Investment view · 3186

Nextage (3186)

As of 2026-10-17 · TSE Prime · Retail (小売業) · FY ends November · J-GAAP · Price ¥2,641 (2026-10-16 close)

Bottom line

RatingBuy
Thesis typeCyclical recovery
Price¥2,6412026-10-16
Base case¥2,895+10% from today
Scorecard66 / 100
ConfidenceMedium
From 52w high−39%

Nextage, Japan's fastest-growing used-car retailer, has recovered from its FY2024/11 trough: OP margin rose from 2.3% to 3.6% in nine months of FY2026/11, OP is +66.7% YTD, and the company has beaten its raised guide in two of the last three years. The stock has fallen 39% from its 2026-06-19 high to 10.0x consensus FY2027/11 EPS and 2.3x book, its own PBR band at −1.7σ, with ROE guided at 19%. The full-year guide implies Q4 sales −17% and OP −10% year on year after Q3 grew 24.7% and 27.6%, so the guide looks low. The market is pricing the risks of growth that comes mostly from low-margin dealer wholesale, a balance sheet near 1x net debt to equity, and the 2023 insurance-sales scandal; those are real, but they look more than discounted at this price.

The most important missing evidence is why the stock fell 39% after the July upward revision. No disclosure or news found explains it, and the Q3 supplementary deck (gross profit per unit, wholesale mix) was not read.

Signal panel

Recognition gapModerate

Covered by several brokers (IFIS rating 3.50, target ¥4,138), but the price fell 39% from the high while consensus OP for FY2026/11 moved only −0.9% in 3 months.

Upward-revision probabilityMedium

OP progress 78.3% vs 78.6% seasonal median (in line); but the guide implies Q4 OP ¥5,976m vs ¥6,622m a year earlier and Q4 sales ¥145.6bn vs ¥175.4bn.

Value-trap riskMedium

Gross margin down 1.2 pts YTD; receivables +31% YTD; net D/E ~0.93; OCF/NP 0.38 and 0.72 in FY24–FY25. Estimates are not falling.

IR credibilityMixed

Quarterly deck and integrated report with segment KPIs; but a 2023 insurance-sales misconduct case forced the president out, and the integrated report assumes a WACC of only 3.5–4.4% (p.29).

Evidence confidenceMedium

Q3 短信 and integrated report read; no segment feeds (403); Q3 deck and 有報 not read; cause of the price fall unknown.

Investment thesis

  1. Earnings have inflected. Standalone OP FY2026/11: Q1 ¥6,024m (+183%), Q2 ¥8,064m (+63%), Q3 ¥7,536m (+28%); OPM 3.3% / 3.8% / 3.6% vs 1.5–3.5% a year earlier (fact sheet, Quarters). YTD OP ¥21,624m (+66.7%) (Q3 短信 p.1). Reported fact.
  2. Operating leverage, not price luck. YTD sales +26.0%, gross profit +17.3%, SG&A only +8.1% (¥74,638m) (Q3 短信 p.9). The 2025 profit-improvement project cut loss-making stores and slowed openings (integrated report p.23, p.27). Reported fact.
  3. The guide leaves room. FY guide (raised 2026-07-06) sales ¥746bn, OP ¥27.6bn; minus YTD leaves Q4 sales ¥145.6bn (−17.0%) and OP ¥5,976m (−9.8%) (Q3 短信 p.1; fact sheet). Consensus sales ¥790bn already expects more. Company guidance / inference.
  4. Cheap against its own history and its growth. 12.1x company-forecast PER, 10.0x consensus FY2027/11 (EPS ≈ ¥263), PBR 2.31x vs band mean 3.05x (z −1.72); IFIS theoretical prices ¥3,314 (PER) and ¥3,489 (PBR) (fact sheet). Reported fact.
  5. Returns are back above cost of capital. ROE 11.5% (FY24) → 16.9% (FY25) → 19.0% guided; IFIS ROIC 8.4%. Reported fact / company guidance.

Business and earnings

Nextage sells used cars through large-format stores (SUV LAND, 総合店 that also buy, insure, inspect and service), buy-only stores, and imported new-car dealerships: 251 sites and 367 stores on 2026-08-31 (Q3 短信 p.2). It earns gross profit on the car plus attached insurance, warranties, finance and service, and recycles trade-ins through auctions. It wins on scale of purchasing (283,017 cars bought in FY2025/11, +11.1%) and large display stock (integrated report p.27).

