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3964

Aucnet TSE:3964 Stock Report

Last Price

JP¥2.17k

Market Cap

JP¥56.5b

7D

-4.7%

1Y

-5.2%

Updated

28 Sep, 2022

Data

Company Financials +
3964 fundamental analysis
Snowflake Score
Valuation4/6
Future Growth3/6
Past Performance3/6
Financial Health6/6
Dividends3/6

3964 Stock Overview

Aucnet Inc. provides information distribution services for auctions.

Aucnet Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Aucnet
Historical stock prices
Current Share PriceJP¥2,167.00
52 Week HighJP¥2,574.00
52 Week LowJP¥1,403.00
Beta0.11
1 Month Change0.14%
3 Month Change7.76%
1 Year Change-5.21%
3 Year Change56.80%
5 Year Change51.43%
Change since IPO75.47%

Recent News & Updates

Shareholder Returns

3964JP Online RetailJP Market
7D-4.7%-2.2%-2.3%
1Y-5.2%-39.0%-8.8%

Return vs Industry: 3964 exceeded the JP Online Retail industry which returned -39% over the past year.

Return vs Market: 3964 exceeded the JP Market which returned -8.8% over the past year.

Price Volatility

Is 3964's price volatile compared to industry and market?
3964 volatility
3964 Average Weekly Movement5.6%
Online Retail Industry Average Movement5.5%
Market Average Movement3.5%
10% most volatile stocks in JP Market7.4%
10% least volatile stocks in JP Market1.8%

Stable Share Price: 3964 is more volatile than 75% of JP stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: 3964's weekly volatility (6%) has been stable over the past year, but is still higher than 75% of JP stocks.

About the Company

FoundedEmployeesCEOWebsite
1982858Kiyotaka Fujisakihttps://www.aucnet.co.jp

Aucnet Inc. provides information distribution services for auctions. It operates through Automobile Business, Digital Product Business, and Consumer Product Business segments. The Automobile Business segment is involved in the vehicle auctions, shared inventory market, and live-linked auction; and provision of proxy bidding service, used vehicle inspection service, and other services.

Aucnet Fundamentals Summary

How do Aucnet's earnings and revenue compare to its market cap?
3964 fundamental statistics
Market CapJP¥56.49b
Earnings (TTM)JP¥3.71b
Revenue (TTM)JP¥38.70b

15.2x

P/E Ratio

1.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
3964 income statement (TTM)
RevenueJP¥38.70b
Cost of RevenueJP¥21.55b
Gross ProfitJP¥17.16b
Other ExpensesJP¥13.45b
EarningsJP¥3.71b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 08, 2022

Earnings per share (EPS)142.28
Gross Margin44.33%
Net Profit Margin9.58%
Debt/Equity Ratio0.0%

How did 3964 perform over the long term?

See historical performance and comparison

Dividends

2.1%

Current Dividend Yield

3%

Payout Ratio

Does 3964 pay a reliable dividends?

See 3964 dividend history and benchmarks
When do you need to buy 3964 by to receive an upcoming dividend?
Aucnet dividend dates
Ex Dividend DateDec 29 2022
Dividend Pay DateMar 08 2023
Days until Ex dividend91 days
Days until Dividend pay date160 days

Does 3964 pay a reliable dividends?

See 3964 dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

Is 3964 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3964?

Other financial metrics that can be useful for relative valuation.

3964 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.8x
Enterprise Value/EBITDA4.5x
PEG Ratio1.7x

Price to Earnings Ratio vs Peers

How does 3964's PE Ratio compare to its peers?

3964 PE Ratio vs Peers
The above table shows the PE ratio for 3964 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average15.2x
3540 C.I. MedicalLtd
16x6.8%JP¥44.8b
9997 Belluna
6.7x5.7%JP¥66.6b
3678 MEDIA DO
22.3x38.8%JP¥28.4b
3319 Golf Digest Online
15.7x11.4%JP¥28.2b
3964 Aucnet
15.2x9.2%JP¥56.5b

Price-To-Earnings vs Peers: 3964 is expensive based on its Price-To-Earnings Ratio (15.2x) compared to the peer average (15.2x).


Price to Earnings Ratio vs Industry

How does 3964's PE Ratio compare vs other companies in the JP Online Retail Industry?

Price-To-Earnings vs Industry: 3964 is good value based on its Price-To-Earnings Ratio (15.2x) compared to the JP Online Retail industry average (16.6x)


Price to Earnings Ratio vs Fair Ratio

What is 3964's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

3964 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.2x
Fair PE Ratio15.3x

Price-To-Earnings vs Fair Ratio: 3964 is good value based on its Price-To-Earnings Ratio (15.2x) compared to the estimated Fair Price-To-Earnings Ratio (15.3x).


Share Price vs Fair Value

What is the Fair Price of 3964 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3964 (¥2167) is trading below our estimate of fair value (¥3116.09)

Significantly Below Fair Value: 3964 is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.


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Future Growth

How is Aucnet forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


9.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 3964's forecast earnings growth (9.2% per year) is above the savings rate (0.04%).

Earnings vs Market: 3964's earnings (9.2% per year) are forecast to grow faster than the JP market (8.5% per year).

High Growth Earnings: 3964's earnings are forecast to grow, but not significantly.

Revenue vs Market: 3964's revenue (6.3% per year) is forecast to grow faster than the JP market (4.2% per year).

High Growth Revenue: 3964's revenue (6.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 3964's Return on Equity is forecast to be low in 3 years time (17.5%).


Discover growth companies

Past Performance

How has Aucnet performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


16.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 3964 has high quality earnings.

Growing Profit Margin: 3964's current net profit margins (9.6%) are lower than last year (10%).


Past Earnings Growth Analysis

Earnings Trend: 3964's earnings have grown by 16.6% per year over the past 5 years.

Accelerating Growth: 3964's earnings growth over the past year (15.2%) is below its 5-year average (16.6% per year).

Earnings vs Industry: 3964 earnings growth over the past year (15.2%) exceeded the Online Retail industry -11.5%.


Return on Equity

High ROE: 3964's Return on Equity (15.6%) is considered low.


Discover strong past performing companies

Financial Health

How is Aucnet's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 3964's short term assets (¥36.0B) exceed its short term liabilities (¥15.2B).

Long Term Liabilities: 3964's short term assets (¥36.0B) exceed its long term liabilities (¥3.2B).


Debt to Equity History and Analysis

Debt Level: 3964 is debt free.

Reducing Debt: 3964 had no debt 5 years ago.

Debt Coverage: 3964 has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: 3964 has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is Aucnet current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


2.12%

Current Dividend Yield

Upcoming Dividend Payment

TodaySep 28 2022Ex Dividend DateDec 29 2022Dividend Pay DateMar 08 202369 days from Ex DividendBuy in the next 91 days to receive the upcoming dividend

Dividend Yield vs Market

Aucnet Dividend Yield vs Market
How does Aucnet dividend yield compare to the market?
SegmentDividend Yield
Company (Aucnet)2.1%
Market Bottom 25% (JP)1.7%
Market Top 25% (JP)3.7%
Industry Average (Online Retail)1.4%
Analyst forecast in 3 Years (Aucnet)2.5%

Notable Dividend: 3964's dividend (2.12%) is higher than the bottom 25% of dividend payers in the JP market (1.66%).

High Dividend: 3964's dividend (2.12%) is low compared to the top 25% of dividend payers in the JP market (3.73%).


Stability and Growth of Payments

Stable Dividend: 3964 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 3964's dividend payments have increased, but the company has only paid a dividend for 5 years.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (3%), 3964's dividend payments are thoroughly covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (30.3%), 3964's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.7yrs

Average management tenure


CEO

Kiyotaka Fujisaki (70 yo)

no data

Tenure

JP¥134,100,000

Compensation

Mr. Kiyotaka Fujisaki has been Representative Director and Chairman of the board since 2020 and serves as its Chief Executive Officer. He earlier served as President and Chief Executive Officer of Aucnet,...


CEO Compensation Analysis

Kiyotaka Fujisaki's Compensation vs Aucnet Earnings
How has Kiyotaka Fujisaki's remuneration changed compared to Aucnet's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

