Company Valuation: GMO internet group, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 299,022 263,183 272,092 280,693 396,058 383,698 - -
Change - -11.99% 3.38% 3.16% 41.1% -3.12% - -
Enterprise Value (EV) 1 353,549 312,373 352,207 366,397 226,810 483,260 339,607 383,698
Change - -11.65% 12.75% 4.03% -38.1% 113.07% -29.73% 12.98%
P/E 17x 20x 19.2x 21.2x 24.9x 18.9x 15.8x 15.7x
PBR 4.05x 3.65x 3.3x 3.25x 3.87x 4.59x 4.01x 3.5x
PEG - -0.9x 2.34x -4.16x 1x 0.5x 0.8x 15.2x
Capitalization / Revenue 1.24x 1.07x 1.05x 1.01x 1.39x 1.24x 1.15x 1.07x
EV / Revenue 1.46x 1.27x 1.36x 1.32x 0.79x 1.56x 1.02x 1.07x
EV / EBITDA 6.99x 5.44x 6.28x 5.95x 3x 6.08x 3.66x -
EV / EBIT 8.6x 7.14x 8.29x 7.85x 3.97x 7.21x 4.29x 4.24x
EV / FCF -4.68x 11x -243x 27.7x 4.04x 9.28x 5.84x 6.41x
FCF Yield -21.4% 9.11% -0.41% 3.61% 24.8% 10.8% 17.1% 15.6%
Dividend per Share 2 52.7 47.6 44.1 41.8 52 74 84.98 86.5
Rate of return 1.94% 1.93% 1.72% 1.56% 1.33% 1.81% 2.08% 2.11%
EPS 2 159.7 123.2 133.3 126.5 157.6 216.3 258.7 261.4
Distribution rate 33% 38.6% 33.1% 33% 33% 34.2% 32.8% 33.1%
Net sales 1 241,446 245,696 258,643 277,407 285,626 309,294 334,519 358,900
EBITDA 1 50,613 57,412 56,051 61,607 75,651 79,500 92,850 -
EBIT 1 41,097 43,746 42,471 46,653 57,170 67,002 79,104 90,500
Net income 1 17,527 13,209 14,191 13,373 16,102 22,093 25,218 25,400
Net Debt 1 54,527 49,190 80,115 85,704 -169,248 99,562 -44,091 -
Reference price 2 2,715.00 2,466.00 2,563.00 2,680.00 3,918.00 4,091.00 4,091.00 4,091.00
Nbr of stocks (in thousands) 110,137 106,725 106,161 104,736 101,087 93,791 - -
Announcement Date 2/10/22 2/13/23 2/13/24 2/12/25 2/12/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.34x1.52x5.93x1.87% 2.39B
14.99x4x9.22x1.36% 497B
23.06x6.82x20.48x-.--% 344B
23.07x2.71x13.82x-.--% 155B
39.46x4.64x30.7x-.--% 115B
35x6.92x19.44x-.--% 109B
85.09x5.12x24.39x-.--% 96.19B
2.64x68.55x1.91x0.16% 95.22B
10.18x7.59x91.06x0.66% 90.58B
8.07x3.08x63.75x0.74% 35.16B
Average 25.99x 11.09x 28.07x 0.48% 154.03B
Weighted average by Cap. 24.03x 9.00x 21.08x 0.51%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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