Financial Readout
| Metric | FY2020 | FY2021 | FY2022 | FY2023 |
|---|
| Revenue (¥K) | 682,309 | 555,960 | 574,328 | 696,440 |
| Gross Margin | 44.1% | 49.9% | 53.5% | 58.8% |
| Operating Profit (¥K) | 47,998 | 25,157 | 55,231 | 128,533 |
| Adjusted EBITDA (¥K) | 163,267 | 117,229 | 153,250 | 267,143 |
| EBITDA Margin | 23.9% | 21.1% | 26.7% | 38.4% |
Normalization Policy
Accept
- Owner-specific compensation adjustment with evidence
- Clearly non-recurring one-offs
- Documented operational cost normalization
Reject
- Growth assumptions embedded as add-backs
- Unverified claims without source files
- Double-counting improvements in both EBITDA and multiple
Valuation Frame
| Item | Value | Interpretation |
|---|
| Asking Equity Value | ¥1,500,000K | Seller anchor point |
| Net Cash | ¥247,887K | Supports downside cushion |
| Implied Enterprise Value | ¥1,252,113K | Effective entry value after cash adjustment |
| EV / EBITDA | 4.7x | Attractive if QoE and transition hold |
VC interpretation: base pricing can be justified on domestic economics; overseas upside should be valued only after execution evidence emerges.