Company Valuation: Money Forward, Inc.

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 416,166 262,620 245,873 257,145 230,945 269,528 - -
Change - -36.9% -6.38% 4.58% -10.19% 16.71% - -
Enterprise Value (EV) 1 388,500 252,809 224,390 234,339 210,821 247,431 241,690 239,487
Change - -34.93% -11.24% 4.43% -10.04% 17.37% -2.32% -0.91%
P/E -261x -27.7x -38.8x -40.5x 145x 484x 83x 35.7x
PBR 10.3x 8.06x 8.84x 7.27x 5.65x 6.56x 6.05x 4.9x
PEG - -0x 1.2x 71.78x -1x -7.4x 0x 0x
Capitalization / Revenue 26.6x 12.2x 8.09x 6.37x 4.59x 4.48x 3.79x 3.24x
EV / Revenue 24.9x 11.8x 7.39x 5.81x 4.19x 4.11x 3.4x 2.88x
EV / EBITDA 903x -41.9x -99.3x 136x 42.5x 23.4x 14.7x 10.1x
EV / EBIT -366x -29.9x -35.5x -49.5x -79.5x 448x 43.6x 20.8x
EV / FCF -83.3x -38.3x -76.8x -21.1x -27.7x -78.7x 9.45x 72.8x
FCF Yield -1.2% -2.61% -1.3% -4.75% -3.61% -1.27% 10.6% 1.37%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -29.97 -176.4 -117 -116.3 28.78 10.03 58.52 136.1
Distribution rate - - - - - - - -
Net sales 1 15,633 21,477 30,380 40,364 50,350 60,212 71,122 83,256
EBITDA 1 430 -6,029 -2,260 1,727 4,963 10,566 16,448 23,710
EBIT 1 -1,062 -8,469 -6,329 -4,735 -2,653 552.9 5,549 11,541
Net income 1 -1,482 -9,449 -6,315 -6,331 1,587 512.3 3,235 7,521
Net Debt 1 -27,666 -9,811 -21,482 -22,807 -20,124 -22,097 -27,838 -30,041
Reference price 2 7,820.00 4,885.00 4,542.00 4,709.00 4,174.00 4,858.00 4,858.00 4,858.00
Nbr of stocks (in thousands) 53,218 53,760 54,133 54,607 55,329 55,481 - -
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.($)
563.21x3.97x22.46x-.--% 1.61B
22.3x8.57x14.25x0.95% 2,873B
98.25x39.69x66.35x-.--% 318B
123.57x39.45x124.78x0.14% 127B
83.51x16.78x36.47x-.--% 104B
485.88x19.85x79.94x-.--% 90.9B
163.44x9.52x23.53x-.--% 84.69B
34.7x1.83x14.33x-.--% 64.31B
140.92x5.5x27.6x-.--% 47.98B
-37.75x5.07x24.28x-.--% 40.83B
Average 167.80x 15.02x 43.40x 0.11% 375.12B
Weighted average by Cap. 49.57x 12.58x 25.10x 0.73%

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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