Maruichi Steel Tube Ltd.

5463.T · Basic Materials · Steel · 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

2.76B USD

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

Profit

2.39B USD

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

FCFF

2.27B USD

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

Average Intrinsic Value

2.47B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

2.35B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.05×

the ratio the screener ranks by

Margin of Safety

+5.0%

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: 2.76B 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)2.14B USD
+②Net Cash Today616.43M USD
+③Growth Value0 USD
=Value2.76B USD

EPV of the Operations (NOPAT over WACC)

2.14B USD

Net cash today

+616.43M USD

Growth Value

0 USD

Value

2.76B USD

①EPV (earnings power value)

2.14B USD

②Net Cash Today

616.43M USD

③Growth Value

0 USD

Market value

Market Cap2.35B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+14.9%

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): 2.39B 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 FCFE1.12B USD
+②Equity at Year 15, Today1.27B USD
=Value2.39B 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

1.12B USD

②Equity at Year 15, Today

1.27B USD

Market value

Market Cap2.35B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+1.7%

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): 2.27B 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 (an FCFF at or below zero in the latest three years), so the value is the book value today, 2.27B 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 Cap2.35B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-3.6%

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: 5.83%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.24×Market Risk Premium 6.00%= 5.93%

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 71.65M USDPretax Income 246.91M USD= 29.02%

The tax the interest saves.

Interest Expense =EBIT 247.36M USD−Pretax Income 246.91M USD= 450.90K USD

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

Cost of Debt =Interest Expense 450.90K USDTotal Debt 46.12M USD×(1 − Tax Rate for WACC 29.02%)= 0.69%

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

Debt Weight =Total Debt 46.12M USDMarket Cap + Total Debt 2.35B USD + 46.12M USD= 1.93%

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

WACC =Equity Weight 98.07%×Cost of Equity 5.93%+Debt Weight 1.93%×Cost of Debt 0.69%= 5.83%

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 2.65B USD − Total Liabilities 378.49M USD = Book Value Today 2.27B USD

Total Debt 46.12M USD − Cash and Short-Term Investments 662.56M USD = Net Debt Today -616.43M 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 − 1-7.5%at most 5%passes221,153,557 / 239,033,715
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-1.5%at least -10.0%passes(127.82M USD − 167.06M USD) ÷ 2.65B USD
Price to bookMarket Cap ÷ Book Value Today1.04×at most 3×passes2.35B USD ÷ 2.27B USD
Operating marginOperating Income ÷ Revenue13.1%above 10.0%passes200.67M USD ÷ 1.53B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-12.8%above 10.0%does not pass1.53B USD / 1.75B USD
Net cash(Cash − Total Debt) ÷ Market Cap22.5%above -30%passes(575.26M USD − 46.12M USD) ÷ 2.35B USD
Operating efficiencyOperating Income ÷ Gross Profit61.5%above 25.0%passes200.67M USD ÷ 326.54M USD

Market Data

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

Share price

1668.17 JPY

Enterprise value

279.10B JPY

the provider's own figure

EV / EBITDA

6.51×

Price / book

1.05×

the provider's book

Price / earnings

14.13×

Return on equity

8.2%

the provider's figure, not this page's

Profit margin

11.2%

Revenue growth

8.9%

Analyst target, mean

1935.26 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.

USD2023202420252026
Income statement

Revenue

2.05B1.79B1.75B1.53B

Gross profit

351.04M353.61M293.07M326.54M

Operating income

225.59M230.10M153.33M200.67M

EBITDA

operating income before depreciation and amortisation

306.82M297.97M320.87M297.37M

Pretax income

257.46M253.54M270.67M246.91M

Net income

181.59M172.60M180.86M167.06M

Normalized income

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

182.44M172.58M116.23M144.03M

R&D

————
Balance sheet, year end

Total assets

2.95B2.84B2.85B2.65B

Total liabilities

518.12M456.27M440.95M378.49M

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

2.36B2.29B2.30B2.18B

Total debt

69.11M50.72M33.56M46.12M

Cash and equivalents

665.39M607.22M670.66M575.26M

Net PP&E

fixed assets after depreciation

689.18M688.02M828.42M820.85M

Working capital

current assets less current liabilities

1.22B1.14B1.17B1.09B
Cash flow

Operating cash flow

184.05M235.89M188.30M127.82M

Capital expenditure

paid out, so below zero

-49.85M-104.02M-164.84M-96.87M

Depreciation and amortisation

47.77M43.55M49.65M50.01M

Free cash flow

operating cash flow plus capital expenditure

134.19M131.87M23.46M30.94M