FY2025/11 standalone mix (integrated report p.27): sales stores ¥329.9bn (+13.0%, gross profit ¥49.9bn), buy-only ¥217.9bn (+22.2%), new-car dealers ¥92.4bn (+26.6%), service ¥21.6bn. Retail units 184,823 (+4.0%); auction units 231,150 (+4.0%). From H2 FY2025/11 the company added B2B sales to dealers (業販) to turn stock faster (integrated report p.28).

FY2026/11 YTD (Q3 短信 p.2–3, p.9): units sold 390,074 (+17.7%), sales ¥600.4bn (+26.0%), so revenue per unit +7%. Gross margin 16.0% vs 17.2%, consistent with more low-margin wholesale. Kanto sales +31.2%, units +23.7%, helped by 8 new sites. Non-operating costs rose to ¥1,909m (interest ¥896m, derivative loss ¥553m). Inference: growth now leans on wholesale volume more than retail gross profit per car; the deck would confirm the split.

RevenueFiscal years, ¥. E marks company guidance.
¥0¥200bn¥400bn¥600bn¥800bn2018/11 Revenue: ¥163bn2019/11 Revenue: ¥219bn2020/11 Revenue: ¥241bn2021/11 Revenue: ¥291bn2022/11 Revenue: ¥418bn2023/11 Revenue: ¥463bn2024/11 Revenue: ¥553bn2025/11 Revenue: ¥652bn2026/11E Revenue: ¥746bn¥746bn2018/112019/112020/112021/112022/112023/112024/112025/112026/11E
Data
YearRevenueOPNPOPM
2018/11¥163bn¥4.4bn¥2.9bn2.7%
2019/11¥219bn¥6.1bn¥4.3bn2.8%
2020/11¥241bn¥6.8bn¥4.7bn2.8%
2021/11¥291bn¥13.6bn¥9.7bn4.7%
2022/11¥418bn¥19.4bn¥13.9bn4.7%
2023/11¥463bn¥16.1bn¥11.6bn3.5%
2024/11¥553bn¥12.9bn¥8bn2.3%
2025/11¥652bn¥19.6bn¥12.8bn3%
2026/11E¥746bn¥27.6bn¥17.1bn3.7%

factsheet.json annual (zaimu_fy_all)

MarginsOperating and net margin, % of revenue
0%2%4%6%2018/11 Operating margin: 2.7%2019/11 Operating margin: 2.8%2020/11 Operating margin: 2.8%2021/11 Operating margin: 4.7%2022/11 Operating margin: 4.7%2023/11 Operating margin: 3.5%2024/11 Operating margin: 2.3%2025/11 Operating margin: 3%2026/11E Operating margin: 3.7%3.7%2018/11 Net margin: 1.8%2019/11 Net margin: 1.9%2020/11 Net margin: 2%2021/11 Net margin: 3.3%2022/11 Net margin: 3.3%2023/11 Net margin: 2.5%2024/11 Net margin: 1.4%2025/11 Net margin: 2%2026/11E Net margin: 2.3%2.3%2018/112019/112020/112021/112022/112023/112024/112025/112026/11EOperating marginNet margin

factsheet.json annual

Quarterly operating profitStandalone quarters, ¥
¥0¥2.5bn¥5bn¥7.5bn¥10bn2023/11 Q4: ¥1.6bn, YoY −65%2024/11 Q1: ¥2.2bn, YoY +25%2024/11 Q2: ¥5.5bn, YoY −10%2024/11 Q3: ¥2.4bn, YoY −63%2024/11 Q4: ¥2.8bn, YoY +68%2025/11 Q1: ¥2.1bn, YoY −3.8%2025/11 Q2: ¥4.9bn, YoY −11%2025/11 Q3: ¥5.9bn, YoY +144%2025/11 Q4: ¥6.6bn, YoY +140%2026/11 Q1: ¥6bn, YoY +183%2026/11 Q2: ¥8.1bn, YoY +63%¥8.1bn2026/11 Q3: ¥7.5bn, YoY +28%¥7.5bn23 Q424 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q226 Q3
Data
QuarterSalesOPNPOPMOP YoY
2023/11 Q4¥114bn¥1.6bn¥1.3bn1.4%−65%
2024/11 Q1¥119bn¥2.2bn¥1.5bn1.9%+25%
2024/11 Q2¥146bn¥5.5bn¥3.9bn3.8%−10%
2024/11 Q3¥136bn¥2.4bn¥1.5bn1.8%−63%
2024/11 Q4¥151bn¥2.8bn¥1.1bn1.8%+68%
2025/11 Q1¥145bn¥2.1bn¥1.1bn1.5%−3.8%
2025/11 Q2¥164bn¥4.9bn¥3.1bn3%−11%
2025/11 Q3¥168bn¥5.9bn¥3.6bn3.5%+144%
2025/11 Q4¥175bn¥6.6bn¥4.9bn3.8%+140%
2026/11 Q1¥181bn¥6bn¥4bn3.3%+183%
2026/11 Q2¥210bn¥8.1bn¥4.9bn3.8%+63%
2026/11 Q3¥209bn¥7.5bn¥5bn3.6%+28%

