Financials DeNA Co., Ltd. Deutsche Boerse AG

Equities

D2N

JP3548610009

Software

Real-time Estimate Tradegate Other stock markets 01:57:05 17/07/2024 pm IST			5-day change	1st Jan Change
9.375 ^EUR	+3.59%		+3.39%	+4.57%

22/05	DeNA Issues 940 Stock Rights as Restricted Compensation	MT
10/05	DeNA Swings to Loss in Fiscal Year 2023 on Asset Impairment	MT

Valuation

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	1,51,833	2,65,772	2,20,477	2,01,302	1,68,919	1,79,553	-	-
Enterprise Value (EV) ¹	90,355	1,95,525	1,62,327	1,38,610	1,26,674	1,44,340	1,42,630	1,39,619
P/E ratio	-3.35 x	10.4 x	7.25 x	23.5 x	-5.89 x	23.6 x	17.9 x	15.1 x
Yield	1.69%	1.48%	2.1%	1.11%	1.32%	1.24%	1.19%	1.25%
Capitalization / Revenue	1.25 x	1.94 x	1.68 x	1.49 x	1.24 x	1.3 x	1.25 x	1.28 x
EV / Revenue	0.74 x	1.43 x	1.24 x	1.03 x	0.93 x	1.04 x	0.99 x	0.99 x
EV / EBITDA	-2.65 x	6.7 x	9.52 x	14.4 x	-5.83 x	12 x	8.17 x	7.07 x
EV / FCF	-68.7 x	9.17 x	-105 x	5.96 x	70.8 x	36.8 x	15 x	13.5 x
FCF Yield	-1.46%	10.9%	-0.95%	16.8%	1.41%	2.72%	6.64%	7.43%
Price to Book	0.83 x	1.18 x	0.92 x	0.91 x	0.81 x	0.85 x	0.77 x	0.74 x
Nbr of stocks (in thousands)	1,28,454	1,22,929	1,18,536	1,11,340	1,11,351	1,11,351	-	-
Reference price ²	1,182	2,162	1,860	1,808	1,517	1,612	1,612	1,612
Announcement Date	14/05/20	07/05/21	10/05/22	10/05/23	08/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,21,387	1,36,971	1,30,868	1,34,914	1,36,733	1,38,489	1,43,360	1,40,365
EBITDA ¹	-34,133	29,198	17,055	9,647	-21,730	11,982	17,463	19,744
EBIT ¹	-45,676	22,495	11,462	4,202	-28,270	7,720	11,210	12,872
Operating Margin	-37.63%	16.42%	8.76%	3.11%	-20.68%	5.57%	7.82%	9.17%
Earnings before Tax (EBT) ¹	-40,235	31,259	29,419	13,595	-28,130	11,883	14,358	17,252
Net income ¹	-49,166	25,630	30,532	8,857	-28,682	7,735	10,227	12,254
Net margin	-40.5%	18.71%	23.33%	6.56%	-20.98%	5.59%	7.13%	8.73%
EPS ²	-352.5	207.5	256.4	76.78	-257.6	68.26	90.15	106.8
Free Cash Flow ¹	-1,315	21,327	-1,549	23,259	1,790	3,924	9,478	10,370
FCF margin	-1.08%	15.57%	-1.18%	17.24%	1.31%	2.83%	6.61%	7.39%
FCF Conversion (EBITDA)	-	73.04%	-	241.1%	-	32.75%	54.27%	52.52%
FCF Conversion (Net income)	-	83.21%	-	262.61%	-	50.73%	92.68%	84.62%
Dividend per Share ²	20.00	32.00	39.00	20.00	20.00	20.00	19.23	20.08
Announcement Date	14/05/20	07/05/21	10/05/22	10/05/23	08/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart	2021 S1	2022 S1	2022 Q3	2022 Q4	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 Q3	2025 Q4
Net sales ¹	68,796	68,085	31,045	31,738	34,773	36,450	71,223	30,172	33,519	-	36,150	38,997	75,147	29,002	32,584	35,685	38,506	29,417	31,910
EBITDA	-	-	-	-	-	-	-	-	-	-	3,134	4,866	-	-30,435	607	-	-	-	-
EBIT ¹	20,919	13,345	2,220	-4,103	3,964	3,112	7,076	-2,020	-854	-	1,735	3,066	4,899	-32,525	-644	3,188	4,939	-2,362	442.2
Operating Margin	30.41%	19.6%	7.15%	-12.93%	11.4%	8.54%	9.93%	-6.69%	-2.55%	-	4.8%	7.86%	6.52%	-112.15%	-1.98%	8.93%	12.83%	-8.03%	1.39%
Earnings before Tax (EBT) ¹	26,097	27,834	4,732	-3,147	10,697	5,650	16,347	-4,398	1,646	-	5,971	4,139	10,110	-39,905	1,665	4,798	6,084	-5,403	1,318
Net income ¹	19,154	22,684	3,982	3,866	7,144	3,946	11,090	-3,803	1,570	-	4,639	2,763	7,402	-38,635	2,551	2,926	3,709	-1,339	704
Net margin	27.84%	33.32%	12.83%	12.18%	20.54%	10.83%	15.57%	-12.6%	4.68%	-	12.83%	7.09%	9.85%	-133.21%	7.83%	8.2%	9.63%	-4.55%	2.21%
EPS ²	154.8	189.8	33.87	-	60.27	33.95	94.22	-31.71	14.27	-	41.66	24.82	66.48	-347.0	22.91	30.44	38.60	-52.24	10.65
Dividend per Share	-	-	-	39.00	-	-	-	-	20.00	20.00	-	-	-	-	20.00	-	-	-	-
Announcement Date	10/11/20	09/11/21	08/02/22	10/05/22	10/08/22	08/11/22	08/11/22	08/02/23	10/05/23	10/05/23	09/08/23	08/11/23	08/11/23	07/02/24	08/05/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: Maart	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	61,478	70,247	58,150	62,692	42,245	35,213	36,923	39,934
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-1,315	21,327	-1,549	23,259	1,790	3,924	9,478	10,370
ROE (net income / shareholders' equity)	-22.8%	12.7%	13.2%	3.8%	-13.3%	3.68%	4.33%	5.11%
ROA (Net income/ Total Assets)	-14.6%	10.7%	8.81%	3.94%	-8.22%	2.67%	2.91%	3.56%
Assets ¹	3,37,386	2,38,951	3,46,476	2,24,605	3,49,042	2,89,793	3,51,507	3,44,371
Book Value Per Share ²	1,432	1,827	2,024	1,984	1,871	1,893	2,089	2,178
Cash Flow per Share ²	-270.0	262.0	303.0	124.0	-199.0	73.70	120.0	138.0
Capex ¹	14,261	9,273	6,433	7,581	10,555	8,474	8,367	6,647
Capex / Sales	11.75%	6.77%	4.92%	5.62%	7.72%	6.12%	5.84%	4.74%
Announcement Date	14/05/20	07/05/21	10/05/22	10/05/23	08/05/24	-	-	-

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 DeNA Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,612 JPY

Average target price

1,725 JPY

Spread / Average Target

+6.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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