Financials GMO internet group, Inc.

Equities

9449

JP3152750000

Internet Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,594 ^JPY	+1.35%		+0.99%	+1.23%

Feb. 13	GMO internet group, Inc. announces an Equity Buyback for 1,100,000 shares, representing 1% for ¥2,410 million.	CI
Feb. 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	273,005	-	-
Enterprise Value (EV) ¹	226,085	311,133	353,549	312,373	352,207	249,818	245,566	273,005
P/E ratio	28.4 x	31.8 x	17 x	20 x	19.2 x	15.8 x	13.8 x	11.2 x
Yield	1.17%	1.04%	1.94%	1.93%	1.72%	2.09%	2.41%	2.95%
Capitalization / Revenue	1.2 x	1.54 x	1.24 x	1.07 x	1.05 x	0.99 x	0.9 x	0.83 x
EV / Revenue	1.15 x	1.48 x	1.46 x	1.27 x	1.36 x	0.9 x	0.81 x	0.83 x
EV / EBITDA	7.03 x	8.66 x	6.99 x	5.44 x	6.28 x	3.93 x	3.43 x	3.34 x
EV / FCF	-16 x	14 x	-4.68 x	11 x	-243 x	7.03 x	6.16 x	5.95 x
FCF Yield	-6.24%	7.16%	-21.4%	9.11%	-0.41%	14.2%	16.2%	16.8%
Price to Book	4.37 x	6.35 x	4.05 x	3.65 x	3.3 x	2.93 x	2.6 x	2.29 x
Nbr of stocks (in thousands)	113,241	109,252	110,137	106,725	106,161	105,225	-	-
Reference price ²	2,075	2,961	2,715	2,466	2,563	2,594	2,594	2,594
Announcement Date	2/12/20	2/12/21	2/10/22	2/13/23	2/13/24	-	-	-

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	276,698	302,960	328,510
EBITDA ¹	32,167	35,946	50,613	57,412	56,051	63,500	71,620	81,830
EBIT ¹	25,279	27,893	41,097	43,746	42,471	48,675	55,176	63,395
Operating Margin	12.89%	13.25%	17.02%	17.8%	16.42%	17.59%	18.21%	19.3%
Earnings before Tax (EBT) ¹	22,621	29,926	43,715	57,660	42,983	49,555	56,760	63,902
Net income ¹	8,337	10,284	17,527	13,209	14,191	17,321	19,815	23,890
Net margin	4.25%	4.88%	7.26%	5.38%	5.49%	6.26%	6.54%	7.27%
EPS ²	73.16	93.00	159.7	123.2	133.3	163.8	188.7	231.4
Free Cash Flow ¹	-14,115	22,282	-75,548	28,469	-1,449	35,530	39,884	45,920
FCF margin	-7.2%	10.58%	-31.29%	11.59%	-0.56%	12.84%	13.16%	13.98%
FCF Conversion (EBITDA)	-	61.99%	-	49.59%	-	55.95%	55.69%	56.12%
FCF Conversion (Net income)	-	216.67%	-	215.53%	-	205.12%	201.28%	192.21%
Dividend per Share ²	24.20	30.80	52.70	47.60	44.10	54.28	62.50	76.50
Announcement Date	2/12/20	2/12/21	2/10/22	2/13/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	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 Q3	2024 Q4
Net sales ¹	100,133	106,500	104,059	120,480	56,471	64,495	56,065	69,491	125,556	57,578	62,562	65,593	64,450	130,043	62,502	66,098	67,356	67,376	68,682	74,179
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,322	16,420	11,473	22,620	8,013	10,464	11,128	19,813	30,941	7,069	5,736	10,990	9,628	20,618	9,467	12,386	12,447	12,136	11,234	14,058
Operating Margin	14.3%	15.42%	11.03%	18.77%	14.19%	16.22%	19.85%	28.51%	24.64%	12.28%	9.17%	16.75%	14.94%	15.85%	15.15%	18.74%	18.48%	18.01%	16.36%	18.95%
Earnings before Tax (EBT)	-	15,205	-	23,851	9,092	10,772	14,596	-	52,709	2,734	2,217	11,965	9,398	21,363	9,821	11,799	-	-	-	-
Net income	4,302	4,181	6,103	9,703	3,597	-	6,431	9,074	15,505	-1,651	-	3,931	2,413	6,344	3,289	4,558	-	-	-	-
Net margin	4.3%	3.93%	5.86%	8.05%	6.37%	-	11.47%	13.06%	12.35%	-2.87%	-	5.99%	3.74%	4.88%	5.26%	6.9%	-	-	-	-
EPS	-	37.35	-	88.76	32.55	38.38	59.32	-	144.0	-14.94	-5.820	36.83	-	59.47	30.95	-	-	-	-	-
Dividend per Share	-	12.80	-	29.30	10.80	-	19.60	-	47.60	-	-	12.20	-	19.70	10.20	-	-	-	-	-
Announcement Date	2/12/20	8/11/20	2/12/21	8/10/21	11/11/21	2/10/22	5/12/22	8/8/22	8/8/22	11/14/22	2/13/23	5/11/23	8/9/23	8/9/23	11/14/23	2/13/24	-	-	-	-

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	-	-	-
Net Cash position ¹	8,890	12,362	-	-	-	23,187	27,439	-
Leverage (Debt/EBITDA)	-	-	1.077 x	0.8568 x	1.429 x	-	-	-
Free Cash Flow ¹	-14,115	22,282	-75,548	28,469	-1,449	35,530	39,884	45,920
ROE (net income / shareholders' equity)	15.7%	19.6%	28.2%	18.1%	18.3%	20.3%	20.8%	21.6%
ROA (Net income/ Total Assets)	3.02%	2.79%	3.49%	3.11%	2.78%	1.2%	1.3%	1.4%
Assets ¹	276,297	367,944	502,767	424,995	509,670	1,443,438	1,524,250	1,706,429
Book Value Per Share ²	475.0	466.0	671.0	676.0	778.0	887.0	999.0	1,134
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	23,800	14,800	15,200
Capex / Sales	5.7%	3.56%	3.52%	4.23%	8.68%	8.6%	4.89%	4.63%
Announcement Date	2/12/20	2/12/21	2/10/22	2/13/23	2/13/24	-	-	-

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

2,594 JPY

Average target price

2,914 JPY

Spread / Average Target

+12.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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