JP¥4b

Mar 31 2022n/an/a

JP¥4b

Dec 31 2021n/an/a

JP¥4b

Sep 30 2021n/an/a

JP¥3b

Jun 30 2021n/an/a

JP¥3b

Mar 31 2021n/an/a

JP¥2b

Dec 31 2020n/an/a

JP¥2b

Sep 30 2020n/an/a

JP¥2b

Jun 30 2020n/an/a

JP¥2b

Mar 31 2020n/an/a

JP¥2b

Dec 31 2019n/an/a

JP¥1b

Sep 30 2019n/an/a

JP¥1b

Jun 30 2019n/an/a

JP¥1b

Mar 31 2019n/an/a

JP¥2b

Dec 31 2018n/an/a

JP¥2b

Sep 30 2018n/an/a

JP¥2b

Jun 30 2018n/an/a

JP¥2b

Mar 31 2018n/an/a

JP¥2b

Dec 31 2017n/an/a

JP¥2b

Sep 30 2017n/an/a

JP¥2b

Jun 30 2017n/an/a

JP¥2b

Mar 31 2017n/an/a

JP¥2b

Dec 31 2016n/an/a

JP¥2b

Dec 31 2015JP¥134mJP¥54m

JP¥2b

Compensation vs Market: Insufficient data to establish whether Kiyotaka's total compensation is reasonable compared to companies of similar size in the JP market.

Compensation vs Earnings: Insufficient data to compare Kiyotaka's compensation with company performance.


Leadership Team

Experienced Management: 3964's management team is considered experienced (2.7 years average tenure).


Board Members

Experienced Board: 3964's board of directors are not considered experienced ( 1.7 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

What is the ownership structure of 3964?
Owner TypeNumber of SharesOwnership Percentage
Public Companies1,296,0005.0%
VC/PE Firms1,398,1005.4%
Hedge Funds1,407,5005.4%
General Public4,309,89516.5%
Institutions4,676,78917.9%
Individual Insiders12,980,40049.8%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 83.43% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
42.96%
Kiyotaka Fujisaki
11,198,800¥24.3b-22.24%no data
6.34%
Shinichiro Fujisaki
1,652,600¥3.6b0.18%no data
5.4%
United Managers Japan, Inc.
1,407,500¥3.1b0%15.37%
5.36%
VARECS Partners Limited
1,398,100¥3.0b0%18.34%
5.11%
Goldman Sachs Group, Investment Banking and Securities Investments
1,332,117¥2.9b0%0.01%
4.97%
Orient Corp., Retirement Benefit Trust
1,296,000¥2.8b0%23.94%
4.97%
Orient Corporation
1,296,000¥2.8b0%no data
4.66%
FMR LLC
1,213,733¥2.6b0%no data
1.11%
Nomura Asset Management Co., Ltd.
289,100¥626.5m-16.57%no data
0.54%
Dimensional Fund Advisors LP
141,510¥306.7m-0.01%no data
0.51%
Daiwa Asset Management Co. Ltd.
133,900¥290.2m-15.94%no data
0.51%
Nikko Asset Management Co., Ltd.
132,600¥287.3m-17.38%no data
0.43%
Hisanao Nagashima
110,800¥240.1m0%no data
0.19%
Mitsubishi UFJ Kokusai Asset Management Co., Ltd.
48,300¥104.7m-14.36%no data
0.058%
Asset Management One Co., Ltd.
15,200¥32.9m-2.56%no data
0.052%
BlackRock, Inc.
13,500¥29.3m-10%no data
0.049%
BNY Mellon Asset Management
12,700¥27.5m-1.55%no data
0.046%
American Century Investment Management Inc
12,000¥26.0m9.09%no data
0.035%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
9,200¥19.9m0%no data
0.03%
WisdomTree Asset Management, Inc.
7,800¥16.9m-3.7%no data
0.028%
Hiroki Taniguchi
7,200¥15.6m0%no data
0.023%
Masayasu Takigawa
6,000¥13.0m0%no data
0.019%
Sumitomo Mitsui DS Asset Management Company, Limited
5,000¥10.8m-3.85%no data
0.019%
Shunji Sato
5,000¥10.8m0%no data
0.018%
Norinchukin-Zenkyoren Asset Management Co., Ltd.
4,700¥10.2m-4.08%no data

Company Information

Aucnet Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Aucnet Inc.
  • Ticker: 3964
  • Exchange: TSE
  • Founded: 1982
  • Industry: Internet and Direct Marketing Retail
  • Sector: Retail
  • Implied Market Cap: JP¥56.491b
  • Shares outstanding: 26.07m
  • Website: https://www.aucnet.co.jp

Number of Employees


Location

  • Aucnet Inc.
  • Aoyama OM Square
  • 5-8 Kita-Aoyama 2-chome
  • Tokyo
  • 107-8349
  • Japan


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
3964TSE (The Tokyo Stock Exchange)YesCommon StockJPJPYMar 2017

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.