SAN Holdings, Inc.

9628.T · Consumer Cyclical · Personal Services · Valued as of 2026-11-03 · Statements 2025-03-31

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

374.71M USD

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

Profit

241.08M USD

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

FCFF

289.80M USD

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

Average Intrinsic Value

301.86M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

194.78M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.55×

the ratio the screener ranks by

Margin of Safety

+35.5%

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: 374.71M 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)426.63M USD
−②Net Debt Today51.92M USD
+③Growth Value0 USD
=Value374.71M USD

EPV of the Operations (NOPAT over WACC)

426.63M USD

Net debt today

-51.92M USD

Growth Value

0 USD

Value

374.71M USD

①EPV (Earnings Power Value)

426.63M USD

②Net Debt Today

51.92M USD

③Growth Value

0 USD

Market value

Market Cap194.78M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+48.0%

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): 241.08M 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 FCFE115.71M USD
+②Equity at Year 15, Today125.37M USD
=Value241.08M 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 rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

115.71M USD

②Equity at Year 15, Today

125.37M USD

Market value

Market Cap194.78M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+19.2%

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): 289.80M 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 FCFF163.61M USD
+②Invested Capital at Year 15, Today178.11M USD
−③Net Debt Today51.92M USD
=Value289.80M 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 rising 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

163.61M USD

②Invested Capital at Year 15, Today

178.11M USD

③Net Debt Today

51.92M USD

Market value

Market Cap194.78M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+32.8%

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: 5.38%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.62×Market Risk Premium 6.00%= 8.20%

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 18.16M USDPretax Income 49.74M USD= 36.50%

The tax the interest saves.

Interest Expense =EBIT 50.27M USD−Pretax Income 49.74M USD= 528.54K USD

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

Cost of Debt =Interest Expense 528.54K USDTotal Debt 108.65M USD×(1 − Tax Rate for WACC 36.50%)= 0.31%

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

Debt Weight =Total Debt 108.65M USDMarket Cap + Total Debt 194.78M USD + 108.65M USD= 35.81%

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

WACC =Equity Weight 64.19%×Cost of Equity 8.20%+Debt Weight 35.81%×Cost of Debt 0.31%= 5.38%

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, 2025-09-30.

Total Assets 400.91M USD − Total Liabilities 146.52M USD = Book Value Today 254.39M USD

Total Debt 108.65M USD − Cash and Short-Term Investments 56.73M USD = Net Debt Today 51.92M 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 − 1-1.7%at most 5%passes20,603,180 / 20,958,556
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets1.3%at least -10.0%passes(36.64M USD − 31.59M USD) ÷ 400.91M USD
Price to bookMarket Cap ÷ Book Value Today0.77×at most 3×passes194.78M USD ÷ 254.39M USD
Operating marginOperating Income ÷ Revenue14.1%above 10.0%passes30.27M USD ÷ 213.99M USD
Revenue growthRevenue ÷ Revenue a Year Before − 144.3%above 10.0%passes213.99M USD / 148.31M USD
Net cash(Cash − Total Debt) ÷ Market Cap-26.7%above -30%passes(56.73M USD − 108.65M USD) ÷ 194.78M USD
Operating efficiencyOperating Income ÷ Gross Profit58.3%above 25.0%passes30.27M USD ÷ 51.96M USD

Market Data

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

Share price

1300.30 JPY

Enterprise value

35.33B JPY

the provider's own figure

EV / EBITDA

—

Price / book

0.68×

the provider's book

Price / earnings

6.09×

Return on equity

—

the provider's figure, not this page's

Profit margin

9.6%

Revenue growth

-10.3%

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)20222023202420252026

Revenue

—162.80M148.31M213.99M—

Gross profit

—40.11M35.24M51.96M—

Operating income

—29.11M25.08M30.27M—

EBITDA

operating income before depreciation and amortisation

—37.64M30.21M62.68M—

Pretax income

—31.01M23.99M49.74M—

Net income

—20.91M15.62M31.59M—

Normalized income

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

—19.48M16.35M18.53M—

R&D

—————
Balance sheet, year end (USD)20222023202420252026

Total assets

277.66M272.26M248.43M421.85M—

Total liabilities

34.60M34.67M31.12M173.16M—

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

243.06M237.59M217.31M248.69M—

Total debt

2.90M2.01M1.69M119.04M—

Cash and equivalents

61.06M69.08M64.70M84.72M—

Net PP&E

fixed assets after depreciation

185.91M168.96M148.88M211.52M—

Working capital

current assets less current liabilities

46.67M56.21M54.19M37.49M—
Cash flow (USD)20222023202420252026

Operating cash flow

24.54M24.51M20.95M36.64M—

Capital expenditure

paid out, so below zero

-12.29M-7.51M-7.89M-16.24M—

Depreciation and amortisation

7.12M6.63M6.22M12.41M—

Free cash flow

operating cash flow plus capital expenditure

12.25M17.00M13.06M20.40M—