Company Valuation: M3, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 5,138,636 3,033,456 2,241,071 1,451,044 1,155,714 1,211,384 - -
Change - -40.97% -26.12% -35.25% -20.35% 4.82% - -
Enterprise Value (EV) 1 5,033,806 2,892,240 2,133,134 1,311,648 1,045,201 948,523 1,071,951 1,041,511
Change - -42.54% -26.25% -38.51% -20.31% -9.25% -1.93% -2.84%
P/E 136x 47.5x 45.7x 32x 28.5x 22.1x 22.2x 19.8x
PBR 25.8x 11.8x 7.43x 4.14x 3.07x 2.64x 2.81x 2.56x
PEG - 0.7x -2x -4.17x -2.7x 1x 2.77x 1.6x
Capitalization / Revenue 30.4x 14.6x 9.71x 6.07x 4.06x 3.05x 3.09x 2.82x
EV / Revenue 29.8x 13.9x 9.24x 5.49x 3.67x 2.7x 2.73x 2.42x
EV / EBITDA 79x 28.5x 26.9x 17.9x 13.9x 10.4x 10.7x 9.44x
EV / EBIT 86.8x 30.4x 29.6x 20.4x 16.6x 12.9x 13x 11.3x
EV / FCF 100x 101x 60.6x 25.5x 83x 17.4x 20.6x 17.3x
FCF Yield 1% 0.99% 1.65% 3.91% 1.2% 5.73% 4.86% 5.77%
Dividend per Share 2 12 16 19 21 21 22 24.71 27.17
Rate of return 0.16% 0.36% 0.58% 0.98% 1.23% 1.37% 1.36% 1.5%
EPS 2 55.73 94.06 72.22 66.68 59.62 72.53 81.7 91.81
Distribution rate 21.5% 17% 26.3% 31.5% 35.2% 30.3% 30.2% 29.6%
Net sales 1 169,198 208,159 230,818 238,883 284,900 351,363 392,634 429,546
EBITDA 1 63,708 101,415 79,417 73,259 75,176 90,776 99,919 110,375
EBIT 1 57,972 95,141 71,983 64,381 62,971 73,547 82,525 92,268
Net income 1 37,822 63,845 49,028 45,271 40,484 49,100 54,172 60,609
Net Debt 1 -104,830 -141,216 -107,937 -139,396 -110,513 -123,028 -139,433 -169,873
Reference price 2 7,571.00 4,469.00 3,301.00 2,137.00 1,702.00 1,815.00 1,815.00 1,815.00
Nbr of stocks (in thousands) 678,726 678,777 678,907 679,010 679,033 667,429 - -
Announcement Date 4/23/21 4/27/22 4/28/23 4/26/24 5/2/25 5/1/26 - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.19x3.11x12.03x1.3% 7.54B
14.09x3.85x8.98x1.46% 483B
20.54x6.08x18.26x-.--% 311B
24.89x2.66x13.72x-.--% 154B
6x126.73x4.63x0.09% 140B
9.89x12.13x120.04x0.44% 101B
31.61x3.83x25.09x-.--% 95.06B
28.94x5.47x15.44x-.--% 87.35B
72.49x4.27x20.87x-.--% 80.53B
8.05x2.97x35.38x0.58% 38.51B
Average 24.07x 17.11x 27.44x 0.39% 149.7B
Weighted average by Cap. 20.51x 16.33x 21.22x 0.53%

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