WILLPLUS Holdings Corporation

3538.T · Consumer Cyclical · Auto & Truck Dealerships · 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

658.19M USD

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

Profit

140.70M USD

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

FCFF

80.87M USD

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

Average Intrinsic Value

293.25M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

58.11M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

5.05×

the ratio the screener ranks by

Margin of Safety

+80.2%

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: 658.19M 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)605.21M USD
−②Net Debt Today48.67M USD
+③Growth Value101.64M USD
=Value658.19M USD

EPV of the Operations (NOPAT over WACC)

605.21M USD

Net debt today

-48.67M USD

Growth Value

+101.64M USD

Value

658.19M USD

①EPV (Earnings Power Value)

605.21M USD

②Net Debt Today

48.67M USD

③Growth Value

101.64M USD

Market value

Market Cap58.11M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+91.2%

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): 140.70M 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 FCFE77.36M USD
+②Equity at Year 15, Today63.34M USD
=Value140.70M 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

77.36M USD

②Equity at Year 15, Today

63.34M USD

Market value

Market Cap58.11M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+58.7%

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): 80.87M 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, 80.87M 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 Cap58.11M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+28.1%

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: 2.74%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.30×Market Risk Premium 6.00%= 6.33%

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 2.68M USDPretax Income 13.48M USD= 19.92%

The tax the interest saves.

Interest Expense =EBIT 14.25M USD−Pretax Income 13.48M USD= 773.43K USD

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

Cost of Debt =Interest Expense 773.43K USDTotal Debt 98.90M USD×(1 − Tax Rate for WACC 19.92%)= 0.63%

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

Debt Weight =Total Debt 98.90M USDMarket Cap + Total Debt 58.11M USD + 98.90M USD= 62.99%

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

WACC =Equity Weight 37.01%×Cost of Equity 6.33%+Debt Weight 62.99%×Cost of Debt 0.63%= 2.74%

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 228.53M USD − Total Liabilities 147.66M USD = Book Value Today 80.87M USD

Total Debt 98.90M USD − Cash and Short-Term Investments 50.23M USD = Net Debt Today 48.67M 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 − 1-6.2%at most 5%passes9,092,601 / 9,693,234
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-8.3%at least -10.0%passes(-9.03M USD − 10.00M USD) ÷ 228.53M USD
Price to bookMarket Cap ÷ Book Value Today0.72×at most 3×passes58.11M USD ÷ 80.87M USD
Operating marginOperating Income ÷ Revenue2.1%above 10.0%does not pass12.81M USD ÷ 613.79M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1106.4%above 10.0%passes613.79M USD / 297.43M USD
Net cash(Cash − Total Debt) ÷ Market Cap-83.8%above -30%does not pass(50.23M USD − 98.90M USD) ÷ 58.11M USD
Operating efficiencyOperating Income ÷ Gross Profit14.9%above 25.0%does not pass12.81M USD ÷ 86.11M USD

Market Data

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

Share price

1002.00 JPY

Enterprise value

21.37B JPY

the provider's own figure

EV / EBITDA

5.82×

Price / book

0.78×

the provider's book

Price / earnings

8.21×

Return on equity

9.5%

the provider's figure, not this page's

Profit margin

1.1%

Revenue growth

29.6%

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)2022202320242025

Revenue

290.92M305.01M297.43M613.79M

Gross profit

61.87M59.61M58.33M86.11M

Operating income

17.34M12.91M9.33M12.81M

EBITDA

operating income before depreciation and amortisation

26.24M22.74M20.54M28.01M

Pretax income

17.41M13.49M10.27M13.48M

Net income

11.36M9.01M6.98M10.00M

Normalized income

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

11.33M8.56M6.30M9.60M

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

136.53M163.48M200.29M257.88M

Total liabilities

71.82M96.09M131.30M173.35M

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

64.71M67.39M61.19M75.08M

Total debt

33.83M44.48M82.08M114.53M

Cash and equivalents

40.59M29.66M46.77M57.11M

Net PP&E

fixed assets after depreciation

49.57M52.17M53.37M66.69M

Working capital

current assets less current liabilities

22.86M42.08M55.76M59.74M
Cash flow (USD)2022202320242025

Operating cash flow

14.00M-15.67M15.61M-9.03M

Capital expenditure

paid out, so below zero

-1.42M-2.45M-2.75M-2.23M

Depreciation and amortisation

8.76M9.17M10.15M13.76M

Free cash flow

operating cash flow plus capital expenditure

12.58M-18.12M12.86M-11.26M