Company Valuation: BASE,Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 214,066 68,655 26,601 28,103 37,629 36,716
Change - -67.93% -61.25% 5.65% 33.9% -2.43%
Enterprise Value (EV) 1 191,795 44,602 4,191 5,876 12,626 10,745
Change - -76.75% -90.6% 40.2% 114.86% -14.9%
P/E 375x -57.1x -15.3x -46x 112x 20.4x
PBR 13.2x 4.55x 1.99x 2.16x 2.78x 2.46x
PEG - 0x -0.4x 0.7x -1x 0x
Capitalization / Revenue 25.8x 6.91x 2.73x 2.41x 2.35x 1.77x
EV / Revenue 23.1x 4.49x 0.43x 0.5x 0.79x 0.52x
EV / EBITDA 227x -47.9x -2.87x -13.9x 15.7x 6.14x
EV / EBIT 239x -45.7x -2.78x -13.8x 16.3x 6.37x
EV / FCF 65.3x 21.7x -3.55x 1,093x 3.77x 2.35x
FCF Yield 1.53% 4.61% -28.2% 0.09% 26.5% 42.6%
Dividend per Share 2 - - - - - 5
Rate of return - - - - - 1.57%
EPS 2 5.208 -10.8 -15.46 -5.299 2.9 15.65
Distribution rate - - - - - 31.9%
Net sales 1 8,288 9,931 9,739 11,680 15,981 20,729
EBITDA 1 846 -932 -1,459 -423 804 1,749
EBIT 1 804 -977 -1,508 -425 774 1,687
Net income 1 584 -1,194 -1,732 -606 340 1,826
Net Debt 1 -22,271 -24,053 -22,410 -22,227 -25,003 -25,971
Reference price 2 1,952.00 616.00 236.00 244.00 325.00 319.00
Nbr of stocks (in thousands) 109,665 111,453 112,718 115,178 115,782 115,096
Announcement Date 3/26/21 3/24/22 3/27/23 3/27/24 3/28/25 3/23/26
1JPY in Million2JPY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 270M
16.65x8.13x17.36x0.25% 4,184B
23.36x7.38x12.98x0.29% 1,855B
28.25x13.25x20.94x0.64% 484B
14.53x3.88x8.97x1.4% 483B
18.71x5.55x16.66x-.--% 279B
20.59x1.49x10.26x1.03% 263B
94.21x12.39x66.51x-.--% 195B
21.41x2.45x12.44x-.--% 139B
3.08x86.09x2.34x0.13% 114B
Average 26.75x 15.62x 18.72x 0.42% 799.52B
Weighted average by Cap. 20.76x 8.81x 16.70x 0.36%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA