Milbon Co., Ltd.

4919.T · Consumer Defensive · Household & Personal Products · 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

708.16M USD

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

Profit

424.65M USD

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

FCFF

488.73M USD

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

Average Intrinsic Value

540.52M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

652.88M 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

-20.8%

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: 708.16M 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)631.96M USD
+②Net Cash Today76.20M USD
+③Growth Value0 USD
=Value708.16M USD

EPV of the Operations (NOPAT over WACC)

631.96M USD

Net cash today

+76.20M USD

Growth Value

0 USD

Value

708.16M USD

①EPV (earnings power value)

631.96M USD

②Net Cash Today

76.20M USD

③Growth Value

0 USD

Market value

Market Cap652.88M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+7.8%

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): 424.65M 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 FCFE208.79M USD
+②Equity at Year 15, Today215.86M USD
=Value424.65M 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 rising 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

208.79M USD

②Equity at Year 15, Today

215.86M USD

Market value

Market Cap652.88M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-53.7%

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): 488.73M 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 FCFF212.98M USD
+②Invested Capital at Year 15, Today199.55M USD
+③Net Cash Today76.20M USD
=Value488.73M 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 falling 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

212.98M USD

②Invested Capital at Year 15, Today

199.55M USD

③Net Cash Today

76.20M USD

Market value

Market Cap652.88M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-33.6%

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: 5.02%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.09×Market Risk Premium 6.00%= 5.02%

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 9.53M USDPretax Income 31.53M USD= 30.22%

The tax the interest saves.

Interest Expense =EBIT 36.18M USD−Pretax Income 31.53M 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 652.88M 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 5.02%+Debt Weight 0.00%×Cost of Debt 4.00%= 5.02%

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 369.39M USD − Total Liabilities 59.31M USD = Book Value Today 310.08M USD

Total Debt 0 USD − Cash and Short-Term Investments 76.20M USD = Net Debt Today -76.20M 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 − 1-2.2%at most 5%passes31,812,824 / 32,540,127
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets3.4%at least -10.0%passes(34.46M USD − 22.00M USD) ÷ 369.39M USD
Price to bookMarket Cap ÷ Book Value Today2.11×at most 3×passes652.88M USD ÷ 310.08M USD
Operating marginOperating Income ÷ Revenue10.7%above 10.0%passes36.18M USD ÷ 338.31M USD
Revenue growthRevenue ÷ Revenue a Year Before − 13.4%above 10.0%does not pass338.31M USD / 327.19M USD
Net cash(Cash − Total Debt) ÷ Market Cap11.7%above -30%passes(76.20M USD − 0 USD) ÷ 652.88M USD
Operating efficiencyOperating Income ÷ Gross Profit17.0%above 25.0%does not pass36.18M USD ÷ 212.32M USD

Market Data

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

Share price

3218.21 JPY

Enterprise value

90.04B JPY

the provider's own figure

EV / EBITDA

9.77×

Price / book

2.04×

the provider's book

Price / earnings

18.97×

Return on equity

11.1%

the provider's figure, not this page's

Profit margin

9.9%

Revenue growth

6.1%

Analyst target, mean

3493.49 JPY

Analysts

3

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

340.69M338.05M327.19M338.31M

Gross profit

222.24M208.97M207.84M212.32M

Operating income

56.87M39.11M43.61M36.18M

EBITDA

operating income before depreciation and amortisation

72.54M55.21M58.20M51.01M

Pretax income

58.92M38.45M44.43M31.53M

Net income

42.00M28.32M31.99M22.00M

Normalized income

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

42.03M28.68M32.07M25.26M

R&D

————
Balance sheet, year end

Total assets

397.34M377.89M375.54M369.92M

Total liabilities

66.04M52.80M64.28M55.95M

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

331.31M325.10M311.26M313.96M

Total debt

————

Cash and equivalents

92.63M80.24M88.18M75.62M

Net PP&E

fixed assets after depreciation

149.27M148.63M142.23M146.62M

Working capital

current assets less current liabilities

140.85M138.80M138.54M137.06M
Cash flow

Operating cash flow

37.72M33.73M48.62M34.46M

Capital expenditure

paid out, so below zero

-28.79M-22.72M-16.20M-21.34M

Depreciation and amortisation

15.67M16.10M14.60M14.83M

Free cash flow

operating cash flow plus capital expenditure

8.92M11.01M32.42M13.12M