TSE: 6454 - Max Co., Ltd.

Yield per half year: +27.81%
Dividend yield: +5.62%
Sector: Industrials

Reporting Max Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								123.36
Выручка, млрд ¥	68.14	70.12	69.67	64.03	73.96	84.32	86.64	86.64	75.72	4.46
Чистая прибыль, млрд ¥	4.65	5.06	5.51	5.15	6.09	7.62	10.44	10.44	6.96	13.63
EV, млрд ¥	46.06	60.37	52.76	60.86	59.83	75.31	125.34	125.34	74.82	18.89
EBIT, млрд ¥	6.11	7.16	7.59	6.69	7.5	9.93	12.6	12.6	8.86	10.67
EBITDA, млрд ¥	8.42	9.56	9.91	9.39	10.31	12.95	15.66	15.66	11.64	9.58
Баланс стоимость, млрд ¥	71.47	73.84	75.87	78.6	83.03	88.79	99.73	99.73	85.20	5.62
FCF, млрд ¥	4.2	4.58	5.36	3.57	1.24	4.64	9.16	9.16	4.79	11.31
Операционный денежный поток, млрд ¥	6.86	7.81	8.33	8.8	5.63	8.25	12.12	12.12	8.63	7.79
Операционная прибыль, млрд ¥	6.14	7.15	7.59	6.69	7.5	9.93	12.6	12.6	8.86	10.67
Операционные расходы, млрд ¥	20.31	20.58	21.54	20.64	23.89	26.2	27.26	27.26	23.91	4.82
CAPEX, млрд ¥	2.66	3.23	2.97	5.23	4.39	3.61	2.96	2.96	3.83	-0.07

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	20.34	21.63	21.92	3 210.9	21.2	21.72	22.41	21.31	22.59	22.29	22.06	0.52
Чистая прибыль, млрд ¥	2.22	1.91	1.74	274.65	2.92	2.67	2.4	2.45	3.34	2.11	2.59	-4.60
EV, млрд ¥	56.35	69.03	68.04	11 833.24	100.22	100.75	117.57	128.82	142.12	135.3	124.91	6.07
EBIT, млрд ¥	3.09	2.25	3.16	356.5	4.2	3.14	3.23	2.72	3.99	2.86	3.19	-1.85
EBITDA, млрд ¥	3.82	3.39	3.29	483.46	4.95	3.9	3.98	3.52	4.78	3.69	3.97	-1.10
Баланс стоимость, млрд ¥	83.86	86.38	87.3	13 951.12	89.93	92.57	93.28	99.73	100.01	100.21	97.16	1.60
FCF, млрд ¥	0.61	0.58	1.02	382.11	0.793	4.81	0.715	2.84	1.8	4.35	2.90	-1.99
Операционный денежный поток, млрд ¥	1.23	1.37	2.42	506.08	1.6	5.39	1.66	3.47	2.53	4.91	3.59	-1.85
Операционная прибыль, млрд ¥	3.09	2.25	3.16	366.25	3.51	3.14	3.23	2.72	3.99	3.43	3.30	1.78
Операционные расходы, млрд ¥	6.34	6.71	6.72	1 011.54	6.47	6.68	7.07	6.73	7.1	6.82	6.88	0.42
CAPEX, млрд ¥	0.62	0.793	1.4	123.97	0.811	0.578	0.94	0.633	0.731	0.556	0.6876	-0.77

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	23.72	22.19	21.85	21.42	23.3	27.62	31.62	31.62	25.16	7.67
Short Term Investments ¥		4.92	2.81	3.91	4.81	6.2	6.6	6.6	4.87	18.62
Total Receivables ¥		14.39	13.53	12.63	13.78	14.72	15.77	15.77	14.09	3.11
Total Current Assets ¥		50.55	46.94	47.25	54.93	63.69	69.39	69.39	56.44	8.13
Чистые активы, млрд ¥	53.69	50.55	46.94	47.25	24.96	26.02		26.02	39.14	-12.44
Активы, млрд ¥	96.13	98.17	99.38	102.54	109.04	116.74	121.72	121.72	109.88	4.14
Short Term Debt ¥		2.03	2.12	2.07	2.2	2.1	1.29	1.29	1.96	-9.46
Long Term Debt ¥		0.15	0.15	0.15	0.438	0.551	0.125	0.125	0.2828	-3.58
Задолженность, млрд ¥	24.56	24.22	23.41	23.84	25.91	27.84	21.87	21.87	24.57	-1.35
Чистый долг, млрд ¥	-21.24	-19.74	-19.28	-18.82	-20.67	-24.97	-29.86	-29.86	-22.7200	9.14
Долг, млрд ¥	2.48	2.45	2.57	2.6	2.63	2.65	1.77	1.77	2.44	-7.19
Расходы на обслуживание долга ¥		0.038	0.039	0.042	0.057	0.041	0.035	0.035	0.0428	-2.14
Чист. проц. доходы, млрд ¥	0.073	0.063	0.076	0.074	0.068	0.08	0.192	0.08	0.0980	20.36
Амортизация, млрд ¥		2.4	2.32	2.71	2.81	3.02	3.05	3.05	2.78	5.62
Себестоимость, млрд ¥			40.54	36.7	42.57	48.19	46.78	46.78	42.96	2.90
Товарно материальные запасы ¥		7.97	7.97	8.5	11.18	13.87	13.95	13.95	11.09	11.85

