Financials GMO Payment Gateway, Inc.

Equities

3769

JP3385890003

Business Support Services

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
7,176 ^JPY	-1.03%		-1.87%	-26.76%

26/02	Jefferies Adjusts GMO Payment’s Price Target to 11,000 Yen From 13,350 Yen, Keeps at Buy	MT
2023	Enpay Inc. announced that it has received ¥850 million in funding from a group of investors	CI

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,31,851	8,27,109	10,75,448	7,54,633	6,20,164	5,44,245	-	-
Enterprise Value (EV) ¹	4,97,036	7,67,024	9,86,083	6,63,665	5,15,856	4,38,064	4,30,232	4,42,158
P/E ratio	101 x	108 x	120 x	31.2 x	46 x	32.9 x	26.3 x	21.3 x
Yield	0.5%	0.46%	0.42%	1.61%	1.09%	1.46%	1.81%	2.24%
Capitalization / Revenue	16.6 x	25 x	25.8 x	15 x	9.83 x	7.23 x	6.09 x	5.07 x
EV / Revenue	15.5 x	23.2 x	23.7 x	13.2 x	8.17 x	5.82 x	4.82 x	4.12 x
EV / EBITDA	52.8 x	64.4 x	66.3 x	36.1 x	22.7 x	15.4 x	12.7 x	10.6 x
EV / FCF	-2,471 x	17.3 x	-115 x	127 x	21.6 x	26.4 x	22.2 x	18.4 x
FCF Yield	-0.04%	5.76%	-0.87%	0.79%	4.63%	3.78%	4.51%	5.45%
Price to Book	20.1 x	26.1 x	19.3 x	8.66 x	6.72 x	5.38 x	4.7 x	4.04 x
Nbr of stocks (in thousands)	73,562	73,586	75,843	75,843	75,842	75,842	-	-
Reference price ²	7,230	11,240	14,180	9,950	8,177	7,176	7,176	7,176
Announcement Date	12/11/19	11/11/20	11/11/21	14/11/22	13/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	32,121	33,046	41,667	50,298	63,119	75,274	89,317	1,07,391
EBITDA ¹	9,415	11,909	14,884	18,397	22,725	28,416	33,995	41,671
EBIT ¹	8,301	10,388	12,987	16,249	20,312	25,196	31,312	38,358
Operating Margin	25.84%	31.43%	31.17%	32.31%	32.18%	33.47%	35.06%	35.72%
Earnings before Tax (EBT) ¹	8,039	10,989	13,285	34,756	20,636	24,802	31,136	38,120
Net income ¹	5,267	7,624	8,818	24,152	13,475	16,269	20,458	25,140
Net margin	16.4%	23.07%	21.16%	48.02%	21.35%	21.61%	22.9%	23.41%
EPS ²	71.61	103.6	118.0	318.4	177.7	218.1	272.3	336.3
Free Cash Flow ¹	-201.2	44,217	-8,574	5,212	23,891	16,566	19,386	24,086
FCF margin	-0.63%	133.8%	-20.58%	10.36%	37.85%	22.01%	21.7%	22.43%
FCF Conversion (EBITDA)	-	371.3%	-	28.33%	105.13%	58.3%	57.03%	57.8%
FCF Conversion (Net income)	-	579.97%	-	21.58%	177.3%	101.82%	94.76%	95.81%
Dividend per Share ²	36.00	52.00	59.00	160.0	89.00	104.5	130.1	160.5
Announcement Date	12/11/19	11/11/20	11/11/21	14/11/22	13/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	16,106	18,386	14,660	19,888	11,132	11,857	12,202	24,059	12,897	13,342	26,239	14,813	15,641	30,454	16,546	16,119	17,785	18,758	19,458	19,748	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,043	4,704	5,684	6,593	2,765	4,116	4,160	8,276	4,512	3,461	7,973	5,090	5,260	10,350	5,672	4,290	5,830	6,620	6,719	5,973	-	-
Operating Margin	25.1%	25.58%	38.77%	33.15%	24.84%	34.71%	34.09%	34.4%	34.98%	25.94%	30.39%	34.36%	33.63%	33.99%	34.28%	26.61%	32.78%	35.29%	34.53%	30.25%	-	-
Earnings before Tax (EBT) ¹	-	5,247	5,742	6,638	2,759	4,299	4,392	8,691	21,809	4,256	-	4,687	5,169	9,856	6,098	4,682	5,919	6,772	6,942	5,832	-	-
Net income	-	3,408	4,216	4,169	1,881	2,517	3,001	5,518	15,611	3,023	-	2,447	3,682	6,129	4,386	2,960	3,447	-	-	-	-	-
Net margin	-	18.54%	28.76%	20.96%	16.9%	21.23%	24.59%	22.94%	121.04%	22.66%	-	16.52%	23.54%	20.13%	26.51%	18.36%	19.38%	-	-	-	-	-
EPS ²	-	46.33	-	56.37	24.71	33.19	39.58	72.77	205.8	39.85	-	32.27	48.54	80.81	57.84	39.03	45.46	61.90	67.86	51.51	55.89	65.57
Dividend per Share	-	-	-	-	59.00	-	-	-	-	160.0	-	-	-	-	-	89.00	-	-	-	-	-	-
Announcement Date	12/11/19	12/05/20	11/11/20	12/05/21	11/11/21	10/02/22	12/05/22	12/05/22	08/08/22	14/11/22	14/11/22	13/02/23	11/05/23	11/05/23	09/08/23	13/11/23	13/02/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	34,815	60,085	89,365	90,968	1,04,308	1,06,181	1,14,014	1,02,087
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-201	44,217	-8,574	5,212	23,891	16,566	19,386	24,086
ROE (net income / shareholders' equity)	20.5%	26.2%	20.1%	33.8%	15%	16.8%	19.1%	20.4%
ROA (Net income/ Total Assets)	6.26%	6.62%	6.52%	14.2%	7.3%	5.35%	6.48%	7.05%
Assets ¹	84,141	1,15,172	1,35,233	1,69,855	1,84,714	3,03,969	3,15,929	3,56,500
Book Value Per Share ²	360.0	431.0	736.0	1,149	1,217	1,335	1,527	1,775
Cash Flow per Share ²	86.70	124.0	143.0	347.0	209.0	43.20	145.0	175.0
Capex ¹	1,513	4,971	1,923	2,971	4,628	4,984	5,178	5,682
Capex / Sales	4.71%	15.04%	4.61%	5.91%	7.33%	6.62%	5.8%	5.29%
Announcement Date	12/11/19	11/11/20	11/11/21	14/11/22	13/11/23	-	-	-

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 GMO Payment Gateway, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7,176 JPY

Average target price

11,256 JPY

Spread / Average Target

+56.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Transaction & Payment Services

	1st Jan change	Capi.
GMO PAYMENT GATEWAY, INC.	-26.76%	3.46B
FISERV, INC.	+17.35%	91.21B
PAYPAL HOLDINGS, INC.	+7.41%	69.43B
BLOCK, INC.	-3.71%	46.28B
GLOBAL PAYMENTS INC.	-1.91%	31.78B
CORPAY, INC.	+7.50%	21.83B
EDENRED SE	-16.97%	11.95B
WISE PLC	-9.73%	10.07B
WEX INC.	+11.32%	9.07B
NEXI S.P.A	-25.92%	7.68B

Transaction & Payment Services