Mandarake Inc. (2652) AI Stock Analysis

• Market Cap: ¥11.88B
• Dividend Yield: 0.3%
• Average Volume (3M): 177.19K
• Price to Earnings (P/E): 9.7
• Beta (1Y): 0.59
• Revenue Growth: 5.03%
• EPS Growth: -17.66%
• Country: JP
• Employees: 347
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 9.56
• Shares Outstanding: 36,180,000
• 10 Day Avg. Volume: 176,670
• 30 Day Avg. Volume: 177,186
• PEG Ratio: 0.92
• Price to Book (P/B): 1.25
• Price to Sales (P/S): 0.94
• P/FCF Ratio: 13.68
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ¥362.00 ▲(6.78% Upside)

Mandarake Inc. has a solid valuation with a low P/E ratio, indicating potential undervaluation. However, financial performance is mixed, with strong revenue growth but declining profitability and cash flow challenges. Technical indicators suggest bearish momentum, but the stock is nearing oversold conditions, which could present a buying opportunity.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term expansion and stability.

Gross Profit Margin

A strong gross profit margin reflects effective cost control and pricing power, enhancing profitability and competitive positioning.

Debt Reduction

Reduced leverage strengthens the balance sheet, providing financial flexibility and reducing risk, which is beneficial for long-term growth.

Negative Factors

Profitability Decline

Declining profitability margins can impact the company's ability to reinvest in growth and may signal operational inefficiencies.

Cash Flow Challenges

Cash flow challenges can constrain operational flexibility and limit the company's ability to invest in strategic initiatives.

Operational Costs

Rising operational costs can erode margins and reduce profitability, potentially affecting long-term financial health.

Mandarake Inc. Business Overview & Revenue Model

Company Description

Mandarake Inc. operates and manages old books and antique stores in Japan. It provides newest to vintage items, including, toys, dolls, games, subcultures, art books, doujinshi, etc. It also edits and sells publications. The company sells its products through stores, as well as online. Mandarake Inc. was founded in 1980 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Mandarake generates revenue through multiple channels, primarily from the sale of second-hand goods, including manga, anime merchandise, and collectibles. The company's revenue model is based on purchasing items from individuals, which allows them to offer unique products at competitive prices. Key revenue streams include sales from physical retail locations, online sales through their e-commerce website, and participation in events and conventions where they sell directly to consumers. Additionally, Mandarake benefits from a loyal customer base and partnerships with various distributors and publishers, enhancing their product offerings and driving sales. The company's success is also supported by the increasing global interest in Japanese pop culture, which has expanded its customer reach beyond domestic markets.

Mandarake Inc. Financial Statement Overview

Summary

Mandarake Inc. demonstrates strong financial performance with consistent revenue growth, robust profit margins, and effective cash flow management. The company maintains a stable balance sheet with manageable debt levels, although continued focus on leverage is advised.

Income Statement

Mandarake Inc. demonstrates strong income statement performance with a consistent revenue growth trajectory, highlighted by a 12.58% increase from 2023 to 2024. Gross profit margins are robust at 54.8%, and the net profit margin improved to 9.5%. EBIT and EBITDA margins also reflect operational efficiency, standing at 14.4% and 16.1%, respectively. Overall, the company shows healthy profitability and growth trends.

Balance Sheet

The balance sheet reflects solid equity growth, with the equity ratio at 60.1%, indicating financial stability. The debt-to-equity ratio decreased to 0.47, showing effective debt management. Return on Equity is strong at 12.7%, driven by increased net income. However, the presence of significant total debt requires careful monitoring to maintain leverage stability.

Cash Flow

Mandarake's cash flow statement shows a positive free cash flow growth of 4.4%, with a solid operating cash flow to net income ratio of 0.79. The free cash flow to net income ratio is at 0.72, indicating effective cash conversion. The company has managed to fund its operations and investments effectively, although a slight decrease in operating cash flow warrants attention.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	15.18B	14.46B	12.84B	10.59B	9.63B
Gross Profit	8.06B	7.92B	7.02B	5.78B	5.26B
EBITDA	2.03B	2.33B	2.11B	1.18B	840.85M
Net Income	1.12B	1.38B	1.25B	587.48M	357.39M
Balance Sheet
Total Assets	18.91B	18.09B	17.92B	16.67B	16.12B
Cash, Cash Equivalents and Short-Term Investments	766.15M	1.25B	1.47B	845.47M	736.35M
Total Debt	4.91B	5.06B	6.15B	6.45B	6.78B
Total Liabilities	7.08B	7.23B	8.30B	8.30B	8.33B
Stockholders Equity	11.82B	10.86B	9.62B	8.37B	7.79B
Cash Flow
Free Cash Flow	-123.55M	995.62M	953.24M	459.63M	240.21M
Operating Cash Flow	215.22M	1.09B	1.19B	562.06M	392.92M
Investing Cash Flow	-389.39M	-90.50M	-257.47M	-118.59M	-140.02M
Financing Cash Flow	-311.62M	-1.21B	-309.16M	-334.79M	-283.23M

Mandarake Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 339.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2652, the sentiment is Negative. The current price of 339 is above the 20-day moving average (MA) of 337.15, below the 50-day MA of 350.84, and above the 200-day MA of 325.16, indicating a neutral trend. The MACD of -4.32 indicates Negative momentum. The RSI at 45.38 is Neutral, neither overbought nor oversold. The STOCH value of 55.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2652.

Mandarake Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2674	74 Outperform	¥27.04B	12.21	―	3.90%	7.88%	-5.92%
3159	69 Neutral	¥30.91B	7.39	―	0.90%	12.50%	11.02%
2652	66 Neutral	¥11.88B	9.72	―	0.30%	5.03%	-17.66%
3093	65 Neutral	¥39.94B	13.94	―	2.26%	17.90%	14.14%
2751	64 Neutral	¥41.67B	22.93	―	0.26%	15.30%	-15.97%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%