Change Holdings - Public Comps and Valuation Multiples

Change Holdings Overview

About Change Holdings

Change Holdings Inc provides mobility, IoT (Internet of Things) data, security and IT human resources training services. It segments are: Public Tech and NEW-IT Transformation Business. The Public Tech segment covers local government support projects that aims to realize high value-added resident services by utilizing ICT technology to promote the improvement of local government business productivity. The NEW-IT Transformation Business segment promotes digital transformation through various algorithms such as AI, voice Internet, mobility, IoT, cloud, security, services utilizing basic technology, and training for digital human resources. It also provides digital transformation solutions by combining libraries based on customer needs to realize customer digital transformation.

Founded

2003

HQ

Employees

475

Website

change-jp.com

Sectors

IT Consulting
Service Providers

Financials

LTM Revenue n/a

LTM EBITDA n/a

EV

$647M

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Change Holdings Financials

Change Holdings has a last 12-month revenue of n/a and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Change Holdings achieved revenue of $246M and an EBITDA of $61.5M.

Change Holdings expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Change Holdings P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$133M	$246M	XXX	XXX	XXX
Gross Profit	$53.0M	$83.2M	XXX	XXX	XXX
Gross Margin	40%	34%	XXX	XXX	XXX
EBITDA	$44.5M	$61.5M	XXX	XXX	XXX
EBITDA Margin	33%	25%	XXX	XXX	XXX
Net Profit	$20.6M	$25.6M	XXX	XXX	XXX
Net Margin	15%	10%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Change Holdings Stock Performance

As of April 15, 2025, Change Holdings's stock price is JPY 1232 (or $8).

Change Holdings has current market cap of JPY 85.7B (or $570M), and EV of JPY 97.3B (or $647M).

See Change Holdings trading valuation data

Change Holdings Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$647M	$570M	XXX	XXX	XXX	XXX	n/a

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Change Holdings Valuation Multiples

As of April 15, 2025, Change Holdings has market cap of $570M and EV of $647M.

Change Holdings's trades at n/a LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate Change Holdings's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Change Holdings Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$647M	XXX	XXX	XXX
EV/Revenue	n/a	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	n/a	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	n/a	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

Change Holdings Valuation Multiples

Change Holdings's NTM/LTM revenue growth is n/a

Change Holdings's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, Change Holdings's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Change Holdings's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Change Holdings Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	85%	XXX	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	XXX	XXX	XXX
EBITDA Growth	38%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$0.5M	XXX	XXX	XXX	XXX
Opex per Employee	$0.2M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	33%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	36%	XXX	XXX	XXX	XXX

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