Digital Garage, Inc.

4819.T · Technology · Information Technology Services · 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

820.75M USD

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

Profit

486.56M USD

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

FCFF

486.56M USD

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

Average Intrinsic Value

597.96M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

723.22M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.83×

the ratio the screener ranks by

Margin of Safety

-20.9%

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: 820.75M 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)619.06M USD
+②Net Cash Today201.69M USD
+③Growth Value0 USD
=Value820.75M USD

EPV of the Operations (NOPAT over WACC)

619.06M USD

Net cash today

+201.69M USD

Growth Value

0 USD

Value

820.75M USD

①EPV (earnings power value)

619.06M USD

②Net Cash Today

201.69M USD

③Growth Value

0 USD

Market value

Market Cap723.22M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+11.9%

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): 486.56M 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, 486.56M 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 Cap723.22M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-48.6%

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): 486.56M 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, 486.56M 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 Cap723.22M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-48.6%

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: 6.48%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.88×Market Risk Premium 6.00%= 9.75%

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 11.70M USDPretax Income 18.57M USD= 62.98%

The tax the interest saves.

Interest Expense =EBIT 22.81M USD−Pretax Income 18.57M USD= 4.23M USD

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

Cost of Debt =Interest Expense 4.23M USDTotal Debt 388.61M USD×(1 − Tax Rate for WACC 62.98%)= 0.40%

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

Debt Weight =Total Debt 388.61M USDMarket Cap + Total Debt 723.22M USD + 388.61M USD= 34.95%

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

WACC =Equity Weight 65.05%×Cost of Equity 9.75%+Debt Weight 34.95%×Cost of Debt 0.40%= 6.48%

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 1.37B USD − Total Liabilities 883.06M USD = Book Value Today 486.56M USD

Total Debt 388.61M USD − Cash and Short-Term Investments 590.29M USD = Net Debt Today -201.69M 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 − 1-3.1%at most 5%passes45,925,267 / 47,379,729
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-2.8%at least -10.0%passes(-30.93M USD − 8.03M USD) ÷ 1.37B USD
Price to bookMarket Cap ÷ Book Value Today1.49×at most 3×passes723.22M USD ÷ 486.56M USD
Operating marginOperating Income ÷ Revenue10.2%above 10.0%passes26.27M USD ÷ 256.59M USD
Revenue growthRevenue ÷ Revenue a Year Before − 10.1%above 10.0%does not pass256.59M USD / 256.29M USD
Net cash(Cash − Total Debt) ÷ Market Cap-18.7%above -30%passes(253.44M USD − 388.61M USD) ÷ 723.22M USD
Operating efficiencyOperating Income ÷ Gross Profit15.2%above 25.0%does not pass26.27M USD ÷ 173.39M USD

Market Data

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

Share price

2459.46 JPY

Enterprise value

83.22B JPY

the provider's own figure

EV / EBITDA

22.02×

Price / book

1.55×

the provider's book

Price / earnings

89.28×

Return on equity

1.7%

the provider's figure, not this page's

Profit margin

3.7%

Revenue growth

—

Analyst target, mean

3378.37 JPY

Analysts

2

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

225.97M250.21M256.29M256.59M

Gross profit

150.12M179.64M169.66M173.39M

Operating income

28.56M61.58M24.86M26.27M

EBITDA

operating income before depreciation and amortisation

-12.64M68.10M-9.18M49.52M

Pretax income

-104.32M41.63M-68.35M18.57M

Net income

-68.02M38.38M-48.10M8.03M

Normalized income

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

-28.04M38.38M-12.41M8.03M

R&D

————
Balance sheet, year end

Total assets

1.63B1.53B1.51B1.37B

Total liabilities

1.01B920.71M994.52M883.06M

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

601.42M589.94M504.57M473.34M

Total debt

396.05M445.10M412.34M388.61M

Cash and equivalents

400.81M327.66M377.03M253.44M

Net PP&E

fixed assets after depreciation

124.85M99.08M88.07M75.13M

Working capital

current assets less current liabilities

375.72M315.24M313.70M279.33M
Cash flow

Operating cash flow

101.25M-72.92M212.26M-30.93M

Capital expenditure

paid out, so below zero

-16.38M-19.25M-30.80M-37.53M

Depreciation and amortisation

27.29M24.85M27.80M26.71M

Free cash flow

operating cash flow plus capital expenditure

84.87M-92.17M181.46M-68.46M