Emimen（9237 TSE Growth）
＋English Summary on This Page
Provides senior home referrals and other services to elderly people and their families
1. Corporate Overview
Emimen is engaged in the senior life support business through which it introduces senior homes, such as elderly housing with supportive service and group homes, to the elderly and their families, and the care prime business, which aims to offer consulting and information to operators of senior homes.
In fiscal year ended October 2023, the senior life support business accounted for 84.0% of operating revenue and the care prime business for 16.0%.
2. Financial Analysis
With an increase in referrals and contracted unit prices in line with an increase in the number of affiliated senior homes, as well as the contribution of the care prime business launched in July 2021, operating revenue increased at an annual rate of 22.3% from fiscal year ended October 2018 to fiscal year ended October 2023. The Company had been recording ordinary losses until fiscal year ended October 2021 attributable to the strengthening of systems for operations, including the senior life support business. However, it returned to profitability in fiscal year ended October 2022 on an increase in operating revenue.
3. Non-Financial Analysis
The source of the Company’s intellectual capital is its practice of business management through impact investment, an investment approach with the objectives of resolving social issues and earning financial returns.
4. Corporate Strategy Analysis
The Company's growth strategy for its senior life support business is to broaden its share in the senior home referral service market by reinforcing relationships with organizations such as hospitals. For its care prime business, the strategy entails the expansion of the number of registered users on the platform, through which it shares information with senior home operators and the upgrading of its solutions.
5. Analyst Evaluation
For fiscal year ending October 2024, having taken into account factors including the measures the Company has taken, as well as cumulative performance for the first three quarters of the fiscal year, we forecast a 56.6% increase in revenue and a 73.6% increase in operating profit. Moreover, in anticipation of the expansion of its senior life support business, we forecast increases of 47.0% in revenue and 49.7% in operating profit for fiscal year ending October 2025, followed by increases of 38.2% and 39.6%, respectively, for fiscal year ending October 2026.
1. Corporate Overview
Emimen is engaged in the senior life support business through which it introduces senior homes, such as elderly housing with supportive service and group homes, to the elderly and their families, and the care prime business, which aims to offer consulting and information to operators of senior homes.
In fiscal year ended October 2023, the senior life support business accounted for 84.0% of operating revenue and the care prime business for 16.0%.
2. Financial Analysis
With an increase in referrals and contracted unit prices in line with an increase in the number of affiliated senior homes, as well as the contribution of the care prime business launched in July 2021, operating revenue increased at an annual rate of 22.3% from fiscal year ended October 2018 to fiscal year ended October 2023. The Company had been recording ordinary losses until fiscal year ended October 2021 attributable to the strengthening of systems for operations, including the senior life support business. However, it returned to profitability in fiscal year ended October 2022 on an increase in operating revenue.
3. Non-Financial Analysis
The source of the Company’s intellectual capital is its practice of business management through impact investment, an investment approach with the objectives of resolving social issues and earning financial returns.
4. Corporate Strategy Analysis
The Company's growth strategy for its senior life support business is to broaden its share in the senior home referral service market by reinforcing relationships with organizations such as hospitals. For its care prime business, the strategy entails the expansion of the number of registered users on the platform, through which it shares information with senior home operators and the upgrading of its solutions.
5. Analyst Evaluation
For fiscal year ending October 2024, having taken into account factors including the measures the Company has taken, as well as cumulative performance for the first three quarters of the fiscal year, we forecast a 56.6% increase in revenue and a 73.6% increase in operating profit. Moreover, in anticipation of the expansion of its senior life support business, we forecast increases of 47.0% in revenue and 49.7% in operating profit for fiscal year ending October 2025, followed by increases of 38.2% and 39.6%, respectively, for fiscal year ending October 2026.
概要（レポートから抜粋）
1．会社概要
・笑美面は、有料老人ホームやサービス付き高齢者向け住宅、グループホーム等のシニアホームを、高齢者や介護家族に紹介するシニアライフサポート事業と、シニアホーム運営事業にコンサルティングや情報提供等を行うケアプライム事業を展開している。
・23/10期の事業別営業収益構成比は、シニアライフサポート事業84.0%、ケアプライム事業16.0%であった。
2．財務面の分析
・提携シニアホームの増加に伴うスマイル数（紹介成約数）の増加や成約単価の上昇、21年7月に開始したケアプライム事業の貢献により、18/10期から23/10期に掛けて、営業収益は年平均22.3%増加した。経常損益については、シニアライフサポート事業等の体制強化に伴い、21/10期までは損失を計上していたが、営業収益の拡大に伴い、22/10期に経常黒字に転換した。
3．非財務面の分析
・知的資本の源泉は、社会課題等の解決と財務的なリターンの獲得を目指す投資行動である「インパクト投資」による経営管理の実践にある。
4．経営戦略の分析
・笑美面は、病院等との関係強化によるシニアホーム紹介サービス市場でのシェアの上昇（シニアライフサポート事業）や、シニアホーム運営事業者との情報連携を行うプラットフォームサイトの登録数の拡大及びソリューションの拡充（ケアプライム事業）を成長戦略として掲げている。
5．アナリストの評価
・証券リサーチセンター（以下、当センター）では、24/10期の業績について、第3四半期累計期間実績と同社の施策等を考慮し、56.6%増収、73.6%営業増益と予想した。
・当センターでは、シニアライフサポート事業の拡大等を想定し、25/10期は47.0%増収、49.7%営業増益、26/10期は、38.2%増収、39.6%営業増益を予想している。
・笑美面は、有料老人ホームやサービス付き高齢者向け住宅、グループホーム等のシニアホームを、高齢者や介護家族に紹介するシニアライフサポート事業と、シニアホーム運営事業にコンサルティングや情報提供等を行うケアプライム事業を展開している。
・23/10期の事業別営業収益構成比は、シニアライフサポート事業84.0%、ケアプライム事業16.0%であった。
2．財務面の分析
・提携シニアホームの増加に伴うスマイル数（紹介成約数）の増加や成約単価の上昇、21年7月に開始したケアプライム事業の貢献により、18/10期から23/10期に掛けて、営業収益は年平均22.3%増加した。経常損益については、シニアライフサポート事業等の体制強化に伴い、21/10期までは損失を計上していたが、営業収益の拡大に伴い、22/10期に経常黒字に転換した。
3．非財務面の分析
・知的資本の源泉は、社会課題等の解決と財務的なリターンの獲得を目指す投資行動である「インパクト投資」による経営管理の実践にある。
4．経営戦略の分析
・笑美面は、病院等との関係強化によるシニアホーム紹介サービス市場でのシェアの上昇（シニアライフサポート事業）や、シニアホーム運営事業者との情報連携を行うプラットフォームサイトの登録数の拡大及びソリューションの拡充（ケアプライム事業）を成長戦略として掲げている。
5．アナリストの評価
・証券リサーチセンター（以下、当センター）では、24/10期の業績について、第3四半期累計期間実績と同社の施策等を考慮し、56.6%増収、73.6%営業増益と予想した。
・当センターでは、シニアライフサポート事業の拡大等を想定し、25/10期は47.0%増収、49.7%営業増益、26/10期は、38.2%増収、39.6%営業増益を予想している。
