Stock 4385 MERCARI, INC.
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Financials Mercari, Inc.

Equities

4385

JP3921290007

Internet Services

Delayed Japan Exchange
Other stock markets
 08:17:26 2024-07-09 pm EDT 		5-day change 1st Jan Change
2,435 JPY -0.47% Intraday chart for Mercari, Inc. +9.29% -6.79%
Jul. 03 Mercari to Issue Shares to Employees as Restricted Stock Compensation MT
Jun. 24 Japan's Nikkei ends choppy session on stronger note RE

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 430,619 519,813 930,762 313,186 543,455 401,965 - -
Enterprise Value (EV) 1 352,553 431,253 830,447 183,131 454,714 290,571 266,545 236,396
P/E ratio -30.1 x -22.5 x 162 x -41.2 x 41.5 x 34.4 x 27.7 x 18.6 x
Yield - - - - - - - -
Capitalization / Revenue 8.33 x 6.81 x 8.77 x 2.13 x 3.16 x 2.12 x 1.93 x 1.71 x
EV / Revenue 6.82 x 5.65 x 7.83 x 1.25 x 2.64 x 1.53 x 1.28 x 1.01 x
EV / EBITDA -31.8 x -24.4 x 138 x -63.2 x 25.3 x 16 x 11.9 x 7.69 x
EV / FCF -78.6 x 43.6 x 80.8 x -6.81 x -12.1 x -22.3 x -33.3 x 46.1 x
FCF Yield -1.27% 2.29% 1.24% -14.7% -8.25% -4.48% -3% 2.17%
Price to Book 8.46 x 14.9 x 23.8 x 8.53 x 10.2 x 5.96 x 4.94 x 3.88 x
Nbr of stocks (in thousands) 150,671 156,100 157,756 160,608 161,791 163,800 - -
Reference price 2 2,858 3,330 5,900 1,950 3,359 2,446 2,446 2,446
Announcement Date 8/8/19 8/6/20 8/12/21 8/8/22 8/10/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 51,683 76,275 106,115 147,049 172,064 189,304 208,678 234,912
EBITDA 1 -11,084 -17,669 6,029 -2,897 17,956 18,107 22,352 30,757
EBIT 1 -12,149 -19,308 5,184 -3,715 17,023 16,920 21,045 29,092
Operating Margin -23.51% -25.31% 4.89% -2.53% 9.89% 8.94% 10.08% 12.38%
Earnings before Tax (EBT) 1 -12,567 -20,519 11,874 -3,997 16,389 17,096 21,130 31,132
Net income 1 -13,764 -22,772 5,720 -7,569 13,070 11,615 14,434 20,084
Net margin -26.63% -29.86% 5.39% -5.15% 7.6% 6.14% 6.92% 8.55%
EPS 2 -94.98 -147.9 36.43 -47.34 81.01 71.07 88.26 131.2
Free Cash Flow 1 -4,484 9,880 10,274 -26,888 -37,515 -13,027 -8,007 5,122
FCF margin -8.68% 12.95% 9.68% -18.29% -21.8% -6.88% -3.84% 2.18%
FCF Conversion (EBITDA) - - 170.41% - - - - 16.65%
FCF Conversion (Net income) - - 179.62% - - - - 25.51%
Dividend per Share 2 - - - - - - - -
Announcement Date 8/8/19 8/6/20 8/12/21 8/8/22 8/10/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2021 S1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 32,993 48,213 37,557 71,191 38,510 37,348 40,029 44,256 84,285 43,628 44,151 44,271 48,115 92,386 48,492 47,408 48,740 53,650 54,470 54,470
EBITDA - - - - -2,667 1,188 - - - 5,879 5,830 - 3,902 - - - - - - -
EBIT 1 -13,906 1,370 -2,623 -1,774 -2,912 971 3,119 2,713 5,832 5,697 5,494 4,477 3,344 7,821 4,979 4,695 - - - -
Operating Margin -42.15% 2.84% -6.98% -2.49% -7.56% 2.6% 7.79% 6.13% 6.92% 13.06% 12.44% 10.11% 6.95% 8.47% 10.27% 9.9% - - - -
Earnings before Tax (EBT) 1 -13,895 8,133 - -1,872 -2,997 - 2,965 - 5,221 5,755 5,413 4,577 3,448 8,025 5,035 3,700 - - - -
Net income 1 -14,103 4,111 - -2,728 -4,980 139 412 790 1,202 3,854 8,014 2,811 1,739 4,550 4,203 2,850 - - - -
Net margin -42.75% 8.53% - -3.83% -12.93% 0.37% 1.03% 1.79% 1.43% 8.83% 18.15% 6.35% 3.61% 4.92% 8.67% 6.01% - - - -
EPS -92.35 26.25 - -17.11 -31.16 - 2.560 4.910 7.470 23.91 49.63 17.27 10.67 27.94 25.75 - - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - - -
Announcement Date 2/6/20 2/4/21 2/3/22 2/3/22 4/28/22 8/8/22 10/31/22 2/7/23 2/7/23 4/28/23 8/10/23 11/13/23 2/13/24 2/13/24 5/9/24 - - - - -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 78,066 88,560 100,315 130,055 88,741 111,394 135,419 165,569
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 -4,484 9,880 10,274 -26,888 -37,515 -13,027 -8,007 5,123
ROE (net income / shareholders' equity) -26.1% -53.1% 15.5% -20% 28.9% 19.8% 19.3% 23.3%
ROA (Net income/ Total Assets) -8.65% -10.7% 2.16% -2.51% 4.62% 2.93% 3.11% 4.11%
Assets 1 159,136 212,382 264,755 301,195 282,820 397,042 464,753 488,778
Book Value Per Share 2 338.0 223.0 248.0 229.0 330.0 411.0 495.0 631.0
Cash Flow per Share 2 -89.50 -138.0 41.80 -42.20 86.80 63.30 72.70 111.0
Capex 1 1,699 773 420 669 471 786 836 880
Capex / Sales 3.29% 1.01% 0.4% 0.45% 0.27% 0.42% 0.4% 0.37%
Announcement Date 8/8/19 8/6/20 8/12/21 8/8/22 8/10/23 - - -
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 Mercari, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
2,446 JPY
Average target price
2,900 JPY
Spread / Average Target
+18.55%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector E-commerce & Auction Services

1st Jan change Capi.
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E-commerce & Auction Services
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