Rakus Co., Ltd.

TSE:3923 Stock Report

Market Cap: JP¥354.7b

Rakus Valuation

Is 3923 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 3923 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3923 (¥1964) is trading below our estimate of fair value (¥2075.13)

Significantly Below Fair Value: 3923 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3923?

Key metric: As 3923 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3923. This is calculated by dividing 3923's market cap by their current earnings.
What is 3923's PE Ratio?
PE Ratio53.8x
EarningsJP¥6.61b
Market CapJP¥354.74b

Price to Earnings Ratio vs Peers

How does 3923's PE Ratio compare to its peers?

The above table shows the PE ratio for 3923 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average42.1x
4733 OBIC Business Consultants
34.1x10.2%JP¥524.6b
4180 Appier Group
80x38.1%JP¥148.7b
4686 JustSystems
18xn/aJP¥211.0b
3993 PKSHA Technology
36.3x23.8%JP¥108.0b
3923 Rakus
53.9x26.0%JP¥355.8b

Price-To-Earnings vs Peers: 3923 is expensive based on its Price-To-Earnings Ratio (53.9x) compared to the peer average (42.1x).

Price to Earnings Ratio vs Industry

How does 3923's PE Ratio compare vs other companies in the JP Software Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
3923 53.8xIndustry Avg. 22.4xNo. of Companies22PE01632486480+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3923 is expensive based on its Price-To-Earnings Ratio (53.9x) compared to the JP Software industry average (22.4x).

Price to Earnings Ratio vs Fair Ratio

What is 3923'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.

3923 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio53.8x
Fair PE Ratio31.4x

Price-To-Earnings vs Fair Ratio: 3923 is expensive based on its Price-To-Earnings Ratio (53.9x) compared to the estimated Fair Price-To-Earnings Ratio (31.4x).

Analyst Price Targets

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

The above table shows the analyst 3923 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentJP¥1,964.00
JP¥2,788.89
+42.0%
12.1%JP¥3,100.00JP¥2,100.00n/a9
Nov ’25JP¥2,030.00
JP¥2,788.89
+37.4%
12.1%JP¥3,100.00JP¥2,100.00n/a9
Oct ’25JP¥2,205.00
JP¥2,688.89
+21.9%
14.5%JP¥3,100.00JP¥2,100.00n/a9
Sep ’25JP¥2,411.50
JP¥2,688.89
+11.5%
14.5%JP¥3,100.00JP¥2,100.00n/a9
Aug ’25JP¥1,963.50
JP¥2,588.89
+31.9%
19.7%JP¥3,100.00JP¥1,500.00n/a9
Jul ’25JP¥2,024.00
JP¥2,588.89
+27.9%
19.7%JP¥3,100.00JP¥1,500.00n/a9
Jun ’25JP¥1,783.50
JP¥2,616.67
+46.7%
17.4%JP¥3,100.00JP¥1,700.00n/a9
May ’25JP¥1,637.50
JP¥2,644.44
+61.5%
15.1%JP¥3,100.00JP¥1,700.00n/a9
Apr ’25JP¥2,036.50
JP¥2,688.89
+32.0%
17.3%JP¥3,500.00JP¥1,700.00n/a9
Mar ’25JP¥2,448.00
JP¥2,666.67
+8.9%
17.9%JP¥3,500.00JP¥1,700.00n/a9
Feb ’25JP¥2,470.50
JP¥2,644.44
+7.0%
18.9%JP¥3,500.00JP¥1,700.00n/a9
Jan ’25JP¥2,612.50
JP¥2,633.33
+0.8%
19.0%JP¥3,500.00JP¥1,700.00n/a9
Dec ’24JP¥2,650.00
JP¥2,530.00
-4.5%
14.8%JP¥3,100.00JP¥1,700.00n/a10
Nov ’24JP¥1,842.00
JP¥2,450.00
+33.0%
15.6%JP¥3,000.00JP¥1,700.00JP¥2,030.0010
Oct ’24JP¥2,062.50
JP¥2,490.00
+20.7%
16.8%JP¥3,300.00JP¥1,700.00JP¥2,205.0010
Sep ’24JP¥2,348.00
JP¥2,480.00
+5.6%
16.9%JP¥3,300.00JP¥1,700.00JP¥2,411.5010
Aug ’24JP¥2,456.00
JP¥2,460.00
+0.2%
19.2%JP¥3,300.00JP¥1,700.00JP¥1,963.5010
Jul ’24JP¥2,429.50
JP¥2,360.00
-2.9%
20.5%JP¥3,300.00JP¥1,700.00JP¥2,024.0010
Jun ’24JP¥2,266.00
JP¥2,250.00
-0.7%
21.0%JP¥3,100.00JP¥1,700.00JP¥1,783.5010
May ’24JP¥2,045.00
JP¥2,082.00
+1.8%
20.8%JP¥3,100.00JP¥1,700.00JP¥1,637.5010
Apr ’24JP¥1,898.00
JP¥2,057.00
+8.4%
20.8%JP¥3,100.00JP¥1,700.00JP¥2,036.5010
Mar ’24JP¥1,721.00
JP¥2,074.44
+20.5%
21.6%JP¥3,100.00JP¥1,700.00JP¥2,448.009
Feb ’24JP¥1,768.00
JP¥2,058.89
+16.5%
22.5%JP¥3,100.00JP¥1,500.00JP¥2,470.509
Jan ’24JP¥1,584.00
JP¥1,928.75
+21.8%
15.4%JP¥2,600.00JP¥1,500.00JP¥2,612.508
Dec ’23JP¥1,845.00
JP¥1,856.25
+0.6%
17.7%JP¥2,600.00JP¥1,400.00JP¥2,650.008
Nov ’23JP¥1,647.00
JP¥1,802.50
+9.4%
16.3%JP¥2,500.00JP¥1,500.00JP¥1,842.008

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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