SBI Global Asset Management Co (MJP) fair value: what the stock is really worth
As of Oct 26, 2026: fair value (intrinsic value) of SBI Global Asset Management Co stock €2.53, price €3.41, upside -25.7%, quality 43 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?No
Good quality?No
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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 €2.61 – €4.39 · fair‑value band €1.05 – €3.90 · the €3.41 price screens above the €2.53 fair value. Dashed = 300-day average. As of Oct 27, 2026.
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SBI Global Asset Management Co., Ltd. provides financial and asset management services in Japan and internationally.
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The company provides investment management and investment advice services, such as investment trusts establishment, solicitation, and management services based on the financial instruments and exchange act.
It also collects information on finance, websites, etc.; and compares, analyzes, evaluates, and processes accumulated information, as well as provides consulting services. In addition, the company offers fund data and report services.
The company was formerly known as Morningstar Japan K.K. and changed its name to SBI Global Asset Management Co., Ltd. in March 2023. The company was incorporated in 1998 and is headquartered in Tokyo, Japan. SBI Global Asset Management Co., Ltd. operates as a subsidiary of SBI Holdings, Inc.
Stock analysis
SBI Global Asset Management Co (MJP) currently trades at €3.41, while our model-based Fair Value estimate is €2.53, 25.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €3.52 per share, and 4 of the 13 models we run sit above the €3.41 price.
Bear case: the Asset-Based group reads lowest at €0.7200, and 9 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €1.05 (bear) to €3.90 (bull), the price of €3.41 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 43/100 (below-average quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
SBI Global Asset Management Co reported revenue of ¥27.9B in FY2026 versus ¥8.1B in FY2022, a compound +36.1%/yr. Reported net income was ¥3.1B in FY2026, compounding +20.6%/yr from FY2022.
Key figures
Market cap €471M Small · P/E ratio 21.3 · P/S ratio 2.35 · EPS (TTM) €0.1600 · Dividend yield 3.6% · Net margin 11.0% · Return on equity 17.3% · Return on assets (EBIT) 11.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 19% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −12% fair-value upside, at −26%, MJP screens richer than that median.
Fair Value models
Bear€1.05Fair Value €2.53Bull€3.90
Price €3.41 · Upside -25.7%
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 (€0.0921 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.
Best data coverage
Residual Income€1.12€1.22€1.3876
Growth DCF€2.12€2.98€4.5975
Owner Earnings€1.71€2.62€4.3572
All 13 models by family
DCF Models
Owner Earnings€1.71€2.62€4.3572
5Y P/E Exit€2.15€3.55€5.4367
10Y P/E Exit€2.16€3.52€5.8960
Earnings-Based
Graham-Dodd€0.8600€5.99€8.4163
Lynch FV€2.06€2.94€3.8261
Dividend Discount
Gordon GGM€0.7100€1.32€1.8767
DDM Multi-Stage€0.7100€1.18€1.4067
Multiples
P/E Multiple€1.23€1.64€2.0563
P/B Multiple€1.30€1.73€2.1755
Asset-Based
NCAV (Graham)€0.4700€0.7200€0.900052
Growth DCF
Growth DCF€2.12€2.98€4.5975
Rev-Margin DCF€2.48€4.25€7.0668
Economic Profit
Residual Income€1.12€1.22€1.3876
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+140.8%
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.
+47.1%
Revenue growth 5 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.
+30.1%
Start year 2021 (pandemic). Over 10 years: +19.6% a year
Revenue growth 12 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.
+17.8%
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What shareholders gained per year (last 5 years), in JPY ⓘ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. 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.
+12.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.4%
Dividend (yield on the price)3.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.4% vs 5.9%, steady
Profit margin 2021 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.24% → 19%
Pace: the 5-year rate starts in 2021 (pandemic)
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).
+15.5%
Yearly growth needed for the next five years to justify today's price.
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 +13.1% a year for the price.
Compare SBI Global Asset Management Co with another stock
Price, fair value, quality and upside side by side.
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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.Asset Management · 670 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score43 · Bottom 25%
Fair Value upside−25.7% · Bottom 25%
Profitability
Return on equity (12 months)17.3% · Top 25%
Return on assets5.8% · Above median
Net margin (12 months)10.5% · Below median
Operating margin (12 months)20.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)350.8% · Top 25%
Dividend yield (12 months)3.6% · Below median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)21.3× · Pricier than median
P/B2.50× · Priciest 25%
P/S (12 months)2.16× · Cheaper than median
Price / free cash flow37.3× · Priciest 25%
EV/EBITDA7.3× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 61
FUTURE (revenue growth)100· sector 38
PAST (return on equity)69· sector 24
HEALTH (low debt)0· sector 95
DIVIDEND (yield)72· sector 82
VALUE 0: the price sits above our fair-value range.
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). "SBI Global Asset Management Co Fair Value". https://www.fairvalue-calculator.com/stock/MJP
Frequently asked questions
Is SBI Global Asset Management Co (MJP) overvalued or undervalued?
As of Oct 27, 2026, our model estimates a fair value of €2.53 versus a price of €3.41, about −26% upside (overvalued).
What is the fair value of MJP?
Our model-based fair value for SBI Global Asset Management Co is €2.53 (as of Oct 27, 2026), built from audited fundamentals. The current price: €3.41.
What is the quality score of MJP?
SBI Global Asset Management Co has a Quality Score of 43/100. 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 SBI Global Asset Management Co (MJP)?
