Computer Engineering & Consulting Ltd.

9692.T · Technology · Software - Application · Valued as of 2026-11-03 · Statements 2026-01-31

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

517.21M USD

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

Profit

326.55M USD

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

FCFF

425.04M USD

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

Average Intrinsic Value

422.93M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

429.35M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.98×

the ratio the screener ranks by

Margin of Safety

-1.5%

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: 517.21M 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)328.33M USD
+②Net Cash Today162.82M USD
+③Growth Value26.06M USD
=Value517.21M USD

EPV of the Operations (NOPAT over WACC)

328.33M USD

Net cash today

+162.82M USD

Growth Value

+26.06M USD

Value

517.21M USD

①EPV (earnings power value)

328.33M USD

②Net Cash Today

162.82M USD

③Growth Value

26.06M USD

Market value

Market Cap429.35M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+17.0%

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): 326.55M 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 FCFE232.61M USD
+②Equity at Year 15, Today93.94M USD
=Value326.55M 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

232.61M USD

②Equity at Year 15, Today

93.94M USD

Market value

Market Cap429.35M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-31.5%

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): 425.04M 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 FCFF229.67M USD
+②Invested Capital at Year 15, Today32.55M USD
+③Net Cash Today162.82M USD
=Value425.04M 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

229.67M USD

②Invested Capital at Year 15, Today

32.55M USD

③Net Cash Today

162.82M USD

Market value

Market Cap429.35M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-1.0%

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: 10.45%
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 14.04M USDPretax Income 48.04M USD= 29.24%

The tax the interest saves.

Interest Expense =EBIT 48.06M USD−Pretax Income 48.04M USD= 26.14K USD

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

Cost of Debt =Interest Expense 26.14K USDTotal Debt 2.19M USD×(1 − Tax Rate for WACC 29.24%)= 0.85%

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

Debt Weight =Total Debt 2.19M USDMarket Cap + Total Debt 429.35M USD + 2.19M USD= 0.51%

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

WACC =Equity Weight 99.49%×Cost of Equity 10.50%+Debt Weight 0.51%×Cost of Debt 0.85%= 10.45%

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, 2026-07-31.

Total Assets 388.44M USD − Total Liabilities 119.53M USD = Book Value Today 268.91M USD

Total Debt 2.19M USD − Cash and Short-Term Investments 165.01M USD = Net Debt Today -162.82M 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 − 1-8.8%at most 5%passes30,658,964 / 33,616,138
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets1.0%at least -10.0%passes(38.07M USD − 33.99M USD) ÷ 388.44M USD
Price to bookMarket Cap ÷ Book Value Today1.60×at most 3×passes429.35M USD ÷ 268.91M USD
Operating marginOperating Income ÷ Revenue11.1%above 10.0%passes47.96M USD ÷ 430.58M USD
Revenue growthRevenue ÷ Revenue a Year Before − 117.9%above 10.0%passes430.58M USD / 365.12M USD
Net cash(Cash − Total Debt) ÷ Market Cap37.9%above -30%passes(165.01M USD − 2.19M USD) ÷ 429.35M USD
Operating efficiencyOperating Income ÷ Gross Profit43.5%above 25.0%passes47.96M USD ÷ 110.21M USD

Market Data

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

Share price

2221.22 JPY

Enterprise value

42.02B JPY

the provider's own figure

EV / EBITDA

4.71×

Price / book

1.58×

the provider's book

Price / earnings

12.15×

Return on equity

13.8%

the provider's figure, not this page's

Profit margin

8.1%

Revenue growth

10.8%

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

369.83M360.84M365.12M430.58M

Gross profit

86.77M95.75M99.67M110.21M

Operating income

33.56M43.21M43.50M47.96M

EBITDA

operating income before depreciation and amortisation

57.08M48.00M43.10M53.36M

Pretax income

51.21M43.42M37.64M48.04M

Net income

39.74M30.84M26.24M33.99M

Normalized income

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

26.25M30.92M30.52M34.38M

R&D

————
Balance sheet, year end

Total assets

355.46M349.07M341.92M406.58M

Total liabilities

68.69M72.05M79.49M128.16M

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

286.77M277.02M262.43M278.42M

Total debt

2.90M2.47M2.27M2.40M

Cash and equivalents

178.77M181.45M165.46M164.70M

Net PP&E

fixed assets after depreciation

50.75M50.52M44.31M44.78M

Working capital

current assets less current liabilities

206.35M203.77M186.59M188.29M
Cash flow

Operating cash flow

19.14M38.59M34.23M38.07M

Capital expenditure

paid out, so below zero

————

Depreciation and amortisation

5.84M4.56M5.44M5.30M

Free cash flow

operating cash flow plus capital expenditure

19.14M38.59M34.23M38.07M