Financials Rakus Co., Ltd.

Equities

3923

JP3967170006

Software

Market Closed - Japan Exchange Other stock markets 07:00:00 26/04/2024 BST			5-day change	1st Jan Change
1,566 ^JPY	+0.61%		-0.32%	-40.04%

04-12	RAKUS Co., Ltd. Reports Consolidated Sales Results for the Month Ended March 2024	CI
03-15	Rakus Sales Up More Than 41% in February	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	91,423	144,609	386,713	302,447	343,945	283,872	-	-
Enterprise Value (EV) ¹	89,187	142,117	380,678	297,626	337,991	276,366	270,359	259,604
P/E ratio	89.8 x	181 x	132 x	281 x	270 x	72.5 x	45 x	24.8 x
Yield	0.22%	0.2%	0.08%	0.11%	0.1%	0.14%	0.27%	0.47%
Capitalization / Revenue	10.5 x	12.5 x	25.1 x	14.7 x	12.6 x	7.4 x	5.84 x	4.73 x
EV / Revenue	10.2 x	12.2 x	24.7 x	14.4 x	12.3 x	7.21 x	5.56 x	4.32 x
EV / EBITDA	49.4 x	91.2 x	87.2 x	139 x	152 x	46.1 x	27.3 x	15.2 x
EV / FCF	97.9 x	276 x	96.4 x	-702 x	219 x	118 x	46.3 x	23.6 x
FCF Yield	1.02%	0.36%	1.04%	-0.14%	0.46%	0.85%	2.16%	4.23%
Price to Book	19.9 x	27.8 x	49.3 x	35.1 x	36 x	22.1 x	14.7 x	9.47 x
Nbr of stocks (in thousands)	181,215	181,215	181,215	181,215	181,214	181,214	-	-
Reference price ²	504.5	798.0	2,134	1,669	1,898	1,566	1,566	1,566
Announcement Date	14/05/19	14/05/20	13/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,743	11,608	15,387	20,629	27,399	38,339	48,588	60,035
EBITDA ¹	1,804	1,558	4,364	2,140	2,218	5,990	9,888	17,125
EBIT ¹	1,468	1,174	3,898	1,578	1,656	5,506	8,968	16,260
Operating Margin	16.79%	10.11%	25.33%	7.65%	6.04%	14.36%	18.46%	27.08%
Earnings before Tax (EBT) ¹	1,474	1,169	4,087	1,543	1,839	5,562	9,107	16,212
Net income ¹	1,018	799	2,936	1,078	1,274	3,919	6,313	11,430
Net margin	11.64%	6.88%	19.08%	5.23%	4.65%	10.22%	12.99%	19.04%
EPS ²	5.620	4.410	16.20	5.950	7.030	21.62	34.84	63.07
Free Cash Flow ¹	911	515	3,951	-424	1,545	2,349	5,842	10,978
FCF margin	10.42%	4.44%	25.68%	-2.06%	5.64%	6.13%	12.02%	18.29%
FCF Conversion (EBITDA)	50.5%	33.05%	90.53%	-	69.66%	39.22%	59.09%	64.11%
FCF Conversion (Net income)	89.49%	64.46%	134.56%	-	121.27%	59.94%	92.55%	96.04%
Dividend per Share ²	1.100	1.600	1.750	1.900	1.950	2.125	4.287	7.363
Announcement Date	14/05/19	14/05/20	13/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	5,391	6,217	7,074	8,313	4,860	9,473	5,366	5,790	11,156	6,165	6,571	12,736	7,082	7,581	14,663	8,288	9,374	17,662	10,179	10,561	20,484	10,933	11,600	12,323	13,055
EBITDA	-	-	-	-	500.5	-	-	-	-	434	526	-	583	675	-	1,193	-	-	-	-	-	-	-	-	-
EBIT ¹	676	498	1,704	2,194	369	888	312	378	690	286	391	677	433	546	979	1,031	687	1,718	1,853	1,805	3,096	1,531	1,749	1,896	2,412
Operating Margin	12.54%	8.01%	24.09%	26.39%	7.59%	9.37%	5.81%	6.53%	6.19%	4.64%	5.95%	5.32%	6.11%	7.2%	6.68%	12.44%	7.33%	9.73%	18.2%	17.09%	15.11%	14%	15.08%	15.39%	18.48%
Earnings before Tax (EBT) ¹	678	491	1,924	-	372	898	313	332	645	293	383	676	408	755	1,163	1,054	699	1,753	1,856	1,738	3,100	1,531	1,749	1,896	2,412
Net income ¹	433	366	1,299	-	241	587	197	294	491	182	241	423	256	595	851	705	503	1,208	1,266	1,265	2,216	1,024	1,170	1,268	1,613
Net margin	8.03%	5.89%	18.36%	-	4.96%	6.2%	3.67%	5.08%	4.4%	2.95%	3.67%	3.32%	3.61%	7.85%	5.8%	8.51%	5.37%	6.84%	12.44%	11.98%	10.82%	9.37%	10.09%	10.29%	12.36%
EPS ²	2.395	2.015	7.170	-	1.330	3.240	1.090	1.620	2.710	1.010	1.320	2.330	1.420	3.280	-	3.890	2.780	6.670	6.990	8.455	15.70	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	13/11/19	14/05/20	12/11/20	13/05/21	12/11/21	12/11/21	10/02/22	13/05/22	13/05/22	12/08/22	11/11/22	11/11/22	13/02/23	12/05/23	12/05/23	10/08/23	13/11/23	13/11/23	13/02/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,236	2,493	6,035	4,821	5,954	7,507	13,513	24,268
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	911	515	3,951	-424	1,545	2,349	5,842	10,978
ROE (net income / shareholders' equity)	24.5%	16.3%	45.1%	13.1%	14%	34.6%	41.2%	46.5%
ROA (Net income/ Total Assets)	25.8%	17.9%	41.9%	13.8%	13%	22.5%	25.5%	31.2%
Assets ¹	3,943	4,474	7,001	7,830	9,790	17,458	24,756	36,635
Book Value Per Share ²	25.40	28.70	43.30	47.60	52.70	70.80	107.0	165.0
Cash Flow per Share ²	6.560	5.620	17.90	8.150	9.360	26.60	45.30	76.70
Capex ¹	209	425	321	413	625	712	785	862
Capex / Sales	2.39%	3.66%	2.09%	2%	2.28%	1.86%	1.61%	1.44%
Announcement Date	14/05/19	14/05/20	13/05/21	13/05/22	12/05/23	-	-	-

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 Rakus Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,566 JPY

Average target price

2,644 JPY

Spread / Average Target

+68.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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