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Caster Research Memo (9): Due to the need to prioritize growth investment, there is a high possibility of deferring dividends for a while.
■ Shareholder Return Caster <9331> positions dividend to shareholders as the most important management issue, but believes that enhancing financial soundness, ensuring internal reserves for business expansion, and investing in diversification of revenue base and strengthening profitability will lead to the greatest return to shareholders. Since its founding, the company has no record of dividends. Even in our company, shareholder return in the form of dividends will be postponed for a while, as the company is currently in a stage where growth investment should be prioritized.
Caster Research Memo (8): Accelerating growth through strengthening existing businesses and expanding segments.
■Future Growth Strategy 1. Environmental Awareness and Growth Potential (1) Due to the increasing labor shortage, particularly among small and medium-sized enterprises, and the changing perspective on remote work as a result of the COVID-19 pandemic, the demand for Caster Services (9331) is expected to increase from both the job posting side (client companies) and the job seeking side (workers). In particular, for small and medium-sized enterprises, the use of BPO, which requires large volumes, is also expected to increase.
Caster Research Memo (7): The individual performance forecast for the August 2024 term has been downwardly revised due to an increase in advertising budget.
■Performance Outlook: 1. Caster Co., Ltd. (9331) has revised its individual performance estimates downward, taking into account the performance up to the third quarter and the increased investment in advertising in the fourth quarter. In addition, due to the consolidation of Grams as of June 1, 2024, they have announced new consolidated performance estimates. The revised individual performance estimate (in range format) is for revenue to be 445,000,000 to 455,000,000 yen (compared to the previous period's 417,900,000 yen) and for operating loss to be 230,000,000 to 150,000,000 yen (compared to the previous 200,000,000 yen).
Caster Research Memo (6): Actively engage in business partnerships and M&A with saas vendors.
■ The main topics caster shell plc adr <9331> has put forward a policy to promote business collaboration with SaaS vendors (various platforms) by capturing the flow from BPO to BPaaS and taking a position as a third-party talent supplier. In addition, they are actively promoting the utilization of AI technology through M&A and collaboration with other companies, and have been able to achieve specific results in each area. 1. Sales of online business concierge services will begin in March 2024.
Caster Research Memo (4): Although the average sales growth rate over the past five years exceeds 45%, the phase of preceding investments continues.
Looking back on the performance of Caster <9331> for the past five years until the end of August 2023, the revenue has been steadily increasing with the increase in the number of operating companies and the growth of ARPU. The average revenue growth rate (CAGR) is 45.2%. On the other hand, in terms of profit and loss, despite the continued deficit since its founding due to upfront costs for business launch and development of growth foundations (advertising investment, system development, human investment, etc.), the revenue growth has absorbed fixed costs and upfront expenses, and in the period ending August 2023,
Caster Research Memo (3): Increase in the number of operating companies and ARPU due to segment expansion driving performance.
■ Corporate feature 1. The revenue of the growth model caster <9331> can be simplified into the product of the number of operating companies and ARPU (average revenue per user), so increasing each of them leads to revenue growth. Looking at the trend over the past few years, 1) the increase in the number of operating companies and 2) the increase in ARPU have driven the company's growth*. So, what are the key points for increasing each? 1) Needless to say, an improvement in new acquisitions and churn rate is necessary for an increase in the number of operating companies. For new acquisitions,
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