02% |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | 3.97% | 40.34% |
| FCF Conversion (Net income) | - | - | - | - | - | - | 15.29% | 84.98% |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 1/14/20 | 1/14/21 | 1/14/22 | 1/16/23 | 1/12/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: November | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q4 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 4,098 | 5,214 | 6,104 | 7,460 | 4,339 | 8,173 | 4,756 | 5,085 | 9,841 | 5,455 | 6,181 | 11,636 | 6,792 | 7,295 | 14,087 | 7,496 | 8,797 | 9,544 | 9,952 | 19,358 | 10,338 | 11,496 |
| EBITDA 1 | - | - | - | - | -260 | - | -1,159 | -1,789 | - | -1,870 | -1,424 | - | -704 | -618 | - | -338 | -600 | 530 | 383.4 | - | 632.3 | 1,422 |
| EBIT 1 | -888 | -1,245 | -1,559 | 44 | -661 | -1,106 | -1,638 | -2,158 | -3,796 | -2,510 | -2,163 | -4,673 | -1,625 | -1,582 | -3,207 | -1,357 | -1,765 | -992 | -911 | -1,968 | -548.9 | 30.48 |
| Operating Margin | -21.67% | -23.88% | -25.54% | 0.59% | -15.23% | -13.53% | -34.44% | -42.44% | -38.57% | -46.01% | -34.99% | -40.16% | -23.93% | -21.69% | -22.77% | -18.1% | -20.06% | -10.39% | -9.15% | -10.17% | -5.31% | 0.27% |
| Earnings before Tax (EBT) 1 | - | -1,285 | - | 29 | -681 | - | -1,654 | -2,220 | -3,874 | -3,481 | -2,260 | - | -1,671 | -1,710 | -3,381 | -1,568 | -1,856 | -1,135 | -978.1 | - | -666.2 | 110 |
| Net income 1 | - | -1,274 | - | 20 | -724 | - | -1,668 | -2,219 | -3,887 | -3,458 | -2,104 | - | -1,705 | -1,676 | -3,381 | -1,554 | -1,380 | -1,318 | -771.9 | - | -720.8 | 293.4 |
| Net margin | - | -24.43% | - | 0.27% | -16.69% | - | -35.07% | -43.64% | -39.5% | -63.39% | -34.04% | - | -25.1% | -22.97% | -24% | -20.73% | -15.69% | -13.81% | -7.76% | - | -6.97% | 2.55% |
| EPS 2 | - | -27.77 | - | 0.4300 | -14.23 | - | -31.28 | - | -72.78 | -64.54 | -39.12 | - | -31.73 | -31.05 | -62.78 | -28.73 | -25.47 | -24.33 | -12.16 | - | -13.56 | 7.495 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 1/14/20 | 7/15/20 | 1/14/21 | 7/15/21 | 1/14/22 | 1/14/22 | 4/13/22 | 7/13/22 | 7/13/22 | 10/17/22 | 1/16/23 | 1/16/23 | 4/14/23 | 7/18/23 | 7/18/23 | 10/13/23 | 1/12/24 | 4/12/24 | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: November | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | 727 | - |
| Net Cash position 1 | 2,383 | 2,374 | 27,666 | 9,811 | 21,482 | 4,445 | - | 2,163 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | 0.1053 x | - |
| Free Cash Flow 1 | -6,389 | -3,726 | -4,662 | -6,596 | -2,921 | -8,733 | 274 | 5,261 |
| ROE (net income / shareholders' equity) | -46.3% | -27.7% | -5.9% | -25.9% | -20.9% | -8.78% | 7.81% | 20.5% |
| ROA (Net income/ Total Assets) | -20.6% | -13.3% | -3.64% | -15.6% | -8.74% | -2.56% | 3.44% | 7.35% |
| Assets 1 | 12,511 | 18,151 | 40,700 | 60,617 | 72,292 | 96,225 | 52,061 | 84,241 |
| Book Value Per Share 2 | 178.0 | 202.0 | 759.0 | 606.0 | 514.0 | 474.0 | 551.0 | 680.0 |
| Cash Flow per Share 2 | -57.40 | -49.50 | -22.00 | -159.0 | -84.20 | 29.30 | 157.0 | 270.0 |
| Capex 1 | 131 | 173 | 2,334 | 4,268 | 5,381 | 5,800 | 6,857 | 7,673 |
| Capex / Sales | 1.83% | 1.53% | 14.93% | 19.87% | 17.71% | 14.05% | 12.99% | 11.7% |
| Announcement Date | 1/14/20 | 1/14/21 | 1/14/22 | 1/16/23 | 1/12/24 | - | - | - |
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
Sell
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
5,896
JPY
Average target price
7,550
JPY
Spread / Average Target
+28.05%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +36.42% | 2.06B | |
| +10.29% | 3,082B | |
| +8.12% | 84.92B | |
| +5.55% | 78.23B | |
| -13.73% | 54.06B | |
| +19.98% | 45.87B | |
| -24.43% | 46.79B | |
| +21.26% | 42.65B | |
| +60.27% | 37.28B | |
| -9.36% | 24.89B |
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- Financials Money Forward, Inc.