Financials Mitsubishi Research Institute, Inc.

Equities

3636

JP3902200009

IT Services & Consulting

Market Closed - Japan Exchange 07:00:00 26/04/2024 BST 5-day change 1st Jan Change
4,860 JPY -1.72% Intraday chart for Mitsubishi Research Institute, Inc. +0.83% +4.97%

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 58,241 72,008 71,412 72,396 76,968 77,354 - -
Enterprise Value (EV) 1 35,719 44,156 46,941 42,768 53,829 77,354 77,354 77,354
P/E ratio 16.2 x 10.1 x 14.3 x 9.39 x 12.3 x 12.4 x 11.5 x 10.7 x
Yield 2.65% 3.05% 2.61% 3.14% 3.1% 3.29% 3.55% 3.81%
Capitalization / Revenue 0.65 x 0.78 x 0.69 x 0.62 x 0.63 x 0.66 x 0.64 x 0.62 x
EV / Revenue 0.65 x 0.78 x 0.69 x 0.62 x 0.63 x 0.66 x 0.64 x 0.62 x
EV / EBITDA - 7,517,310 x 6,821,963 x - - - - -
EV / FCF 17,308,015 x 9,128,843 x 55,703,831 x - -132,932,366 x - - -
FCF Yield 0% 0% 0% - -0% - - -
Price to Book 1.21 x 1.34 x 1.27 x 1.15 x 1.17 x 1.12 x 1.06 x 1 x
Nbr of stocks (in thousands) 16,246 16,255 16,212 16,251 15,902 15,916 - -
Reference price 2 3,585 4,430 4,405 4,455 4,840 4,860 4,860 4,860
Announcement Date 13/11/19 04/11/20 02/11/21 04/11/22 31/10/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 90,029 92,020 103,030 116,620 122,126 118,000 120,500 124,500
EBITDA - 9,579 10,468 - - - - -
EBIT 1 5,130 6,231 6,853 9,165 8,688 8,400 9,000 9,600
Operating Margin 5.7% 6.77% 6.65% 7.86% 7.11% 7.12% 7.47% 7.71%
Earnings before Tax (EBT) 5,850 10,952 7,826 12,160 9,620 - - -
Net income 1 3,599 7,096 5,009 7,707 6,287 6,250 6,750 7,250
Net margin 4% 7.71% 4.86% 6.61% 5.15% 5.3% 5.6% 5.82%
EPS 2 221.6 436.6 308.6 474.7 392.3 392.8 424.1 455.5
Free Cash Flow 3,365 7,888 1,282 - -579 - - -
FCF margin 3.74% 8.57% 1.24% - -0.47% - - -
FCF Conversion (EBITDA) - 82.35% 12.25% - - - - -
FCF Conversion (Net income) 93.5% 111.16% 25.59% - - - - -
Dividend per Share 2 95.00 135.0 115.0 140.0 150.0 160.0 172.5 185.0
Announcement Date 13/11/19 04/11/20 02/11/21 04/11/22 31/10/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 2020 S1 2020 S2 2021 S1 2021 Q4 2021 S2 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
Net sales 1 48,246 - 52,328 22,628 - 25,358 42,907 68,265 23,408 24,947 27,459 45,866 73,325 23,553 25,248 27,668 38,866 66,534 23,500 25,000
EBITDA - - - - - - - - - - - - - - - - - - - -
EBIT 1 5,502 - 6,126 212 727 1,834 7,480 9,314 21 -170 2,358 6,933 9,291 -905 302 2,037 6,564 8,601 -450 200
Operating Margin 11.4% - 11.71% 0.94% - 7.23% 17.43% 13.64% 0.09% -0.68% 8.59% 15.12% 12.67% -3.84% 1.2% 7.36% 16.89% 12.93% -1.91% 0.8%
Earnings before Tax (EBT) 9,909 - 6,061 - - 3,650 - 11,367 641 - 2,617 - 9,766 -330 - 2,394 - 9,254 - -
Net income 1 6,466 630 4,141 -37 - 2,026 5,762 7,788 31 -112 1,261 5,272 6,533 -599 353 1,178 5,034 6,212 - 400
Net margin 13.4% - 7.91% -0.16% - 7.99% 13.43% 11.41% 0.13% -0.45% 4.59% 11.49% 8.91% -2.54% 1.4% 4.26% 12.95% 9.34% - 1.6%
EPS 398.0 - 254.8 -2.200 - 125.0 - 480.0 1.660 - 77.60 - 404.4 -35.15 - 74.13 - 391.2 - -
Dividend per Share 50.00 - 55.00 - - - - 60.00 - - - - 75.00 - - - - 80.00 - -
Announcement Date 08/05/20 04/11/20 28/04/21 02/11/21 02/11/21 09/02/22 28/04/22 28/04/22 01/08/22 04/11/22 06/02/23 27/04/23 27/04/23 01/08/23 31/10/23 05/02/24 25/04/24 25/04/24 - -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position 22,522 27,852 24,471 29,628 23,139 - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 3,365 7,888 1,282 - -579 - - -
ROE (net income / shareholders' equity) 7.6% 13.9% 9.1% 12.8% 9.8% 9.4% - -
ROA (Net income/ Total Assets) 7.01% 9.28% 7.72% 9.79% 8.6% - - -
Assets 1 51,350 76,494 64,849 78,721 73,122 - - -
Book Value Per Share 2 2,951 3,313 3,472 3,880 4,138 4,358 4,596 4,850
Cash Flow per Share 447.0 643.0 531.0 697.0 626.0 - - -
Capex 5,361 3,671 4,049 2,953 6,274 - - -
Capex / Sales 5.95% 3.99% 3.93% 2.53% 5.14% - - -
Announcement Date 13/11/19 04/11/20 02/11/21 04/11/22 31/10/23 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
4,860 JPY
Average target price
5,800 JPY
Spread / Average Target
+19.34%
Consensus
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