HAMMOCK INC

173A.T · Technology · Software - Infrastructure · Valued as of 2026-11-03 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

60.79M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

56.55M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

20.12M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

45.82M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

43.06M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.06×

the ratio the screener ranks by

Margin of Safety

+6.0%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 60.79M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)31.11M USD
+②Net Cash Today29.68M USD
+③Growth Value0 USD
=Value60.79M USD

EPV of the Operations (NOPAT over WACC)

31.11M USD

Net cash today

+29.68M USD

Growth Value

0 USD

Value

60.79M USD

①EPV (Earnings Power Value)

31.11M USD

②Net Cash Today

29.68M USD

③Growth Value

0 USD

Market value

Market Cap43.06M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+29.2%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 56.55M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE37.71M USD
+②Equity at Year 15, Today18.85M USD
=Value56.55M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

37.71M USD

②Equity at Year 15, Today

18.85M USD

Market value

Market Cap43.06M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+23.9%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 20.12M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (no invested capital or measured change in working capital for the latest year), so the value is the book value today, 20.12M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap43.06M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-114.0%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 10.50%
Cost of Equity =Risk-Free Rate 4.50%+Beta (default) 1.00×Market Risk Premium 6.00%= 10.50%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 2.26M USDPretax Income 6.55M USD= 34.46%

The tax the interest saves.

Interest Expense =EBIT 5.23M USD−Pretax Income 6.55M USD= —

The interest the company paid: EBIT is the profit before tax plus the interest.

No interest is read: it needs debt and an EBIT above the profit before tax, the gap between them being the interest. Without it the cost of debt takes the 4% default.

Cost of Debt 4.00% (default): with no debt or no interest read, the 4% default after tax stands for what the lenders are paid a year.

Debt Weight =Total Debt 10.50K USDMarket Cap + Total Debt 43.06M USD + 10.50K USD= 0.02%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 99.98%×Cost of Equity 10.50%+Debt Weight 0.02%×Cost of Debt 4.00%= 10.50%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 44.56M USD − Total Liabilities 24.44M USD = Book Value Today 20.12M USD

Total Debt 10.50K USD − Cash and Short-Term Investments 29.69M USD = Net Debt Today -29.68M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.2%at most 5%passes4,214,653 / 4,206,033
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets13.1%at least -10.0%passes(10.14M USD − 4.29M USD) ÷ 44.56M USD
Price to bookMarket Cap ÷ Book Value Today2.14×at most 3×passes43.06M USD ÷ 20.12M USD
Operating marginOperating Income ÷ Revenue17.1%above 10.0%passes5.23M USD ÷ 30.62M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-2.8%above 10.0%does not pass30.62M USD / 31.50M USD
Net cash(Cash − Total Debt) ÷ Market Cap68.9%above -30%passes(29.69M USD − 10.50K USD) ÷ 43.06M USD
Operating efficiencyOperating Income ÷ Gross Profit39.4%above 25.0%passes5.23M USD ÷ 13.25M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

1600.60 JPY

Enterprise value

1.93B JPY

the provider's own figure

EV / EBITDA

1.25×

Price / book

2.16×

the provider's book

Price / earnings

9.96×

Return on equity

24.3%

the provider's figure, not this page's

Profit margin

14.2%

Revenue growth

6.5%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2023202420252026

Revenue

30.01M28.31M31.50M30.62M

Gross profit

13.37M13.21M13.80M13.25M

Operating income

3.82M4.43M5.30M5.23M

EBITDA

operating income before depreciation and amortisation

5.19M7.69M8.44M9.25M

Pretax income

4.62M6.03M5.94M6.55M

Net income

3.13M4.29M4.14M4.29M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

2.57M3.62M3.85M3.56M

R&D

————
Balance sheet, year end (USD)2023202420252026

Total assets

34.44M36.82M41.05M44.56M

Total liabilities

23.13M22.54M22.81M24.44M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

11.32M14.28M18.24M20.12M

Total debt

34.20K23.75K17.63K10.50K

Cash and equivalents

15.29M17.45M21.18M29.69M

Net PP&E

fixed assets after depreciation

1.01M821.42K821.77K735.41K

Working capital

current assets less current liabilities

6.13M7.11M10.87M17.47M
Cash flow (USD)2023202420252026

Operating cash flow

-1.90M7.04M6.18M10.14M

Capital expenditure

paid out, so below zero

-3.16M-3.89M-3.86M-4.36M

Depreciation and amortisation

561.34K1.65M3.14M4.02M

Free cash flow

operating cash flow plus capital expenditure

-5.06M3.14M2.32M5.78M