Financials MIXI, Inc.

Equities

2121

JP3882750007

Internet Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-08 am EDT			5-day change	1st Jan Change
3,005 ^JPY	0.00%		-0.83%	+27.28%

Jun. 05	MESON, inc. announced that it has received funding from MIXI, Inc.	CI
May. 31	MIXI, Inc. acquired picon inc.	CI

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	118,223	208,780	159,832	194,183	187,927	209,970	-	-
Enterprise Value (EV) ¹	-3,581	67,894	49,321	83,046	89,448	209,970	209,970	209,970
P/E ratio	11 x	13.3 x	15.8 x	37.6 x	26.8 x	15.8 x	17.3 x	13.9 x
Yield	7.01%	3.97%	4.99%	4.13%	4.12%	3.94%	4.16%	4.16%
Capitalization / Revenue	1.05 x	1.75 x	1.35 x	1.32 x	1.28 x	1.43 x	1.43 x	1.35 x
EV / Revenue	1.05 x	1.75 x	1.35 x	1.32 x	1.28 x	1.43 x	1.43 x	1.35 x
EV / EBITDA	5.89 x	8.2 x	8.61 x	6.59 x	8 x	8.27 x	10.5 x	7.46 x
EV / FCF	-9.17 x	7.59 x	-10.8 x	14.1 x	80.7 x	13.5 x	17 x	13.9 x
FCF Yield	-10.9%	13.2%	-9.25%	7.1%	1.24%	7.39%	5.89%	7.22%
Price to Book	0.66 x	1.11 x	0.87 x	1.07 x	1.08 x	1.17 x	-	-
Nbr of stocks (in thousands)	75,350	75,372	72,552	72,946	70,306	69,874	-	-
Reference price ²	1,569	2,770	2,203	2,662	2,673	3,005	3,005	3,005
Announcement Date	5/15/20	5/7/21	5/13/22	5/12/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	112,171	119,319	118,099	146,867	146,868	147,130	146,842	155,285
EBITDA ¹	20,069	25,457	18,557	29,481	23,497	25,400	20,016	28,150
EBIT ¹	17,165	22,928	16,069	24,820	19,177	20,317	18,242	22,395
Operating Margin	15.3%	19.22%	13.61%	16.9%	13.06%	13.81%	12.42%	14.42%
Earnings before Tax (EBT) ¹	15,996	23,201	16,035	11,254	12,630	20,170	21,100	22,520
Net income ¹	10,724	15,692	10,262	5,161	7,082	13,420	12,222	15,235
Net margin	9.56%	13.15%	8.69%	3.51%	4.82%	9.12%	8.32%	9.81%
EPS ²	142.3	208.2	139.8	70.87	99.71	190.2	173.3	215.5
Free Cash Flow ¹	-12,891	27,513	-14,789	13,788	2,329	15,510	12,360	15,160
FCF margin	-11.49%	23.06%	-12.52%	9.39%	1.59%	10.54%	8.42%	9.76%
FCF Conversion (EBITDA)	-	108.08%	-	46.77%	9.91%	61.06%	61.75%	53.85%
FCF Conversion (Net income)	-	175.33%	-	267.16%	32.89%	115.57%	101.12%	99.51%
Dividend per Share ²	110.0	110.0	110.0	110.0	110.0	118.5	125.0	125.0
Announcement Date	5/15/20	5/7/21	5/13/22	5/12/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	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	58,752	51,587	29,502	37,010	31,022	34,712	65,734	39,068	42,065	29,207	34,761	63,968	41,241	41,659	31,000	33,263	41,156	41,082
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,050	7,382	1,861	6,826	5,557	5,692	11,249	7,824	5,747	2,245	1,566	3,811	6,664	8,702	4,274	2,539	6,399	6,788
Operating Margin	23.91%	14.31%	6.31%	18.44%	17.91%	16.4%	17.11%	20.03%	13.66%	7.69%	4.51%	5.96%	16.16%	20.89%	13.79%	7.63%	15.55%	16.52%
Earnings before Tax (EBT)	13,994	9,063	2,140	-	5,326	-	4,046	2,349	-	2,212	-	3,633	4,423	-	-	-	-	-
Net income ¹	9,333	6,167	1,261	2,834	3,524	-1,564	1,960	60	3,141	1,315	935	2,250	2,417	2,415	2,850	1,663	4,192	4,496
Net margin	15.89%	11.95%	4.27%	7.66%	11.36%	-4.51%	2.98%	0.15%	7.47%	4.5%	2.69%	3.52%	5.86%	5.8%	9.19%	5%	10.19%	10.94%
EPS	123.9	83.11	17.75	-	48.57	-	26.96	0.8000	-	18.12	-	31.37	34.13	-	-	-	-	-
Dividend per Share	55.00	55.00	-	-	-	-	55.00	-	-	-	-	55.00	-	-	-	-	-	-
Announcement Date	11/6/20	11/5/21	2/4/22	5/13/22	8/5/22	11/4/22	11/4/22	2/10/23	5/12/23	8/4/23	11/10/23	11/10/23	2/9/24	5/10/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	121,804	140,886	110,511	111,137	98,479	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-12,891	27,513	-14,789	13,788	2,329	15,510	12,360	15,160
ROE (net income / shareholders' equity)	6%	8.5%	5.5%	2.8%	4%	7.53%	7.9%	8.2%
ROA (Net income/ Total Assets)	8.64%	10.8%	7.66%	8.29%	7.29%	7.85%	7%	7.4%
Assets ¹	124,145	145,315	133,929	62,268	97,099	170,955	174,607	205,878
Book Value Per Share ²	2,388	2,498	2,524	2,481	2,466	2,567	-	-
Cash Flow per Share ²	171.0	250.0	182.0	117.0	142.0	200.0	210.0	219.0
Capex ¹	9,934	4,798	3,894	1,963	2,993	3,605	3,715	3,825
Capex / Sales	8.86%	4.02%	3.3%	1.34%	2.04%	2.45%	2.53%	2.46%
Announcement Date	5/15/20	5/7/21	5/13/22	5/12/23	5/10/24	-	-	-

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 MIXI, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,005 JPY

Average target price

2,567 JPY

Spread / Average Target

-14.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Internet Gaming

	1st Jan change	Capi.
MIXI, INC.	+27.28%	1.31B
NETEASE, INC.	-1.29%	59.27B
NEXON CO., LTD.	+21.70%	15.87B
KRAFTON, INC.	+44.63%	9.12B
KUNLUN TECH CO., LTD.	-18.02%	5.17B
37 INTERACTIVE ENTERTAINMENT NETWORK TECHNOLOGY GROUP CO., LTD.	-31.74%	3.89B
SQUARE ENIX HOLDINGS CO., LTD.	-7.90%	3.54B
ZHEJIANG CENTURY HUATONG GROUP CO.,LTD	-34.69%	3.41B
NETMARBLE CORPORATION	-2.93%	3.35B
NCSOFT CORPORATION	-23.78%	2.7B

Internet Gaming