Post on 20-Jul-2021
transcript
NEW JOURNEY, NEW STANDARD
2021 2 12
3688
AGENDA
P.87
P.13
P.02
P.41
P.17
P.80
P.92
2020 12
224.834.6
YonY 1.2% YonY 12.6%
9
DOE5%
15 2020
25 40
2020 12
2019 1 1
CCI
CCI
2018 12 28
601 1 9 a
2020 12 28
2020 12
20191 −12
2020
CMerTV (11 10 )
2019
22,213 22,000 22,487 102.2% +1.2%
19,266 19,635 +1.9%
16,191 16,172 -0.1%
3,075 3,250 3,463 106.6% +12.6%
1,639 1,650 1,781 108.0% +8.7%
E B I T D A※ 1 3,976 4,000 4,131 103.3% +3.9%
※1 EBITDA
2020 12
72.4
21.5
YonY 33.8%
YonY 71.9%
87.5
15.5
YonY 15.1%
YonY 34.8%
64.9
7.3
YonY 0.9%
YonY 167.1%
9
1.2%33.8%
-176 -64 -8
4,624 5,4167,248
5,9946,553
6,494
9,484
10,3088,752
19,926
22,213 22,487
2018 2019 2020
+33.8%
-15.1%
-0.9%
+17.1%
+8.7%
+9.3%
7,613 8,425 8,565
1,124
1,406 1,399 1,359
1,619 1,790
4,184
3,820 3,411
663 635
255 369
14,282
16,191 16,172
2018 2019 2020
4.0
-10.7%
+10.5%
-0.5%
+1.7%
+44.8%
-4.3%
-8.7%
+19.1%
+25.1%
+10.7%
12.6 34.6
-211 -582 -615
-255 -369
9271,254
2,156211
276
739
1,870
2,382
1,552
2,798
3,075
3,463
2018 2019 2020
+71.9%
-34.8%
+167.1%
+35.2%
+27.4%
+30.7%
3.6 34.6
+368
+
+
1,832
+
2019 1 −12 2020
22,927 22,487 -1,9%
19,980 19,635 -1.7%
16,987 16,172 -4.3%
3,082 3,463 +12.4%
157 149 -4.9%
195 277 +41.7%
3,044 3,335 +9.6%
141 231 +64.2%
428 511 +19.4%
2,756 3,055 +10.8%
1,622 1,781 +9.8%
EB I TDA※1 4,033 4,131 +2.4%
※1 EBITDA
2019 12 2020 12
36,283 37,004 +720
14,546 15,600 +1,054
14,338 12,255 -2,082
50,621 49,259 -1,361
25,019 23,287 -1,732
1,881 1,417 -463
23,720 24,553 +833
50,621 49,259 -1,361
156 49%
AGENDA
P.87
P.13
P.02
P.41
P.17
P.80
P.92
2021 12
2020 2021
22,487 24,500 +8.9%
3,463 3,800 +9.7%
1,781 2,400 +34.7%
EB I TDA※1 4,131 5,000 +21.0%
ATRAC KAIKETSU OKPR
20212020
ATRAC KAIKETSU OKPR
ATRAC KAIKETSU OKPR
(*1) 25 /
15 / 48 /
2021 50 / 25 / 25
8 8
25
10 10 15 15
8
25
25
10
15
20
10
15 15 16
48 50
14.4% 16.2% 15.5% 16.0% 17.0%
68.0%
2015 9 2016 9 2017 9 2018 9 2019 12 2020 12 2021 12
%
AGENDA
P.87
P.13
P.02
P.41
P.17
P.80
P.92
//
/ /
DSP /
SSPCPC
/
CPI/CPA
SSP
PMP
41 ID
3PAS
DOOH
CM
CM
PremiumDOOH
EC
EC
SNS
DMP
PR
PR BPO
/ /
AD PLATFORM
2014
/
SSPDSP
2021
/
SSP
DSP
SSP
DSP
/
CPC
CPI/CPA
PDCAPR
CM
1,1661,1761,100
1,181
1,232 1,139 1,417
1,626
1,753 1,839 1,761
1,893
1-3
4-6
7-9
10
-12
1-3
4-6
7-9
10
-12
1-3
4-6
7-9
10
-12
2018 2019 2020
※ 2018 VOYAGE GROUP CCI※※ 2019 CMerTV
16% 18.99% 5.1
317 300 174
135
277 136 354
567
569 482 588
516
1-3
4-6
7-9
10
-12
