Heiwa - Public Comps and Valuation Multiples

Heiwa Overview

About Heiwa

Heiwa Corp is a gambling company involved in the manufacturing and sales of pachinko and pachislot machines. The company operates in two business segments: game machines and golf. The game machine business develops pachinko machines, a gambling device with pinball-like characteristics, which are sold to pachinko parlors throughout Japan. Pachinko parlors allow users to purchase small steel balls, which are utilized in pachinko machines under the objective of winning more balls, which can then be exchanged for prizes. Pachislot machines, which are a similar gambling device with characteristics of pachinko and slot machines, are developed in a similar manner. The company's golf segment operates a number of golf courses. Heiwa generates the vast majority of its revenue in Japan.

Founded

1969

HQ

Employees

10.3K+

Website

heiwanet.co.jp

Sectors

Casinos & Gambling
ViceTech

Financials

LTM Revenue $997M

LTM EBITDA $275M

EV

$1.7B

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Heiwa Financials

Heiwa has a last 12-month revenue of $997M and a last 12-month EBITDA of $275M.

In the most recent fiscal year, Heiwa achieved revenue of $906M and an EBITDA of $214M.

Heiwa expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Heiwa P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$946M	$906M	XXX	XXX	XXX
Gross Profit	$222M	$328M	XXX	XXX	XXX
Gross Margin	23%	36%	XXX	XXX	XXX
EBITDA	$238M	$214M	XXX	XXX	XXX
EBITDA Margin	25%	24%	XXX	XXX	XXX
Net Profit	$14.6M	$137M	XXX	XXX	XXX
Net Margin	2%	15%	XXX	XXX	XXX
Net Debt	$468M	$465M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Heiwa Stock Performance

As of April 15, 2025, Heiwa's stock price is JPY 2187 (or $15).

Heiwa has current market cap of JPY 216B (or $1.4B), and EV of JPY 262B (or $1.7B).

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Heiwa Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.7B	$1.4B	XXX	XXX	XXX	XXX	$0.84

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Heiwa Valuation Multiples

As of April 15, 2025, Heiwa has market cap of $1.4B and EV of $1.7B.

Heiwa's trades at 1.7x LTM EV/Revenue multiple, and 6.3x LTM EBITDA.

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

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Heiwa Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$1.7B	XXX	XXX	XXX
EV/Revenue	1.8x	XXX	XXX	XXX
EV/EBITDA	6.9x	XXX	XXX	XXX
P/E	16.4x	XXX	XXX	XXX
P/E/Growth	0.5x	XXX	XXX	XXX
EV/FCF	n/a	XXX	XXX	XXX

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

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Heiwa Valuation Multiples

Heiwa's NTM/LTM revenue growth is 78%

Heiwa's revenue per employee for the last fiscal year averaged $0.1M, while opex per employee averaged $15K for the same period.

Over next 12 months, Heiwa'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 Heiwa's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Heiwa Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	-4%	XXX	XXX	XXX	XXX
EBITDA Margin	27%	XXX	XXX	XXX	XXX
EBITDA Growth	-10%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	104%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.1M	XXX	XXX	XXX	XXX
Opex per Employee	$15K	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	17%	XXX	XXX	XXX	XXX

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