Company Valuation: BASE,Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 68,655 26,601 28,103 37,629 36,716 39,962 - -
Change - -61.25% 5.65% 33.9% -2.43% 8.84% - -
Enterprise Value (EV) 44,602 4,191 5,876 12,626 10,745 39,962 39,962 39,962
Change - -90.6% 40.2% 114.86% -14.9% 271.92% 0% 0%
P/E -57x -15.3x -46x 111x 20.1x 20.2x 15.8x 12.7x
PBR 4.55x 1.99x 2.16x 2.81x 2.51x 2.59x 2.44x 2.23x
PEG - -0.4x 0.7x -1x 0x 2.41x 0.6x 0.5x
Capitalization / Revenue 6.91x 2.73x 2.41x 2.35x 1.77x 1.45x 1.29x 1.15x
EV / Revenue 0x 0x 0x 0x 0x 1.45x 1.29x 1.15x
EV / EBITDA -0x -0x -0x 0x - 16.1x 12.9x 10.2x
EV / EBIT -0x -0x -0x 0x 0x 16.4x 13.1x 10.4x
EV / FCF 0x -0x -0x 0x 0x 5.49x 7.99x 6.54x
FCF Yield 2.57% -6.51% -0.48% 9.65% 8.86% 18.2% 12.5% 15.3%
Dividend per Share 2 - - - - 5 5 5 5
Rate of return - - - - 1.57% 1.44% 1.44% 1.44%
EPS 2 -10.8 -15.46 -5.31 2.94 15.87 17.2 21.9 27.3
Distribution rate - - - - 31.5% 29.1% 22.8% 18.3%
Net sales 1 9,931 9,739 11,680 15,981 20,729 27,600 31,000 34,900
EBITDA 1 -932 -1,459 -423 803 - 2,480 3,100 3,910
EBIT 1 -977 -1,508 -425 772 1,686 2,430 3,050 3,860
Net income 1 -1,194 -1,732 -606 340 1,826 1,930 2,450 3,060
Net Debt -24,053 -22,410 -22,227 -25,003 -25,971 - - -
Reference price 2 616.00 236.00 244.00 325.00 319.00 347.00 347.00 347.00
Nbr of stocks (in thousands) 111,453 112,718 115,178 115,782 115,096 115,163 - -
Announcement Date 2/9/22 A 2/8/23 A 2/8/24 A 2/14/25 A 2/12/26 A - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.17x - - 1.44% 256M
21.83x6.46x19.4x-.--% 326B
23.01x2.71x13.79x-.--% 155B
38.22x4.48x29.65x-.--% 112B
34.37x6.78x19.06x-.--% 107B
2.8x74.2x2.07x0.15% 102B
81.15x4.87x23.2x-.--% 91.74B
10.25x7.64x91.63x0.66% 91.17B
8.19x3.12x64.55x0.73% 35.68B
192.2x2.93x85.54x-.--% 31.43B
Average 43.22x 12.58x 38.77x 0.3% 105.15B
Weighted average by Cap. 31.98x 12.04x 28.05x 0.1%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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