Published by AccuWealth Research

1. 1
Jan 19th, 2021
Plaid (4165) Investment Report free edition

2. ©2021 AccuWealth, Inc. 2
Table of Contents
 Company Profile
 Corporate History
 Challenges for Marketers
 Products
 Business Growth
 Highlights (1) - (3)
 Management
 Industry Environment
 Market capitalization of digital marketing
stocks
 Trends in the Web Customer Service Tool
Market
 Positioning and competitive advantage
 Business Model (Net Sales and Operating
Expenses)
 Past Performance
 Business Forecast
 Estimated Market Size and Market Share
Expansion
 Business Risks
 Valuation Table for SaaS Companies
 Performance Table (PL/BS/CF)
 Disclamer

3. ©2021 AccuWealth, Inc.
0
10
20
30
40
50
11 12 13 14 15 16 17 18 19 20
3
History: Established in 2011; rapid growth of KARTE business launched in 2015
Source: Company data, INITIAL, AccuWealth Research
Plaid’s growth history
Founded
Seed
Finance
KARTE
Series-A
Finance
SeriesB
Finance
Series-C
Finance
(Google)
KARTE
for App
KARTE
Datahub
KARTE
Talk
Transcos-
mos
partnership
(yr)
1bn
2bn
4bn
500M
Mr.
Shibayama
joined
EC Consulting
Gourmet App
• Announced funding from Google and strategic partnership in Nov'19.
ARR
Pivot

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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY16 FY18FY17 FY20FY19
YoY
+35%
(FY20Q4)
0.5
1.0
2.0
3.2
4.3B
yen
Business Growth: ARR Trends
Source: Company data, AccuWealth Research

5. ©2021 AccuWealth, Inc. 5
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Market capitalization of listed companies related to digital marketing
Source: Company data, AccuWealth Research
(Ybn)
Market cap>Y100B
Market capitalization of digital marketing stocks
• Company's market capitalization is in the top 10% of all digital marketing-related stocks, and have a strong presence.
• The reason why most of the stocks are in the tens of billions of yen range is because (1) advertising agencies have low gross
profit margins, (2) they only provide niche single functions, (3) there are few large corporate clients with high unit prices,
and (4) competition is fierce with many competitors.
100
500
1,000

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Business Model (1): Net Sales
Net sales
Number of contracts Contract price
Existing New
# of
contracts
Retention
rate
CAC Efficiency
Product
price
Enterprise
• The sales of our company, which adopts a SaaS-type business model, can be broken down into the number of contracts x contract unit price.
• The number of contracts can be accumulated by (1) acquiring new contracts while maintaining acquisition efficiency and (2) increasing the
retention rate of existing contracts.
• Unit price per contract can be increased by (1) acquiring high unit price contracts, (2) up-selling, and (3) cross-selling.
UU
increase
Upsell
Cross
sell
Options
Sales
4B
710 520K
Note: Fiscal 2020 ending September Source: Company data, AccuWealth Research

7. ©2021 AccuWealth, Inc. 7
Assumed market size and market share expansion
Revenue(3)
5.2B
120BCX Market(2)
420BDigital Marketing Tools Market(1)
SOM
SAM
TAM

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Everything you need to know about investing in Plaid.
You can read the full version here
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AccuWealth Research

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Disclaimer
• The information in this material is provided for informational purposes only and is not intended to provide opinions or make judgments regarding
investments, nor is it intended as a solicitation or recommendation for investments.
• The information contained in this document is current at the time of preparation and is subject to change without notice.
• AccuWealth Inc. assumes no obligation to update the information or opinions contained in this document.
• AccuWealth does not warrant the accuracy, completeness, precision, reliability, etc. of the contents of this document or the information contained herein.
• AccuWealth Inc. assumes no responsibility for any direct or indirect loss or damage, including lost profits, resulting from the use of or reliance on this
material by investors.
• All rights including copyright and intellectual property rights of this material belong to AccuWealth Inc. and may not be reproduced, transcribed or quoted
without permission.Translated with www.DeepL.com/Translator (free version)