Dentsu Group (TYO: 4324)

Currency in JPY

Last close As at 04/02/2023


−85.00 (−2.06%)

Market capitalisation


Dentsu Group is a holding company with two operational networks: Dentsu Japan Network (DJN) and Dentsu International (DI). Operating in over 145 countries, Dentsu Group provides a wide range of client-centric integrated communications, media and digital services.

CT&T benefits from structural tailwinds as companies look to invest to optimise to meet the demands of their own customers, a process which may even accelerate as economic pressures become more pronounced. Dentsu’s latest global ad spend forecast is +3.8% for FY23, revised down from +5.4%, with 4.8% for FY24 and 4.5% for FY25 pencilled in. Digital spend is forecast at 57% of FY23 global ad spend. The Japanese ad market still lags the digital transition curve, with a digital share of 49%, and with TV remaining prominent at 26%.



Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Key Management

  • Hiroshi Igarashi

    President & CEO

  • Kate Stewart

    IR director

Balance Sheet

Forecast net cash (¥m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.4) (11.9) (2.7)
Relative (6.1) (13.0) (4.1)
52 week high/low ¥5020.0/¥3965.0


Dentsu has restructured from 1 January 2023, removing the distinction between Dentsu Japan Network and Dentsu International. The reconfigured global management team reflects the group’s increasing diversity and includes the first non-Japanese CFO. Q322 results showed an organic net revenue decline of 3.7% (-4.7% including Russia), reflecting a particularly tough comparative with Q321 in Japan. This masks continuing good progress in building revenues from Customer Transformation & Technology (CT&T), which grew over 20% and now constitutes 32.6% of group revenues. A further small CT&T acquisition in Australia was made in December.

Y/E Dec Revenue (¥m) EBITDA (¥m) PBT (¥m) EPS (fd) (¥) P/E (x) P/CF (x)
2020A 939242.0 91013.0 123471.0 249.0 16.2 N/A
2021A 1085592.0 226326.0 146020.0 389.0 10.4 0.0
2022E 1240000.0 221152.0 172461.0 437.0 9.3 0.1
2023E 1264862.0 219840.0 172569.0 457.0 8.9 0.1


Digital Marketing and Internet Media Technology Platform


MediaWatch – January 2023


IPO apocalypse


ESG, moving beyond the box tick


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