2025-05-15-Jefferies-freee（4478）_初步印象-积极；运营利润超预期_8页_187kb

freee K.K. (Ticker: 4478 JP) Equity Research Summary

• Overview: freee is a Japan-based SaaS company offering cloud-based accounting software and services targeting SMBs and enterprises. Founded in 2012.

• Q3 FY6/25 Earnings: Sales reached ¥8.6bn, representing YoY growth of 29.3%. Adjusted Operating Profit (OP) beat consensus by 63.8% at ¥660mn. OP margin improved to 7.7%, driven by internal efficiency gains from AI.

• Performance Metrics: Q3 ARR grew +29% YoY with strong contributions from both corporate and self-employed segments. ARPU increased by 12.2%, supported by price hikes for self-employed customers. Enterprise customers grew by 20.5% YoY, reaching 223,590 paid users.

• AI Impact: Implementation of AI for internal efficiency and the launch of AI Agent are expected to drive further margin improvements and customer expansion.

• Analyst Recommendation: Jefferies rates freee as "BUY" with a price target of ¥5,000 (up from ¥4,195), up 19% from previous close. Analysts highlight positive trends in corporate growth and AI adaptation.

• Future Outlook: Freee is on track to meet current fiscal guidance. Q4 aims for breakeven adjusted OP, with room for cost optimization. On FY6/26, maintains EV/Sales multiple of 6.0x.

• Risks: Key risks include increased competition, macroeconomic slowdown, and security incidents impacting the SaaS sector.