Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Equity Bottom-Up

<ul>
<li>
 Take profit ahead of 3Q: at ¥6,020, Money Forward has effectively reached our ¥6,030 DCF value. </li>
<li>
Strong results largely anticipated: HIRAC boosts headline EBITDA, while a guidance raise is increasingly priced into ~5x FY26E sales. </li>
<li>
Risk/Reward has shifted: limited valuation cushion makes protecting gains ahead of a potentially noisy 3Q print prudent.</li>
</ul>



 Take profit ahead of 3Q: at ¥6,020, Money Forward has effectively reached our ¥6,030 DCF value. 

Strong results largely anticipated: HIRAC boosts headline EBITDA, while a guidance raise is increasingly priced into ~5x FY26E sales. 

Risk/Reward has shifted: limited valuation cushion makes protecting gains ahead of a potentially noisy 3Q print prudent.


Money Forward (3994 JP) | Take Profit Ahead of 3Q. The Price Has Caught Up.