Oracle Corporation Japan (4716.T) : juste valeur

Thèse ACCE

Oracle Corporation Japan sells the Oracle database, middleware and ERP applications to Japanese enterprises, with its Oracle Cloud Infrastructure and Fusion cloud offerings sitting on top of a large installed base of on-premise licences. The moat is that migrating a core financial or inventory database away from Oracle is a multi-year project most CIOs will not start lightly, so maintenance and support revenue renews with little pushback. Revenue grew 13.0% over the last reported period, and the company is shifting that base toward subscription cloud contracts, which should keep margins high as the mix changes. The operating margin of 34.6% is the number to check against peers, and the trailing P/E of 19.6 against a forward P/E of 19.8 suggests the market expects earnings to hold roughly flat rather than accelerate. That is worth testing: if cloud migration pulls the forward estimates up, the multiple looks cheap for a business with this margin; if it doesn't, the valuation is fair for a mature franchise. The name is not in any index in our coverage list, so liquidity and the free float are the first things to confirm before going further.