Financials Rakuten Group, Inc. OTC Markets

Equities

RKUNF

JP3967200001

Internet Services

Delayed OTC Markets Other stock markets 19:11:41 20/06/2024 BST			5-day change	1st Jan Change
5.175 ^USD	-1.43%		+3.76%	+18.42%

05-23	Rakuten, eBay team up to test US market for used Japanese fashion goods	RE
05-23	Philippine Senate Votes in Favor of 12% VAT on Digital Services	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,267,418	1,353,105	1,824,892	947,676	1,344,972	1,744,006	-	-
Enterprise Value (EV) ¹	1,515,957	819,256	817,503	1,004,995	830,264	645,991	494,285	-447,774
P/E ratio	-39.7 x	-11.8 x	-13.2 x	-2.54 x	-3.54 x	-19.5 x	-1,085 x	38.7 x
Yield	0.48%	0.45%	0.39%	0.76%	-	0.24%	0.28%	0.2%
Capitalization / Revenue	1 x	0.93 x	1.09 x	0.49 x	0.65 x	0.77 x	0.71 x	0.66 x
EV / Revenue	1.2 x	0.56 x	0.49 x	0.52 x	0.4 x	0.29 x	0.2 x	-0.17 x
EV / EBITDA	8.46 x	14.2 x	311 x	-10.3 x	9.55 x	2.68 x	1.44 x	-1.1 x
EV / FCF	47.3 x	1.11 x	-28.1 x	-	6.55 x	-9.67 x	1.23 x	-0.81 x
FCF Yield	2.11%	90.1%	-3.56%	-	15.3%	-10.3%	81.3%	-123%
Price to Book	1.72 x	2.22 x	1.67 x	1.16 x	1.61 x	2.13 x	2.11 x	2.04 x
Nbr of stocks (in thousands)	1,355,527	1,361,273	1,581,362	1,590,060	2,141,675	2,144,885	-	-
Reference price ²	935.0	994.0	1,154	596.0	628.0	813.1	813.1	813.1
Announcement Date	13/02/20	12/02/21	14/02/22	14/02/23	14/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,263,932	1,455,538	1,681,757	1,927,878	2,071,315	2,263,133	2,462,591	2,640,077
EBITDA ¹	179,115	57,657	2,627	-97,774	86,914	241,246	343,745	407,585
EBIT ¹	72,745	-93,849	-194,726	-363,892	-212,857	-53,179	73,943	137,708
Operating Margin	5.76%	-6.45%	-11.58%	-18.88%	-10.28%	-2.35%	3%	5.22%
Earnings before Tax (EBT) ¹	-44,558	-151,016	-212,630	-407,894	-217,741	-89,078	29,926	125,663
Net income ¹	-31,888	-114,199	-133,828	-372,884	-339,473	-86,437	-7,308	34,993
Net margin	-2.52%	-7.85%	-7.96%	-19.34%	-16.39%	-3.82%	-0.3%	1.33%
EPS ²	-23.55	-84.00	-87.62	-235.0	-177.3	-41.63	-0.7491	21.00
Free Cash Flow ¹	32,030	738,044	-29,123	-	126,776	-66,822	401,912	551,396
FCF margin	2.53%	50.71%	-1.73%	-	6.12%	-2.95%	16.32%	20.89%
FCF Conversion (EBITDA)	17.88%	1,280.06%	-	-	145.86%	-	116.92%	135.28%
FCF Conversion (Net income)	-	-	-	-	-	-	-	1,575.75%
Dividend per Share ²	4.500	4.500	4.500	4.500	-	1.987	2.287	1.630
Announcement Date	13/02/20	12/02/21	14/02/22	14/02/23	14/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	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	2025 Q2
Net sales ¹	678,768	793,671	481,183	437,127	456,471	893,598	471,110	563,170	475,635	497,165	972,800	518,439	580,076	513,624	523,652	1,009,700	555,308	658,409	-	-
EBITDA ¹	-	-	-29,443	-41,376	-19,175	-	-	-	-	39,755	-	-	-	44,715	63,100	-	71,599	75,012	-	-
EBIT ¹	-20,721	-100,889	-86,364	-112,604	-84,471	-197,075	-90,018	-76,799	-76,194	-48,893	-125,087	-54,491	-33,279	-33,272	-14,071	-64,100	-3,297	14,353	-	-
Operating Margin	-3.05%	-12.71%	-17.95%	-25.76%	-18.51%	-22.05%	-19.11%	-13.64%	-16.02%	-9.83%	-12.86%	-10.51%	-5.74%	-6.48%	-2.69%	-6.35%	-0.59%	2.18%	-	-
Earnings before Tax (EBT) ¹	-40,352	-81,764	-107,067	-118,681	-95,806	-214,487	-97,571	-95,836	-79,403	-43,222	-122,625	-57,819	-37,297	-28,469	-20,951	-	-11,553	-12,035	-	-
Net income ¹	-27,485	-65,438	-41,566	-91,412	-85,205	-176,617	-81,473	-114,794	-82,567	-57,418	-139,985	-68,462	-131,026	-42,394	-22,225	-	-13,076	10,262	-	-
Net margin	-4.05%	-8.24%	-8.64%	-20.91%	-18.67%	-19.76%	-17.29%	-20.38%	-17.36%	-11.55%	-14.39%	-13.21%	-22.59%	-8.25%	-4.24%	-	-2.35%	1.56%	-	-
EPS ²	-20.24	-44.40	-26.49	-57.76	-53.72	-111.5	-51.30	-72.23	-51.88	-32.27	-83.04	-30.33	-63.90	-19.78	-9.623	-	-10.05	6.212	-	-
Dividend per Share ²	-	-	4.500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4.500	-	-
Announcement Date	11/08/20	11/08/21	14/02/22	13/05/22	10/08/22	10/08/22	11/11/22	14/02/23	12/05/23	10/08/23	10/08/23	09/11/23	14/02/24	14/05/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	248,539	-	-	57,319	-	-	-	-
Net Cash position ¹	-	533,849	1,007,389	-	514,708	1,098,015	1,249,721	2,191,780
Leverage (Debt/EBITDA)	1.388 x	-	-	-0.5862 x	-	-	-	-
Free Cash Flow ¹	32,030	738,044	-29,123	-	126,776	-66,822	401,912	551,396
ROE (net income / shareholders' equity)	-4.2%	-17%	-15.7%	-39.1%	-41.7%	-9.29%	-1.05%	7.29%
ROA (Net income/ Total Assets)	-0.54%	-1.39%	-1.45%	-2.19%	-1.01%	-0.37%	-0.08%	0.22%
Assets ¹	5,907,920	8,201,064	9,238,118	17,034,834	33,568,978	23,126,834	8,630,662	15,785,868
Book Value Per Share ²	542.0	447.0	691.0	512.0	391.0	382.0	385.0	398.0
Cash Flow per Share ²	55.00	27.40	41.60	-67.30	-20.70	109.0	167.0	202.0
Capex ¹	207,238	385,074	410,641	588,219	385,874	261,293	247,478	256,396
Capex / Sales	16.4%	26.46%	24.42%	30.51%	18.63%	11.55%	10.05%	9.71%
Announcement Date	13/02/20	12/02/21	14/02/22	14/02/23	14/02/24	-	-	-

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 Rakuten Group, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

825.3 JPY

Average target price

851.2 JPY

Spread / Average Target

+3.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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E-commerce & Auction Services