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Largest Horizontal E-commerce Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
LY Corporation, Rakuten, DeNA, ASKUL and Scroll.
 | LY is a leading Japanese internet services conglomerate. Its main services are Yahoo Japan, the oldest portal site in Japan that offers a wide variety of services, such as news, e-commerce, financial information, and Line, a national messenger application. In 2019, the company acquired Zozo, a leading online apparel retailer, to grow its e-commerce business. In 2022, LY consolidated with its wholly owned subsidiary PayPay, the most popular QR code payment service in Japan. | $3 | -24% | $17B | $23B | 1.9x | 8.6x | ||
| Rakuten is a leading e-commerce and fintech service provider in Japan. It has built up a comprehensive Rakuten ecosystem in Japan, including Rakuten Ichiba for e-commerce, Rakuten Travel, Rakuten Card, Rakuten Bank, Rakuten Securities, and became the fourth mobile network operator in Japan in April 2020. The loyalty program, Rakuten Super Points, has encouraged cross-use of services in its ecosystem. About 90% of its revenue is generated from the Japanese market. | $5 | -6% | $10B | $14B | 0.9x | 5.0x | ||
| DeNA Co Ltd is a social media service provider in Japan. It generates majority of the portion of its revenue by providing social media and Internet marketing-related services through its Social Media segment. The E-commerce segment offers E-Commerce related services, including the operation of auction shopping and cellular phone websites under the names DeNA shopping and Mobaoku, respectively. The Others segment is engaged in travel agency and insurance agency services, and professional baseball related business. The company has its primary market in North America. | $17 | -1% | $2B | $1B | 1.1x | 4.5x | ||
| ASKUL Corp is a Japanese company mainly offering office products and accessories. The business has two main segments: the office-related products and other delivery. The office-related product segment consists of personal computer and accessories, office supplies, and furniture. The other delivery segment provides cargo transportation services for corporations. | $7 | -23% | $665M | $812M | 0.2x | 5.2x | ||
| Scroll Corp offers online shopping services through its site and printed catalogs. It provides travel business, solution business, e-commerce business, and Ken Cosmetics business, among others. The group operates in four segments, which include Solutions Business, Mail Order Business, E-commerce Business, and Group-controlled businesses. | $10 | +53% | $346M | $317M | 0.6x | 9.1x | ||
| Raccoon Holdings Inc operates as an online discount wholesaler. It primarily offers apparel goods. | $4 | -11% | $81M | $63M | 1.5x | 7.2x | ||
| Senshukai Co Ltd is a Japan-based company operates in the catalog business. It provides customers with lifestyle ideas in a wide variety of genres through a range of catalogs and the online shop "Belle Maison Net. The segments in which the group operates includes Mail-order, Bridal, Corporate, and Others business. It offers accessories, living sundries, and furniture and interior goods for a specialty store-type product lineup. SENSHUKAI also provides travel and credit cards, and insurance services. | $1 | -52% | $34M | $13M | 0.0x | 0.5x | ||
| Median | $5 | -11% | $665M | $812M | 0.9x | 5.2x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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