Bourbon Corporation

2208.T · Consumer Defensive · Confectioners · 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

554.90M USD

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

Profit

620.80M USD

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

FCFF

420.88M USD

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

Average Intrinsic Value

532.19M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

465.20M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.14×

the ratio the screener ranks by

Margin of Safety

+12.6%

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: 554.90M 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)447.37M USD
+②Net Cash Today107.53M USD
+③Growth Value0 USD
=Value554.90M USD

EPV of the Operations (NOPAT over WACC)

447.37M USD

Net cash today

+107.53M USD

Growth Value

0 USD

Value

554.90M USD

①EPV (earnings power value)

447.37M USD

②Net Cash Today

107.53M USD

③Growth Value

0 USD

Market value

Market Cap465.20M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+16.2%

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): 620.80M 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 FCFE233.37M USD
+②Equity at Year 15, Today387.43M USD
=Value620.80M 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

233.37M USD

②Equity at Year 15, Today

387.43M USD

Market value

Market Cap465.20M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+25.1%

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): 420.88M 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, 420.88M 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 Cap465.20M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-10.5%

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: 5.32%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.17×Market Risk Premium 6.00%= 5.55%

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 12.89M USDPretax Income 49.92M USD= 25.82%

The tax the interest saves.

Interest Expense =EBIT 50.16M USD−Pretax Income 49.92M USD= 237.97K USD

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

Cost of Debt =Interest Expense 237.97K USDTotal Debt 23.00M USD×(1 − Tax Rate for WACC 25.82%)= 0.77%

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

Debt Weight =Total Debt 23.00M USDMarket Cap + Total Debt 465.20M USD + 23.00M USD= 4.71%

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

WACC =Equity Weight 95.29%×Cost of Equity 5.55%+Debt Weight 4.71%×Cost of Debt 0.77%= 5.32%

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 635.08M USD − Total Liabilities 214.20M USD = Book Value Today 420.88M USD

Total Debt 23.00M USD − Cash and Short-Term Investments 130.53M USD = Net Debt Today -107.53M 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 − 10.6%at most 5%passes24,172,056 / 24,024,341
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets3.3%at least -10.0%passes(58.12M USD − 37.03M USD) ÷ 635.08M USD
Price to bookMarket Cap ÷ Book Value Today1.11×at most 3×passes465.20M USD ÷ 420.88M USD
Operating marginOperating Income ÷ Revenue6.2%above 10.0%does not pass46.94M USD ÷ 753.39M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-0.8%above 10.0%does not pass753.39M USD / 759.19M USD
Net cash(Cash − Total Debt) ÷ Market Cap23.1%above -30%passes(130.53M USD − 23.00M USD) ÷ 465.20M USD
Operating efficiencyOperating Income ÷ Gross Profit24.7%above 25.0%does not pass46.94M USD ÷ 190.12M USD

Market Data

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

Share price

3018.01 JPY

Enterprise value

56.70B JPY

the provider's own figure

EV / EBITDA

4.24×

Price / book

1.07×

the provider's book

Price / earnings

12.33×

Return on equity

9.7%

the provider's figure, not this page's

Profit margin

5.2%

Revenue growth

3.2%

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

731.83M685.56M759.19M753.39M

Gross profit

165.05M161.81M194.86M190.12M

Operating income

12.13M25.19M49.98M46.94M

EBITDA

operating income before depreciation and amortisation

48.43M61.20M87.69M85.26M

Pretax income

13.36M28.44M51.38M49.92M

Net income

8.24M20.30M37.24M37.03M

Normalized income

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

8.63M20.32M36.85M37.23M

R&D

————
Balance sheet, year end

Total assets

658.54M622.87M641.20M635.08M

Total liabilities

256.18M249.85M229.80M214.20M

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

402.35M373.02M411.40M420.88M

Total debt

43.22M35.30M24.66M23.00M

Cash and equivalents

121.61M129.51M116.35M130.53M

Net PP&E

fixed assets after depreciation

292.50M263.31M271.96M250.32M

Working capital

current assets less current liabilities

119.19M109.16M136.55M159.47M
Cash flow

Operating cash flow

15.91M64.85M43.67M58.12M

Capital expenditure

paid out, so below zero

-42.99M-35.36M-45.64M-25.76M

Depreciation and amortisation

35.01M32.67M36.13M35.10M

Free cash flow

operating cash flow plus capital expenditure

-27.08M29.49M-1.97M32.35M