Company Valuation: Money Forward, Inc.

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 416,166 262,620 245,873 257,145 230,945 336,118 - -
Change - -36.9% -6.38% 4.58% -10.19% 45.54% - -
Enterprise Value (EV) 1 388,500 252,809 224,390 234,339 210,821 321,034 314,292 307,112
Change - -34.93% -11.24% 4.43% -10.04% 52.28% -2.1% -2.28%
P/E -261x -27.7x -38.8x -40.5x 145x -119,456x 99.6x 40.5x
PBR 10.3x 8.06x 8.84x 7.27x 5.65x 7.98x 7.61x 6.05x
PEG - -0x 1.2x 71.78x -1x 1,192x -0x 0x
Capitalization / Revenue 26.6x 12.2x 8.09x 6.37x 4.59x 5.41x 4.59x 3.91x
EV / Revenue 24.9x 11.8x 7.39x 5.81x 4.19x 5.17x 4.29x 3.57x
EV / EBITDA 903x -41.9x -99.3x 136x 42.5x 28.7x 18.6x 12.3x
EV / EBIT -366x -29.9x -35.5x -49.5x -79.5x 305x 51.7x 23.7x
EV / FCF -83.3x -38.3x -76.8x -21.1x -27.7x 238x 20.6x 18.2x
FCF Yield -1.2% -2.61% -1.3% -4.75% -3.61% 0.42% 4.86% 5.51%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -29.97 -176.4 -117 -116.3 28.78 -0.0507 60.86 149.5
Distribution rate - - - - - - - -
Net sales 1 15,633 21,477 30,380 40,364 50,350 62,134 73,232 86,005
EBITDA 1 430 -6,029 -2,260 1,727 4,963 11,185 16,912 24,883
EBIT 1 -1,062 -8,469 -6,329 -4,735 -2,653 1,051 6,077 12,943
Net income 1 -1,482 -9,449 -6,315 -6,331 1,587 -4.453 3,365 8,269
Net Debt 1 -27,666 -9,811 -21,482 -22,807 -20,124 -15,085 -21,826 -29,006
Reference price 2 7,820.00 4,885.00 4,542.00 4,709.00 4,174.00 6,060.00 6,060.00 6,060.00
Nbr of stocks (in thousands) 53,218 53,760 54,133 54,607 55,329 55,465 - -
Announcement Date 1/14/22 1/16/23 1/12/24 1/14/25 1/14/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.89x9.19x15.04x0.81% 3,641B
114.24x49.7x80.67x-.--% 419B
412.31x17.53x69.3x-.--% 82.87B
58.24x12.31x25.95x-.--% 77.08B
95.28x8.16x20.67x-.--% 72.53B
34.91x1.69x13.56x-.--% 63.39B
192.31x6.14x23.7x-.--% 48.17B
114.96x4.54x22.07x-.--% 39.6B
27.8x5.74x27.57x-.--% 36.69B
Average 119.44x 12.78x 33.17x 0.09% 497.78B
Weighted average by Cap. 44.89x 12.96x 22.70x 0.66%

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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