DeNA Co., Ltd.

D2N.F · Industrials · Conglomerates · 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

5.29B USD

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

Profit

1.51B USD

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

FCFF

1.51B USD

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

Average Intrinsic Value

2.77B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

1.47B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.88×

the ratio the screener ranks by

Margin of Safety

+46.9%

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: 5.29B 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)4.69M USD
+②Net Cash Today552.24M USD
+③Growth Value4.74B USD
=Value5.29B USD

EPV of the Operations (NOPAT over WACC)

4.69M USD

Net cash today

+552.24M USD

Growth Value

+4.74B USD

Value

5.29B USD

①EPV (Earnings Power Value)

4.69M USD

②Net Cash Today

552.24M USD

③Growth Value

4.74B USD

Market value

Market Cap1.47B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+72.2%

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): 1.51B 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.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 1.51B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap1.47B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+2.5%

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): 1.51B 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 operating profit at or below zero in the latest three years), so the value is the book value today, 1.51B 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 Cap1.47B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+2.5%

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: 5.69%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.20×Market Risk Premium 6.00%= 5.68%

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 59.22M USDPretax Income 212.87M USD= 27.82%

The tax the interest saves.

Interest Expense =EBIT 220.80M USD−Pretax Income 212.87M USD= 7.93M USD

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

Cost of Debt =Interest Expense 7.93M USDTotal Debt 96.65M USD×(1 − Tax Rate for WACC 27.82%)= 5.92%

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

Debt Weight =Total Debt 96.65M USDMarket Cap + Total Debt 1.47B USD + 96.65M USD= 6.17%

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

WACC =Equity Weight 93.83%×Cost of Equity 5.68%+Debt Weight 6.17%×Cost of Debt 5.92%= 5.69%

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 2.09B USD − Total Liabilities 579.01M USD = Book Value Today 1.51B USD

Total Debt 96.65M USD − Cash and Short-Term Investments 648.89M USD = Net Debt Today -552.24M 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 − 1-3.6%at most 5%passes107,386,632 / 111,339,548
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets4.7%at least -10.0%passes(260.92M USD − 161.86M USD) ÷ 2.09B USD
Price to bookMarket Cap ÷ Book Value Today0.98×at most 3×passes1.47B USD ÷ 1.51B USD
Operating marginOperating Income ÷ Revenue17.7%above 10.0%passes193.84M USD ÷ 1.10B USD
Revenue growthRevenue ÷ Revenue a Year Before − 121.4%above 10.0%passes1.10B USD / 903.79M USD
Net cash(Cash − Total Debt) ÷ Market Cap37.3%above -30%passes(645.32M USD − 96.65M USD) ÷ 1.47B USD
Operating efficiencyOperating Income ÷ Gross Profit31.3%above 25.0%passes193.84M USD ÷ 619.82M USD

Market Data

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

Share price

14.18 EUR

Enterprise value

-58.66B EUR

the provider's own figure

EV / EBITDA

-1.99×

Price / book

1.08×

the provider's book

Price / earnings

14.46×

Return on equity

16.2%

the provider's figure, not this page's

Profit margin

28.8%

Revenue growth

-10.9%

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

—1.01B903.79M1.10B924.97M

Gross profit

—481.63M403.14M619.82M496.97M

Operating income

—31.59M-186.85M193.84M117.07M

EBITDA

operating income before depreciation and amortisation

—144.45M-137.26M255.26M184.84M

Pretax income

—102.17M-185.94M212.87M161.35M

Net income

—66.56M-189.58M161.86M119.29M

Normalized income

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

—66.56M-189.58M161.86M119.29M

R&D

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

Total assets

—2.62B2.22B2.64B2.09B

Total liabilities

—863.84M764.65M945.44M579.01M

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

—1.67B1.38B1.62B1.46B

Total debt

—339.35M294.17M323.86M96.65M

Cash and equivalents

—734.45M471.92M620.89M645.32M

Net PP&E

fixed assets after depreciation

—151.78M144.85M216.60M225.79M

Working capital

current assets less current liabilities

—621.43M428.63M360.57M502.99M
Cash flow (USD)20222023202420252026

Operating cash flow

150.74M81.22M-71.64M260.92M—

Capital expenditure

paid out, so below zero

-52.77M-56.97M-69.77M-69.70M—

Depreciation and amortisation

45.88M40.92M43.23M34.46M—

Free cash flow

operating cash flow plus capital expenditure

97.97M24.25M-141.41M191.22M—