SPARX Group Co., Ltd.

8739.T · Financial Services · Asset Management · 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

439.89M USD

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

Profit

453.90M USD

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

FCFF

427.47M USD

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

Average Intrinsic Value

440.42M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

667.66M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.66×

the ratio the screener ranks by

Margin of Safety

-51.6%

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: 439.89M 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)439.89M USD
−②Net Debt Today0 USD
+③Growth Value0 USD
=Value439.89M USD

EPV of the Operations (NOPAT over WACC)

439.89M USD

Net debt today

0 USD

Growth Value

0 USD

Value

439.89M USD

①EPV (earnings power value)

439.89M USD

②Net Debt Today

0 USD

③Growth Value

0 USD

Market value

Market Cap667.66M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-51.8%

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): 453.90M 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 FCFE308.25M USD
+②Equity at Year 15, Today145.65M USD
=Value453.90M 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

308.25M USD

②Equity at Year 15, Today

145.65M USD

Market value

Market Cap667.66M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-47.1%

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): 427.47M 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 FCFF302.70M USD
+②Invested Capital at Year 15, Today124.77M USD
−③Net Debt Today0 USD
=Value427.47M 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

302.70M USD

②Invested Capital at Year 15, Today

124.77M USD

③Net Debt Today

0 USD

Market value

Market Cap667.66M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-56.2%

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: 8.33%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.75×Market Risk Premium 6.00%= 9.02%

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 20.01M USDPretax Income 60.00M USD= 33.36%

The tax the interest saves.

Interest Expense =EBIT 60.96M USD−Pretax Income 60.00M USD= 958.16K USD

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

Cost of Debt =Interest Expense 958.16K USDTotal Debt 62.79M USD×(1 − Tax Rate for WACC 33.36%)= 1.02%

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

Debt Weight =Total Debt 62.79M USDMarket Cap + Total Debt 667.66M USD + 62.79M USD= 8.60%

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

WACC =Equity Weight 91.40%×Cost of Equity 9.02%+Debt Weight 8.60%×Cost of Debt 1.02%= 8.33%

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 360.72M USD − Total Liabilities 115.21M USD = Book Value Today 245.51M USD

Net debt today 0: a bank's debt is the money it lends on, not how the business is financed.

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 − 1-0.2%at most 5%passes39,518,738 / 39,583,177
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-0.8%at least -10.0%passes(36.95M USD − 39.98M USD) ÷ 360.72M USD
Price to bookMarket Cap ÷ Book Value Today2.72×at most 3×passes667.66M USD ÷ 245.51M USD
Operating marginOperating Income ÷ Revenue46.1%above 10.0%passes56.52M USD ÷ 122.60M USD
Revenue growthRevenue ÷ Revenue a Year Before − 12.0%above 10.0%does not pass122.60M USD / 120.16M USD
Net cash(Cash − Total Debt) ÷ Market Cap8.9%above -30%passes(122.29M USD − 62.79M USD) ÷ 667.66M USD
Operating efficiencyOperating Income ÷ Gross Profit—above 25.0%not measured56.52M USD ÷ 0 USD

Market Data

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

Share price

2646.64 JPY

Enterprise value

95.66B JPY

the provider's own figure

EV / EBITDA

8.97×

Price / book

2.57×

the provider's book

Price / earnings

16.37×

Return on equity

20.8%

the provider's figure, not this page's

Profit margin

36.1%

Revenue growth

40.8%

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.

USD2023202420252026
Income statement

Revenue

100.39M109.04M120.16M122.60M

Gross profit

————

Operating income

42.86M49.41M51.62M56.52M

EBITDA

operating income before depreciation and amortisation

51.70M63.56M55.32M63.03M

Pretax income

49.80M61.69M53.09M60.00M

Net income

33.98M43.09M35.14M39.98M

Normalized income

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

27.74M35.73M34.75M38.14M

R&D

————
Balance sheet, year end

Total assets

295.95M304.79M334.11M360.72M

Total liabilities

100.22M97.12M109.94M115.21M

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

195.73M207.82M224.18M245.51M

Total debt

70.21M59.49M72.18M62.79M

Cash and equivalents

165.54M145.85M143.07M122.29M

Net PP&E

fixed assets after depreciation

7.37M6.79M22.67M15.89M

Working capital

current assets less current liabilities

144.69M136.05M124.73M103.96M
Cash flow

Operating cash flow

23.33M39.95M33.87M36.95M

Capital expenditure

paid out, so below zero

-2.28M-10.77M-4.47M-1.28M

Depreciation and amortisation

1.35M1.44M1.77M2.07M

Free cash flow

operating cash flow plus capital expenditure

21.05M29.18M29.40M35.68M