factsheet.json quarters (zaimu_4q_all)

Forecast test

  • FY2026/11 guidance: initial 2026-01-05 sales ¥684bn, OP ¥24.0bn; raised 2026-07-06 to sales ¥746bn, OP ¥27.6bn, RP ¥25.5bn, NP ¥17.1bn, EPS ¥218.26, DPS ¥50; kept on 2026-10-05 (Q3 短信 p.1, p.3). Company guidance.
  • Consensus (IFIS): FY2026/11 OP ¥27,280m (−1.2% vs guide), NP ¥17,488m; FY2027/11 OP ¥31,800m (+15%), NP ¥20,654m. 3-month change −0.9% and −0.2%. External estimate.
  • Progress: OP 78.3% vs median 78.6% (−0.3 pts); sales 80.5% vs 76.0% (+4.5 pts); NP 81.0% vs 80.4%. Seasonal median of actual for OP at Q3 is 77.3%, which points to ~¥28.0bn. Reported fact / inference.
  • Track record: actual vs initial OP FY21 +24.0%, FY22 +11.1%, FY23 −35.7%, FY24 −35.3%, FY25 +30.6% (fact sheet). Misses came in the over-expansion and scandal years; FY2026/11 initial ¥24.0bn is already exceeded on a run-rate basis.
  • One-offs: none material; ¥184m impairment (Q3 短信 p.9).
  • Revision probability: Medium. A Q4 OP flat YoY (¥6.6bn) gives ~¥28.2bn (+2% vs guide). The bigger test is the FY2027/11 initial guide on ~2027-01-05 against consensus OP ¥31.8bn.
Progress against guidance, 2026/11 Q3Year to date as % of current full-year guidance. The tick is the median at the same quarter in prior years.
0%25%50%75%100%SalesSales: 80%80% (+4.5 pts)Median of prior years 76%Operating profitOperating profit: 78%78% (−0.3 pts)Median of prior years 79%Ordinary profitOrdinary profit: 79%79% (−0.0 pts)Median of prior years 79%Net profitNet profit: 81%81% (+0.6 pts)Median of prior years 80%Progress this yearSeasonal median

factsheet.json progress (zaimu_4q_acc, act_est_hist_n)

Guidance track recordActual operating profit against the company's initial guidance
−40%−20%0%+20%+40%2020/112020/11: initial ¥7.8bn, actual ¥6.8bn−13%2021/112021/11: initial ¥11bn, actual ¥13.6bn+24%2022/112022/11: initial ¥17.5bn, actual ¥19.4bn+11%2023/112023/11: initial ¥25bn, actual ¥16.1bn−36%2024/112024/11: initial ¥20bn, actual ¥12.9bn−35%2025/112025/11: initial ¥15bn, actual ¥19.6bn+31%
Data
YearInitialFinal guidanceActualActual vs initial
2020/11¥7.8bn¥6.5bn¥6.8bn−13%
2021/11¥11bn¥13.3bn¥13.6bn+24%
2022/11¥17.5bn¥19.4bn¥19.4bn+11%
2023/11¥25bn¥18bn¥16.1bn−36%
2024/11¥20bn¥12.5bn¥12.9bn−35%
2025/11¥15bn¥17bn¥19.6bn+31%

