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CyberAgent Inc 4751

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Stock XTKS Rating as of
JPY 942.20 −40.20 (4.09%)
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As of Delayed Price Closed
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Company Report

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CyberAgent Earnings: More Confidence in Game Longevity and Cross-Media Strategy; Shares Undervalued

Kazunori Ito, Pujance Chan

Narrow-moat CyberAgent’s March-quarter results beat our estimates, mainly due to higher-than-expected game top-line growth driven by the successful launch of its AAA console game title and resilient mobile game sales. Although the game business’ surprise rebound stole the spotlight, also commendable were the media segment achieving quarterly profit for the first time since the company started investing in the Abema business and the digital advertising businesses’ solid sales growth and margin improvement. These gave us more confidence in CyberAgent’s cross-media strategy to improve returns by monetizing its game IPs over the longer term across multiple platforms and by having Abema as its own ad platform for internet advertisement clients.

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Price vs Fair Value

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4751 is trading at a 18% discount.
Price
JPY 982.40
Fair Value
JPY 9,691.00
Uncertainty
High
1-Star Price
JPY 9,812.00
5-Star Price
JPY 397.00
Economic Moat
Tlpzd
Capital Allocation
Hpzkykmd

Bulls Say, Bears Say

Bulls

CyberAgent has achieved technology breakthroughs in the use of artificial intelligence and digital transformation, or DX, in digital advertising, significantly lowering operation costs.

Bears

CyberAgent might start to lose clients to Dentsu and Hakuhodo if they lower their rates significantly.

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Trading Information

Previous Close Price
JPY 982.40
Day Range
JPY 941.40–989.20
52-Week Range
JPY 756.30–1,194.00
Bid/Ask
JPY 942.20 / JPY 944.30
Market Cap
JPY 477.01 Bil
Volume/Avg
11.8 Mil / 5.6 Mil

Key Statistics

Price/Earnings (Normalized)
23.78
Price/Sales
0.72
Dividend Yield (Trailing)
1.52%
Dividend Yield (Forward)
1.52%
Total Yield
1.52%

Company Profile

CyberAgent is one of the top digital advertising companies in Japan. Its main business is internet advertising, which accounts for over 50% of companywide revenue. Currently, it is one of the market leaders, with about 12% market share in the digital advertisement market, alongside Dentsu with 13% and Hakuhodo with 11%. It also operates a video game segment (about 20% of total revenue) and a media segment, which is mainly Abema, an online TV program streaming site (about 20% of total revenue).
Sector
Communication Services
Industry
Advertising Agencies
Stock Style Box
Mid Growth
Total Number of Employees
7,390
Website
http://www.cyberagent.co.jp

Competitors

Valuation

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Metric
4751
NFLX
NTES
Price/Earnings (Normalized)
 23.7838.4513.48
Price/Book Value
 3.3211.133.44
Price/Sales
 0.727.064.18
Price/Cash Flow
 15.4433.9812.38
Price/Earnings
4751
NFLX
NTES

Financial Strength

Metric
4751
NFLX
NTES
Quick Ratio
 2.200.892.53
Current Ratio
 2.581.072.65
Interest Coverage
 150.0510.53—
Quick Ratio
4751
NFLX
NTES

Profitability

Metric
4751
NFLX
NTES
Return on Assets (Normalized)
 7.14%13.51%18.60%
Return on Equity (Normalized)
 22.95%30.73%28.51%
Return on Invested Capital (Normalized)
 10.16%19.50%20.77%
Return on Assets
4751
NFLX
NTES
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