Aucnet Inc.

3964.T · Consumer Cyclical · Internet Retail · Valued as of 2026-11-03 · Statements 2025-12-31

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

1.10B USD

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

Profit

572.28M USD

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

FCFF

367.21M USD

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

Average Intrinsic Value

681.20M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

782.95M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.87×

the ratio the screener ranks by

Margin of Safety

-14.9%

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: 1.10B 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)731.88M USD
+②Net Cash Today178.68M USD
+③Growth Value193.54M USD
=Value1.10B USD

EPV of the Operations (NOPAT over WACC)

731.88M USD

Net cash today

+178.68M USD

Growth Value

+193.54M USD

Value

1.10B USD

①EPV (earnings power value)

731.88M USD

②Net Cash Today

178.68M USD

③Growth Value

193.54M USD

Market value

Market Cap782.95M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+29.1%

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): 572.28M 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 FCFE375.62M USD
+②Equity at Year 15, Today196.66M USD
=Value572.28M 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

375.62M USD

②Equity at Year 15, Today

196.66M USD

Market value

Market Cap782.95M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-36.8%

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): 367.21M 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 FCFF182.57M USD
+②Invested Capital at Year 15, Today5.96M USD
+③Net Cash Today178.68M USD
=Value367.21M 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 rising 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

182.57M USD

②Invested Capital at Year 15, Today

5.96M USD

③Net Cash Today

178.68M USD

Market value

Market Cap782.95M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-113.2%

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: 5.50%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.17×Market Risk Premium 6.00%= 5.50%

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 18.68M USDPretax Income 57.46M USD= 32.50%

The tax the interest saves.

Interest Expense =EBIT 57.46M USD−Pretax Income 57.46M USD= —

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

No interest is read: it needs debt and an EBIT above the profit before tax, the gap between them being the interest. Without it the cost of debt takes the 4% default.

Cost of Debt 4.00% (default): with no debt or no interest read, the 4% default after tax stands for what the lenders are paid a year.

Debt Weight =Total Debt 0 USDMarket Cap + Total Debt 782.95M USD + 0 USD= 0.00%

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

WACC =Equity Weight 100.00%×Cost of Equity 5.50%+Debt Weight 0.00%×Cost of Debt 4.00%= 5.50%

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, 2026-06-30.

Total Assets 369.28M USD − Total Liabilities 184.10M USD = Book Value Today 185.18M USD

Total Debt 0 USD − Cash and Short-Term Investments 178.68M USD = Net Debt Today -178.68M 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 − 1-4.0%at most 5%passes90,832,158 / 94,623,536
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets11.8%at least -10.0%passes(81.56M USD − 37.90M USD) ÷ 369.28M USD
Price to bookMarket Cap ÷ Book Value Today4.23×at most 3×does not pass782.95M USD ÷ 185.18M USD
Operating marginOperating Income ÷ Revenue14.8%above 10.0%passes60.91M USD ÷ 410.48M USD
Revenue growthRevenue ÷ Revenue a Year Before − 115.1%above 10.0%passes410.48M USD / 356.48M USD
Net cash(Cash − Total Debt) ÷ Market Cap22.8%above -30%passes(178.68M USD − 0 USD) ÷ 782.95M USD
Operating efficiencyOperating Income ÷ Gross Profit35.3%above 25.0%passes60.91M USD ÷ 172.76M USD

Market Data

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

Share price

1353.35 JPY

Enterprise value

94.29B JPY

the provider's own figure

EV / EBITDA

8.04×

Price / book

4.14×

the provider's book

Price / earnings

17.52×

Return on equity

25.9%

the provider's figure, not this page's

Profit margin

10.1%

Revenue growth

19.6%

Analyst target, mean

1711.71 JPY

Analysts

1

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

304.68M306.49M356.48M410.48M

Gross profit

130.44M127.96M142.09M172.76M

Operating income

49.72M47.16M44.66M60.91M

EBITDA

operating income before depreciation and amortisation

55.86M54.37M50.07M63.27M

Pretax income

49.24M48.80M44.49M57.46M

Net income

32.73M30.92M28.60M37.90M

Normalized income

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

33.56M30.28M29.57M40.24M

R&D

————
Balance sheet, year end

Total assets

281.28M266.58M280.80M324.99M

Total liabilities

108.73M108.67M113.97M154.61M

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

169.56M156.85M165.13M168.61M

Total debt

————

Cash and equivalents

150.78M138.53M108.27M147.86M

Net PP&E

fixed assets after depreciation

12.34M11.33M11.51M12.41M

Working capital

current assets less current liabilities

143.53M133.30M121.31M120.60M
Cash flow

Operating cash flow

34.06M36.21M30.94M81.56M

Capital expenditure

paid out, so below zero

-5.50M-5.56M-8.64M-10.87M

Depreciation and amortisation

6.62M5.57M5.58M5.81M

Free cash flow

operating cash flow plus capital expenditure

28.56M30.65M22.30M70.69M