Macnica Holdings, Inc.

TSE

3132

Stock

Yield per half year: +7.81%
Dividend yield: 5.8%
Sector: Technology

Reporting Macnica Holdings, Inc.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
Капитализация, млрд ¥									356.08
Выручка, млрд ¥	504.09	524.24	521.19	553.96	761.82	149 113.84	149 034.88	149 826.19	149 034.88	89858.14	206.49
Чистая прибыль, млрд ¥	11.41	8.88	5.63	10.88	25.8	5 944.2	6 963.97	3 662.42	6 963.97	3321.45	220.20
EV, млрд ¥	135.75	164.92	117.62	146	89.43	13 776.04	25 489.92	54 033.19	25 489.92	18706.92	226.33
EBIT, млрд ¥	15.19	13.43	14.45	18.77	37.42	8 699.56	9 873.33	5 706.89	9 873.33	4867.19	213.75
EBITDA, млрд ¥	16.69	15.09	14.18	18.69	40.77	9 291.95	10 397.78	6 271.47	10 397.78	5204.13	220.00
OIBDA, млрд ¥			21.77	26.59	51.68	12 278.68	12 667.09	8 353.32	12 667.09	6675.47	215.81
Баланс стоимость, млрд ¥	125.61	132.38	132.1	142.18	170.13	28 944.74	35 394.84	36 568.32	35 394.84	20244.04	203.43
FCF, млрд ¥	-29.96	-32.32	44.13	35.69	-19.09	5 323.84	5 458.72	3 270.54	5 458.72	2813.94	146.84
Операционный денежный поток, млрд ¥	-28.6	-30.17	45.77	38.08	-15.53	5 635.03	5 787.59	3 510.6	5 787.59	2991.15	147.14
Операционная прибыль, млрд ¥	15.16	15.32	14.45	18.77	36.71	8 930.93	9 233.28	5 744.27	9 233.28	4792.79	214.16
Операционные расходы, млрд ¥	40.93	45.74	45.44	46.07	54.01	9 309.05	9 544.9	11 822.04	9 544.9	6155.21	203.29
CAPEX, млрд ¥	1.37	2.14	1.65	2.39	3.56	311.19	328.86	240.06	328.86	177.21	151.41

	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
Выручка, млрд ¥	275.44	40 960.5	278.56	268.4	253.34	33 091.48	37 135.65	38 048.36	38 077.19	36 564.99	36583.53	2.02
Чистая прибыль, млрд ¥	12.47	1 840.77	13.58	12.28	9.29	1 870.47	1 163.34	1 044.98	1 070.33	383.63	1106.55	-27.16
EV, млрд ¥	233.12	37 011.55	130.26	148.45	152.53	36 661.41	22 650.57	20 479.56	52 849.63	53 976.71	37323.58	8.04
EBIT, млрд ¥	17.69	2 616.05	20.29	18.08	13.53	2 374.78	1 745.45	1 496.41	1 570.58	846.5	1606.74	-18.64
EBITDA, млрд ¥	18.57	2 766.4	21.16	18.96	14.42	2 514.58	1 877.43	1 626.21	1 709.37	1 010.5	1747.62	-16.67
OIBDA, млрд ¥					18.44	2 443.74	2 459.54	2 077.64	2 209.48	1 558.7	2149.82	-8.60
Баланс стоимость, млрд ¥	189.12	31 323.63	215.74	230.49	231.17	35 394.84	36 589.47	35 948.11	37 227.07	36 568.32	36345.56	0.65
FCF, млрд ¥	-31.27	3 720.1	12.66	8.9	13.76	341.76	1 246.06	1 343.71	-257.59	938.35	722.46	22.39
Операционный денежный поток, млрд ¥	-30.8	3 794.26	13.21	9.52	14.28	426.22	1 296.77	1 390.36	-194.13	1 017.6	787.36	19.01
Операционная прибыль, млрд ¥	18.49	2 563.69	20.65	17.35	13.31	1 799.63	1 745.45	1 496.41	1 570.44	931.83	1508.75	-12.33
Операционные расходы, млрд ¥	15.97	2 748.84	15.95	17.02	17.08	2 295.24	2 822.73	2 663.23	2 920.96	3 411.79	2822.79	8.25
CAPEX, млрд ¥	0.469	74.16	0.554	0.613	0.52	84.46	50.71	46.65	63.45	79.25	64.90	-1.27

