Marusan Securities Co (9KC) fair value: what the stock is really worth
As of Oct 26, 2026: fair value (intrinsic value) of Marusan Securities Co stock €12.17, price €6.60, upside +84.4%, quality 74 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?Yes
Good quality?Yes
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 27, 2026.
How to read this chart
60‑month range €2.10 – €7.05 · fair‑value band €4.18 – €15.99 · the €6.60 price screens below the €12.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 27, 2026.
Follow Marusan Securities Co in your weekly email
Every Wednesday you see whether Marusan Securities Co is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Marusan Securities Co., Ltd. engages in the financial products trading business in Japan.
Show moreShow less
The company is involved in buying and selling securities; market and foreign market derivative transactions; intermediation, brokerage, and brokerage agency financial instruments exchange market activities; underwriting and sale of securities; handling of public offerings, sale, and private placement of securities; safe deposit box business; brokerage of stock affairs; buying and selling of gold bullion, negotiable deposits, and yen-denominated bank bills; storage business; intermediation of buying and selling; life insurance recruitment; non-life insurance agency business; custodial custody; lending and borrowing of securities; and other businesses.
It also provides agency services for accepting payments for public and corporate bonds and paying their principal interest, payment of investment trust beneficiary certificate, redemption proceeds, partial cancellation charges, and securities related.
Marusan Securities Co., Ltd. was founded in 1910 and is headquartered in Chiyoda, Japan.
Stock analysis
Marusan Securities Co (9KC) currently trades at €6.60, while our model-based Fair Value estimate is €12.17, implying the stock looks roughly 45.8% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of €12.17 per share, and 6 of the 13 models we run sit above the €6.60 price.
Bear case: the Asset-Based group reads lowest at €2.39, and 7 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: €4.18 (bear) to €15.99 (bull), the price of €6.60 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 74/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Marusan Securities Co reported revenue of ¥21.7B in FY2026 versus ¥18.7B in FY2022, a compound +3.9%/yr. Reported net income was ¥5.0B in FY2026, compounding +15.4%/yr from FY2022.
Key figures
Market cap €438M Small · P/E ratio 15.7 · P/S ratio 3.62 · EPS (TTM) €0.4200 · Dividend yield 3.3% · Net margin 23.1% · Return on equity 10.0% · Return on assets (EBIT) 3.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 71 out of 100 (medium confidence).
What moves the price
The share trades about 6% below its 52-week high and 40% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −14% fair-value upside, at 84%, 9KC screens cheaper than that median.
Fair Value models
Bear€4.18Fair Value €12.17Bull€15.99
Price €6.60 · Upside +84.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (€0.2416 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+15.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.3%
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in JPY (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+26.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.6%
Dividend (yield on the price)3.3%
Profit margin 2022 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.17% → 25%
2026 sits 70% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−15.9%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about −17.7% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 457 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside+84.4% · Top 25%
Profitability
Return on equity (12 months)10.0% · Above median
Return on assets5.7% · Top 25%
Net margin (12 months)24.5% · Above median
Operating margin (12 months)33.4% · Above median
Growth and dividend
Revenue growth (quarter YoY)30.3% · Above median
Dividend yield (12 months)3.3% · Above median
Valuation Multiplesvs Capital Markets median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Marusan Securities Co Fair Value". https://www.fairvalue-calculator.com/stock/9KC
Frequently asked questions
Is Marusan Securities Co (9KC) overvalued or undervalued?
As of Oct 27, 2026, our model estimates a fair value of €12.17 versus a price of €6.60, about +84% upside (undervalued).
What is the fair value of 9KC?
Our model-based fair value for Marusan Securities Co is €12.17 (as of Oct 27, 2026), built from audited fundamentals. The current price: €6.60.
What is the quality score of 9KC?
Marusan Securities Co has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Marusan Securities Co (9KC)?
Our model-based price target is the fair value of €12.17 (as of Oct 27, 2026) from 13 valuation models. Cautious scenario €4.18, optimistic scenario €15.99. It is a calculation from audited fundamentals, not an analyst target.
What is the Marusan Securities Co stock forecast for 2026?
Our models put fair value at €12.17, about +84% upside versus a price of €6.60 (undervalued). Cautious scenario €4.18, optimistic scenario €15.99. The calculation is refreshed regularly with new filings.
What is the revenue of Marusan Securities Co (9KC)?
Marusan Securities Co reported trailing-twelve-month revenue of about ¥20.4B (latest available figure, as of Oct 27, 2026).
