Financials CyberAgent, Inc.

Equities

4751

JP3311400000

Advertising & Marketing

Market Closed - Japan Exchange Other stock markets 07:00:00 26/06/2024 BST			5-day change	1st Jan Change
996.4 ^JPY	-0.12%		+3.11%	+12.57%

02:49pm	CyberAgent Acquires 72.5% in Nitroplus for 16.7 Billion Yen	MT
06-11	Japan spot work startup Timee targets July listing, sources say	RE

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	522,696	815,819	1,094,252	616,214	408,107	504,459	-	-
Enterprise Value (EV) ¹	465,349	730,788	936,271	480,105	296,575	378,914	371,545	360,690
P/E ratio	309 x	123 x	26.3 x	25.4 x	76.6 x	32 x	22.7 x	21.5 x
Yield	0.8%	0.53%	0.51%	1.15%	1.86%	1.55%	1.63%	1.76%
Capitalization / Revenue	1.15 x	1.7 x	1.64 x	0.87 x	0.57 x	0.63 x	0.6 x	0.56 x
EV / Revenue	1.03 x	1.53 x	1.4 x	0.68 x	0.41 x	0.47 x	0.44 x	0.4 x
EV / EBITDA	11.7 x	17.2 x	8.18 x	6.17 x	9.08 x	7.78 x	7.08 x	6.8 x
EV / FCF	-151 x	35.8 x	11.5 x	-35.7 x	-15.2 x	44.7 x	25.6 x	19.8 x
FCF Yield	-0.66%	2.79%	8.66%	-2.8%	-6.56%	2.23%	3.91%	5.06%
Price to Book	6.6 x	9.12 x	8.49 x	4.27 x	2.83 x	3.1 x	2.81 x	2.58 x
Nbr of stocks (in thousands)	503,803	504,371	505,195	505,923	506,148	506,282	-	-
Reference price ²	1,038	1,618	2,166	1,218	806.3	996.4	996.4	996.4
Announcement Date	30/10/19	28/10/20	27/10/21	26/10/22	01/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	453,611	478,566	666,460	710,575	720,207	799,189	844,530	895,504
EBITDA ¹	39,749	42,599	114,492	77,799	32,661	48,679	52,470	53,029
EBIT ¹	30,825	33,880	104,381	69,114	24,557	39,379	43,105	46,053
Operating Margin	6.8%	7.08%	15.66%	9.73%	3.41%	4.93%	5.1%	5.14%
Earnings before Tax (EBT) ¹	19,420	28,202	100,722	62,798	22,532	34,370	40,428	43,375
Net income ¹	1,694	6,608	41,553	24,219	5,332	15,821	22,276	23,634
Net margin	0.37%	1.38%	6.23%	3.41%	0.74%	1.98%	2.64%	2.64%
EPS ²	3.362	13.10	82.30	47.89	10.53	31.14	43.84	46.45
Free Cash Flow ¹	-3,083	20,407	81,072	-13,466	-19,468	8,468	14,513	18,251
FCF margin	-0.68%	4.26%	12.16%	-1.9%	-2.7%	1.06%	1.72%	2.04%
FCF Conversion (EBITDA)	-	47.9%	70.81%	-	-	17.39%	27.66%	34.42%
FCF Conversion (Net income)	-	308.82%	195.11%	-	-	53.52%	65.15%	77.23%
Dividend per Share ²	8.250	8.500	11.00	14.00	15.00	15.40	16.24	17.54
Announcement Date	30/10/19	28/10/20	27/10/21	26/10/22	01/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2020 S1	2021 S1	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	244,853	294,497	171,090	191,102	362,192	172,156	176,227	167,577	195,658	363,235	171,738	185,234	193,075	215,130	408,205	190,676	201,456	200,966	219,207	207,112
EBITDA ¹	-	-	-	-	-	-	15,386	709	20,571	-	-	7,548	-	20,781	-	7,000	9,400	-	-	-
EBIT ¹	20,231	32,932	19,804	25,723	45,527	10,371	13,216	-1,255	18,786	17,531	1,435	5,591	6,284	21,071	27,355	5,234	7,644	9,415	17,850	6,292
Operating Margin	8.26%	11.18%	11.58%	13.46%	12.57%	6.02%	7.5%	-0.75%	9.6%	4.83%	0.84%	3.02%	3.25%	9.79%	6.7%	2.74%	3.79%	4.68%	8.14%	3.04%
Earnings before Tax (EBT) ¹	17,830	31,258	18,953	25,220	44,173	9,941	8,684	-52	18,001	17,949	1,396	3,187	3,090	19,540	22,630	3,538	6,808	-	-	-
Net income ¹	4,760	13,694	6,091	11,064	17,155	3,546	3,518	-5,002	7,900	2,898	704	1,730	-472	10,338	9,866	2,219	4,657	5,687	12,462	3,644
Net margin	1.94%	4.65%	3.56%	5.79%	4.74%	2.06%	2%	-2.98%	4.04%	0.8%	0.41%	0.93%	-0.24%	4.81%	2.42%	1.16%	2.31%	2.83%	5.68%	1.76%
EPS ²	9.440	27.13	12.05	21.88	33.93	7.010	6.950	-9.880	15.60	5.720	1.390	3.420	-0.9300	20.41	19.48	4.245	14.76	11.24	24.63	7.202
Dividend per Share ²	-	-	-	-	-	-	14.00	-	-	-	-	15.00	-	-	-	-	15.16	-	-	-
Announcement Date	22/04/20	28/04/21	26/01/22	27/04/22	27/04/22	27/07/22	26/10/22	25/01/23	26/04/23	26/04/23	26/07/23	01/11/23	31/01/24	24/04/24	24/04/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	57,347	85,031	157,981	136,109	111,532	125,545	132,914	143,769
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-3,083	20,407	81,072	-13,466	-19,468	8,468	14,513	18,251
ROE (net income / shareholders' equity)	2.1%	7.8%	38.1%	17.7%	3.7%	10.4%	12.9%	13%
ROA (Net income/ Total Assets)	13.5%	13.9%	32.5%	18.1%	5.78%	4.18%	4.77%	5.34%
Assets ¹	12,534	47,384	127,671	133,583	92,186	378,756	466,992	442,184
Book Value Per Share ²	157.0	177.0	255.0	285.0	285.0	321.0	355.0	386.0
Cash Flow per Share ²	21.10	30.40	102.0	65.10	26.60	61.10	69.90	74.60
Capex ¹	17,253	14,034	12,466	26,090	25,575	15,264	14,721	14,750
Capex / Sales	3.8%	2.93%	1.87%	3.67%	3.55%	1.91%	1.74%	1.65%
Announcement Date	30/10/19	28/10/20	27/10/21	26/10/22	01/11/23	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CyberAgent, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

996.4 JPY

Average target price

1,158 JPY

Spread / Average Target

+16.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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