Report published August 15, 2026
Net Protections Holdings (7383.T): 1Q FY3/27 Earnings Analysis by Goldman Sachs
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 15, 2026
- Analysis as of
- August 14, 2026
Authors / editors: Makoto Kuroda, Hibiki Takuma
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Net Protections posted 1Q FY3/27 operating profit of ¥840 mn (+9.5% YoY) and net profit of ¥600 mn (+26% YoY), progressing broadly in line with full-year guidance. Goldman Sachs maintained its Neutral rating while trimming the 12-month target price to ¥780 from ¥810.
Key Takeaways
- 1.1Q FY3/27 profits were broadly in line with guidance and consensus, with operating profit reaching ¥840 mn (+9.5% YoY, 23% progress vs full-year guidance) and net profit at ¥600 mn (+26% YoY, 27% progress).
- 2.Product segment performance was mixed: B2C NP Atobarai revenue declined YoY on lower take rates and client mix, while B2B NP Kakebarai GMV grew +21% YoY with gross profit rising +39% YoY supported by lower credit collection costs.
- 3.Goldman Sachs lowered its 12-month target price from ¥810 to ¥780 and maintained a Neutral rating, adjusting net profit estimates and terminal valuation inputs.
Table of Contents
- 1Q3/27 results
- Overview by product
- Earnings estimates/ Target price
- Investment Thesis - Net Protections
- Price Target Methodology and Risks - Net Protections
- Disclosure Appendix
Report data
Exhibit 1: P/L: Our new vs. old estimates — as of August 14, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 1Q GMV | 207.1 JPY bn | Reached 23% progress versus full-year guidance of ¥890.0 bn. |
| 1Q Operating Profit | 840.0 JPY mn | Reached 23% progress versus full-year guidance of ¥3.6 bn. |
| 1Q Net Profit | 600.0 JPY mn | 27% progress vs full-year guidance of ¥2.19 bn and consensus of ¥2.22 bn. |
| 12-Month Target Price | 780.0 JPY | Valuation derived from a 5-year DCF model using 85% fundamental value (8.8x EV/EBITDA) and 15% M&A value (9.9x EV/EBITDA). |
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Authors / Editors
Reported Data Context
- 1Q GMV: 207.1 JPY bn (1Q FY3/27) · Source: Company data
- 1Q Operating Profit: 840.0 JPY mn (1Q FY3/27) · Source: Company data
- 1Q Net Profit: 600.0 JPY mn (1Q FY3/27) · Source: Company data
- 12-Month Target Price: 780.0 JPY (12-month forward) · Source: Goldman Sachs Global Investment Research
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