factsheet.json guidance.trackRecord

Financial strength and capital allocation

  • Balance sheet (2026-08-31, Q3 短信 p.5–6): equity ¥89.9bn, equity ratio 34.3%; borrowings and bonds ¥115.8bn (short-term ¥9.0bn, current portion ¥39.1bn plus ¥5.0bn bond, long-term ¥62.7bn); cash ¥32.4bn; net debt ≈ ¥83.4bn, net D/E ≈ 0.93. Inventory ¥100.3bn (+13.3% YTD), receivables ¥26.4bn (+31.2% YTD) after +73% in FY2025/11 (fact sheet flag). Current ratio 1.70. No liquidity gate, but leverage is high for a retailer facing rising rates.
  • Cash: OCF ¥33.7bn / ¥3.0bn / ¥9.2bn in FY23–FY25; FCF ¥10.0bn / −¥15.4bn / ¥1.9bn (fact sheet). Stock build absorbs cash; FY22 OCF was negative. OCF gate passes.
  • Returns: ROE ≈ net margin 2.0% × asset turnover 2.88 × leverage 2.86 in FY2025/11; the recovery came from margin (1.4% in FY24). ROIC 8.4% (IFIS) vs company ROIC ~11% (integrated report p.29, company definition). The company's assumed WACC of 3.5–4.4% understates a cost of equity of ~8–9% (analyst assumption); on that basis, ROE 19% still clears it.
  • Peers (Yahoo! Finance, 2026-10-16, company-forecast PER, actual PBR): IDOM (Gulliver) 9.2x / 1.05x / ROE 14.2% / yield 3.3%; VT Holdings 8.4x / 0.83x / ROE 6.9% / 4.8%. Nextage's premium on PBR reflects higher ROE and growth.
  • Allocation: DPS ¥15 → ¥45 → ¥50 guided, 9 consecutive increases, target payout ~30% (integrated report p.29). No buyback since 2020. Capex fell to 0.55x depreciation in FY25 as large-store openings slowed; management says openings stay slow for "the next few years" and FCF will improve (p.29).
Returns on capitalROE and ROA, %
0%10%20%30%8% cost of equity2016/11 ROE: 27%2017/11 ROE: 22%2018/11 ROE: 18%2019/11 ROE: 19%2020/11 ROE: 16%2021/11 ROE: 27%2022/11 ROE: 28%2023/11 ROE: 19%2024/11 ROE: 12%2025/11 ROE: 17%17%2016/11 ROA: 6.5%2017/11 ROA: 7.7%2018/11 ROA: 5.9%2019/11 ROA: 5.7%2020/11 ROA: 5.1%2021/11 ROA: 9.2%2022/11 ROA: 10%2023/11 ROA: 6.8%2024/11 ROA: 4%2025/11 ROA: 5.7%5.7%2016/112017/112018/112019/112020/112021/112022/112023/112024/112025/11ROEROA

factsheet.json annual. The 8% line is a common Japan cost-of-equity assumption, not a company figure.

Cash generationOperating and free cash flow, ¥
−¥40bn−¥20bn¥0¥20bn¥40bn2018/11 Operating cash flow: −¥2.1bn2019/11 Operating cash flow: −¥9.2bn2020/11 Operating cash flow: ¥19.3bn2021/11 Operating cash flow: ¥3.2bn2022/11 Operating cash flow: −¥17.9bn2023/11 Operating cash flow: ¥33.7bn¥33.7bn2024/11 Operating cash flow: ¥3bn2025/11 Operating cash flow: ¥9.2bn¥9.2bn2018/11 Free cash flow: −¥9.5bn2019/11 Free cash flow: −¥20bn2020/11 Free cash flow: ¥10.7bn2021/11 Free cash flow: −¥5bn2022/11 Free cash flow: −¥31.7bn2023/11 Free cash flow: ¥10bn2024/11 Free cash flow: −¥15.4bn2025/11 Free cash flow: ¥1.9bn2018/112019/112020/112021/112022/112023/112024/112025/11Operating cash flowFree cash flow
Data
YearOCFICFFCFOCF / NP
2018/11−¥2.1bn−¥7.4bn−¥9.5bn-0.72
2019/11−¥9.2bn−¥10.8bn−¥20bn-2.16
2020/11¥19.3bn−¥8.5bn¥10.7bn4.07
2021/11¥3.2bn−¥8.3bn−¥5bn0.33
2022/11−¥17.9bn−¥13.8bn−¥31.7bn-1.29
2023/11¥33.7bn−¥23.7bn¥10bn2.92
2024/11¥3bn−¥18.5bn−¥15.4bn0.38
2025/11¥9.2bn−¥7.3bn¥1.9bn0.72

factsheet.json annual. FCF here is OCF plus investing cash flow.