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
Наличность, млрд ¥	28.79	14.22	14.72	25.44	25.17	5 443.08	5 608.09	7 030.75	5 608.09	3626.51	207.82
Short Term Investments ¥		0.086	0.017	0.959	1.1	169.5	28.54		28.54	40.02	341.57
Total Receivables ¥		126.14	106.61	119.88	154.89	29 365.46	29 993.49	31 108.01	29 993.49	18148.35	203.97
Total Current Assets ¥		276.89	236.38	243.4	335.03	71 144.91	75 153.44	76 049.78	75 153.44	44585.31	215.47
Чистые активы, млрд ¥	251.4	276.89	236.38	243.4	7.95	1 162.91			8.03	385.51	33.24
Активы, млрд ¥	267.14	299.26	263.25	269.59	362.58	74 989.88	80 006.01	80 613.61	80 006.01	47248.33	212.71
Short Term Debt ¥		77.24	49.47	23.03	44.7	6 745.79	8 865.88	10 907.01	8 865.88	5317.28	242.83
Long Term Debt ¥		7.45	4.49	9.02	14.46	1 268.38	434.62		434.62	346.19	149.56
Задолженность, млрд ¥	138.93	163.86	127.7	123.58	182.82	44 890.63	42 857.46	42 731.86	42 857.46	26157.27	221.93
Чистый долг, млрд ¥	29.47	70.47	39.25	6.6	33.98	2 571.09	3 787.74	3 968.69	3 787.74	2073.62	259.60
Долг, млрд ¥	58.26	84.69	53.96	32.05	59.16	8 014.16	9 395.83	10 999.44	9 395.83	5700.13	221.45
Расходы на обслуживание долга ¥		1.14	1.13	0.304	0.333	275.26	273.81	274.97	273.81	164.94	290.20
Чист. проц. доходы, млрд ¥	0.076	0.116	0.082	0.063	1.26	0.141	0.344		0.141	0.3780	33.21
Амортизация, млрд ¥		1.66	-0.269	-0.081	3.36	592.39	524.45	564.58	524.45	336.94	-687.01
Себестоимость, млрд ¥			461.3	489.13	671.1	130 873.58	130 256.7	132 259.88	130 256.7	78910.08	206.48
Товарно материальные запасы ¥		122.77	93.3	84.88	138.76	31 713.73	33 900.75	33 980.14	33 900.75	19963.65	231.50

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
Наличность, млрд ¥					21.75	5 890.43	34.77	32.78	28.79	5 595.63	7 366.57	5 213.16	6 586.86	7 030.75	6358.59	4.67
Short Term Investments ¥						12.23	6.84	0.084	0.083	12.46	13.18	11.88			7.54	169.22
Total Receivables ¥					194.7	30 432.33	201.78	229.86	204	29 993.49	28 205.88	29 723.59	32 190.36	31 108.01	30244.27	0.73
Total Current Assets ¥					451.08	76 992.11	505.11	521.55	487.25	75 153.44	78 474.54	74 131.64	78 510.03	76 049.78	76463.89	0.24
Чистые активы, млрд ¥	298.75	335.03	377.25	438.42	7.82	1 258.48	8.36								418.07	-53.32
Активы, млрд ¥					475.96	81 153.08	533.15	551.04	516.85	80 006.01	83 473.87	79 026.8	83 771.29	80 613.61	81378.32	0.15
Short Term Debt ¥					49.04	7 300.2	37.13	28.02	16.57	8 865.88	10 301.73	7 999.24	11 585.17	10 907.01	9931.81	4.23
Long Term Debt ¥		14.46	14.05	12	12	1 372.62	8	8	8	434.62					366.25	-20.55
Задолженность, млрд ¥					277.88	48 580.06	308.71	311.84	277.24	42 856.88	45 005.37	41 839.14	45 171.54	42 731.86	43520.96	-0.06
Чистый долг, млрд ¥					39.29	2 782.4	10.36	3.24	-4.22	15 141.26	3 369.78	3 220.7	4 998.31	3 968.69	6139.75	-23.49
Долг, млрд ¥					61.04	8 672.82	45.13	36.02	24.57	20 736.88	10 736.35	8 433.86	11 585.17	10 999.44	12498.34	-11.91
Расходы на обслуживание долга ¥					0.569	107.08	0.681	0.527	0.374	44.62	57.08	71.57	70.41	75.91	63.92	11.21
Чист. проц. доходы, млрд ¥	0.013	0.429	0.016	0.037	0.03	9.09	129.03	15.83	6.11	0.164					32.04	-55.20
Амортизация, млрд ¥					0.878	150.35	0.87	0.889	0.896	139.8	131.98	129.81	138.79	164	140.88	3.24
Себестоимость, млрд ¥							241.96	234.04	222.96	28 996.61	32 563.99	33 888.73	33 585.79	32 221.37	32251.30	2.13
Товарно материальные запасы ¥					193.01	34 320.19	224.86	223.86	220.04	33 900.75	36 408.24	34 278.73	33 178.26	33 980.14	34349.22	0.05

