Financials JMDC Inc.

Equities

4483

JP3386690006

Business Support Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
2,952 ^JPY	-1.75%		-8.02%	-30.74%

May. 08	JMDC to Pay Final Dividend of 14 Yen Per Share in June	MT
May. 07	JMDC's Profit Up 8% in Fiscal 2024	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	120,784	291,421	381,919	286,135	192,888	-	-
Enterprise Value (EV) ¹	122,361	290,976	386,522	283,751	235,764	204,580	184,788
P/E ratio	73.9 x	112 x	117 x	63.9 x	50.3 x	29.2 x	22.3 x
Yield	-	-	0.15%	0.26%	0.39%	0.61%	0.74%
Capitalization / Revenue	9.93 x	17.4 x	17.5 x	10.3 x	7.28 x	4.52 x	3.84 x
EV / Revenue	10.1 x	17.3 x	17.7 x	10.2 x	7.28 x	4.79 x	3.68 x
EV / EBITDA	37.7 x	59.8 x	60.3 x	36.8 x	24.9 x	16.7 x	12.4 x
EV / FCF	-153 x	162 x	-90 x	235 x	31.7 x	12.8 x	29.7 x
FCF Yield	-0.65%	0.62%	-1.11%	0.43%	3.16%	7.78%	3.37%
Price to Book	9.22 x	10.3 x	12.3 x	4.44 x	3.34 x	2.52 x	2.32 x
Nbr of stocks (in thousands)	51,950	55,828	56,497	62,887	65,331	-	-
Reference price ²	2,325	5,220	6,760	4,550	2,952	2,952	2,952
Announcement Date	5/14/20	5/13/21	5/10/22	5/9/23	5/7/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,158	16,771	21,814	27,809	32,381	42,702	50,178
EBITDA ¹	3,245	4,867	6,411	7,716	9,471	12,217	14,871
EBIT ¹	2,215	3,695	4,800	5,926	7,006	9,614	12,221
Operating Margin	18.22%	22.03%	22%	21.31%	21.64%	22.51%	24.36%
Earnings before Tax (EBT) ¹	2,178	3,636	4,785	5,876	6,907	9,610	12,476
Net income ¹	1,528	2,476	3,258	4,267	4,607	6,656	8,544
Net margin	12.57%	14.76%	14.94%	15.34%	14.23%	15.59%	17.03%
EPS ²	31.46	46.54	57.94	71.17	71.76	101.2	132.3
Free Cash Flow ¹	-801	1,792	-4,293	1,207	6,182	15,923	6,228
FCF margin	-6.59%	10.69%	-19.68%	4.34%	17.81%	37.29%	12.41%
FCF Conversion (EBITDA)	-	36.82%	-	15.64%	55.44%	130.34%	41.88%
FCF Conversion (Net income)	-	72.37%	-	28.29%	89.33%	239.25%	72.89%
Dividend per Share ²	-	-	10.00	12.00	14.00	17.90	21.77
Announcement Date	5/14/20	5/13/21	5/10/22	5/9/23	5/7/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4
Net sales ¹	-	6,532	6,975	9,796	5,020	9,550	6,129	6,135	12,264	5,776	6,284	12,060	7,482	8,267	15,749	6,698	7,048	13,746	8,535	10,100	8,021	10,283	18,570	11,651	12,946
EBITDA ¹	-	1,929	1,664	3,203	1,308	2,472	2,108	1,831	3,939	1,521	1,435	2,956	2,376	2,384	4,760	1,679	1,624	-	2,885	3,283	2,052	2,328	4,300	3,762	4,331
EBIT ¹	-	1,321	1,107	2,588	914	1,740	1,677	1,383	3,060	1,081	1,126	2,207	1,821	1,898	3,719	2,546	1,056	3,602	2,065	1,339	1,420	1,649	3,000	3,018	3,086
Operating Margin	-	20.22%	15.87%	26.42%	18.21%	18.22%	27.36%	22.54%	24.95%	18.72%	17.92%	18.3%	24.34%	22.96%	23.61%	38.01%	14.98%	26.2%	24.19%	13.26%	17.7%	16.04%	16.16%	25.9%	23.84%
Earnings before Tax (EBT) ¹	-	1,323	1,101	2,535	913	1,722	1,686	1,377	3,063	1,120	1,114	2,234	1,773	1,869	3,642	2,552	1,063	3,615	1,957	1,335	1,440	1,621	2,900	2,934	3,265
Net income ¹	-	938	729	1,747	601	1,141	1,139	978	2,117	765	679	1,444	1,210	1,613	2,823	2,040	622	2,662	1,315	630	870.7	1,094	1,972	2,067	2,222
Net margin	-	14.36%	10.45%	17.83%	11.97%	11.95%	18.58%	15.94%	17.26%	13.24%	10.81%	11.97%	16.17%	19.51%	17.92%	30.46%	8.83%	19.37%	15.41%	6.24%	10.86%	10.63%	10.62%	17.74%	17.16%
EPS ²	-	-	14.05	-	10.70	20.36	20.25	-	-	13.55	-	25.29	19.69	26.19	-	32.42	9.780	42.20	20.11	9.450	16.38	21.28	-	31.22	28.78
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14.00	-	-	-	-	17.00
Announcement Date	11/13/19	5/14/20	11/5/20	5/13/21	11/5/21	11/5/21	2/7/22	5/10/22	5/10/22	8/9/22	11/4/22	11/4/22	2/6/23	5/9/23	5/9/23	8/9/23	11/2/23	11/2/23	2/2/24	5/7/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,577	-	4,603	-	2,842	11,692	-
Net Cash position ¹	-	445	-	2,384	-	-	8,100
Leverage (Debt/EBITDA)	0.486 x	-	0.718 x	-	0.2549 x	0.9571 x	-
Free Cash Flow ¹	-801	1,792	-4,293	1,207	6,182	15,923	6,228
ROE (net income / shareholders' equity)	15.9%	12%	11%	8.9%	6.8%	9.17%	10.6%
ROA (Net income/ Total Assets)	6.66%	8.58%	7.98%	7.32%	6.25%	7.27%	8.6%
Assets ¹	22,955	28,872	40,825	58,323	73,710	91,590	99,348
Book Value Per Share ²	252.0	505.0	551.0	1,026	1,081	1,172	1,274
Cash Flow per Share ²	49.80	68.50	87.60	105.0	107.0	136.0	162.0
Capex ¹	343	1,384	1,322	2,855	2,842	2,984	3,038
Capex / Sales	2.82%	8.25%	6.06%	10.27%	8.19%	6.99%	6.05%
Announcement Date	5/14/20	5/13/21	5/10/22	5/9/23	5/7/24	-	-

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 JMDC Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,952 JPY

Average target price

5,353 JPY

Spread / Average Target

+81.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Data Processing Services

	1st Jan change	Capi.
JMDC INC.	-30.74%	1.24B
VERRA MOBILITY CORPORATION	+16.85%	4.48B
WNS (HOLDINGS) LIMITED	-21.41%	2.27B
COMPUTER AGE MANAGEMENT SERVICES LIMITED	+20.89%	1.89B
KEHUA DATA CO., LTD.	-5.42%	1.67B
BLS INTERNATIONAL SERVICES LIMITED	+0.03%	1.57B
SDIC INTELLIGENCE XIAMEN INFORMATION CO., LTD.	-20.35%	1.52B
SHANGHAI @HUB CO.,LTD.	-8.07%	1.16B
FUJIAN START GROUP CO.LTD	-12.05%	968M
MERIT INTERACTIVE CO.,LTD.	-10.89%	746M

Data Processing Services