マネーフォワード: 5月Q決算注目点：セキュリティーインシデントの影響は限定的、成長モメンタムに大きな変化なしとみる

Research evidence excerpt

マネーフォワード: 5月Q決算注目点：セキュリティーインシデントの影響は限定的、成長モメンタムに大きな変化なしとみる

IdeaM

図表4: Money Forward (3994): KPI

KPI F11/21 F11/22 F11/23 F11/24 F11/25 1Q F11/25 2Q F11/25 3Q F11/25 4Q F11/25 F11/26 1Q F11/26 2Qe F11/26 3Qe F11/26 4Qe F11/26e F11/27e F11/28e

No. of client

Total 183,303 236,143 301,724 372,919 400,143 414,347 424,689 441,707 441,707 474,462 486,500 497,200 513,500 513,500 590,050 672,500

Corporate 88,548 114,729 149,659 190,340 199,254 210,223 219,898 231,517 231,517 241,435 250,000 259,700 270,500 270,500 314,050 361,300

SMB 84,756 108,950 141,579 179,856 188,262 198,167 207,136 217,943 217,943 227,162 235,000 244,000 254,000 254,000 294,500 338,500

Mid-sized 3,792 5,779 8,080 10,484 10,992 12,056 12,762 13,574 13,574 14,273 15,000 15,700 16,500 16,500 19,550 22,800

Sole proprietors 94,755 121,414 152,065 182,579 200,889 204,124 204,791 210,190 210,190 233,027 236,500 237,500 243,000 243,000 276,000 311,200

YoY%

Total 29% 29% 28% 24% 20% 20% 19% 18% 18% 19% 17% 17% 16% 16% 15% 14%

Corporate 27% 30% 30% 27% 26% 25% 23% 22% 22% 21% 19% 18% 17% 17% 16% 15%

SMB - 29% 30% 27% 25% 24% 22% 21% 21% 21% 19% 18% 17% 17% 16% 15%

Mid-sized - 52% 40% 30% 26% 31% 30% 29% 29% 30% 24% 23% 22% 22% 18% 17%

Sole proprietors 31% 28% 25% 20% 14% 15% 14% 15% 15% 16% 16% 16% 16% 16% 14% 13%

Consensus

Total no. of client - - - - - - - - - - 487,563 498,972 514,838 514,881 587,623 587,623

APRA

Total (JPY) 47,728 56,200 63,012 67,837 68,148 71,388 73,605 76,767 76,767 77,718 79,849 81,226 82,633 82,633 86,509 90,652

Corporate (JPY) 86,472 103,687 115,966 120,597 123,776 128,233 130,306 135,037 135,037 139,718 142,710 143,346 145,007 145,007 150,733 156,924

SMB (JPY) 63,325 67,808 69,122 66,697 69,075 67,036 68,221 71,166 71,166 75,473 76,500 76,000 75,500 75,500 76,100 76,900