J & Friends Holdings Ltd (JF) valuation
Bring your own price
Enter a share price and a discount rate — every multiple, the earning-power value and the reverse-DCF below recompute on the spot from J & Friends Holdings Ltd's latest SEC EDGAR filings. Change either input and the whole page follows.
The prefilled 8.9% is a plain CAPM cost of equity at β = 1: the 10-year Treasury yield (4.46%, 2026-06-18, U.S. Treasury 10-yr) plus the U.S. equity risk premium (4.46%, Damodaran 2026-01-01). Build a firmer per-company rate with the cost-of-equity and WACC calculators, then paste it here.
Share price — · awaiting your input
Market Capitalization
Enterprise Value
Price-to-Earnings
Earnings Yield
Price-to-Free-Cash-Flow
Free-Cash-Flow Yield
Enterprise-Value-to-EBITDA
Enterprise-Value-to-Sales
Enterprise-Value-to-FCF
Price-to-Sales
Price-to-Book
Fundamentals from the filings
Every model input below comes straight from J & Friends Holdings Ltd's SEC EDGAR XBRL filings — these are the denominators and bridge inputs the calculator pairs with your price and rate.
Trailing twelve months · FY2025 (year ending 2025-12-31)
- Revenue
- ¥1.6M
- EBIT (GAAP)
- -¥1.3M
- EBIT margin
- -83.9%
- Operating cash flow
- ¥146.0K
- CapEx
- —
- D&A
- ¥190.0K
- Free cash flow
- —
- Stock-based comp
- ¥14.0K
- YoY revenue growth
- -95.5%
Balance sheet · 20-F · period ending 2025-12-31
- Cash & equivalents
- ¥945.0K
- Total debt
- —
- Stockholders' equity
- —
- Excess cash
- ¥913.0K
Excess cash = total cash − an operating-cash floor of 2% of TTM revenue (¥32.0K) that a buyer couldn't pocket without starving operations.
Share count
- Diluted shares (TSM-scaled)
- 582.0M
Method: weighted-average diluted shares (no point-in-time count tagged). See the diluted-shares methodology for why this count denominates EPV/share and the reverse-DCF equity bridge.
Earning Power Value & reverse-DCF
A note on share counts — three different denominators in play
- Weighted-average diluted — the filed P/E
denominator (NetIncome ÷ this = diluted EPS). Used on the
P/E card above because EPS is pulled directly from the
EarningsPerShareDilutedXBRL tag and is locked to that share count. - Point-in-time CSO (latest
CommonStockSharesOutstanding) — matches a point-in-time price for market-cap-based multiples (P/S, P/B, EV/EBITDA, P/FCF, FCF Yield). Cards labelled "shares outstanding" use this. - TSM-scaled diluted — point-in-time CSO scaled by the latest filer-disclosed (WeightedAverageDiluted ÷ WeightedAverageBasic) ratio. Estimates today's fully-diluted share count and is the denominator for the EPV per share and the reverse-DCF equity bridge below.
Earning Power Value
Bruce Greenwald's no-growth fair-value floor: capitalise after-tax operating earnings (NOPAT) at your discount rate, then bridge to equity (+ excess cash, − total debt, − minority interest). Assumes today's earnings approximate steady-state earnings power and ignores any growth premium. See the EPV methodology for assumptions and caveats.
- 3-yr avg EBIT margin
- —
- × Revenue (—)
- —
- = Normalized EBIT
- —
- × (1 − tax)
- —
- EBIT (TTM)
- —
- = NOPAT
- —
- − Growth CapEx
- —
- = Earnings power
- —
- ÷ Discount rate
- —
- = Enterprise EPV
- —
- + Excess cash
- ¥913.0K
- − Total debt
- ¥0
- − Minority interest
- —
- = Equity EPV
- —
- ÷ Diluted shares
- 582.0M
3-year FY EBIT-margin history isn't available for this filer (typically a recent IPO or restated history) — falling back to TTM-only NOPAT for EPV. The capitalised figure is more sensitive to single-period distortion than the normalized form.
Normalized NOPAT (3-yr-margin × normalisation revenue, after tax) is non-positive — the no-growth EPV floor is undefined because steady-state earnings power requires positive earnings. The reverse-DCF below models a forward-looking path back to profitability.
Expectations investing: what does your price imply?
Rappaport-style reverse-DCF. We start from your share price (— × — shares = — market cap, — enterprise value) and solve for the operating path that would justify it.
To match your price, the model solves for the operating levers below, then flags each against J & Friends Holdings Ltd's own history:
- Year-1 revenue growth: —
- Target EBIT margin (Y10): —
- High-growth plateau: —
- Starting ROIC held through the harvest window
at or below the reference above the reference outside the historical band
Assumptions
- Initial revenue growth
- —
- Year-2 growth
- —
- Starting EBIT margin
- —
- Tax rate
- —
- Discount rate (your input)
- —
- Starting ROIC
- —
Constants
- Horizon
- 10 years
- Terminal growth
- 2.5%
- Terminal ROIC
- —
- Discounting
- Mid-year
See the discounting convention, plateau tier rules, and the terminal ROIC fade on the methodology page.
Year-by-year reconciliation
Not a forecast. These are the year-by-year revenue, margin, and cash-flow figures the reverse-DCF solver had to assume for its present value to land on the enterprise value your price implies — the operating path that price is pricing in, not a view of what the company will deliver.
| Year | Revenue | Growth | EBIT | Margin | NOPAT | ROIC | Reinvestment | FCF | Discount | PV of FCF |
|---|---|---|---|---|---|---|---|---|---|---|
| Enter a share price above to solve the scenario. | ||||||||||
Terminal value
- NOPATN+1
- —
- ReinvestmentN+1
- —
- FCFN+1
- —
- Terminal value (undiscounted)
- —
- PV of terminal value
- —
Equity bridge
| PV of operating FCF | — |
| + PV of terminal value | — |
| = Enterprise value | — |
| − Total debt | ¥0 |
| + Excess cash | ¥913.0K |
| − Noncontrolling interest | — |
| = Equity value | — |
| ÷ Diluted shares | 582.0M |
| = DCF PV / share | — |
| Your price | — |
| Reconciliation delta | — |
Every rule — growth-source priority, plateau tiers, compound cap, solver ladder, flag colours — is documented on the expectations scenario methodology.