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥			23.27	24.46	24.88	4 338.86	26.58	29.17	28.53	29.58	31.64	36.12	31.01	4.37
Short Term Investments ¥			5.21	5.51	6.1	974.61	6.2	6.9	6.5	8.64	5.3	4.59	6.39	-7.83
Total Receivables ¥			14.23	15.71	15.04	2 112.32	15.07	15.32	15.23	15.77	15.51	14.77	15.32	-0.73
Total Current Assets ¥			56.43	60.56	61.25	10 006.63	63.47	66.86	65.64	69.39	68.94	70.71	68.31	1.13
Чистые активы, млрд ¥	50.48	54.93	56.43	60.56	61.25	4 087.78	26.02						858.41	-14.34
Активы, млрд ¥			109.95	113.64	114.19	18 342.46	116.08	119.87	119.09	121.72	121.34	121.59	120.72	0.29
Short Term Debt ¥			2	2	2	329.48	1.85	1.85	1.75	1.29	-1.42	1.05	0.9040	-10.71
Long Term Debt ¥						86.57	0.125	0.125	0.125	0.125			17.41	-72.97
Задолженность, млрд ¥			25.98	27.15	26.78	4 374.05	26.04	27.18	25.7	21.87	21.21	21.26	23.44	-4.79
Чистый долг, млрд ¥			-21.27	-22.46	-22.88	-3 922.81	-24.61	-27.2	-26.65	-27.81	-30.46	-34.95	-29.4140	5.14
Долг, млрд ¥			2	2	2	416.05	1.98	1.98	1.88	1.77	1.18	1.18	1.60	-9.83
Расходы на обслуживание долга ¥			0.013	0.012	0.007	1.41	0.008	0.009	0.01	0.008	0.007	0.005	0.0078	-11.09
Чист. проц. доходы, млрд ¥	0.03	0.013	0.018	0.019	0.029	2.2	105.43	4.4	8.96	0.063			24.21	-50.87
Амортизация, млрд ¥			0.722	0.731	0.761	126.95	0.75	0.759	0.75	0.795	0.786	0.835	0.7850	1.93
Себестоимость, млрд ¥							11.22	11.9	12.12	11.86	11.5	12.04	11.88	0.23
Товарно материальные запасы ¥			12.28	13.33	13.73	2 178.46	14.37	14.1	13.85	13.95	14.69	13.48	14.01	-0.90

	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	94.46	102.91	112.66	105.8	128.38	161.07	222.55		222.55	146.09	14.59
Цена акции ао					1950	3285	3520	4435	4435	3297.50	22.80
Число акций ао, млн		49.21	48.91	48.71	47.44	47.3	46.89		46.89	47.85	-0.84
FCF/акцию	85.31	93.12	109.64	73.28	26.18	98.16	195.32		195.32	100.52	12.24

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS	46.93	40.36	36.83	5806.19	61.69	56.78	51.38	51.69	71.8	44.7	55.27	-4.67
FCF/акцию	12.9	12.26	21.58	51.41	16.76	102.41	15.29	59.93	38.65	91.99	61.65	-2.12

	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, %	6.72	6.97	7.36	6.67	7.54	8.87	11.07		11.07	10.48	8.30	8.51
ROA, %	4.92	5.21	5.58	5.1	5.76	6.75	8.75		8.75	5.54	6.39	9.41
ROIC, %			9.93	9.17	10.64	12.36			12.36	9.78	10.53	5.63
ROS, %			7.91	8.05	8.23	9.04	12.04	12.04	12.04	6.74	9.88	8.38
ROCE, %	7.26	8.33	8.64	7.37	7.9	9.82	11.73	12.62	11.73	11.28	9.89	11.36
Ebit margin, %			10.88	10.44	10.14	11.77	14.54	14.54	14.54		12.29	6.85
Рентаб EBITDA, %	12.35	13.63	14.22	14.67	13.94	15.36	18.07	18.07	18.07	14.01	16.02	4.26
Чистая рентаб, %	6.83	7.22	7.91	8.05	8.23	9.04	12.04		12.04	6.74	9.05	8.77
Operation Margin, %			10.89	10.44	10.14	11.77	14.54	14.54	14.54	8.88	12.29	6.85

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %	2.75	2.32	2.07	2.04	3.24	3	2.66	2.64	3.51	2.17	10.48	2.80	-6.27
ROA, %	2.03	1.71	1.53	1.51	2.51	2.26	2.01	2.03	2.75	1.74	5.54	2.16	-5.10
ROIC, %					6.8	3.2	2.53	2.41	7.5	2.52	9.78	3.63	-4.67
ROS, %					13.76	12.29	10.72	11.48	14.79	9.48	6.74	11.75	-5.06
ROCE, %	3.31	2.36	3.26	2.3	4.67	3.09	3.13	2.6	3.76	2.68	11.28	3.05	-2.81
Ebit margin, %						14.46	14.41	12.77	17.66	12.82		14.42	-2.38
Рентаб EBITDA, %	18.76	15.66	15.02	15.06	23.36	17.96	17.75	16.5	21.14	16.57	14.01	17.98	-1.60
Чистая рентаб, %	10.92	8.83	7.95	8.55	13.76	12.29	10.72	11.48	14.79	9.48	6.74	11.75	-5.06
Operation Margin, %					16.56	14.45	14.41	12.77	17.66	15.37	8.88	14.93	1.24