Our model-based price target is the fair value of €2.53 (as of Oct 27, 2026) from 13 valuation models. Cautious scenario €1.05, optimistic scenario €3.90. It is a calculation from audited fundamentals, not an analyst target.
What is the SBI Global Asset Management Co stock forecast for 2026?
Our models put fair value at €2.53, about −26% upside versus a price of €3.41 (overvalued). Cautious scenario €1.05, optimistic scenario €3.90. The calculation is refreshed regularly with new filings.
What is the revenue of SBI Global Asset Management Co (MJP)?
SBI Global Asset Management Co reported trailing-twelve-month revenue of about ¥37.8B (latest available figure, as of Oct 27, 2026).
Does SBI Global Asset Management Co pay a dividend?
SBI Global Asset Management Co currently shows a dividend yield of 3.61% relative to its recent price (as of Oct 27, 2026).
What growth is priced into SBI Global Asset Management Co (MJP)?
For today's price to be fair in a discounted-cash-flow model, SBI Global Asset Management Co would have to grow free cash flow by +15.5 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +30.1 % per year. As of Oct 27, 2026.
What discount rate (WACC) does the fair value of MJP use?
Our models discount SBI Global Asset Management Co at 9.6 %: a base by market capitalisation (small), damped by beta 0.30, 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 SBI Global Asset Management Co that is +15.5 % 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 SBI Global Asset Management Co (MJP) delivered so far?
Over the past 5 years revenue at SBI Global Asset Management Co grew +30.1 % a year. The price currently implies +15.5 % 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 SBI Global Asset Management Co (MJP) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into SBI Global Asset Management Co (+15.5 % 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 SBI Global Asset Management Co (MJP)?
The free-cash-flow yield on the price is 2.64 %: that much free cash flow SBI Global Asset Management 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 SBI Global Asset Management Co (MJP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SBI Global Asset Management Co it is €2.53 per share (as of Oct 27, 2026), against a price of €3.41. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is SBI Global Asset Management Co stock overvalued or undervalued in 2026?
As of Oct 27, 2026, MJP trades above its calculated fair value: price €3.41, fair value €2.53, a gap of about −26% (overvalued). 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 MJP?
No. The price is what the market pays today (€3.41); the fair value is what the company's own numbers justify (€2.53). For SBI Global Asset Management Co the two are €0.8780 per share apart. That gap is exactly why we show both numbers side by side.
How much is SBI Global Asset Management Co worth?
The market values SBI Global Asset Management Co at about €471M (market capitalisation, as of Oct 27, 2026). Per share that is €3.41; our models calculate a fair value of €2.53 per share.
What do the bullish and bearish scenarios say about MJP?
Our models span a range for SBI Global Asset Management Co: cautious scenario €1.05, base €2.53, optimistic €3.90 per share (as of Oct 27, 2026, price €3.41). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MJP?
SBI Global Asset Management Co trades at a price-to-earnings ratio of 21.3 (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 €2.53 is built from several models across several years. Other multiples: P/B 2.5, P/S 2.2, EV/EBITDA 7.3.
How solid is the balance sheet of SBI Global Asset Management Co (MJP)?
Balance-sheet figures for SBI Global Asset Management Co (as of Oct 27, 2026): return on equity 17.3%. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is MJP from its 52-week high?
SBI Global Asset Management Co trades at €3.41, about 1% below its 52-week high of €3.44 and 19% above the low of €2.88 (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of €2.53 is for.
Which stocks are comparable to SBI Global Asset Management Co?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, 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 SBI Global Asset Management Co stock attractive at the current price?
The data as of Oct 27, 2026: price €3.41, calculated fair value €2.53 (−26%), Quality Score 43/100, 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 MJP calculated?
We run SBI Global Asset Management 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 €2.53, 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. SBI Global Asset Management Co itself currently trades above fair value. 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 SBI Global Asset Management Co (MJP)?
The closing price on Oct 26, 2026 was €3.41. Our model-based fair value is €2.53, about −26% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SBI Global Asset Management Co right now?
Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (€1.05 to €3.90). 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 SBI Global Asset Management Co
How large is the market capitalisation of SBI Global Asset Management Co (MJP)?
The market capitalisation of SBI Global Asset Management Co is €471M. 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 SBI Global Asset Management Co (MJP)?
The price-to-sales ratio of SBI Global Asset Management Co is 2.35 (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 SBI Global Asset Management Co (MJP)?
Earnings per share at SBI Global Asset Management Co are €0.1600 (price ÷ EPS = P/E 21.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SBI Global Asset Management Co (MJP)?
The dividend yield of SBI Global Asset Management Co is 3.6% (payout 77.0%). 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 SBI Global Asset Management Co (MJP)?
The net margin of SBI Global Asset Management Co is 11.0% (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 SBI Global Asset Management Co (MJP)?
The return on equity (ROE) of SBI Global Asset Management Co is 17.3% (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 SBI Global Asset Management Co (MJP)?
On an EBIT basis the return on assets of SBI Global Asset Management Co is 11.4% (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 SBI Global Asset Management Co (MJP)?
The operating margin of SBI Global Asset Management Co is 20.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SBI Global Asset Management Co (MJP)?
Revenue at SBI Global Asset Management Co is growing +351% versus a year earlier (3y avg +47.1%). 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 SBI Global Asset Management Co (MJP)?
Earnings per share at SBI Global Asset Management Co are growing +79.5% versus a year earlier. How much earnings per share grew versus a year earlier.
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Some data
Oct 27, 2026