2163.T
Artner Co., Ltd.

Industrials · Staffing & Employment Services · valued as of 2026-11-03 · statements 2026-01-31

Average Intrinsic Value

520.72M USD

Market Cap

63.74M USD

Margin of Safety

87.8%

Intrinsic / Market Ratio

8.17×

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.

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.

EPV + Growth

169.00M USD

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

Profit

123.77M USD

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

FCFF

1.27B USD

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

Intrinsic Value

520.72M USD

the plain average of the three, uncapped, as the screener averages them

Intrinsic Value

520.72M USD

from the sum above

Market Cap

63.74M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

8.17×

the ratio the screener ranks by; Margin of Safety +87.8% (1 − Market Cap ÷ Intrinsic Value)

Each card below builds one of the three values from the reported years.

FCFF value: The ROIC of 1157.12% leaves out 2025, which started with the invested capital (equity plus net debt) at or below zero: it is measured around a capital that losses emptied, so it, and the value grown from it, says little about the business.

Earnings power value plus growth: 169.00M 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)147.01M USD
+②Net Cash Today20.90M USD
+③Growth Value1.10M USD
=Value169.00M USD

EPV of the Operations (NOPAT over WACC)

147.01M USD

Net cash today

+20.90M USD

Growth Value

+1.10M USD

Value

169.00M USD

①EPV (earnings power value)

147.01M USD

②Net Cash Today

20.90M USD

③Growth Value

1.10M USD

Market value

Market Cap63.74M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+62.3%

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): 123.77M 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 FCFE84.12M USD
+②Equity at Year 15, Today39.65M USD
=Value123.77M 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

84.12M USD

②Equity at Year 15, Today

39.65M USD

Market value

Market Cap63.74M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+48.5%

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): 1.27B 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).
①Present Value of the 15 Years of FCFF975.74M USD
+②Invested Capital at Year 15, Today272.77M USD
+③Net Cash Today20.90M USD
=Value1.27B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

975.74M USD

②Invested Capital at Year 15, Today

272.77M USD

③Net Cash Today

20.90M USD

Market value

Market Cap63.74M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+95.0%

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: 5.59%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.27×Market Risk Premium 6.00%= 6.12%

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 3.67M USDPretax Income 11.90M USD= 30.86%

The tax the interest saves.

Interest Expense =EBIT 11.91M USD−Pretax Income 11.90M USD= 9.89K USD

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

Cost of Debt =Interest Expense 9.89K USDTotal Debt 6.14M USD×(1 − Tax Rate for WACC 30.86%)= 0.11%

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

Debt Weight =Total Debt 6.14M USDMarket Cap + Total Debt 63.74M USD + 6.14M USD= 8.79%

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

WACC =Equity Weight 91.21%×Cost of Equity 6.12%+Debt Weight 8.79%×Cost of Debt 0.11%= 5.59%

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, 2026-07-31.

Total Assets 54.76M USD − Total Liabilities 20.27M USD = Book Value Today 34.49M USD

Total Debt 6.14M USD − Cash and Short-Term Investments 27.04M USD = Net Debt Today -20.90M 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 − 199.5%at most 5%does not pass21,199,326 / 10,625,451
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets1.9%at least -10.0%passes(9.25M USD − 8.23M USD) ÷ 54.76M USD
Price to bookMarket Cap ÷ Book Value Today1.85×at most 3×passes63.74M USD ÷ 34.49M USD
Operating marginOperating Income ÷ Revenue15.1%above 10.0%passes11.91M USD ÷ 78.73M USD
Revenue growthRevenue ÷ Revenue a Year Before − 18.9%above 10.0%does not pass78.73M USD / 72.27M USD
Net cash(Cash − Total Debt) ÷ Market Cap32.8%above -30%passes(27.04M USD − 6.14M USD) ÷ 63.74M USD
Operating efficiencyOperating Income ÷ Gross Profit39.8%above 25.0%passes11.91M USD ÷ 29.89M USD

Market Data

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

Share price

942.94 JPY

Enterprise value

16.81B JPY

the provider's own figure

EV / EBITDA

8.18×

Price / book

3.61×

the provider's book

Price / earnings

15.34×

Return on equity

24.7%

the provider's figure, not this page's

Profit margin

9.8%

Revenue growth

18.0%

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

70.90M68.68M72.27M78.73M

Gross profit

23.58M24.04M26.72M29.89M

Operating income

9.16M10.34M11.76M11.91M

EBITDA

operating income before depreciation and amortisation

9.43M10.54M12.04M12.16M

Pretax income

9.23M10.37M11.88M11.90M

Net income

6.87M7.14M8.19M8.23M

Normalized income

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

6.87M7.17M8.17M8.25M

R&D

————
Balance sheet, year end

Total assets

43.52M41.53M43.44M59.20M

Total liabilities

12.47M12.52M12.86M25.06M

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

31.05M29.01M30.58M34.14M

Total debt

———3.90M

Cash and equivalents

30.50M29.06M29.81M30.91M

Net PP&E

fixed assets after depreciation

1.34M1.12M1.24M1.34M

Working capital

current assets less current liabilities

32.28M30.22M31.62M31.25M
Cash flow

Operating cash flow

6.69M7.65M7.67M9.25M

Capital expenditure

paid out, so below zero

-108.49K-104.06K-348.51K-568.73K

Depreciation and amortisation

198.87K167.89K163.14K248.97K

Free cash flow

operating cash flow plus capital expenditure

6.59M7.55M7.32M8.68M