Financials GMO internet group, Inc.

Equities

9449

JP3152750000

Internet Services

Delayed Japan Exchange Other stock markets 07:00:00 26/06/2024 BST			5-day change	1st Jan Change
2,468 ^JPY	+0.02%		+2.94%	-3.69%

02-13	GMO internet group, Inc. announces an Equity Buyback for 1,100,000 shares, representing 1% for ¥2,410 million.	CI
02-13	Flatt Security Co., Ltd. announced that it expects to receive ¥1 billion in funding from GMO internet group, Inc.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	234,975	323,495	299,022	263,183	272,092	262,007	-	-
Enterprise Value (EV) ¹	226,085	311,133	353,549	312,373	352,207	296,767	237,742	231,859
P/E ratio	28.4 x	31.8 x	17 x	20 x	19.2 x	15.7 x	13 x	11.1 x
Yield	1.17%	1.04%	1.94%	1.93%	1.72%	2.14%	2.55%	2.87%
Capitalization / Revenue	1.2 x	1.54 x	1.24 x	1.07 x	1.05 x	0.95 x	0.87 x	0.8 x
EV / Revenue	1.15 x	1.48 x	1.46 x	1.27 x	1.36 x	1.07 x	0.79 x	0.71 x
EV / EBITDA	7.03 x	8.66 x	6.99 x	5.44 x	6.28 x	4.87 x	3.31 x	2.8 x
EV / FCF	-16 x	14 x	-4.68 x	11 x	-243 x	8.66 x	5.77 x	4.75 x
FCF Yield	-6.24%	7.16%	-21.4%	9.11%	-0.41%	11.6%	17.3%	21%
Price to Book	4.37 x	6.35 x	4.05 x	3.65 x	3.3 x	2.78 x	2.46 x	2.17 x
Nbr of stocks (in thousands)	113,241	109,252	110,137	106,725	106,161	106,161	-	-
Reference price ²	2,075	2,961	2,715	2,466	2,563	2,468	2,468	2,468
Announcement Date	12/02/20	12/02/21	10/02/22	13/02/23	13/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	196,171	210,559	241,446	245,696	258,643	276,304	300,962	326,346
EBITDA ¹	32,167	35,946	50,613	57,412	56,051	60,895	71,900	82,710
EBIT ¹	25,279	27,893	41,097	43,746	42,471	50,695	56,946	64,777
Operating Margin	12.89%	13.25%	17.02%	17.8%	16.42%	18.35%	18.92%	19.85%
Earnings before Tax (EBT) ¹	22,621	29,926	43,715	57,660	42,983	51,565	58,663	68,374
Net income ¹	8,337	10,284	17,527	13,209	14,191	16,645	19,898	23,045
Net margin	4.25%	4.88%	7.26%	5.38%	5.49%	6.02%	6.61%	7.06%
EPS ²	73.16	93.00	159.7	123.2	133.3	157.2	189.7	221.5
Free Cash Flow ¹	-14,115	22,282	-75,548	28,469	-1,449	34,285	41,214	48,780
FCF margin	-7.2%	10.58%	-31.29%	11.59%	-0.56%	12.41%	13.69%	14.95%
FCF Conversion (EBITDA)	-	61.99%	-	49.59%	-	56.3%	57.32%	58.98%
FCF Conversion (Net income)	-	216.67%	-	215.53%	-	205.97%	207.13%	211.67%
Dividend per Share ²	24.20	30.80	52.70	47.60	44.10	52.70	62.85	70.87
Announcement Date	12/02/20	12/02/21	10/02/22	13/02/23	13/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	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
Net sales ¹	100,133	106,500	104,059	120,480	64,495	56,065	69,491	125,556	57,578	62,562	65,593	64,450	130,043	62,502	66,098	68,861	67,490	137,500	67,710	72,261	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,322	16,420	11,473	22,620	10,464	11,128	19,813	30,941	7,069	5,736	10,990	9,628	20,618	9,467	12,386	14,436	12,412	27,900	10,784	13,272	15,110
Operating Margin	14.3%	15.42%	11.03%	18.77%	16.22%	19.85%	28.51%	24.64%	12.28%	9.17%	16.75%	14.94%	15.85%	15.15%	18.74%	20.96%	18.39%	20.29%	15.93%	18.37%	-
Earnings before Tax (EBT) ¹	-	15,205	-	23,851	10,772	14,596	-	52,709	2,734	2,217	11,965	9,398	21,363	9,821	11,799	15,241	13,430	-	11,148	13,377	-
Net income ¹	4,302	4,181	6,103	9,703	-	6,431	9,074	15,505	-1,651	-	3,931	2,413	6,344	3,289	4,558	5,519	4,703	10,200	3,903	4,711	-
Net margin	4.3%	3.93%	5.86%	8.05%	-	11.47%	13.06%	12.35%	-2.87%	-	5.99%	3.74%	4.88%	5.26%	6.9%	8.01%	6.97%	7.42%	5.76%	6.52%	-
EPS	-	37.35	-	88.76	38.38	59.32	-	144.0	-14.94	-5.820	36.83	-	59.47	30.95	-	51.99	-	-	-	-	-
Dividend per Share	-	12.80	-	29.30	-	19.60	-	47.60	-	-	12.20	-	19.70	10.20	-	17.20	-	-	-	-	-
Announcement Date	12/02/20	11/08/20	12/02/21	10/08/21	10/02/22	12/05/22	08/08/22	08/08/22	14/11/22	13/02/23	11/05/23	09/08/23	09/08/23	14/11/23	13/02/24	10/05/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	54,527	49,190	80,115	34,760	-	-
Net Cash position ¹	8,890	12,362	-	-	-	-	24,265	30,148
Leverage (Debt/EBITDA)	-	-	1.077 x	0.8568 x	1.429 x	0.5708 x	-	-
Free Cash Flow ¹	-14,115	22,282	-75,548	28,469	-1,449	34,285	41,215	48,780
ROE (net income / shareholders' equity)	15.7%	19.6%	28.2%	18.1%	18.3%	21%	20.8%	21.9%
ROA (Net income/ Total Assets)	3.02%	2.79%	3.49%	3.11%	2.78%	1.1%	1.1%	1.3%
Assets ¹	276,297	367,944	502,767	424,995	509,670	1,513,218	1,808,909	1,772,692
Book Value Per Share ²	475.0	466.0	671.0	676.0	778.0	886.0	1,003	1,139
Cash Flow per Share	134.0	166.0	240.0	229.0	243.0	-	-	-
Capex ¹	11,173	7,486	8,496	10,399	22,439	17,050	14,800	15,200
Capex / Sales	5.7%	3.56%	3.52%	4.23%	8.68%	6.17%	4.92%	4.66%
Announcement Date	12/02/20	12/02/21	10/02/22	13/02/23	13/02/24	-	-	-

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 GMO internet group, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,468 JPY

Average target price

2,894 JPY

Spread / Average Target

+17.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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