1-3
4-6
7-9
10
-12
1-3
4-6
7-9
10
-12
2018 2019 2020
559 497 524 521 564 499 526 602 603 544638 710
625 703 669767 675
682
913
1,0681,151 1,205
1,1541,119
-19 -24 -93 -107-7 -41 -22 -44 -1
89
-31
62
1,166 1,176 1,1001,181 1,232
1,139
1,417
1,6261,753
1,8391,761
1,893
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12
2018 2019 2020
※ 2018 VOYAGE GROUP CCI※ 2019 CMerTV
4%18%
2020 4Q
2020 10 2020 11 2020 12
SNS SONARInstagram
2020 10 5
Premium View
Google DSP
360
2020 10 29
Foursquare
2020 11 11
PORTO tv
2020 12 1
SNS SONAR
2 YouTube
2020 12 16
Adjust
CM CM
2020 12 18
TELECY
CMVOYAGE GROUP
50 90190
350
560
920
0
200
400
600
800
1000
2020 2021 2022 2023 2024 2025
CM
2021 1 4
CMCM
POINT
3
POINT
2
100 CMPOINT
1
CM
CM2020 12 7 27
PORTO
PORTO VOYAGE GROUP
PORTO
2021 1 4
POINT
3
POINT
2
POINT
1
CARTA
PARTNER SALES
DMP DMP
1,500
/
EC
2,471 2,284 1,725
3,002
3,013 2,349 2,135
2,810
2,476 1,843 1,841
2,591
1-3
4-6
7-9
10
-12
1-3
4-6
7-9
10
-12
1-3
4-6
7-9
10
-12
2018 2019 2020
※ 2018 CCI※
7% 25.9 22% 6.0
702 504
-179
842
1,085 287 226
783
708 187 47
608
1-3
4-6
7-9
10
-12
1-3
4-6
7-9
10
-12
1-3
4-6
7-9
10
-12
2018 2019 2020
548426 397
534 613466 449 548
670
325449
828
1,0831,063
345
1,031
1,222
953
672 402
895
647663
665
840
795
982
1,4361,177
928
1,013
1,859911
869728
1,097
2,4712,284
1,725
3,002 3,013
2,349
2,135
2,810
2,476
1,843 1,841
2,591
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12
2018 2019 2020
65 51
※ 2018 CCI
2.3%2.1%
2.4%
3.1%
3.6%
3.2%
3.7%
5.1%
4.4%4.3%
4.1%
5.2%
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12
2018 2019 2020
CARTA
9
※ CMerTV 2019 12
CARTA Zucks / fluct / PORTO / KAIKETSU
2020 4Q
2020 10 2020 11 2020 12
SNS
2020 12 4
2020 10 9
ABEMA Quark tokyo
Mediator
2020 10 13
2020 10 21
TikTok For Business Award
2020
2020 12 17
2020 12 18
CONSUMER
/
//
EC
/
/
/
/
PeXEC
EC
1,466 1,387 1,322
1,818
1,626 1,342 1,396
2,188
1,720 1,494 1,595
1,683
1-3
4-6
7-9
10
-12
1-3
4-6
7-9
10
-12
1-3
4-6
7-9
10
-12
2018 2019 2020
※ 2018 VOYAGE GROUP※
87 2.8
25 11
-6
180
71 54 0
151
138 213 104
282
1-3
4-6
7-9
10
-12
1-3
4-6
7-9
10
-12
1-3
4-6
7-9
10
-12
2018 2019 2020
1,147997 1,045
1,311 1,365
1,0431,147
1,750
1,466
1,158 1,217 1,262
318
390 277
506260
298249
437
254
335378
4201,466
1,3871,322
1,818
1,626
1,342 1,396
2,188
1,720
1,4941,595
1,683
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12
2018 2019 2020
※ 2018 VOYAGE GROUP
27% / / 3%
EC