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	206.06	142.02	90.13	175.38	414.89	96325.49	115120.86	20417.35	115120.86	46490.79	158.94
Цена акции ао					3145	2479	1845.5	1885	1885	2338.63	-12.01
Число акций ао, млн		62.55	62.5	62.01	62.18	8940.2	8763.45	25987.57	8763.45	8763.08	234.55
FCF/акцию	-540.99	-516.65	706.05	575.55	-307.01	595.5	622.87	125.85	622.87	322.55	-26.22

	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	202.31	30352.84	224.26	202.74	153.37	31182.21	19393.94	17420.73	5980.4	2141.07		15223.67	-41.47
Цена акции ао										1965.5	1885	1925.25	-2.07
FCF/акцию	-507.31	391.26	209.05	146.94	227.03	39.33	143.39	154.62	-9.93	36.15		72.71	-1.67

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	9.98	6.89	4.26	7.93	16.52	22.18	21.65	10.18	21.65	11.35	15.69	5.12
ROA, %	4.73	3.14	2	4.08	8.16	9.32	8.99	4.56	8.99	7.17	7.02	2.25
ROIC, %			4.69	8.56	14.65	19.76	19.91		19.91	13.58	13.51	33.53
ROS, %			1.08	1.96	3.39	3.99	4.67	4.67	4.67	8.67	3.74	18.96
ROCE, %	10.7	8.97	9.88	11.64	18.58	27.44	26.09	26.58	26.58	15.53	22.07	17.96
Ebit margin, %			2.08	2.99	4.91	5.83	6.62	6.62	6.62		5.39	17.23
Рентаб EBITDA, %	3.31	2.88	2.72	3.37	5.35	6.23	6.98	6.98	6.98	17.26	5.78	15.68
Чистая рентаб, %	2.26	1.69	1.08	1.96	3.39	3.99	4.67	2.44	4.67	8.67	3.29	4.48
Operation Margin, %			2.77	3.39	4.82	5.99	6.2	6.2	6.2	11.42	5.32	12.83

	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	6.84	6.27	6.29	6.02	4.34	5.74	3.42	2.98	2.99	1.05		11.35	3.24	-28.80
ROA, %	2.65	2.36	2.55	2.27	1.74	2.42	1.42	1.29	1.31	0.4667		7.17	1.38	-28.05
ROIC, %			6.91	4.65	5.52	3.34	4.61	2.41	4.06	0.8114		13.58	3.05	-24.65
ROS, %			4.88	4.58	3.67	5.65	3.13	2.75	2.81	1.05	4.67	8.67	2.88	8.33
ROCE, %		7.64	9.04	7.84	5.66	6.57	4.67	3.96	4.09	2.2	26.58	15.53	8.30	41.59
Ebit margin, %				6.73	5.34	7.18	4.7	3.93	4.12	2.32	6.62		4.34	7.09
Рентаб EBITDA, %		6.75	7.6	7.07	5.69	7.6	5.06	4.27	4.49	2.76	6.98	17.26	4.71	6.65
Чистая рентаб, %	4.53	4.49	4.88	4.58	3.67	5.65	3.13	2.75	2.81	1.05		8.67	3.08	-28.58
Operation Margin, %			7.41	6.46	5.25	5.44	4.7	3.93	4.12	2.55	6.2	11.42	4.30	5.70

