TSE: 9470 - Gakken Holdings Co., Ltd.

Yield per half year: +0.9109%
Dividend yield: +3.80%

Reporting Gakken Holdings Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								38.15
Выручка, млрд ¥	107.07	140.59	143.52	150.6	156.03	164.12	185.57	185.57	159.97	5.27
Чистая прибыль, млрд ¥	3.06	1.94	2.32	2.62	3.44	3.19	2.26	2.26	2.77	-0.52
EV, млрд ¥	62.07	60.31	71.37	68.05	61.44	60.11	59.52	59.52	64.10	-3.57
EBIT, млрд ¥	3.6	4.52	5.08	6.24	6.43	6.93	5.96	5.96	6.13	3.25
EBITDA, млрд ¥	5.33	7.3	8.09	9.15	9.46	10.08	10.24	10.24	9.40	4.83
Баланс стоимость, млрд ¥	39.64	38.68	36.17	47.24	48.69	52.98	51.67	51.67	47.35	7.39
FCF, млрд ¥	-0.159	1.96	2.47	-0.281	2.21	3.26	3.2	3.2	2.17	5.32
Операционный денежный поток, млрд ¥	3.15	5.35	5.97	4.44	5.17	5.46	7.16	7.16	5.64	3.70
Операционная прибыль, млрд ¥	3.65	4.52	5.08	6.24	6.43	6.17	6.88	6.88	6.16	6.25
Операционные расходы, млрд ¥	32.83	35.85	36.65	38.92	40	40.52	43.02	43.02	39.82	3.26
CAPEX, млрд ¥	3.3	3.39	3.5	4.72	2.96	2.2	3.96	3.96	3.47	2.50

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥		39.02	38.21	42.97	38.19	44.76	42.75	50.76	44.65	47.42	45.94	46.30	1.45
Чистая прибыль, млрд ¥		0.593	0.232	1.01	-0.085	2.04	-0.038	1.81	0.098	0.39	0.813	0.6146	-284.53
EV, млрд ¥		59.92	62.09	58.95	63.99	60.11	64.77	61.23	59.68	59.91	60.69	61.26	-1.29
EBIT, млрд ¥		1.64	0.605	2.62	0.303	3.95	0.002	3.99	0.02	1.72	0.648	1.28	217.77
EBITDA, млрд ¥		1.97	0.564	2.79	1.06	4.9	0.93	5.01	0.8078	2.79	1.72	2.25	13.09
Баланс стоимость, млрд ¥		48.69	48.74	50.33	49.9	52.98	51.14	52.47	52.02	51.67	50.84	51.63	-0.12
FCF, млрд ¥			1.44	1.44	1.52	1.9	1.86					1.63	5.25
Операционный денежный поток, млрд ¥	0.758	6.47	1.44	1.44	1.52	1.9	1.86					1.63	5.25
Операционная прибыль, млрд ¥		1.64	0.605	2.62	0.083	2.86	0.836	4.3	0.018	1.72	0.647	1.50	-5.00
Операционные расходы, млрд ¥		10.49	10.01	10.37	10.07	10.07	10.22	11.13	10.66	11	11	10.80	1.48
CAPEX, млрд ¥	1.36	2.96		1.15								1.82	-5.44

