| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 2221.61 | -23 |
| Intrinsic value (DCF) | 8543.58 | 194 |
| Graham-Dodd Method | 436.35 | -85 |
| Graham Formula | 1460.41 | -50 |
Bengo4.com, Inc. is a leading Japanese internet media and IT solutions company specializing in legal and tax consultation services. Operating primarily through its flagship portal sites, Bendo4.com (legal consultation) and zeiri4.com (tax consultation), the company connects users with professional advisors, leveraging Japan's growing demand for digital legal and financial services. Additionally, its IT/Solutions segment offers CloudSign, a cloud-based online contract service, catering to businesses transitioning to digital workflows. Headquartered in Tokyo and founded in 2005, Bengo4.com has established itself as a key player in Japan's online consultation market, benefiting from regulatory shifts and increasing digitization in professional services. With a market cap of ¥67.7 billion, the company operates at the intersection of technology and professional consulting, positioning it for sustained growth in Japan's evolving digital economy.
Bengo4.com presents a niche investment opportunity in Japan's digital professional services sector, with its dual focus on legal/tax consultation portals and IT solutions. The company's revenue of ¥11.3 billion and net income of ¥837 million reflect steady profitability, supported by strong operating cash flow of ¥1.16 billion. Its negligible beta (0.088) suggests low market correlation, potentially offering defensive characteristics. However, the lack of dividends and moderate debt (¥2.75 billion against ¥3.47 billion cash) may limit appeal to income-focused investors. Growth prospects hinge on Japan's adoption of digital legal/tax services and corporate demand for cloud-based solutions like CloudSign. Risks include competition from traditional consultation firms expanding online and reliance on Japan's domestic market.
Bengo4.com's competitive advantage lies in its first-mover status in Japan's online legal and tax consultation space, with strong brand recognition for Bendo4.com and zeiri4.com. The integration of its Media and IT/Solutions segments creates cross-selling opportunities, such as directing portal users to CloudSign. Its asset-light model allows scalability without significant capital expenditures (only ¥67 million in FY2024). However, the company faces intensifying competition as traditional law/accounting firms digitize services and tech platforms expand into professional consultations. Bengo4.com's niche focus on Japan limits geographic diversification but provides deep local market expertise. The lack of international peers in its exact business model is both a strength (reduced competition) and a weakness (no proven expansion blueprint). Its IT segment differentiates through CloudSign's specialization in legal-tech, but competes with broader e-signature platforms. Maintaining portal traffic and monetization will be critical as competitors improve online offerings.