Company Valuation: Money Forward, Inc.

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 416,166 262,620 245,873 257,145 230,945 302,562 - -
Change - -36.9% -6.38% 4.58% -10.19% 31.01% - -
Enterprise Value (EV) 1 388,500 252,809 224,390 234,339 210,821 286,483 275,535 273,445
Change - -34.93% -11.24% 4.43% -10.04% 35.89% -3.82% -0.76%
P/E -261x -27.7x -38.8x -40.5x 145x 1,111x 96.8x 39.3x
PBR 10.3x 8.06x 8.84x 7.27x 5.65x 7.37x 6.81x 5.52x
PEG - -0x 1.2x 71.78x -1x -13.4x 0x 0x
Capitalization / Revenue 26.6x 12.2x 8.09x 6.37x 4.59x 4.96x 4.22x 3.6x
EV / Revenue 24.9x 11.8x 7.39x 5.81x 4.19x 4.7x 3.84x 3.25x
EV / EBITDA 903x -41.9x -99.3x 136x 42.5x 27.1x 16.8x 11.7x
EV / EBIT -366x -29.9x -35.5x -49.5x -79.5x 444x 50.3x 23.3x
EV / FCF -83.3x -38.3x -76.8x -21.1x -27.7x -91.2x 10.8x 83.1x
FCF Yield -1.2% -2.61% -1.3% -4.75% -3.61% -1.1% 9.28% 1.2%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -29.97 -176.4 -117 -116.3 28.78 4.91 56.38 138.7
Distribution rate - - - - - - - -
Net sales 1 15,633 21,477 30,380 40,364 50,350 60,971 71,737 84,052
EBITDA 1 430 -6,029 -2,260 1,727 4,963 10,581 16,415 23,443
EBIT 1 -1,062 -8,469 -6,329 -4,735 -2,653 645.6 5,481 11,737
Net income 1 -1,482 -9,449 -6,315 -6,331 1,587 270.1 3,116 7,667
Net Debt 1 -27,666 -9,811 -21,482 -22,807 -20,124 -16,078 -27,027 -29,117
Reference price 2 7,820.00 4,885.00 4,542.00 4,709.00 4,174.00 5,455.00 5,455.00 5,455.00
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
23.66x8.73x14.25x0.86% 3,451B
91.04x36.73x61.23x-.--% 295B
484.04x20.87x83.79x-.--% 95.39B
70.97x14.93x31.47x-.--% 93.64B
144.06x8.46x21.6x-.--% 74.44B
35.52x1.87x14.62x-.--% 65.38B
118.38x5.19x25.41x-.--% 45.4B
20.14x3.78x10.43x1.4% 30.53B
93.27x4.83x23.25x-.--% 29.95B
Average 120.12x 11.71x 31.78x 0.25% 464.5B
Weighted average by Cap. 43.81x 10.90x 19.83x 0.72%

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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  5. Valuation Money Forward, Inc.