	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 ¥	18.91	21.19	25.6	19.77	22.52	20.84	20.39	20.39	21.82	-4.45
Short Term Investments ¥		5.98	7.01	8.99	0.847	0.108		11.66	4.59	-55.19
Total Receivables ¥	19.27	19.33	19.89	19.9	21.06	21.88	23.16	23.16	21.18	3.09
Total Current Assets ¥	54.17	54.81	60.03	56.55	61.7	62.62	63.11	63.11	60.80	1.01
Чистые активы, млрд ¥	54.17	54.81	60.03	56.55	18.3	62.91		18.3	50.52	2.79
Активы, млрд ¥	99.95	99.35	103.74	116.9	123.68	136.33	130.71	130.71	122.27	4.73
Short Term Debt ¥	23.1	11.09	15	16.68	15.82	17.2	15.74	15.74	16.09	0.97
Long Term Debt ¥	6.12	19.4	24.27	23.48	27.37	25.05	21.64	21.64	24.36	-2.27
Задолженность, млрд ¥	59.27	59.37	67.5	69.49	74.79	81.29	77.06	77.06	74.03	2.68
Чистый долг, млрд ¥	10.31	9.3	11.84	18.63	18.85	21.42	17	17	17.55	7.50
Долг, млрд ¥	29.22	30.49	37.43	38.4	43.19	42.25	37.38	37.38	39.73	-0.03
Расходы на обслуживание долга ¥	0.096	0.136	0.153	0.179	0.179	0.225	0.326	0.326	0.2124	16.33
Чист. проц. доходы, млрд ¥	0.024	0.017	0.019	0.015	0.01	0.02		0.02	0.0162	3.30
Амортизация, млрд ¥	1.74	2.78	3.01	2.91	3.03	3.15	4.28	4.28	3.28	7.29
Себестоимость, млрд ¥		100.21	101.79	105.44	109.61	117.43	135.67	135.67	113.99	5.91
Товарно материальные запасы ¥	12.48	11.86	11.78	12.11	13.36	12.63	13.2	13.2	12.62	2.30

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				22.52	21.19	25.42	21.09	20.84	21.6	22.05	22.1	20.39	24.58	22.14	2.62
Short Term Investments ¥						0.728		11.66		1.72				4.70	33.19
Total Receivables ¥				21.06	22.29	26.34	22.01	21.88	22.4	28.82	24.09	23.12	24.5	24.59	1.81
Total Current Assets ¥				61.7	62.91	69.75	61.9	62.62	66.14	72.02	65.15	63.11	71.84	67.65	1.67
Чистые активы, млрд ¥	62.77	65.69	62.7	61.7	62.91	18.12	18.07							44.70	-22.03
Активы, млрд ¥				123.68	125.28	132.18	129.52	136.33	133.73	139.36	132.52	130.71	137.26	134.72	0.52
Short Term Debt ¥				15.82	18.16	18.78	19.48	17.2	14.64	19.51	24.78	15.74	19.63	18.86	6.04
Long Term Debt ¥		26.92	26.37	27.37	24.88	27.8	27.03	25.05	28.3	21.11				25.86	-5.36
Задолженность, млрд ¥				74.79	76.32	81.58	79.3	81.29	80.53	84.66	78.42	77.06	82.02	80.54	0.37
Чистый долг, млрд ¥				18.85	21.85	21.17	25.42	21.42	21.34	20.45	17.46	17	15.73	18.40	-5.92
Долг, млрд ¥				41.37	43.04	46.58	46.51	42.25	42.94	42.5	39.57	37.38	40.31	40.54	-1.26
Расходы на обслуживание долга ¥		0.046	0.044	0.048	0.045	0.046	0.054	0.08	0.078	0.078	0.084			0.0748	9.24
Чист. проц. доходы, млрд ¥	0.004	0.003	0.003	0.404	0.001	0.003	0.008	0.008	0.005	0.008				0.0064	21.67
Амортизация, млрд ¥				0.327	-0.041	0.173	0.76	0.952	0.928	1.02	0.7878	1.07	1.07	0.9752	2.89
Себестоимость, млрд ¥							28.04	31.82	31.69	35.32	33.96	34.69	34.3	33.99	1.60
Товарно материальные запасы ¥				13.36	14.22	12.88	13.07	12.63	13.72	12.63	12.69	13.2	15.14	13.48	1.99

	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	81.09	51.63	61.99	63.87	77.94	71.9	53.53		53.53	65.85	-2.89
Цена акции ао					929	987	1063	1018	1018	999.25	2.31
Число акций ао, млн	37.71	37.58	37.44	40.97	44.14	44.42	42.22		42.22	41.84	2.43
FCF/акцию	-4.22	52.27	65.89	-6.86	50.05	73.43	75.86		75.86	51.67	2.86