2020 4Q
2020 10 2020 11 2020 12
EXPO
2020 12 19
SDGs
2020 10 9
Amazon
50,000
2020 10 12
VOYAGE GROUP
2020 12 1 2020 12 8
20010
2020 10 6
AGENDA
P.87
P.13
P.02
P.41
P.17
P.80
P.92
CARTA2022
※ 12 12 2019 15※ 2018 VOYAGE GROUP CCI
EBITDA 2022 60
20,701
4,335
2018
3,676
M&A
32,000
6,000
2019 (12 ) 2020 2021 2022
EBITDA
CARTA2022
CARTA2022
EBITDA
2019 1 −12 2020
22,800 22,927 26,300 22,487
3,082 3,463
1,622 1,781
EB I TDA 3,100 4,033 3,700 4,131
1VG CCI
CARTA
PORTO
3
IR 1
2IPG
Dentsu Engagement 360™
1
M&AM&A
2
M&A
OOH
3
CARTA2022
2 0 2 2
60※
EBITDA
%5DOE
12ROE%
EBITDA60
2019 2020 2021 2022
22,927 22,487 24,50026,000
28,000
3,082 3,463 3,8004,500
4,800
1,622 1,781 2,4002,700
2,900
E B I T D A 4,033 4,131 5,000 6,000
ROE
ROE V
6,174
7,860 8,527
23,444 24,376
731
1,161 1,117
2,139
1,781
0
500
1,000
1,500
2,000
2,500
3,000
0
5,000
10,000
15,000
20,000
25,000
30,000
2016 2017 2018 2019 2020 2021 2022
12.0%
16.6%
13.6%13.4%
7.5%
12.0%
ROE %
※1 2019 15
※ 1
25 DOE 5
35%
2018 2019 2020 20222021
1615
48
DOE 5%
A15
338 25
25
50
25
25
15
33
1
CARTA2022EBITDA
2022 1
1
2
3
1
v
2022 1
CCI VG
CARTA CARTA
CARTA
CARTA
CCI VG
CARTA
2022 1
CCI/VG CARTACARTA
3 CARTA
CARTA
2022 1
CCI VG
CARTA
CCI/VG CARTA/ /
1
31 3
5 32
2
3 43
5
2
7
4
SBUSBU
SBU
CTOSBUSBU
CFO
3
5
3
1989 5 2
20172019 2021
10 2005 dof
19732000 6 2016 5
20172018
2020 4
2014Farfetch 40
2017 Ignite Coaching & Consulting
NPV ≧ 0 ( )ROIC ≧ 9%IRR 9% ( 30% )
KPIEVA
ROIC WACC
3
EVA NOPAT ( )3
/
M&A
M&A
NPV ROIC
ROIC WACC
M&A
WACC ROIC5
4
3
2
1
DD
( )( )
M&A
※2
DOE 5%
35%
M&A
1 PeX
(※1)
CARTA
✕
CARTA HOLDINGS
WEB/
1,000
imp/
AI
100/ /
CARTA
DX
CARTA − Phase1−
VOYAGEGROUP
/
/
CCI CARTA
CARTA − Phase2−OOH
CARTA CARTA
DX(
/
/ OOH
1.5 2.5
CARTA − Phase3−
DX(
/ / OOH
/
CARTA
4
CARTA CARTA
CARTA
CARTA
EC/
SNS
SNS/
CARTA
1
M&AM&A
2
/DX)
3
2019 2020 2022
5,416 7,2488,000
9,000
1,254 2,1562,300
2,500
DX
2019 2020 2022
10,308 8,75210,000
11,000
2,382 1,5522,000
2,200
/EC /
2019 2020 2022
6,494 6,5957,500
9,000
276 739600
800
M&A
/
AGENDA
P.87
P.13
P.02
P.41
P.17
P.80
P.92
2020 12 4
2019 10-12
CMerTV
2020 10-12
6,614 6,166 -6.8%
5,617 5,498 -2.1%
4,541 4,613 +1.6%
1,076 884 -17.8%
EB I TDA※1 1,363 854 -37.3%
※1 EBITDA
2020 12 4
201910-12
CMerTV
2020 10-12
1,626 1,893 +16.4%
※1 567 516 -9.0%
2,810 2,591 -7.8%
※1 783 608 -22.3%
2,188 1,683 -23.1%
※1 151 282 +87.3%
※1
2,941
2,2862,136
3,282
2,5932,418
1,857
3,231
2,5682,222 2,132
2,441 2,458 2,379 2,242
