Company Valuation: GMO Payment Gateway, Inc.

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 1,075,448 754,633 620,164 667,460 629,358 590,850 - -
Change - -29.83% -17.82% 7.63% -5.71% -6.12% - -
Enterprise Value (EV) 1 986,083 663,665 515,856 522,756 472,482 387,583 383,866 344,028
Change - -32.7% -22.27% 1.34% -9.62% -17.97% -0.96% -10.38%
P/E ratio 120x 31.2x 46x 35.7x 28.8x 24.5x 20.3x 16.6x
PBR 19.3x 8.66x 6.72x 6.49x 5.57x 4.68x 4.05x 3.52x
PEG - 0x -1x 0.9x 1.7x 2.3x 1x 0.7x
Capitalization / Revenue 25.8x 15x 9.83x 9.05x 7.63x 6.27x 5.42x 4.67x
EV / Revenue 23.7x 13.2x 8.17x 7.08x 5.73x 4.11x 3.52x 2.72x
EV / EBITDA 66.3x 36.1x 22.7x 18.3x 13.4x 9.46x 8.07x 6.24x
EV / EBIT 75.9x 40.8x 25.4x 20.8x 15.1x 10.4x 8.51x 6.47x
EV / FCF -115x 127x 21.6x 11.8x 10.2x 16.6x 12.9x 9.5x
FCF Yield -0.87% 0.79% 4.63% 8.46% 9.83% 6.02% 7.76% 10.5%
Dividend per Share 2 59 160 89 124 144 169.1 201.7 252
Rate of return 0.42% 1.61% 1.09% 1.41% 1.74% 2.17% 2.59% 3.24%
EPS 2 118 318.4 177.7 246.6 287.8 318 383 469.1
Distribution rate 50% 50.2% 50.1% 50.3% 50% 53.2% 52.7% 53.7%
Net sales 1 41,667 50,298 63,119 73,785 82,499 94,303 109,106 126,402
EBITDA 1 14,884 18,397 22,725 28,535 35,261 40,990 47,595 55,176
EBIT 1 12,987 16,249 20,312 25,187 31,340 37,239 45,126 53,196
Net income 1 8,818 24,152 13,475 18,705 21,829 24,216 29,165 35,732
Net Debt 1 -89,365 -90,968 -104,308 -144,704 -156,876 -203,267 -206,984 -246,822
Reference price 2 14,180.00 9,950.00 8,177.00 8,800.00 8,297.00 7,775.00 7,775.00 7,775.00
Nbr of stocks (in thousands) 75,843 75,843 75,842 75,848 75,854 75,994 - -
Announcement Date 11/11/21 14/11/22 13/11/23 12/11/24 13/11/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.45x4.11x9.46x2.17% 3.74B
25.34x13.81x19.61x0.84% 610B
9.17x1.38x7.08x0.72% 43.86B
21.49x1.4x8.5x-.--% 40.37B
11.03x2.95x6.88x-.--% 34.15B
15.95x4.63x8.74x-.--% 22.07B
16.99x3.22x6.88x1.36% 21.91B
24.28x3.93x12.79x-.--% 11.97B
111.52x6.45x99.73x-.--% 7.34B
-16.93x14.27x39.08x - 6.66B
Average 24.33x 5.62x 21.87x 0.57% 80.16B
Weighted average by Cap. 23.58x 11.24x 17.92x 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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