Net debtInterest-bearing debt less cash, ¥. Below zero is net cash.
¥0¥20bn¥40bn¥60bn¥80bn2018/11 Net debt: ¥18.9bn2019/11 Net debt: ¥33.2bn2020/11 Net debt: ¥25.2bn2021/11 Net debt: ¥28.7bn2022/11 Net debt: ¥56.7bn2023/11 Net debt: ¥47.8bn2024/11 Net debt: ¥74.2bn2025/11 Net debt: ¥78.7bn¥78.7bn2018/112019/112020/112021/112022/112023/112024/112025/11
Data
YearCashDebtNet debtEquity ratioCurrent ratio
2018/11¥16.5bn¥35.4bn¥18.9bn28%2.3
2019/11¥11.1bn¥44.3bn¥33.2bn32%2.17
2020/11¥27.4bn¥52.6bn¥25.2bn30%2.46
2021/11¥22.7bn¥51.5bn¥28.7bn37%2.67
2022/11¥19.8bn¥76.5bn¥56.7bn35%2.11
2023/11¥29.6bn¥77.4bn¥47.8bn37%1.85
2024/11¥35.7bn¥110bn¥74.2bn33%1.98
2025/11¥17.7bn¥96.3bn¥78.7bn35%1.84

factsheet.json balance

Dividend per share¥ per share, not split-adjusted. 9 consecutive increases.
¥0¥20¥40¥602017/11 DPS: ¥22018/11 DPS: ¥42019/11 DPS: ¥62020/11 DPS: ¥72021/11 DPS: ¥152022/11 DPS: ¥242023/11 DPS: ¥322024/11 DPS: ¥332025/11 DPS: ¥452026/11E DPS: ¥50¥502017/112018/112019/112020/112021/112022/112023/112024/112025/112026/11E

factsheet.json returns.dps (zaimu_dps_table)

IR and management credibility

  • 2023-09-01: disclosed improper insurance sales practices; president 浜脇 resigned on 2023-09-11 and founder 広田 returned as chairman and president; all sales incentives scrapped (the-shashi.com summary).
  • FY2024/11: OP missed initial guide by 35%; management attributes it to over-fast openings and weaker supply (integrated report p.23).
  • FY2025/11: profit-improvement project; OP beat initial guide by 30.6%.
  • 2026-05-29: integrated report with business-unit KPIs, ROIC and stated WACC; target of ¥1tn market cap (p.29).
  • Gaps: no results briefing for Q3 (Q3 短信 p.1); the WACC assumption is too low to be a credible hurdle; the ¥1tn target is ~4.7x today's market cap.

Valuation and scenarios

CaseFY2027/11 NP / EPSMultipleValue per shareReturn from today
Bull¥22.0bn (OP ~¥34bn) / ¥28013.0x PER (band mean 12.8x)¥3,640+38%
Base¥20.65bn (consensus) / ¥26311.0x PER¥2,895+10%
Bear¥17.1bn (flat on FY26 guide) / ¥2189.0x PER (≈−2σ)¥1,960−26%

78.4m shares outstanding ex treasury. Add the ¥50 dividend (1.9%).

  • Own bands: forward PER 10.2x vs 1-year mean 12.8x (z −1.32); PBR 2.31x vs mean 3.05x (z −1.72), close to −2σ (2.17x). EV/EBITDA 8.5x on forecast (fact sheet).
  • What the price implies: at ¥2,641, 10x on consensus FY2027/11 EPS, or 12x on this year's guide with no growth next year.
  • Why the market may be right: sales growth is mostly low-margin wholesale, so gross profit (+17%) lags sales (+26%); used-car prices could soften as new-car supply normalises; rising rates hit a balance sheet carrying ¥116bn of debt; and the 2023 scandal and a founder-led board raise governance discounts. Peers trade at 8–9x.
Price mapToday's price against the report's scenario values, the consensus target, the 52-week range and moving averages
52-week range ¥2,297 to ¥4,32552w low ¥2,29752w high ¥4,325Bear ¥1,960 −26%Bear ¥1,960 −26%Today ¥2,641Today ¥2,641MA25 ¥2,813MA25Base ¥2,895 +10%Base ¥2,895 +10%MA75 ¥3,292MA75MA200 ¥3,385MA200Bull ¥3,640 +38%Bull ¥3,640 +38%Consensus target ¥4,138Consensus target ¥4,138

Scenario values from the report's scenario table. Prices and consensus target from factsheet.json. A consensus target is an external estimate, not fair value.

