Company Valuation: Money Forward, Inc.

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 416,166 262,620 245,873 257,145 230,945 357,916 - -
Change - -36.9% -6.38% 4.58% -10.19% 54.98% - -
Enterprise Value (EV) 1 388,500 252,809 224,390 234,339 210,821 341,060 331,019 325,407
Change - -34.93% -11.24% 4.43% -10.04% 61.78% -2.94% -1.7%
P/E -261x -27.7x -38.8x -40.5x 145x 5,244x 114x 46.1x
PBR 10.3x 8.06x 8.84x 7.27x 5.65x 8.66x 8.11x 6.49x
PEG - -0x 1.2x 71.78x -1x -54.8x 0x 0x
Capitalization / Revenue 26.6x 12.2x 8.09x 6.37x 4.59x 5.84x 4.96x 4.22x
EV / Revenue 24.9x 11.8x 7.39x 5.81x 4.19x 5.56x 4.59x 3.84x
EV / EBITDA 903x -41.9x -99.3x 136x 42.5x 31.2x 20.3x 13.7x
EV / EBIT -366x -29.9x -35.5x -49.5x -79.5x 360x 58.9x 27x
EV / FCF -83.3x -38.3x -76.8x -21.1x -27.7x 253x 21.6x 19.2x
FCF Yield -1.2% -2.61% -1.3% -4.75% -3.61% 0.4% 4.62% 5.2%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -29.97 -176.4 -117 -116.3 28.78 1.231 56.45 139.9
Distribution rate - - - - - - - -
Net sales 1 15,633 21,477 30,380 40,364 50,350 61,338 72,097 84,741
EBITDA 1 430 -6,029 -2,260 1,727 4,963 10,929 16,284 23,695
EBIT 1 -1,062 -8,469 -6,329 -4,735 -2,653 947.6 5,618 12,059
Net income 1 -1,482 -9,449 -6,315 -6,331 1,587 66.28 3,122 7,740
Net Debt 1 -27,666 -9,811 -21,482 -22,807 -20,124 -16,856 -26,897 -32,509
Reference price 2 7,820.00 4,885.00 4,542.00 4,709.00 4,174.00 6,453.00 6,453.00 6,453.00
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.($)
25.76x9.51x15.51x0.77% 3,767B
123.05x53.23x86.4x-.--% 448B
70.5x14.88x31.37x-.--% 93.3B
420.2x18.03x71.28x-.--% 85.12B
108.16x9.37x23.73x-.--% 84.24B
38.28x1.92x15.3x-.--% 69.5B
196.24x6.27x24.21x-.--% 49.15B
114.63x4.71x22.88x-.--% 41.08B
27.42x5.66x27.17x-.--% 36.19B
Average 124.91x 13.73x 35.32x 0.09% 519.26B
Weighted average by Cap. 47.42x 13.74x 24.03x 0.62%

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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