MANAC Chemical Partners Co.,Ltd

4360.T · Basic Materials · Chemicals · 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

154.08M USD

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

Profit

70.77M USD

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

FCFF

70.77M USD

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

Average Intrinsic Value

98.54M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

53.12M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.86×

the ratio the screener ranks by

Margin of Safety

+46.1%

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: 154.08M 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)27.13M USD
+②Net Cash Today19.47M USD
+③Growth Value107.48M USD
=Value154.08M USD

EPV of the Operations (NOPAT over WACC)

27.13M USD

Net cash today

+19.47M USD

Growth Value

+107.48M USD

Value

154.08M USD

①EPV (Earnings Power Value)

27.13M USD

②Net Cash Today

19.47M USD

③Growth Value

107.48M USD

Market value

Market Cap53.12M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+65.5%

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): 70.77M 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, 70.77M 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 Cap53.12M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+24.9%

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): 70.77M 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, 70.77M 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 Cap53.12M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+24.9%

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: 5.09%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.18×Market Risk Premium 6.00%= 5.60%

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 801.60K USDPretax Income 5.70M USD= 14.07%

The tax the interest saves.

Interest Expense =EBIT 5.72M USD−Pretax Income 5.70M USD= 18.79K USD

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

Cost of Debt =Interest Expense 18.79K USDTotal Debt 5.63M USD×(1 − Tax Rate for WACC 14.07%)= 0.29%

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

Debt Weight =Total Debt 5.63M USDMarket Cap + Total Debt 53.12M USD + 5.63M USD= 9.58%

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

WACC =Equity Weight 90.42%×Cost of Equity 5.60%+Debt Weight 9.58%×Cost of Debt 0.29%= 5.09%

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 95.87M USD − Total Liabilities 25.10M USD = Book Value Today 70.77M USD

Total Debt 5.63M USD − Cash and Short-Term Investments 25.10M USD = Net Debt Today -19.47M 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 − 11.7%at most 5%passes8,174,140 / 8,038,240
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets8.9%at least -10.0%passes(13.45M USD − 4.89M USD) ÷ 95.87M USD
Price to bookMarket Cap ÷ Book Value Today0.75×at most 3×passes53.12M USD ÷ 70.77M USD
Operating marginOperating Income ÷ Revenue6.7%above 10.0%does not pass4.63M USD ÷ 68.84M USD
Revenue growthRevenue ÷ Revenue a Year Before − 110.6%above 10.0%passes68.84M USD / 62.25M USD
Net cash(Cash − Total Debt) ÷ Market Cap36.7%above -30%passes(25.10M USD − 5.63M USD) ÷ 53.12M USD
Operating efficiencyOperating Income ÷ Gross Profit29.5%above 25.0%passes4.63M USD ÷ 15.66M USD

Market Data

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

Share price

1019.02 JPY

Enterprise value

4.92B JPY

the provider's own figure

EV / EBITDA

3.64×

Price / book

0.71×

the provider's book

Price / earnings

10.65×

Return on equity

8.9%

the provider's figure, not this page's

Profit margin

8.6%

Revenue growth

18.4%

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)2023202420252026

Revenue

89.07M64.02M62.25M68.84M

Gross profit

21.11M12.06M9.85M15.66M

Operating income

7.45M-700.65K-2.29M4.63M

EBITDA

operating income before depreciation and amortisation

12.17M3.60M-2.10M8.04M

Pretax income

8.51M528.79K-5.31M5.70M

Net income

6.17M542.01K-5.99M4.89M

Normalized income

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

6.24M-43.60K-3.33M4.44M

R&D

————
Balance sheet, year end (USD)2023202420252026

Total assets

112.81M93.19M84.61M95.87M

Total liabilities

29.86M18.83M15.66M25.10M

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

82.95M74.35M68.94M70.77M

Total debt

2.18M—05.63M

Cash and equivalents

27.96M21.72M18.51M25.10M

Net PP&E

fixed assets after depreciation

18.70M15.04M11.69M21.10M

Working capital

current assets less current liabilities

49.87M47.54M45.86M42.75M
Cash flow (USD)2023202420252026

Operating cash flow

12.38M-779.97K722.56K13.45M

Capital expenditure

paid out, so below zero

-1.88M-3.14M-3.47M-10.17M

Depreciation and amortisation

3.65M3.06M3.21M2.32M

Free cash flow

operating cash flow plus capital expenditure

10.50M-3.92M-2.75M3.28M