SEIWA HOLDINGS Co., Ltd.

523A.T · Industrials · Specialty Business Services · Valued as of 2026-11-03 · Statements 2026-05-31

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

43.03M USD

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

Profit

5.11B USD

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

Profit is over 3× the larger of EPV and FCFF

FCFF

39.38M USD

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

Average Intrinsic Value

1.73B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

240.03M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

7.21×

the ratio the screener ranks by

Margin of Safety

+86.1%

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: 43.03M 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)41.08M USD
+②Net Cash Today1.95M USD
+③Growth Value0 USD
=Value43.03M USD

EPV of the Operations (NOPAT over WACC)

41.08M USD

Net cash today

+1.95M USD

Growth Value

0 USD

Value

43.03M USD

①EPV (Earnings Power Value)

41.08M USD

②Net Cash Today

1.95M USD

③Growth Value

0 USD

Market value

Market Cap240.03M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-457.8%

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): 5.11B 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 FCFE3.75B USD
+②Equity at Year 15, Today1.36B USD
=Value5.11B 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

3.75B USD

②Equity at Year 15, Today

1.36B USD

Market value

Market Cap240.03M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+95.3%

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): 39.38M 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, 39.38M 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 Cap240.03M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-509.5%

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: 9.36%
Cost of Equity =Risk-Free Rate 4.50%+Beta (default) 1.00×Market Risk Premium 6.00%= 10.50%

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 1.78M USDPretax Income 8.57M USD= 20.75%

The tax the interest saves.

Interest Expense =EBIT 9.52M USD−Pretax Income 8.57M USD= 949.02K USD

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

Cost of Debt =Interest Expense 949.02K USDTotal Debt 37.38M USD×(1 − Tax Rate for WACC 20.75%)= 2.01%

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

Debt Weight =Total Debt 37.38M USDMarket Cap + Total Debt 240.03M USD + 37.38M USD= 13.48%

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

WACC =Equity Weight 86.52%×Cost of Equity 10.50%+Debt Weight 13.48%×Cost of Debt 2.01%= 9.36%

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, 2026-05-31.

Total Assets 92.51M USD − Total Liabilities 53.13M USD = Book Value Today 39.38M USD

Total Debt 37.38M USD − Cash and Short-Term Investments 39.33M USD = Net Debt Today -1.95M 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 − 11.6%at most 5%passes19,106,700 / 18,805,000
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets0.5%at least -10.0%passes(7.28M USD − 6.79M USD) ÷ 92.51M USD
Price to bookMarket Cap ÷ Book Value Today6.10×at most 3×does not pass240.03M USD ÷ 39.38M USD
Operating marginOperating Income ÷ Revenue18.7%above 10.0%passes9.44M USD ÷ 50.35M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-6.9%above 10.0%does not pass50.35M USD / 54.09M USD
Net cash(Cash − Total Debt) ÷ Market Cap0.6%above -30%passes(38.78M USD − 37.38M USD) ÷ 240.03M USD
Operating efficiencyOperating Income ÷ Gross Profit52.7%above 25.0%passes9.44M USD ÷ 17.91M USD

Market Data

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

Share price

1969.97 JPY

Enterprise value

37.42B JPY

the provider's own figure

EV / EBITDA

22.96×

Price / book

6.00×

the provider's book

Price / earnings

30.96×

Return on equity

30.4%

the provider's figure, not this page's

Profit margin

13.5%

Revenue growth

—

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

—46.40M54.09M50.35M

Gross profit

—13.87M16.42M17.91M

Operating income

—3.00M4.87M9.44M

EBITDA

operating income before depreciation and amortisation

—7.92M7.50M12.23M

Pretax income

—2.84M3.92M8.57M

Net income

—1.79M2.28M6.79M

Normalized income

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

—1.79M2.28M6.79M

R&D

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

Total assets

53.28M50.47M78.49M92.51M

Total liabilities

56.79M51.58M72.63M53.13M

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

-3.51M-1.11M5.86M39.38M

Total debt

42.96M37.30M54.88M37.38M

Cash and equivalents

5.99M8.37M20.21M38.78M

Net PP&E

fixed assets after depreciation

17.46M16.45M21.76M21.90M

Working capital

current assets less current liabilities

4.75M7.93M13.08M28.95M
Cash flow (USD)2023202420252026

Operating cash flow

—5.34M9.45M7.28M

Capital expenditure

paid out, so below zero

—-1.59M-5.33M-747.91K

Depreciation and amortisation

—4.47M2.58M2.71M

Free cash flow

operating cash flow plus capital expenditure

—3.76M4.13M6.54M