TSE: 3994 - Money Forward, Inc.

Yield per half year: -24.77%
Dividend yield: 0.00%
Sector: Technology

Reporting Money Forward, Inc.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							300.12
Выручка, млрд ¥	4.59	7.16	11.32	15.63	21.48	30.38	30.38	17.19	33.52
Чистая прибыль, млрд ¥	-0.8154	-2.62	-2.48	-1.58	-9.7	-6.32	-6.32	-4.5400	19.26
EV, млрд ¥	76.92	103.5	202.13	336.78	256.37	236.44	236.44	227.04	17.97
EBIT, млрд ¥	-0.7782	-2.45	-2.8	-1.06	-9.53	-6.57	-6.33	-4.4820	21.81
EBITDA, млрд ¥	-0.6358	-2.36	-2.34	-0.5194	-7.97	-4.13	-3.9	-3.4639	11.84
Баланс стоимость, млрд ¥	3.29	7.93	9.66	40.53	32.63	28.33	28.33	23.82	29.00
FCF, млрд ¥	-1.17	-3.74	-2.29	-4.66	-8.39	-2.92	-1.54	-4.4000	-4.83
Операционный денежный поток, млрд ¥	-0.7954	-3.61	-1.12	-2.33	-4.12	2.46	3.84	-1.7440	-192.62
Операционная прибыль, млрд ¥	-0.7962	-2.45	-2.8	-1.06	-8.47	-6.33	-6.33	-4.2220	20.91
Операционные расходы, млрд ¥	3.58	6.77	10.42	11.88	21.87	25.41	24.75	15.27	30.28
CAPEX, млрд ¥	0.3748	0.1311	1.17	2.33	4.27	5.38	5.38	2.66	110.20

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	5.09	5.46	6.18	6.79	7.3	7.5	8.8	9.54	10.32	9.81	9.19	5.52
Чистая прибыль, млрд ¥	-2.28	-3.51	-2.19	-1.76	-1.75	-1.55	-1.38	-1.32	-1.28	-1.11	-1.3280	-6.46
EV, млрд ¥	159.88	173.05	255.05	234.18	298.58	281.9	237.06	318.14	298.23	308.22	288.71	1.80
EBIT, млрд ¥	-2.16	-2.51	-2.16	-1.63	-2.22	-1.43	-1.77	-1.1	-0.9845	-1.1	-1.2769	-5.11
EBITDA, млрд ¥	-2.18	-3.45	-2.22	-1.63	-1.65	-0.7915	-1.06	-0.3031	-0.1266	-0.1907	-0.4944	-24.77
Баланс стоимость, млрд ¥	37.5	34.71	32.63	30.91	30.34	29.42	28.33	27.66	27.9	26.27	27.92	-2.24
FCF, млрд ¥				1.03	1.14	1.27	1.42				1.21	8.36
Операционный денежный поток, млрд ¥	-2.76		-4.12	1.03	1.14	1.27	1.42				0.1480	-180.81
Операционная прибыль, млрд ¥	-2.16	-2.51	-2.16	-1.63	-1.58	-1.36	-1.77	-0.9926	-0.835	-1.01	-1.1935	-5.78
Операционные расходы, млрд ¥	5.38	5.83	5.88	5.9	6.15	6.12	7.25	7.53	7.69	7.54	7.23	4.26
CAPEX, млрд ¥	1.75		4.27		2.87						2.96	17.93

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥	4.95	7.19	8.92	36.22	26.71	38.86	38.86	23.58	40.14
Short Term Investments ¥			0.2199	1.07	1.77	3.67	3.67	1.68	102.12
Total Receivables ¥	0.948	2.96	3.44	5.74	7.78	9.81	9.81	5.95	27.08
Total Current Assets ¥	6.21	10.87	13.46	44.03	38.82	55	55	32.44	38.30
Чистые активы, млрд ¥	6.21	10.87	13.46	44.03	0.7311	42.59	38.82	22.34	31.41
Активы, млрд ¥	8.66	16.31	21.71	56.94	65.99	88.28	88.28	49.85	40.18
Short Term Debt ¥	1.07	2.62	3.48	6.41	10.54	8.43	8.43	6.30	26.33
Long Term Debt ¥	2.43	2.81	3.07	2.14	6.37	21.95	21.95	7.27	50.85
Задолженность, млрд ¥	5.28	8.28	11.47	14.61	30.9	53.62	53.62	23.78	45.30
Чистый долг, млрд ¥	-1.46	-1.76	-2.37	-27.67	-9.81	-8.48	-8.48	-10.0180	36.95
Долг, млрд ¥	3.49	5.43	6.55	8.55	16.9	30.37	30.37	13.56	41.10
Расходы на обслуживание долга ¥	0.0239	0.0285	0.037	0.0483	0.0831	0.2398	0.2398	0.0873	53.11
Чист. проц. доходы, млрд ¥	0.0001	0.000293	0.000113	0.0001	0.000549	0.0013	0.0013	0.0005	34.71
Амортизация, млрд ¥	0.1424	0.0843	0.4684	0.5429	1.56	2.43	2.43	1.02	95.86
Себестоимость, млрд ¥		2.83	3.7	4.81	8.08	11.3	11.96	6.14	31.90
Товарно материальные запасы ¥	0.0089	0.0073	0.083	0.0218	0.0204	0.012	0.012	0.0289	10.45

