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4689.T
ACCE-researched

LY Corporation (4689.T) fair value

Consumer Cyclical · Internet Retail · TSE · Japan
¥517.80-0.96%
Market cap ¥3.57TNext earnings 2026-11-05Updated Oct 24, 2026 · valuation updating
Our verdict
No fair value
We are missing the financial data our models need for this company. It will appear once the data arrives.
Not valued: there are no financial statements on file yet.
ACCE opinionLY Corporation (4689.T)
Fair value
Not available
ACCE price target
¥471
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ¥518 at the close on 23 Oct 2026, 08:30 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Full methodology
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
71
out of 100
P/E
17.7x
forward 24.2x
1-year return
+14.6%
Dividend yield
2.10%

LY Corporation in four questions

Plain answers, details below
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OverviewAsk ACCEValuationQualityAnalystsSmart MoneyCompareNews and Record

Overview

ACCE thesis

LY Corporation runs LINE, the messaging app that dominates Japan and carries a large share of its payments (PayPay), commerce (Yahoo! Shopping, ZOZO-adjacent retail platforms), media and advertising businesses, which together give it a consumer ecosystem few Japanese peers can match. The structural case rests on that scale: a 73.9% gross margin and 18.3% operating margin say the platform earns high-value revenue from a captive user base rather than from low-margin product sales. Near-term growth is being driven by the expansion of PayPay and commerce monetisation, with revenue growing 13.1% over the period in the data. The stock trades at 18.0x trailing earnings but 24.4x forward, so the market is pricing in an earnings step-down or a slower ramp that deserves checking before anything else. With an 8.3% ROE, the balance sheet is carrying more equity than the returns currently justify, which is the first question for a deeper look.

AI-assisted·How I use AIWritten Oct 23, 2026
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
  • moderate
    Price above ACCE target
    The stock trades 9.9% above the ACCE price target of ¥471.00, so the price has run ahead of our own estimate.
  • moderate
    Heavy insider ownership
    Insiders hold 62.3% of the shares, leaving a small free float and limited liquidity for outside holders.

AI research notes

AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
  • Latest earnings per share beat expectations by 50.4%, with EPS of 8.47 against 5.63 expected.
  • Analysts' mean price target of JPY 594.85 sits 13.8% above the current share price.
  • Free cash flow over the last twelve months reached JPY 17.0B, and the stock pays a 2.1% dividend yield.
Why it could disappoint
  • Forward earnings multiple of 24.4x is well above the trailing 17.7x, implying analysts expect earnings to dip.
  • Return on equity of 8.3% is thin for the capital invested, and net margin is only 9.7%.
  • The stock trades 9.9% above the ACCE price target of ¥471.00, leaving little margin of safety on our numbers.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.

Walk me through this stock

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Valuation

INVESTOR
Where 4689.T's valuation models land
Price
¥517.80
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Quality

INVESTOR
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Analysts

Wall Street consensus

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  • +Price-target low / average / high vs the current price, with implied upside
  • +Forward revenue and EPS consensus by fiscal year
  • +ACCE fair-value models lined up against the Street

Smart Money

PRO

In one line

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Company insiders
No trades filed
Last 90 days
Congress
No trades filed
Last 180 days
Average delay
No trades filed
From trade to public filing
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Compare

Where it sits vs peers

News and Record

Recent performance

1 week
-3.4%
1 month
-3.5%
3 months
+19.0%
6 months
+24.5%
YTD
+24.1%
1 year
+14.6%

Recommendation history, last 12 months

DateTypeNewPreviousPrice
22 Oct 2026, 16:00 CESTACCE price target¥471first publication¥523

This analysis is not personalised investment advice and does not take your situation, objectives or risk tolerance into account. ACCE Investments is not an authorised investment firm.

Investing in shares carries a risk of losing capital. The value of an investment can go down as well as up.

This security trades in JPY. Exchange-rate movements can increase or reduce the result in your own currency.

Valuation horizon: 12 months from the publication date.

Conflicts of interest. ACCE Investments is operated by Adrien Chantreuil, who may hold personal positions in the securities analysed. Positions are declared on each security. ACCE receives no payment from the companies analysed or from any intermediary for this analysis.

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Snapshot

Growth68Value53Quality71Momentum90Total71
Valuation
Trailing P/E
17.7x
Forward P/E
24.2x
PEG
0.75
P/B
no data
EV / Revenue
no data
Book value/sh
no data
Enterprise value
no data
Profitability
ROE
8.3%
FCF yield
0.47%
ROIC
no data
Health and risk
Debt / equity
0.61
Dividend yield
2.10%
Beta
no data

Price

+13.9% · 1Y

Ask anything about 4689.T

Answered from LY Corporation fundamentals + recent valuations. Every number shows its source and date.

This stock Peer Peer median weaker → stronger
P/Ebetter than 40% of peers
low 0.0x17.7xhigh 577.1x
ROEbetter than 100% of peers
low -38%8%high 8%
Div yieldbetter than 67% of peers
low 0.0%2.1%high 4.0%

Peers

Prices Oct 23, 2026
CompanyPriceFair valuevs fair valueP/EROEQualityScore
4689.T LY Corporation¥517.80--17.7x8.3%7171
CPNG Coupang Inc. Class A Common Stock$13.99$1131% above--20.0%3031
ETERNAL.NS Eternal Limited₹304.45--577.1x1.6%4254
W Wayfair Inc. Class A Common Stock$113.49$43163% above-0.0%2947
JD JD.com Inc. American Depositary Shares$25.68$4340% below18.0x6.8%3542
9618.HK JD.com (HK listing)HK$98.30HK$15135% below17.5x6.8%3543
DHER.DE Delivery Hero SE€37.45----37.8%2154

Sector report card

Where 4689.T ranks against its sector peers on each metric.

Computing percentiles…