	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	14.46	15.82	13.07	15.46	13.22	13.16	14.87		14.87	82.92	13.96	2.61
P/BV	0.9403	1.08	0.9482	1.01	0.9683	1.13	1.55		1.55	68.04	1.12	10.33
P/S	0.9877	1.14	1.03	1.24	1.09	1.19	1.79		1.79	67.55	1.27	11.69
P/FCF						26.59	13.47	13.47	13.47	72.83	17.84	-20.28
E/P						0.0618	0.0846	0.0846	0.0846	0.32	0.0770	11.04
EV/EBITDA	5.47	6.32	5.32	6.48	5.8	5.82	8.01		8.01	76.41	6.29	8.53
EV/EBIT			6.96	9.1	7.98	7.59	9.95	9.95	9.95		8.91	1.80
EV/S			0.7572	0.9506	0.809	0.8932	1.45	1.45	1.45	67.57	1.11	8.81
EV/FCF			9.84	17.05	48.17	16.22	13.69	13.69	13.69	28.85	21.76	-4.29
Debt/EBITDA	0.295	0.2564	0.2589	0.277	0.2554	0.2045	0.1128	0.1128	0.1128	2.58	0.1925	-16.45
Netdebt/Ebitda			-1.95	-2	-2	-1.93	-1.91	-1.91	-1.91	0.08	-1.9500	-0.92
Debt/Ratio			0.0228	0.0254	0.0241	0.0227	0.0145	0.0145	0.0145	0.16	0.0202	-10.61
Debt/Equity			0.0299	0.0331	0.0317	0.0298	0.0177	0.0679	0.0177	0.45	0.0360	15.45
Debt/Net Income			0.4113	0.5048	0.4323	0.3476	0.1692	0.1692	0.1692	5.12	0.3246	-19.64
Бета						3.33	-0.8409	-1.95	-1.95	18.33	0.1797	-183.66
Индекс Альтмана						1.73	1.79	1.8	1.8	8.12	1.77	1.33

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	Industry average	5 quarters average	CAGR 5
P/E	11.17	12.43	11.95	13.16	15.01	14.16	14.92	14.94	16.02	16.4		82.92	15.29	2.98
P/BV	0.9244	1.06	1.04	1.13	1.39	1.38	1.54	1.57	1.72	1.7		68.04	1.58	4.26
P/S	1.01	1.14	1.09	1.19	1.47	1.51	1.69	1.8	1.98	1.91		67.55	1.78	4.81
EV/EBITDA	4.51	5.24	5.01	5.55	20.23	6.62	7.7	8.23	8.79	8.47		76.41	7.96	5.05
EV/EBIT						32.08	36.41	47.34	35.62	47.32			39.75	8.08
EV/S					4.73	4.64	5.25	6.05	6.29	6.07		67.57	5.66	5.52
EV/FCF					126.38	20.93	164.43	45.42	79.04	31.1		28.85	68.18	8.24
Debt/EBITDA	0.5241	0.5907	0.6073	0.8606	0.3987	0.5064	0.4712	0.5023	0.246	0.3181		2.58	0.4088	-8.88
Netdebt/Ebitda					-4.97	-6.97	-6.7	-7.91	-6.38	-9.46		0.08	-7.4840	6.30
Debt/Ratio					0.017	0.0165	0.0157	0.0145	0.0097	0.0097		0.16	0.0132	-10.08
Debt/Equity					0.022	0.0213	0.0201	0.0177	0.0117	0.0117		0.45	0.0165	-11.29
Debt/Net Income					0.6768	0.74	0.7806	0.722	0.3518	0.5558		5.12	0.6300	-5.56
Бета											-1.95	18.33	-1.9500	0.00
Индекс Альтмана											1.8	8.12	1.80	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		2.07	2.07	2.15	2.25	2.29	3.02	3.69		3.69		2.68	11.41
Дивиденд	39	42	42	44	46	48	64	78	101	101		67.40	17.03
Див доход, ао, %	2.73	2.69	2.82	2.07	3.2	2.65	6.6	6.7	5.62	5.62	4.16	4.95	11.92
Дивиденды / прибыль, %			44.48	40.84	39.06	43.63	37.6	39.69	35.33	35.33	37.26	39.06	-1.99

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	2.81	0.216	0.001	475.13	3.33	0.357	0.001	0.001	4.25	0.44		1.01	4.27
Дивиденды / прибыль, %	126.44	11.31	0.0574	173	114.05	13.38	0.0416	0.0409	127.16	20.81	37.26	32.29	9.24

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	2485	2485	0.00

	CAGR 5

	CAGR 5