Valuation against its own historyCurrent multiple within the stock's one-year mean ±1σ and ±2σ band
Forward PER−2σ8.9x−1σ10.8xmean12.8x+1σ14.8x+2σ16.8xForward PER 10.2x, z -1.3210.2x (z −1.32)PBR−2σ2.17x−1σ2.61xmean3.05x+1σ3.48x+2σ3.92xPBR 2.31x, z -1.722.31x (z −1.72)

factsheet.json valuation (stock_chart_per, stock_chart_pbr)

Bull case

  • Q4 OP comes in near Q3's ¥7.5bn, FY OP ~¥29bn, and the FY2027/11 guide is set at or above consensus ¥31.8bn.
  • Wholesale lifts stock turnover and gross profit per store without diluting retail margins; FCF turns clearly positive as openings stay slow.
  • PER returns toward the 12.8x band mean.

Bear case

  • Q4 confirms the guided −10% OP, showing the H1 surge was a market tailwind.
  • Gross margin keeps falling as wholesale grows; receivables and inventory keep outrunning sales.
  • Used-car price correction forces inventory write-downs on ¥100bn of stock.
  • A new compliance issue in insurance or warranties revives the 2023 discount.

Catalysts

DateEventWhy it matters
~2027-01-05FY2026/11 results and FY2027/11 guideQ4 vs implied −10% OP; initial guide vs consensus ¥31.8bn OP.
~2027-02AGMPayout and capital-allocation stance; possible buyback discussion promised by the CFO (integrated report p.29).
~2027-04-06Q1 FY2027/11 resultsFirst read on wholesale mix and gross margin trend.
MonthlyJADA/全軽自協 used-car registrationsMarket volume backdrop (+0.8% Dec–Aug).

What would change the rating

  • Upgrade (higher confidence) if Q4 OP is ≥¥6.6bn and the FY2027/11 OP guide is ≥¥31bn with gross margin stable.
  • Downgrade to Hold if the FY2027/11 OP guide is below ¥29bn, or net D/E exceeds 1.1.
  • Thesis invalidated if FY OP misses ¥27.6bn, or a new misconduct finding is disclosed.

Monitoring

IndicatorCurrentTriggerSourceNext update
OP progress vs seasonal norm78.3% vs 78.6% median at Q3FY OP <¥27.6bn短信 / fact sheet~2027-01-05
Consensus OP directionFY27/11 ¥31.8bn, −0.2% over 3mFalls >5%IFISweekly
Gross margin16.0% YTD vs 17.2%Below 15.5%短信~2027-01-05
Receivables and inventory¥26.4bn (+31%), ¥100.3bn (+13%) YTDGrowth above sales growth for another quarter短信~2027-01-05
Net D/E≈0.93>1.1短信~2027-01-05

Scorecard

FactorScoreComment
Business quality9 / 15Scale buyer and seller; thin 3–4% margins, cyclical used-car prices, 2023 misconduct
Earnings momentum16 / 20OP +66.7% YTD, margins 3.6–3.8%; growth decelerating (Q3 +28%)
Financial strength7 / 15Net D/E ~0.93, receivables and inventory growing, OCF lumpy
Capital efficiency and allocation7 / 10ROE 19% guided; 9 straight dividend raises; no buyback
Sentiment and revisions10 / 15Guide raised in July; consensus stable; target prices cut (−14.2% in 3m)
Valuation16 / 20PER 10x forward, PBR −1.7σ; premium to IDOM and VT
Technical and event confirmation1 / 5−38.9% from high, below MA25/75/200
Total66 / 100Low end of the Buy band; matches a Buy with medium confidence.
ScorecardScore as % of each factor's weight
0%25%50%75%100%Business qualityBusiness quality: 60%9 / 15Earnings momentumEarnings momentum: 80%16 / 20Financial strengthFinancial strength: 47%7 / 15Capital efficiency and allocationCapital efficiency and allocation: 70%7 / 10Sentiment and revisionsSentiment and revisions: 67%10 / 15ValuationValuation: 80%16 / 20Technical and event confirmationTechnical and event confirmation: 20%1 / 5

The report's scorecard table

Fact-sheet flags

Computed by factsheet.mjs. Each flag is a prompt to investigate, not a conclusion.

  • amberreceivables-outpacing-sales receivables grew 73.2% in 2025/11 (11,630 to 20,140) against sales growth of 18.0%
  • infoper-cheap Forward PER 10.21 vs 1-year mean 12.81 (+1σ 14.78), z -1.32: cheap vs own history
  • infofar-below-52w-high Price 2,641 is -38.9% from the 52-week high 4,325

Sources and limitations