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥		30.44	27.14	26.71	28.92	26.94	36.99	38.86	30.75	28.01	29.43	32.81	-4.47
Short Term Investments ¥		1.59	1.67	1.77	2.01	2.15	3.52	3.67	3.9	3.28	4.82	3.84	6.49
Total Receivables ¥		7.67	7.79	7.78	9.33	9.95	10.75	9.81	11.65	11.19	11.1	10.90	0.64
Total Current Assets ¥		41.62	39.08	38.82	42.59	41.64	53.75	55	50.08	47.58	50.26	51.33	-1.33
Чистые активы, млрд ¥	43.65	41.62	39.08	38.82	1.12	1.21	1.21					16.29	-50.09
Активы, млрд ¥		66.42	65.36	65.99	70.54	71.15	85.93	88.28	84.94	85.32	87.55	86.40	0.37
Short Term Debt ¥		11.09	11.56	10.54	12.9	12.66	12.74	8.43	9.32	9.72	12.54	10.55	-0.32
Long Term Debt ¥	2.08	4.79	5.93	6.37	10.66	10.76	22.15	21.95	21.27	21.33		19.49	14.67
Задолженность, млрд ¥		26.37	28.12	30.9	36.43	37.52	50.34	53.62	50.83	51.86	54.12	52.15	1.46
Чистый долг, млрд ¥		-14.56	-9.66	-9.81	-5.37	-3.52	-2.1	-8.48	-0.1625	3.05	4.12	-0.7145	-214.43
Долг, млрд ¥		15.88	17.48	16.9	23.55	23.43	34.88	30.37	30.59	31.05	33.55	32.09	-0.77
Расходы на обслуживание долга ¥		0.0189	0.0259	0.0237	0.0274	0.0366	0.0368	0.0336	0.0352	0.0357	0.0425	0.0368	2.92
Чист. проц. доходы, млрд ¥	0.00017	0.0000	0.000171	0.00018	0.000172	0.0001	0.00025	0.000785	0.0011			0.0005	44.93
Амортизация, млрд ¥			-0.9427	-0.0598	-0.0068	0.5716	0.6341	0.7083	0.7967	0.8579	0.9098	0.7814	7.49
Себестоимость, млрд ¥						2.73	2.74	3.31	3	3.47	3.27	3.16	3.60
Товарно материальные запасы ¥		0.0144	0.0131	0.0204	0.0198	0.0229	0.0211	0.012	0.028	0.0254	0.0463	0.0266	17.02

	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	-21.17	-60.06	-53.27	-32	-181.15	-116.98			-116.98	-88.6920	14.26
Цена акции ао					4070	4322	4831	4283	4283	4376.50	1.28
Число акций ао, млн	38.52	43.63	46.53	49.45	53.56	53.98			53.98	49.43	4.35
FCF/акцию	-30.38	-85.63	-49.13	-94.27	-156.7	-54.1			-28.52	-87.9660	-8.77

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS	-42.67	-65.87	-41.01	-32.8	-32.48	-28.74	-25.48	-24.33	-23.5	-20.44	-24.4980	-6.59
FCF/акцию				19.22	21.19	23.45	26.17				22.51	8.02

	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, %	-22.35	-46.74	-28.18	-6.31	-26.52	-20.72			-22.29	10.90	-25.6940	-15.02
ROA, %	-10.16	-20.99	-13.04	-4.02	-15.78	-8.19			-7.15	6.93	-12.4040	-17.16
ROIC, %			4.32		-19.5					13.78	-7.5900	-312.46
ROS, %		-36.62	-21.9	-10.12	-45.17	-20.79	-20.79	-20.79	-20.79	8.40	-23.5320	15.49
ROCE, %	-13.39	-22.4	-20.82	-2.38	-22.68	-11.42		-18.26	-18.26	15.12	-15.1120	-2.59
Ebit margin, %		-36.48	-21.36	-8.84	-44.38	-21.61		-20.83	-20.83		-23.4040	-0.50
Рентаб EBITDA, %	-13.84	-33	-20.64	-3.32	-37.1	-13.61		-12.83	-12.83	17.04	-17.5000	-9.07
Чистая рентаб, %	-17.75	-36.62	-21.9	-10.12	-45.17	-20.79			-20.79	8.40	-26.9200	-10.70
Operation Margin, %		-34.18	-24.78	-6.8	-39.43	-20.83	-20.83	-20.83	-20.83	11.21	-21.7440	25.09

