Mitsubishi Paper Mills Limited

3864.T · Basic Materials · Paper & Paper Products · 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

-177.86M USD

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

Profit

286.30M USD

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

FCFF

646.19M USD

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

Average Intrinsic Value

251.54M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

342.00M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.74×

the ratio the screener ranks by

Margin of Safety

-36.0%

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: -177.86M 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)198.05M USD
−②Net Debt Today375.90M USD
+③Growth Value0 USD
=Value-177.86M USD

EPV of the Operations (NOPAT over WACC)

198.05M USD

Net debt today

-375.90M USD

Growth Value

0 USD

Value

-177.86M USD

①EPV (earnings power value)

198.05M USD

②Net Debt Today

375.90M USD

③Growth Value

0 USD

Market value

Market Cap342.00M USD

The price on the date above times the shares.

Value vs market

Margin of Safety—

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): 286.30M 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 FCFE36.46M USD
+②Equity at Year 15, Today249.84M USD
=Value286.30M 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

36.46M USD

②Equity at Year 15, Today

249.84M USD

Market value

Market Cap342.00M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-19.5%

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): 646.19M 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, 646.19M 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 Cap342.00M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+47.1%

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: 3.69%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.45×Market Risk Premium 6.00%= 7.17%

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 5.74M USDPretax Income 17.69M USD= 32.46%

The tax the interest saves.

Interest Expense =EBIT 22.27M USD−Pretax Income 17.69M USD= 4.58M USD

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

Cost of Debt =Interest Expense 4.58M USDTotal Debt 406.56M USD×(1 − Tax Rate for WACC 32.46%)= 0.76%

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

Debt Weight =Total Debt 406.56M USDMarket Cap + Total Debt 342.00M USD + 406.56M USD= 54.31%

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

WACC =Equity Weight 45.69%×Cost of Equity 7.17%+Debt Weight 54.31%×Cost of Debt 0.76%= 3.69%

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 1.40B USD − Total Liabilities 748.94M USD = Book Value Today 646.19M USD

Total Debt 406.56M USD − Cash and Short-Term Investments 30.65M USD = Net Debt Today 375.90M 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 − 10.0%at most 5%passes43,808,179 / 43,790,583
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets1.5%at least -10.0%passes(32.71M USD − 11.90M USD) ÷ 1.40B USD
Price to bookMarket Cap ÷ Book Value Today0.53×at most 3×passes342.00M USD ÷ 646.19M USD
Operating marginOperating Income ÷ Revenue0.2%above 10.0%does not pass1.65M USD ÷ 986.06M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-16.2%above 10.0%does not pass986.06M USD / 1.18B USD
Net cash(Cash − Total Debt) ÷ Market Cap-109.9%above -30%does not pass(30.65M USD − 406.56M USD) ÷ 342.00M USD
Operating efficiencyOperating Income ÷ Gross Profit1.3%above 25.0%does not pass1.65M USD ÷ 126.78M USD

Market Data

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

Share price

1224.22 JPY

Enterprise value

117.08B JPY

the provider's own figure

EV / EBITDA

16.28×

Price / book

0.52×

the provider's book

Price / earnings

28.19×

Return on equity

5.8%

the provider's figure, not this page's

Profit margin

3.4%

Revenue growth

-2.1%

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

1.57B1.28B1.18B986.06M

Gross profit

204.81M186.04M168.34M126.78M

Operating income

7.27M35.76M30.56M1.65M

EBITDA

operating income before depreciation and amortisation

59.03M102.90M104.40M56.84M

Pretax income

-7.56M45.62M54.88M17.69M

Net income

-4.29M27.56M29.06M11.90M

Normalized income

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

19.36M28.33M11.48M7.22M

R&D

————
Balance sheet, year end

Total assets

1.71B1.56B1.39B1.40B

Total liabilities

1.16B954.65M822.50M748.94M

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

541.28M601.04M570.38M645.99M

Total debt

752.81M562.26M483.94M406.56M

Cash and equivalents

62.56M66.16M41.74M30.65M

Net PP&E

fixed assets after depreciation

588.09M471.29M446.14M411.24M

Working capital

current assets less current liabilities

-10.77M-15.48M17.60M-2.04M
Cash flow

Operating cash flow

-20.45M89.15M32.48M32.71M

Capital expenditure

paid out, so below zero

-34.16M-11.12M-17.58M-23.10M

Depreciation and amortisation

62.28M51.07M42.70M34.58M

Free cash flow

operating cash flow plus capital expenditure

-54.61M78.03M14.89M9.61M