Company Valuation: Money Forward, Inc.

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 416,166 262,620 245,873 257,145 230,945 329,296 - -
Change - -36.9% -6.38% 4.58% -10.19% 42.59% - -
Enterprise Value (EV) 1 388,500 252,809 224,390 234,339 210,821 314,211 307,470 300,290
Change - -34.93% -11.24% 4.43% -10.04% 49.04% -2.15% -2.34%
P/E -261x -27.7x -38.8x -40.5x 145x -117,031x 97.6x 39.7x
PBR 10.3x 8.06x 8.84x 7.27x 5.65x 7.81x 7.46x 5.93x
PEG - -0x 1.2x 71.78x -1x 1,168x -0x 0x
Capitalization / Revenue 26.6x 12.2x 8.09x 6.37x 4.59x 5.3x 4.5x 3.83x
EV / Revenue 24.9x 11.8x 7.39x 5.81x 4.19x 5.06x 4.2x 3.49x
EV / EBITDA 903x -41.9x -99.3x 136x 42.5x 28.1x 18.2x 12.1x
EV / EBIT -366x -29.9x -35.5x -49.5x -79.5x 299x 50.6x 23.2x
EV / FCF -83.3x -38.3x -76.8x -21.1x -27.7x 233x 20.1x 17.8x
FCF Yield -1.2% -2.61% -1.3% -4.75% -3.61% 0.43% 4.97% 5.63%
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 5,937.00 5,937.00 5,937.00
Nbr of stocks (in thousands) 53,218 53,760 54,133 54,607 55,329 55,465 - -
Announcement Date 14/01/22 16/01/23 12/01/24 14/01/25 14/01/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.27x9.71x15.87x0.75% 3,843B
121.59x53.78x87.57x-.--% 454B
21.42x6.06x10.62x1.4% 431B
255.85x22.84x66.87x-.--% 330B
2700.4x45.28x148.08x-.--% 277B
26.03x5.22x16.46x1.46% 239B
86.99x8.45x22.61x-.--% 139B
58.52x15.77x41.53x-.--% 133B
495.26x21.25x83.97x-.--% 99.54B
Average 421.37x 20.93x 54.84x 0.4% 660.56B
Weighted average by Cap. 180.55x 15.31x 31.85x 0.65%

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.