Does Marusan Securities Co pay a dividend?
Marusan Securities Co currently shows a dividend yield of 3.30% relative to its recent price (as of Oct 27, 2026).
What growth is priced into Marusan Securities Co (9KC)?
For today's price to be fair in a discounted-cash-flow model, Marusan Securities Co would have to grow free cash flow by -15.9 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +3.9 % per year. As of Oct 27, 2026.
What discount rate (WACC) does the fair value of 9KC use?
Our models discount Marusan Securities Co at 9.6 %: a base by market capitalisation (small), damped by beta 0.27, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Marusan Securities Co that is -15.9 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Marusan Securities Co (9KC) delivered so far?
Over the past 4 years revenue at Marusan Securities Co grew +3.9 % a year. The price currently implies -15.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Marusan Securities Co (9KC) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Marusan Securities Co (-15.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Marusan Securities Co (9KC)?
The free-cash-flow yield on the price is 10.45 %: that much free cash flow Marusan Securities Co produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Marusan Securities Co (9KC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Marusan Securities Co it is €12.17 per share (as of Oct 27, 2026), against a price of €6.60. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Marusan Securities Co stock overvalued or undervalued in 2026?
As of Oct 27, 2026, 9KC trades below its calculated fair value: price €6.60, fair value €12.17, a gap of about +84% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 9KC?
No. The price is what the market pays today (€6.60); the fair value is what the company's own numbers justify (€12.17). For Marusan Securities Co the two are €5.57 per share apart. That gap is exactly why we show both numbers side by side.
How much is Marusan Securities Co worth?
The market values Marusan Securities Co at about €438M (market capitalisation, as of Oct 27, 2026). Per share that is €6.60; our models calculate a fair value of €12.17 per share.
What do the bullish and bearish scenarios say about 9KC?
Our models span a range for Marusan Securities Co: cautious scenario €4.18, base €12.17, optimistic €15.99 per share (as of Oct 27, 2026, price €6.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9KC?
Marusan Securities Co trades at a price-to-earnings ratio of 15.7 (as of Oct 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €12.17 is built from several models across several years. Other multiples: P/B 1.5, P/S 3.7, EV/EBITDA 6.4.
How solid is the balance sheet of Marusan Securities Co (9KC)?
Balance-sheet figures for Marusan Securities Co (as of Oct 27, 2026): return on equity 10.0%. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is 9KC from its 52-week high?
Marusan Securities Co trades at €6.60, about 6% below its 52-week high of €7.00 and 40% above the low of €4.72 (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of €12.17 is for.
Which stocks are comparable to Marusan Securities Co?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Marusan Securities Co stock attractive at the current price?
The data as of Oct 27, 2026: price €6.60, calculated fair value €12.17 (+84%), Quality Score 74/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 9KC calculated?
We run Marusan Securities Co through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €12.17, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 12.7 % above its aggregate fair value. Marusan Securities Co currently trades 46 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Marusan Securities Co (9KC)?
The closing price on Oct 26, 2026 was €6.60. Our model-based fair value is €12.17, about +84% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Marusan Securities Co right now?
The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict. The model range is unusually wide (€4.18 to €15.99). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Marusan Securities Co
How large is the market capitalisation of Marusan Securities Co (9KC)?
The market capitalisation of Marusan Securities Co is €438M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Marusan Securities Co (9KC)?
The price-to-sales ratio of Marusan Securities Co is 3.62 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Marusan Securities Co (9KC)?
Earnings per share at Marusan Securities Co are €0.4200 (price ÷ EPS = P/E 15.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Marusan Securities Co (9KC)?
The dividend yield of Marusan Securities Co is 3.3% (payout 51.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Marusan Securities Co (9KC)?
The net margin of Marusan Securities Co is 23.1% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Marusan Securities Co (9KC)?
The return on equity (ROE) of Marusan Securities Co is 10.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Marusan Securities Co (9KC)?
On an EBIT basis the return on assets of Marusan Securities Co is 3.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Marusan Securities Co (9KC)?
The operating margin of Marusan Securities Co is 33.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Marusan Securities Co (9KC)?
Revenue at Marusan Securities Co is growing +30.3% versus a year earlier (3y avg +13.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Marusan Securities Co (9KC)?
Earnings per share at Marusan Securities Co are growing −11.7% versus a year earlier. How much earnings per share grew versus a year earlier.
Free · no account needed
Watch Marusan Securities Co in the live analysis
One click puts Marusan Securities Co on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 28,000+ stock screener.
Broad data
Oct 27, 2026