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	9.31	10.63	13.91	12.82	2.15	1.89	3.12	13.67	3.12	228.62	6.73	1.29
P/BV	0.8289	0.6976	0.5782	0.9547	0.3084	0.3723	0.5842	1.32	0.5842	200.63	0.7079	6.69
P/S	0.2108	0.1802	0.1504	0.2516	0.0728	0.0751	0.1456	0.3342	0.1456	200.20	0.1759	5.84
P/FCF						9.69	9.45	0.0652	0.0652	-0.61	6.40	-81.12
E/P						0.1152	0.135	19.56	19.56	0.37	6.60	453.74
EV/EBIT			6.03	3.2	2.39	1.58	2.58	2.58	2.58		2.47	-4.22
EV/EBITDA	8.13	10.93	8.3	7.81	2.19	1.48	2.45	8.62	2.45	207.38	4.51	1.99
EV/S			0.2257	0.2635	0.1174	0.0924	0.171	0.171	0.171	199.94	0.1631	-8.28
EV/FCF			2.67	4.09	-4.68	2.59	4.67	4.67	4.67	68.94	2.27	2.69
Debt/EBITDA	3.49	5.61	3.81	1.71	1.45	0.8625	0.9036	0.9036	0.9036	0.94	1.17	-11.98
Netdebt/Ebitda			2.77	0.3534	0.8335	0.2767	0.3643	0.3643	0.3643	-0.94	0.4384	0.61
Debt/Ratio			0.205	0.1189	0.1632	0.1069	0.1174	0.1174	0.1174	0.12	0.1248	-0.25
Debt/Equity			0.4085	0.2254	0.3477	0.2769	0.2655	1.15	1.15	0.84	0.4531	38.53
Debt/Net Income			9.58	2.95	2.29	1.35	1.35	1.35	1.35	2.64	1.86	-14.47
PEG								-2.9E-5	-2.9E-5		-0.0000	0.00
Бета						4.14	-0.23	0.2218	0.2218	-31.69	1.38	-62.30
Индекс Альтмана						3.3	3.04	1.99	1.99	4.49	2.78	-15.51

	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	5.25	5.41	2.59	2.91	3.34	3.11	3.15	3.19	3.61	6.21		228.62	3.85	14.83
P/BV	0.9785	1.05	0.5342	0.6071	0.6542	0.5793	0.5012	0.4641	1.24	1.32		200.63	0.8209	17.91
P/S	0.1934	0.2158	0.1138	0.1347	0.1477	0.1455	0.1329	0.1194	0.1325	0.1671		200.20	0.1395	2.81
P/FCF											0.0652	-0.61	0.0652	0.00
E/P											19.56	0.37	19.56	0.00
EV/EBIT				8.21	11.28	15.44	12.98	13.69	33.65	63.76	2.58		25.33	-27.61
EV/EBITDA	4.11	3.8	6.16	1.95	2.12	3.53	2.45	2.53	6.84	8.67		207.38	4.80	19.69
EV/S			0.4676	0.5531	0.6021	1.11	0.6099	0.5383	1.39	1.48	0.171	199.94	0.8378	-22.46
EV/FCF			10.29	16.67	11.09	107.27	18.18	15.24	-205.17	57.52	4.67	68.94	-21.9120	-23.80
Debt/EBITDA		3.14	2.13	1.9	1.7	8.25	5.72	5.19	6.78	10.89	0.9036	0.94	5.90	-30.86
Netdebt/Ebitda			0.4894	0.1706	-0.2924	6.02	1.79	1.98	2.92	3.93	0.3643	-0.94	2.20	-27.27
Debt/Ratio			0.0846	0.0654	0.0475	0.2592	0.1286	0.1067	0.1383	0.1364	0.1174	0.12	0.1255	-1.81
Debt/Equity			0.2092	0.1563	0.1063	0.5859	0.2934	0.2346	0.3112	0.3008	1.15	0.84	0.4580	31.42
Debt/Net Income			3.32	2.93	2.64	11.09	9.23	8.07	10.82	28.67	1.35	2.64	11.63	-31.92
PEG											-2.9E-5		-0.0000	0.00
Бета										-1.47	0.2218	-31.69	-0.6241	-138.84
Индекс Альтмана										3.02	1.99	4.49	2.50	-18.82

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	1.93	3.6	3.15	3.1	4.04	7.78	1359.65	1954.65		1954.65		665.84	263.03
Дивиденд	35	57.5	50	50	28.77	41.67	0.3566	0.5177	0.2416	0.4832		14.31	-61.56
Див доход, ао, %	1.42	4.26	2.66	2.47	1.45	5.94	2.89	5.14	6.45	5.8	68.89	4.37	34.78
Дивиденды / прибыль, %		16.92	40.57	55.99	28.48	15.67	18.97	19.52	53.37	19.52	38.99	27.20	13.38
Dividend Coverage Ratio									3.56	3.56		3.56	0.00

	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	3.97	13.48	4.44	0.099	4.83	1.74	1017.6	24.34	910.39	2.32			391.28	5.92
Дивиденды / прибыль, %	31.8	0.7325	32.7	0.8059	52.01	0.0929	87.47	2.33	85.06	0.6042		38.99	35.11	45.42
Dividend Coverage Ratio											3.56		3.56	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Выручка, %	0.3156	0.4311	0.4668	0.2087	0.2207	0.1602	0.2207	-17.96
Персонал, чел				4 203	4 203			0.00

	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	CAGR 5
CAPEX/Выручка, %	0.2053	0.2552	0.1366	0.1226	0.1666	0.2167	-3.22

	CAGR 5