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Mercari Inc
TSE:4385

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Mercari Inc
TSE:4385
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Price: 1 955.5 JPY -0.26%
Updated: Mar 28, 2024

Intrinsic Value

Mercari, Inc. develops, operates and designs Mercari, a smart phone shopping application. [ Read More ]

The intrinsic value of one Mercari Inc stock under the Base Case scenario is 2 475.58 JPY. Compared to the current market price of 1 955.5 JPY, Mercari Inc is Undervalued by 21%.

Key Points:
Intrinsic Value
Base Case
2 475.58 JPY
Undervaluation 21%
Intrinsic Value
Price
M
Worst Case
Base Case
Best Case

Valuation Backtest
Mercari Inc

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Fundamental Analysis

Record Highs Amid Future Growth Investment
2024-Q2 Earnings Call

Record Highs Amid Future Growth Investment

The company marked its highest ever revenue and a 10% year-on-year growth in Gross Merchandise Volume (GMV), maintaining profitability with a core operating profit margin of 37%. Active user base increased by 9% to 23.5 million. Investments in the Mercard loyalty program fueled synergy and ARPU growth, alongside initiatives enhancing crossborder transactions and specific categories like smartphones and fashion. Fintech showed revenue growth with Mercard users crossing 2.5 million and credit balances over JPY 150 billion. The U.S. market faced a 12% drop in GMV due to inflation, even as user engagement improved. The company is poised for launches in on-demand labor and expects no increase in profits due to heightened investment in new ventures and user acquisition, especially in Fintech.

Financials

Balance Sheet Decomposition
Mercari Inc

Current Assets 362.1B
Cash & Short-Term Investments 185.3B
Receivables 165.8B
Other Current Assets 10.9B
Non-Current Assets 94.5B
Long-Term Investments 2.5B
PP&E 5.6B
Intangibles 776m
Other Non-Current Assets 85.6B
Current Liabilities 261.4B
Accounts Payable 22.5B
Short-Term Debt 33.9B
Other Current Liabilities 205B
Non-Current Liabilities 133.6B
Long-Term Debt 132.5B
Other Non-Current Liabilities 1B
Efficiency

Earnings Waterfall
Mercari Inc

Revenue
180.2B JPY
Cost of Revenue
-56B JPY
Gross Profit
124.1B JPY
Operating Expenses
-105.4B JPY
Operating Income
18.7B JPY
Other Expenses
-2.3B JPY
Net Income
16.4B JPY

Free Cash Flow Analysis
Mercari Inc

Last Value
3-Years Average
FCF Margin
Conversion Rate
History
Components
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Fundamental Scores

Profitability Score
Profitability Due Diligence

Mercari Inc's profitability score is 49/100. The higher the profitability score, the more profitable the company is.

Positive Gross Profit
Exceptional 3-Years Revenue Growth
ROE is Increasing
Exceptional ROE
49/100
Profitability
Score

Mercari Inc's profitability score is 49/100. The higher the profitability score, the more profitable the company is.

Solvency Score
Solvency Due Diligence

Mercari Inc's solvency score is 54/100. The higher the solvency score, the more solvent the company is.

High Interest Coverage
Negative Net Debt
Short-Term Solvency
Long-Term Solvency
54/100
Solvency
Score

Mercari Inc's solvency score is 54/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

Price Targets Summary
Mercari Inc

Wall Street analysts forecast Mercari Inc stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for Mercari Inc is 3 438.25 JPY with a low forecast of 1 919 JPY and a high forecast of 4 305 JPY.

Lowest
Price Target
1 919 JPY
2% Downside
Average
Price Target
3 438.25 JPY
76% Upside
Highest
Price Target
4 305 JPY
120% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Shareholder Return

Price
Mercari Inc

1M 1M
-6%
6M 6M
-35%
1Y 1Y
-13%
3Y 3Y
-60%
5Y 5Y
-42%
10Y 10Y
-63%
Annual Price Range
1 955.5
52w Low
1 955.5
52w High
3 649
Price Metrics
Average Annual Return 14.1%
Standard Deviation of Annual Returns 82.28%
Max Drawdown -74%
Shares Statistics
Market Capitalization 319.1B JPY
Shares Outstanding 163 275 809
Percentage of Shares Shorted
N/A

Return Decomposition
Main factors of price return

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Company Profile

Mercari Inc

Country

Japan

Industry

Retail

Market Cap

319.1B JPY

Dividend Yield

0%

Description

Mercari, Inc. develops, operates and designs Mercari, a smart phone shopping application. The company is headquartered in Minato-Ku, Tokyo-To and currently employs 1,752 full-time employees. The company went IPO on 2018-06-19. Along with its subsidiary, the Company operates the CtoC application under the name of Mercari specialized in personal trading. The firm's local subsidiaries also operate the CtoC application Mercari in the United States.

Contact

TOKYO-TO
Minato-ku
18F, Roppongi Hills Mori Tower, 6-10-1, Roppongi
+81368046907.0
https://about.mercari.com/

IPO

2018-06-19

Employees

1 752

Officers

President & Chairman of the Board
Mr. Fumiaki Koizumi
Co-Founder, Global CEO & Representative Director
Mr. Shintaro Yamada
Executive Officer, Senior VP of Corporate, CFO & Director
Ms. Sayaka Eda
Chief Technology Officer
Dr. Mok Oh
VP & Chief Information Officer
Hiroaki Shintani
Chief Compliance Officer
Ms. Lisa Lechner
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VP of Legal & Governance and Chief Legal Officer
Tomohiko Kikuchi
Vice President of Public Policy / Public Relations
Noriaki Yoshikawa
Chief Marketing Officer
Mr. Scott Levitan
VP & Chief Human Resources Officer
Mr. Tatsuo Kinoshita
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See Also

Discover More
What is the Intrinsic Value of one Mercari Inc stock?

The intrinsic value of one Mercari Inc stock under the Base Case scenario is 2 475.58 JPY.

Is Mercari Inc stock undervalued or overvalued?

Compared to the current market price of 1 955.5 JPY, Mercari Inc is Undervalued by 21%.