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I-Space Research Memo (9): The policy is to continue and stably implement dividends with a target of 3.0% or more in DOE.
InterSpace <2122> has decided to aim for the improvement of long-term corporate value as a basic policy for dividends starting from the fiscal year ending in September 2024, and to continually and stably return profits to shareholders while aiming for it. They plan to implement dividends with a DOE (consolidated shareholder capital dividend rate) of 3.0% or more as a guide. Based on the same policy, the planned dividend per share for the fiscal year ending in September 2024 is 30.0 yen (an increase of 5.0 yen compared to the previous year, with a DOE of 3.2%). It is anticipated that profits will continue to expand smoothly in the future, with DOE decreasing to 3.0%.
I-Space Research Memo (8): If the probability of a growth scenario increases, there may be a reassessment of the EV/EBITDA multiple.
The major affiliate operation companies in the industry comparison include Interspace<2122>, Funkommunications, Adways, Valuecommerce, Linkshare Japan (a subsidiary of Rakuten<4755>) and Rentorax. Their revenue scales vary due to their expansion in other industries, but the total market share of the six companies, including the company in question, in the affiliate service industry is about 60%, of which the company in question accounts for less than 10%.
I-Space Research Memo (7): Revenue of 8.5 billion yen and operating profit of 1.5 billion yen are the targets for the September 2026 fiscal year with an ROE of 15% or more.
■Outlook for the Future 2. Progress of Medium-term Management Plan Interspace <2122> released a medium-term management plan (fiscal year ending September 2024 to September 2026) at the beginning of the period, setting a sales target of 8.5 billion yen, operating profit of 1.5 billion yen, and ROE of 15% or more for the final year ending September 2026. The average annual growth rate for the three-year period is 2.4% for revenue and 43.3% for operating profit. The operating profit margin will increase from 10.9% in fiscal year ending September 2023 to 17.6% in fiscal year ending September 2026.
I-Space Research Memo (5): The financial health is strong and the available cash will be allocated to growth investment and shareholder returns.
Performance trends of Interspace <2122> 3. Financial condition and management indicators The total assets at the end of the second quarter of the 2024 fiscal year, which ended in September, increased by 645 million yen compared to the previous period, reaching 11.739 billion yen. Looking at the main factors of increase and decrease, cash and deposits increased by 97 million yen and accounts receivable and contractual assets increased by 540 million yen in current assets. In fixed assets, tangible fixed assets increased by 8 million yen, intangible fixed assets increased by 12 million yen, and investments and other assets increased by 28 million yen. The increase in intangible fixed assets
I-Space Research Memo (2): Developing Performance Marketing Business and Broadcasting Business.
Business Overview: Interspace <2122> was established in 1999 for the main purpose of Internet advertising business, and has two businesses: performance marketing business (formerly Internet advertising business) centered on affiliate advertising, and broadcasting business. As of the second quarter of the 2024 fiscal year, the business segment composition ratio of cumulative sales revenue is 62.0% for performance marketing business and over 59.8% for business profits, but in the future, broadcasting business is expected to be increasingly important.
I-Space - the advertising revenue of "Mama Star" has recovered and the performance for the fiscal year ending September 2024 has been upwardly revised.
InterSpace<2122> operates a performance marketing business with a focus on affiliate advertising (formerly known as internet advertising) and a media business centered on "Mama Star." It is also working to develop affiliate services through its subsidiaries and associated companies in Indonesia, Thailand, Malaysia, Vietnam, and Singapore. The consolidated performance for the second quarter of the fiscal year ending September 2024 (October 2023-March 2024) was an increase in revenue compared to the same period of the previous year.
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