NSD Co., Ltd.

9759.T · Technology · Software - Application · 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

985.20M USD

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

Profit

849.54M USD

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

FCFF

849.62M USD

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

Average Intrinsic Value

894.79M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

1.44B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.62×

the ratio the screener ranks by

Margin of Safety

-60.8%

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: 985.20M 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)766.61M USD
+②Net Cash Today218.59M USD
+③Growth Value0 USD
=Value985.20M USD

EPV of the Operations (NOPAT over WACC)

766.61M USD

Net cash today

+218.59M USD

Growth Value

0 USD

Value

985.20M USD

①EPV (Earnings Power Value)

766.61M USD

②Net Cash Today

218.59M USD

③Growth Value

0 USD

Market value

Market Cap1.44B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-46.1%

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): 849.54M 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 FCFE624.33M USD
+②Equity at Year 15, Today225.21M USD
=Value849.54M 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

624.33M USD

②Equity at Year 15, Today

225.21M USD

Market value

Market Cap1.44B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-69.4%

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): 849.62M 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 FCFF556.08M USD
+②Invested Capital at Year 15, Today74.95M USD
+③Net Cash Today218.59M USD
=Value849.62M 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

556.08M USD

②Invested Capital at Year 15, Today

74.95M USD

③Net Cash Today

218.59M USD

Market value

Market Cap1.44B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-69.4%

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: 10.50%
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 36.10M USDPretax Income 118.51M USD= 30.46%

The tax the interest saves.

Interest Expense =EBIT 118.65M USD−Pretax Income 118.51M USD= —

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

No interest is read: it needs debt and an EBIT above the profit before tax, the gap between them being the interest. Without it the cost of debt takes the 4% default.

Cost of Debt 4.00% (default): with no debt or no interest read, the 4% default after tax stands for what the lenders are paid a year.

Debt Weight =Total Debt 0 USDMarket Cap + Total Debt 1.44B USD + 0 USD= 0.00%

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

WACC =Equity Weight 100.00%×Cost of Equity 10.50%+Debt Weight 0.00%×Cost of Debt 4.00%= 10.50%

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 610.23M USD − Total Liabilities 141.81M USD = Book Value Today 468.41M USD

Total Debt 0 USD − Cash and Short-Term Investments 218.59M USD = Net Debt Today -218.59M 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 − 1-1.2%at most 5%passes75,922,311 / 76,881,474
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets3.2%at least -10.0%passes(101.18M USD − 81.47M USD) ÷ 610.23M USD
Price to bookMarket Cap ÷ Book Value Today3.07×at most 3×does not pass1.44B USD ÷ 468.41M USD
Operating marginOperating Income ÷ Revenue16.2%above 10.0%passes119.48M USD ÷ 737.80M USD
Revenue growthRevenue ÷ Revenue a Year Before − 12.3%above 10.0%does not pass737.80M USD / 721.17M USD
Net cash(Cash − Total Debt) ÷ Market Cap13.5%above -30%passes(193.54M USD − 0 USD) ÷ 1.44B USD
Operating efficiencyOperating Income ÷ Gross Profit64.0%above 25.0%passes119.48M USD ÷ 186.77M USD

Market Data

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

Share price

2983.48 JPY

Enterprise value

194.37B JPY

the provider's own figure

EV / EBITDA

8.75×

Price / book

3.30×

the provider's book

Price / earnings

17.49×

Return on equity

20.3%

the provider's figure, not this page's

Profit margin

11.1%

Revenue growth

9.6%

Analyst target, mean

3883.88 JPY

Analysts

1

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

586.03M669.34M721.17M737.80M

Gross profit

131.89M164.99M184.21M186.77M

Operating income

94.16M100.37M112.77M119.48M

EBITDA

operating income before depreciation and amortisation

117.21M118.76M131.98M134.44M

Pretax income

110.95M101.63M114.27M118.51M

Net income

76.80M67.83M78.91M81.47M

Normalized income

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

65.79M67.73M78.88M83.22M

R&D

1.43M1.56M3.35M2.40M
Balance sheet, year end (USD)2023202420252026

Total assets

512.21M571.13M605.38M610.23M

Total liabilities

95.47M147.90M148.76M141.81M

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

411.11M412.25M451.03M461.87M

Total debt

021.28M12.42M0

Cash and equivalents

288.32M179.93M183.04M193.54M

Net PP&E

fixed assets after depreciation

9.90M33.31M35.51M33.54M

Working capital

current assets less current liabilities

330.63M235.14M265.66M280.04M
Cash flow (USD)2023202420252026

Operating cash flow

75.65M80.56M82.28M101.18M

Capital expenditure

paid out, so below zero

-2.47M-3.64M-5.81M-5.95M

Depreciation and amortisation

6.21M16.99M17.54M15.79M

Free cash flow

operating cash flow plus capital expenditure

73.18M76.92M76.46M95.23M