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	13.5	5.24	22.66	-1.9	45.94	-0.8636	41.72	2.32	9.15	19.22		14.31	-285.99
Цена акции ао											1018	1018.00	0.00
FCF/акцию		32.5	32.34	34.06	42.86	42.18						36.79	5.35

	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, %	8.06	4.95	6.2	6.28	7.17	6.28	4.32		4.32	8.25	6.05	-6.97
ROA, %	3.46	1.95	2.29	2.37	2.86	2.46	1.69		1.69	4.23	2.33	-5.90
ROIC, %		3.89	4.21	4.15	4.92	4.49				6.99	4.33	2.91
ROS, %		1.38	1.62	1.74	2.2	1.95	1.22	1.22	1.22	9.07	1.67	-6.85
ROCE, %	6.4	6.59	7.54	8.03	7.67	7.55	6.81	11.11	11.11	11.00	8.23	6.71
Ebit margin, %		3.22	3.54	4.14	4.12	4.22	3.21	3.21	3.21		3.78	-4.96
Рентаб EBITDA, %	4.98	5.2	5.63	6.08	6.06	6.14	5.52	5.52	5.52	17.45	5.86	-1.91
Чистая рентаб, %	2.86	1.38	1.62	1.74	2.2	1.95	1.22		1.22	9.07	1.75	-5.51
Operation Margin, %		3.22	3.54	4.14	4.12	3.76	3.71	3.71	3.71	13.39	3.89	-2.17

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	1.23	0.4765	2.05	-0.1725	4.09	-0.0748	3.52	0.1889	0.7502	1.57		8.25	1.19	-283.82
ROA, %	0.474	0.1864	0.7815	-0.065	1.54	-0.0281	1.33	0.0721	0.2963	0.6068		4.23	0.4554	-284.87
ROS, %				-0.2226	4.56	-0.0889	3.57	0.2195	0.8225	1.77	1.22	9.07	1.52	-19.33
ROCE, %		0.7193	3.09	0.3548	4.52	0.0022	4.44	0.0223	1.94	0.7413	11.11	11.00	3.65	20.13
Ebit margin, %				0.7935	8.82	0.0047	7.85	0.0448	3.63	1.41	3.21		3.23	-16.38
Рентаб EBITDA, %		1.48	6.5	2.78	10.94	2.18	9.86	1.81	5.89	3.74	5.52	17.45	5.36	-10.95
Чистая рентаб, %	1.52	0.61	2.34	-0.2226	4.56	-0.0889	3.57	0.2195	0.8225	1.77		9.07	1.26	-281.89
Operation Margin, %				0.2174	6.4	1.96	8.48	0.0403	3.63	1.41	3.71	13.39	3.45	-15.24