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %	-6.33	-9.11	-5.95	-5.06	-5.77	-4.94	-4.55	-4.49	-4.47	-3.99	10.90	-4.4880	-4.18
ROA, %	-3.67	-5.33	-3.33	-2.58	-2.46	-1.98	-1.58	-1.52	-1.5	-1.29	6.93	-1.5740	-8.21
ROS, %					-24.01	-20.74	-15.68	-13.82	-12.39	-11.37	8.40	-14.8000	-11.33
ROCE, %	-4.91	-5.77	-5.05	-3.69	-6.6	-2.98	-3.42	-2.02	-1.72	-1.95	15.12	-2.4180	-8.13
Ebit margin, %						-19.02	-20.07	-11.52	-9.54	-11.22		-14.2740	-10.02
Рентаб EBITDA, %	-42.89	-63.31	-35.95	-24.03	-22.61	-10.56	-12.02	-3.18	-1.23	-1.94	17.04	-5.7860	-28.74
Чистая рентаб, %	-44.76	-64.41	-35.39	-25.97	-24.01	-20.74	-15.68	-13.82	-12.39	-11.37	8.40	-14.8000	-11.33
Operation Margin, %					-21.69	-18.1	-20.07	-10.4	-8.09	-10.29	11.21	-13.3900	-10.68

	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/BV	23.17	13.11	19.98	8.61	7.59	7.07			7.07	134.92	11.27	-11.62
P/S	17.06	14.71	18.07	23.31	12.39	8.06			8.06	134.47	15.31	-11.34
P/FCF						-35.77	-194.92	-194.92	-194.92	5.94	-141.8700	75.97
E/P						-0.0323	-0.021	-0.021	-0.021	0.16	-0.0248	-13.37
EV/EBITDA	-120.98	-43.82	-86.51	-648.47	-32.17	-57.18			-60.64	142.70	-173.6300	5.47
EV/EBIT		-39.64	-89.96	-243.74	-26.89	-36.01	-37.35	-37.35	-37.35		-76.2680	-31.28
EV/S		14.46	19.22	21.54	11.94	7.78	7.78	7.78	7.78	134.15	11.36	-18.43
EV/FCF		-27.7	-95.14	-72.25	-30.55	-80.95	-153.56	-153.56	-153.56	13.17	-98.1740	16.28
Debt/EBITDA		-2.3	-2.8	-16.47	-2.12	-7.35	-7.79	-7.79	-7.79	1.01	-8.3040	-13.91
Netdebt/Ebitda		0.7461	1.02	53.27	1.23	2.05	2.18	2.18	2.18	-0.99	12.18	-47.23
Debt/Ratio		0.3329	0.3015	0.1502	0.2561	0.3441	0.3441	0.3441	0.3441	0.12	0.2877	18.03
Debt/Equity		0.6852	0.6773	0.2111	0.5179	1.07	0.7824	0.7824	0.7824	7.63	0.6728	29.95
Debt/Net Income		-2.07	-2.64	-5.41	-1.74	-4.81	-4.81	-4.81	-4.81	2.17	-4.3160	-2.32
Бета						-0.5824	-2.02	2.54	2.54	1.00	-0.0208	-263.38
Индекс Альтмана						3.17	1.49	1.49	1.49	4.81	2.05	-22.25

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	Industry average	5 quarters average	CAGR 5
P/BV	4.36	4.91	7.55	7.02	8.98	7.98	7.08	9.33	8.82	9.1		134.92	8.46	2.66
P/S	9.68	9.31	12.33	10.15	11.7	10.19	8.06	9.59	8.14	7.87		134.47	8.77	-5.04
EV/EBITDA	-31.2	-22.09	-27.01	-24.68	-181.03	-58.79	-58.13	-97.77	-130.92	-183.76		142.70	-105.8740	25.60
EV/EBIT						-197.75	-134.3	-289.27	-302.94	-280.06			-240.8640	7.21
EV/S					40.92	37.6	26.95	33.33	28.9	31.42		134.15	31.64	-3.53
EV/FCF					261.18	222.29	167.35					13.17	216.94	-13.79
Debt/EBITDA					-14.2	-44.07	-28.74	-100.94	-245.39	-175.93		1.01	-119.0140	31.90
Netdebt/Ebitda					2.13	2.66	8.03	0.5362	-24.09	-21.61		-0.99	-6.8948	-252.04
Debt/Ratio					0.3292	0.4059	0.3441	0.3602	0.364	0.3832		0.12	0.3715	-1.14
Debt/Equity					0.7722	1.19	1.07	1.11	1.11	1.28		7.63	1.15	1.47
Debt/Net Income					-13.37	-22.44	-22.02	-23.2	-24.29	-30.09		2.17	-24.4080	6.04
Бета											2.54	1.00	2.54	0.00
Индекс Альтмана											1.49	4.81	1.49	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual

	2018	2020	2022	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	2.65	3.18	0.0414			1.96	-75.00
Дивиденд				0
Див доход, ао, %				0	3.14
Дивиденды / прибыль, %		-128.24	-0.4271	0	38.45	-64.3336	-94.23

	Industry average	5 quarters average	CAGR 5

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	1894	2130	6.05

	CAGR 5

	CAGR 5