Nippon Rietec Co.,Ltd.

1938.T · Industrials · Engineering & Construction · 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

300.58M USD

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

Profit

387.89M USD

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

FCFF

433.80M USD

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

Average Intrinsic Value

374.09M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

402.42M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.93×

the ratio the screener ranks by

Margin of Safety

-7.6%

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: 300.58M 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)253.49M USD
+②Net Cash Today47.10M USD
+③Growth Value0 USD
=Value300.58M USD

EPV of the Operations (NOPAT over WACC)

253.49M USD

Net cash today

+47.10M USD

Growth Value

0 USD

Value

300.58M USD

①EPV (earnings power value)

253.49M USD

②Net Cash Today

47.10M USD

③Growth Value

0 USD

Market value

Market Cap402.42M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-33.9%

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): 387.89M 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 FCFE201.38M USD
+②Equity at Year 15, Today186.51M USD
=Value387.89M 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 rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

201.38M USD

②Equity at Year 15, Today

186.51M USD

Market value

Market Cap402.42M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-3.7%

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): 433.80M 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 (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 433.80M 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 Cap402.42M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+7.2%

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: 9.22%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.79×Market Risk Premium 6.00%= 9.22%

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 12.29M USDPretax Income 47.06M USD= 26.12%

The tax the interest saves.

Interest Expense =EBIT 47.74M USD−Pretax Income 47.06M USD= 685.01K USD

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

Cost of Debt =Interest Expense 685.01K USDTotal Debt 5.47M USD×(1 − Tax Rate for WACC 26.12%)= 9.25%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 5.47M USDMarket Cap + Total Debt 402.42M USD + 5.47M USD= 1.34%

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

WACC =Equity Weight 98.66%×Cost of Equity 9.22%+Debt Weight 1.34%×Cost of Debt 9.25%= 9.22%

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 634.61M USD − Total Liabilities 200.81M USD = Book Value Today 433.80M USD

Total Debt 5.47M USD − Cash and Short-Term Investments 52.57M USD = Net Debt Today -47.10M 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 − 10.1%at most 5%passes24,780,549 / 24,751,252
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-0.8%at least -10.0%passes(29.70M USD − 34.77M USD) ÷ 634.61M USD
Price to bookMarket Cap ÷ Book Value Today0.93×at most 3×passes402.42M USD ÷ 433.80M USD
Operating marginOperating Income ÷ Revenue9.6%above 10.0%does not pass44.55M USD ÷ 463.70M USD
Revenue growthRevenue ÷ Revenue a Year Before − 10.9%above 10.0%does not pass463.70M USD / 459.43M USD
Net cash(Cash − Total Debt) ÷ Market Cap11.7%above -30%passes(52.57M USD − 5.47M USD) ÷ 402.42M USD
Operating efficiencyOperating Income ÷ Gross Profit54.6%above 25.0%passes44.55M USD ÷ 81.59M USD

Market Data

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

Share price

2546.54 JPY

Enterprise value

54.22B JPY

the provider's own figure

EV / EBITDA

5.93×

Price / book

0.93×

the provider's book

Price / earnings

11.35×

Return on equity

9.2%

the provider's figure, not this page's

Profit margin

7.8%

Revenue growth

15.2%

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.

USD2023202420252026
Income statement

Revenue

403.89M386.96M459.43M463.70M

Gross profit

57.87M57.32M72.55M81.59M

Operating income

20.20M22.69M34.79M44.55M

EBITDA

operating income before depreciation and amortisation

33.89M35.61M53.87M57.34M

Pretax income

23.09M25.75M43.35M47.06M

Net income

16.06M18.31M31.67M34.77M

Normalized income

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

16.04M18.17M28.86M36.17M

R&D

————
Balance sheet, year end

Total assets

622.64M577.15M633.08M634.61M

Total liabilities

195.92M182.03M206.71M200.81M

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

426.73M395.11M426.37M433.80M

Total debt

13.44M14.08M11.79M5.47M

Cash and equivalents

59.00M58.87M55.63M52.57M

Net PP&E

fixed assets after depreciation

150.69M138.63M143.52M134.12M

Working capital

current assets less current liabilities

211.77M190.91M209.36M208.98M
Cash flow

Operating cash flow

16.29M25.54M13.65M29.70M

Capital expenditure

paid out, so below zero

-6.88M-13.67M-12.37M-10.89M

Depreciation and amortisation

10.35M9.46M9.93M9.60M

Free cash flow

operating cash flow plus capital expenditure

9.41M11.87M1.28M18.81M