Stock 3697 SHIFT INC.
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Financials SHIFT Inc.

Equities

3697

JP3355400007

IT Services & Consulting

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
14,680 JPY -1.04% Intraday chart for SHIFT Inc. -4.36% -59.02%
2023 SHIFT Inc. agreed to acquire Clubnets Corporation from TommyG LLC and Hitoshi Tomiyasu for ¥5.8 billion. CI
2023 SHIFT Inc. agreed to acquire Infinic Co., Ltd. from Kohei Asada for ¥560 million CI

Valuation

Fiscal Period: August 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 84,622 194,629 440,558 357,584 527,484 258,184 - -
Enterprise Value (EV) 1 78,703 192,691 430,527 348,195 512,326 240,963 230,315 214,857
P/E ratio 82.4 x 117 x 155 x 71.7 x 84.6 x 30 x 21.6 x 16.7 x
Yield - - - - - - - -
Capitalization / Revenue 4.33 x 6.78 x 9.58 x 5.51 x 5.99 x 2.22 x 1.73 x 1.37 x
EV / Revenue 4.03 x 6.71 x 9.36 x 5.37 x 5.82 x 2.07 x 1.54 x 1.14 x
EV / EBITDA - - 97 x 41.6 x 38.6 x 15.9 x 11.2 x 8.13 x
EV / FCF 82.4 x 104 x 100 x 193 x 79.5 x 48.2 x 20.9 x 14.3 x
FCF Yield 1.21% 0.96% 1% 0.52% 1.26% 2.08% 4.78% 6.98%
Price to Book 9.79 x 18.5 x 19.7 x 14 x 18.2 x 6.74 x 5.27 x 4.03 x
Nbr of stocks (in thousands) 15,671 15,862 17,524 17,624 17,583 17,587 - -
Reference price 2 5,400 12,270 25,140 20,290 30,000 14,680 14,680 14,680
Announcement Date 10/10/19 10/8/20 10/12/21 10/14/22 10/12/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 19,531 28,712 46,004 64,873 88,030 116,142 149,211 188,892
EBITDA 1 - - 4,438 8,371 13,289 15,171 20,512 26,414
EBIT 1 1,540 2,353 3,994 6,913 11,565 13,210 18,164 23,785
Operating Margin 7.88% 8.2% 8.68% 10.66% 13.14% 11.37% 12.17% 12.59%
Earnings before Tax (EBT) 1 1,557 2,535 4,525 7,460 10,153 13,338 18,504 24,326
Net income 1 970 1,648 2,818 4,974 6,245 8,629 11,989 15,486
Net margin 4.97% 5.74% 6.13% 7.67% 7.09% 7.43% 8.03% 8.2%
EPS 2 65.54 104.5 162.7 282.8 354.6 489.6 680.3 880.0
Free Cash Flow 1 955 1,846 4,302 1,806 6,446 5,000 11,000 15,000
FCF margin 4.89% 6.43% 9.35% 2.78% 7.32% 4.31% 7.37% 7.94%
FCF Conversion (EBITDA) - - 96.94% 21.57% 48.51% 32.96% 53.63% 56.79%
FCF Conversion (Net income) 98.45% 112.01% 152.66% 36.31% 103.22% 57.94% 91.75% 96.86%
Dividend per Share 2 - - - - - - - -
Announcement Date 10/10/19 10/8/20 10/12/21 10/14/22 10/12/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August 2020 S1 2021 S1 2022 Q1 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
Net sales 1 12,830 20,287 14,270 15,588 29,858 17,146 17,869 19,354 20,989 40,343 23,012 24,688 25,073 27,232 52,305 29,596 32,294 31,623 34,987
EBITDA - - 2,282 2,220 - 1,750 1,955 - - - - - - - - - - - -
EBIT 1 1,242 1,488 1,953 1,873 3,826 1,450 1,637 1,808 3,274 5,082 3,150 3,337 1,815 2,870 4,685 3,200 4,209 2,573 4,161
Operating Margin 9.68% 7.33% 13.69% 12.02% 12.81% 8.46% 9.16% 9.34% 15.6% 12.6% 13.69% 13.52% 7.24% 10.54% 8.96% 10.81% 13.03% 8.14% 11.89%
Earnings before Tax (EBT) 1,272 1,923 2,168 - 4,249 1,572 - 2,008 - 3,834 3,098 - 1,884 - 4,833 - - - -
Net income 1 754 1,086 1,380 1,282 2,662 1,053 1,259 1,233 952 2,185 1,793 2,270 1,095 1,882 2,977 2,103 3,358 1,879 2,991
Net margin 5.88% 5.35% 9.67% 8.22% 8.92% 6.14% 7.05% 6.37% 4.54% 5.42% 7.79% 9.19% 4.37% 6.91% 5.69% 7.11% 10.4% 5.94% 8.55%
EPS 2 48.03 63.44 78.64 - 151.6 59.78 71.44 69.99 53.97 124.0 101.8 129.0 62.30 107.0 169.3 139.0 188.9 107.7 171.4
Dividend per Share - - - - - - - - - - - - - - - - - - -
Announcement Date 4/9/20 4/8/21 1/14/22 4/7/22 4/7/22 7/7/22 10/14/22 1/12/23 4/10/23 4/10/23 7/13/23 10/12/23 1/12/24 4/11/24 4/11/24 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: August 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 5,919 1,938 10,031 9,389 15,158 17,222 27,870 43,328
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 955 1,846 4,302 1,806 6,446 5,000 11,000 15,000
ROE (net income / shareholders' equity) 17.7% 17.2% 17.1% 20.7% 22.9% 26.2% 28.5% 28.3%
ROA (Net income/ Total Assets) 14.5% 14.6% 17.5% 20.3% 26.8% 25.6% 22.3% 23.4%
Assets 1 6,678 11,310 16,093 24,535 23,341 33,708 53,819 66,080
Book Value Per Share 2 552.0 662.0 1,277 1,452 1,647 2,179 2,784 3,641
Cash Flow per Share 78.90 125.0 188.0 315.0 394.0 - - -
Capex 1 178 404 436 769 1,175 2,000 2,000 2,000
Capex / Sales 0.91% 1.41% 0.95% 1.19% 1.33% 1.72% 1.34% 1.06%
Announcement Date 10/10/19 10/8/20 10/12/21 10/14/22 10/12/23 - - -
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 SHIFT Inc.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
14,680 JPY
Average target price
29,660 JPY
Spread / Average Target
+102.04%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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