Ichimasa Kamaboko Co., Ltd.

2904.T · Consumer Defensive · Packaged Foods · Valued as of 2026-11-03 · Statements 2025-06-30

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

30.14M USD

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

Profit

97.94M USD

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

FCFF

97.94M USD

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

Average Intrinsic Value

75.34M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

88.44M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.85×

the ratio the screener ranks by

Margin of Safety

-17.4%

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: 30.14M 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)99.49M USD
−②Net Debt Today69.35M USD
+③Growth Value0 USD
=Value30.14M USD

EPV of the Operations (NOPAT over WACC)

99.49M USD

Net debt today

-69.35M USD

Growth Value

0 USD

Value

30.14M USD

①EPV (earnings power value)

99.49M USD

②Net Debt Today

69.35M USD

③Growth Value

0 USD

Market value

Market Cap88.44M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-193.4%

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): 97.94M 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.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 97.94M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap88.44M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+9.7%

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): 97.94M 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, 97.94M 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 Debt Today

Not in the value

Market value

Market Cap88.44M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+9.7%

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: 2.89%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.09×Market Risk Premium 6.00%= 5.01%

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 2.31M USDPretax Income 7.39M USD= 31.29%

The tax the interest saves.

Interest Expense =EBIT 7.97M USD−Pretax Income 7.39M USD= 584.58K USD

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

Cost of Debt =Interest Expense 584.58K USDTotal Debt 78.72M USD×(1 − Tax Rate for WACC 31.29%)= 0.51%

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

Debt Weight =Total Debt 78.72M USDMarket Cap + Total Debt 88.44M USD + 78.72M USD= 47.09%

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

WACC =Equity Weight 52.91%×Cost of Equity 5.01%+Debt Weight 47.09%×Cost of Debt 0.51%= 2.89%

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, 2025-12-31.

Total Assets 223.62M USD − Total Liabilities 125.68M USD = Book Value Today 97.94M USD

Total Debt 78.72M USD − Cash and Short-Term Investments 9.37M USD = Net Debt Today 69.35M 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 − 1-0.3%at most 5%passes18,325,212 / 18,377,912
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets2.7%at least -10.0%passes(11.19M USD − 5.17M USD) ÷ 223.62M USD
Price to bookMarket Cap ÷ Book Value Today0.90×at most 3×passes88.44M USD ÷ 97.94M USD
Operating marginOperating Income ÷ Revenue2.6%above 10.0%does not pass6.17M USD ÷ 239.51M USD
Revenue growthRevenue ÷ Revenue a Year Before − 111.5%above 10.0%passes239.51M USD / 214.84M USD
Net cash(Cash − Total Debt) ÷ Market Cap-78.4%above -30%does not pass(9.37M USD − 78.72M USD) ÷ 88.44M USD
Operating efficiencyOperating Income ÷ Gross Profit12.8%above 25.0%does not pass6.17M USD ÷ 48.41M USD

Market Data

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

Share price

756.76 JPY

Enterprise value

22.66B JPY

the provider's own figure

EV / EBITDA

8.99×

Price / book

0.93×

the provider's book

Price / earnings

42.42×

Return on equity

2.0%

the provider's figure, not this page's

Profit margin

0.9%

Revenue growth

3.5%

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.

USD2022202320242025
Income statement

Revenue

231.85M226.87M214.84M239.51M

Gross profit

44.26M37.28M44.39M48.41M

Operating income

4.00M-1.34M7.92M6.17M

EBITDA

operating income before depreciation and amortisation

15.95M12.04M19.24M20.77M

Pretax income

5.75M1.15M8.74M7.39M

Net income

4.14M581.62K5.96M5.17M

Normalized income

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

3.37M-980.48K5.45M4.23M

R&D

————
Balance sheet, year end

Total assets

185.38M212.11M195.56M210.66M

Total liabilities

83.79M118.22M105.21M107.39M

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

101.60M93.89M90.36M102.71M

Total debt

41.12M79.50M63.78M68.86M

Cash and equivalents

16.99M9.78M20.07M7.62M

Net PP&E

fixed assets after depreciation

94.86M119.17M109.91M130.25M

Working capital

current assets less current liabilities

5.48M-3.11M15.11M8.82M
Cash flow

Operating cash flow

13.21M-7.03M32.38M11.19M

Capital expenditure

paid out, so below zero

-18.25M-31.24M-12.93M-17.83M

Depreciation and amortisation

10.02M10.61M10.14M12.79M

Free cash flow

operating cash flow plus capital expenditure

-5.04M-38.28M19.45M-6.64M