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.

Money Forward (3994) | Major Improvement in Corporate Client Acquisition

Equity Bottom-Up

<ul>
<li>Money Forward has one of the largest SaaS/Fintech platforms in Japan and is a key beneficiary of corporate digital transformation </li>
<li>The stock has fallen 48% year to date as valuations crashed with global SaaS multiples</li>
<li>We think MF will emerge from downturn in good shape. At 10x EV/Rev, we see 22% upside (maybe even 55%....)</li>
</ul>


Money Forward has one of the largest SaaS/Fintech platforms in Japan and is a key beneficiary of corporate digital transformation 
The stock has fallen 48% year to date as valuations crashed with global SaaS multiples
We think MF will emerge from downturn in good shape. At 10x EV/Rev, we see 22% upside (maybe even 55%....)


Money Forward (3994) | SaaS Crash Survivor