2,746
5,924
4,7304,943
6,614
5,944
5,169 5,208
6,166
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12
2017 2018 2019 2020
6% 61.6
※ 2018 VOYAGE GROUP CCI※ 2019 CMerTV
CCI
2,941
2,2862,136
3,282
2,4522,189
1,616
2,985
2,0431,750 1,667
1,906 1,845 1,910 1,809
2,271
5,136
4,197 4,315
5,617
5,088
4,477 4,570
5,498
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12
2017 2018 2019 2020
2% 54.9
※ 2018 VOYAGE GROUP CCI※ 2019 CMerTV
CCI
0.7 46.1
665 689 659 682 661 695 690 707
2,022 2,030 2,1002,272
2,060 2,0182,213 2,273
155 163 257 185 200 258 180439
418 301 290
395
284 326
332455
134 144 150 182 200216
218
211
370412 418
417
464 457
449418
441 411 398 445 401427 504
563
890 975 924
1,030
862 791
825
932161 161 170
170
153153
164
164
255 369
1,755
1,986 1,925
2,444
1,842 1,7371,895
2,227
1,397 1,408 1,466 1,495 1,4631,598 1,594
1,921
3,863 3,881 3,905
4,541
3,825 3,7473,985
4,613
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12
2017 2018 2019 2019
※ 2018 VOYAGE GROUP CCI※ 2019 CMerTV
CCI
17 8.8
1,185
299
211
837
610
452
-279
757
645
342
200
410 381311
214 349
1,272
316409
1,076
1,263
729
585
884
31.6%
19.5%
12.0%
21.5% 20.7%
16.3%11.9%
15.4%
24.8%
7.5%9.5%
19.2%
24.8%
18.5%15.4%
18.5%
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12
2017 2018 2019 2020
※ 2018 VOYAGE GROUP CCI※ = ※ 2019 CMerTV
CCI
%
AGENDA
P.87
P.13
P.02
P.41
P.17
P.80
P.92
Q.
A. 2
2022 1
Q.
A. CCI 100% PMPCARTA
CARTA /PORTO TV
/
Q.M&A
A. M&A M&A
Q.
A.KPI
PL
Q.
A. 2020 15%GAFA
DX
Q.Google Y FB
A. 5 Google GCPPZucks
ZucksDX GAFA
Q. cookie IDFA
A. cookie IDFA /
cookie IDFA /
IDFA iOS142021 Apple
SKAdNetwork
Q.
A. 15%
CARTA
Q.2019
A. 2019 ⇒ ⇒CCI⇒ /2019 Google Y! ⇒ ⇒ CCI
/2020 ⇒CCI⇒
/
Q.
A.
Q Q
Q.
A. EC/ / 2 CARTA
M&AEC/ / D2C
CARTA 3
Q.
A.D2C
Q.
A.
AGENDA
P.87
P.13
P.02
P.41
P.17
P.80
P.92
CARTA HOLDINGS
1999 10 8 1,1962020 12
1-21-1 15
DataCurrent
fluct
ATRAC
VOYAGE MARKETING
VOYAGE SYNC GAMES
VOYAGE VENTURES
rakanu
PORTO
VOYAGE GROUP
Barriz
Zucks
Zucks China
Anchor
OKPR
KAIKETSU
VOYAGE GAMES
VOYAGE Lighthouse Studio
v
v
CARTA HOLDINGS
2019 1
VOYAGE GROUP
100%
CCI
VOYAGE GROUP
CCI
VOYAGE GROUP
47% 53%
100% 100%
CARTA
CARTA HOLDINGS
CARTA
✕
CARTA HOLDINGS
WEB/
1,000
imp/
AI
100/ /
CARTA
2012
※1 ※2 CCI 2015 12 3 12 9
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '15 '16 '17 '18
2008 ECEC 100
2021 1ISO14001 2015
Environmental
CCI
4,000
Social
2021 3 13 42%
ISO27001
Governance