	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	16.93	26.29	25.65	18.88	12.38	12.11	18.81		18.81	130.52	17.57	-6.01
P/BV	1.27	1.28	1.64	1.04	0.8713	0.703	0.7925		0.7925	113.66	1.01	-13.54
P/S	0.4834	0.3628	0.4148	0.3281	0.273	0.2358	0.2291		0.2291	113.72	0.2962	-11.20
P/FCF						17.26	11.7	11.91	11.91	9.43	13.62	-11.63
E/P						0.0902	0.0837	0.0592	0.0592	0.54	0.0777	-13.10
EV/EBIT		13.33	14.06	10.91	9.56	8.67	9.99	9.99	9.99		9.82	-1.75
EV/EBITDA	11.64	8.26	8.83	7.44	6.5	5.96	5.81		5.81	139.65	6.91	-8.03
EV/S		0.429	0.4974	0.4518	0.3938	0.3663	0.3207	0.3207	0.3207	113.14	0.3707	-6.63
EV/FCF		30.71	28.94	-242.16	27.81	18.43	18.58	18.58	18.58	125.86	-31.7520	-159.84
Debt/EBITDA	5.48	4.17	4.63	4.2	4.57	4.19	3.65	3.65	3.65	-3.70	4.05	-2.77
Netdebt/Ebitda		1.27	1.46	2.04	1.99	2.12	1.66	1.66	1.66	22.55	1.89	-4.04
Debt/Ratio		0.3069	0.3785	0.3436	0.3492	0.3099	0.286	0.286	0.286	0.16	0.3149	-3.60
Debt/Equity		0.7883	1.09	0.8503	0.887	0.7976	0.7235	1.44	1.44	4.48	0.9397	11.11
Debt/Net Income		15.72	16.92	15.35	12.55	13.23	16.54	16.54	16.54	21.02	14.84	1.50
PEG								-0.0151	-0.0151		-0.0151	0.00
Бета						2.59	0.5803	1.03	1.03	-70.22	1.40	-26.46
Индекс Альтмана						2.4	2.26	2.64	2.64	7.67	2.43	3.23

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	14.65	11.44	11.94	13.45	17.64		12.11		11.07	11.22	19.24	14.68			130.52	13.66	3.92
P/BV			0.8402	0.822	0.7468	0.7678	0.7031	0.8163	0.7455	0.7803	0.7999	0.8139			113.66	0.7912	-0.06
P/S			0.2632	0.2543	0.2385	0.2418	0.2359	0.2596	0.2347	0.2377	0.2336	0.2402			113.72	0.2412	-1.54
P/FCF														11.91	9.43	11.91	0.00
E/P														0.0592	0.54	0.0592	0.00
EV/EBIT						211.17	15.23	32385.99	15.36	2984.07	34.83	93.66		9.99		627.58	-8.24
EV/EBITDA			8.29	9.55	9.84	8.35	5.92	6.66	5.15	5.13	6.28	5.88			139.65	5.82	-2.46
EV/S						1.68	1.34	1.52	1.21	1.34	1.26	1.32		0.3207	113.14	1.09	-23.32
EV/FCF						42.1	31.57	34.9						18.58	125.86	31.79	-18.49
Debt/EBITDA				76.31	16.68	43.76	8.63	46.17	8.49	48.98	13.39	23.45		3.65	-3.70	19.59	-15.53
Netdebt/Ebitda						23.92	4.37	22.95	4.09	21.62	6.09	9.15		1.66	22.55	8.52	-16.50
Debt/Ratio						0.3591	0.3099	0.3211	0.3049	0.2986	0.286	0.2936		0.286	0.16	0.2938	-1.27
Debt/Equity						0.9321	0.7976	0.8396	0.8099	0.7606	0.7234	0.7928		1.44	4.48	0.9053	12.20
Debt/Net Income						-547.2	20.7	-1129.95	23.48	403.72	95.85	49.58		16.54	21.02	117.83	-6.77
PEG														-0.0151		-0.0151	0.00
Бета													0.0364	1.03	-70.22	0.5332	431.95
Индекс Альтмана													2.64	2.64	7.67	2.64	0.00

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	0.864	0.657	0.751	0.858	1.01	1.08	1.08					0.9558	7.54
Дивиденд	15	17.5	18.75	20	7.91	24	25	25	13	25.5		18.98	10.45
Див доход, ао, %	1.42	1.59	1.02	1.19	1.08	3.63	4.25	3.72	3.87	3.8	4.22	3.31	29.08
Дивиденды / прибыль, %		28.25	33.87	32.36	32.79	29.36	33.78	47.74		47.74	39.77	35.21	8.09

	2022Q1	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.482	1.01	0.527		0.6730	3.02
Дивиденды / прибыль, %	26.14	170.32	52.39	39.77	82.95	26.08

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	8341	9490	6.67

	CAGR 5

	CAGR 5