NICHIREI CORPORATION |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,610 JPY | -1.53% |
|
-2.27% | +3.91% |
| May. 10 | Nicherirei Foods' Product Named World's Largest Frozen Fried Rice Brand with 15 Billion Yen Annual Sales | MT |
| 2023 | FX, Sluggish Economies Roil Asian Stock Markets | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 363,559 | 407,008 | 379,665 | 306,757 | 344,486 | 468,230 | - | - |
| Enterprise Value (EV) 1 | 438,680 | 477,424 | 447,152 | 388,058 | 431,220 | 529,154 | 532,840 | 529,173 |
| P/E ratio | 18.2 x | 20.8 x | 17.9 x | 13.4 x | 16.1 x | 21.6 x | 17.5 x | 16 x |
| Yield | 1.17% | 1.37% | 1.76% | 2.11% | 1.94% | 1.79% | 2.24% | 2.38% |
| Capitalization / Revenue | 0.63 x | 0.7 x | 0.66 x | 0.51 x | 0.52 x | 0.78 x | 0.67 x | 0.65 x |
| EV / Revenue | 0.76 x | 0.82 x | 0.78 x | 0.64 x | 0.65 x | 0.78 x | 0.76 x | 0.74 x |
| EV / EBITDA | 9.34 x | 9.67 x | 8.5 x | 7.39 x | 7.82 x | 8.66 x | 8.16 x | 7.57 x |
| EV / FCF | 32.8 x | 39.3 x | 58.7 x | 44.9 x | 39.1 x | 17 x | 50.1 x | 27.5 x |
| FCF Yield | 3.05% | 2.55% | 1.71% | 2.23% | 2.56% | 5.88% | 2% | 3.64% |
| Price to Book | 2.06 x | 2.21 x | 1.87 x | 1.45 x | 1.53 x | 2.09 x | 1.75 x | 1.71 x |
| Nbr of stocks (in thousands) | 133,269 | 133,227 | 133,263 | 129,488 | 128,348 | 127,722 | - | - |
| Reference price 2 | 2,728 | 3,055 | 2,849 | 2,369 | 2,684 | 3,666 | 3,666 | 3,666 |
| Announcement Date | 5/14/19 | 5/12/20 | 5/11/21 | 5/10/22 | 5/9/23 | 5/14/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 580,141 | 584,858 | 572,757 | 602,696 | 662,204 | 680,091 | 697,075 | 718,556 |
| EBITDA 1 | 46,992 | 49,390 | 52,618 | 52,499 | 55,133 | 61,130 | 65,300 | 69,874 |
| EBIT 1 | 29,511 | 31,035 | 32,949 | 31,410 | 32,935 | 36,911 | 39,914 | 42,737 |
| Operating Margin | 5.09% | 5.31% | 5.75% | 5.21% | 4.97% | 5.43% | 5.73% | 5.95% |
| Earnings before Tax (EBT) 1 | 29,540 | 29,792 | 31,603 | 35,107 | 32,987 | 37,160 | 40,532 | 43,358 |
| Net income 1 | 19,943 | 19,609 | 21,212 | 23,382 | 21,568 | 24,495 | 26,831 | 28,899 |
| Net margin | 3.44% | 3.35% | 3.7% | 3.88% | 3.26% | 3.6% | 3.85% | 4.02% |
| EPS 2 | 149.6 | 147.2 | 159.2 | 176.7 | 167.1 | 191.8 | 210.0 | 229.6 |
| Free Cash Flow 1 | 13,393 | 12,154 | 7,624 | 8,644 | 11,021 | 31,105 | 10,646 | 19,270 |
| FCF margin | 2.31% | 2.08% | 1.33% | 1.43% | 1.66% | 4.57% | 1.53% | 2.68% |
| FCF Conversion (EBITDA) | 28.5% | 24.61% | 14.49% | 16.47% | 19.99% | 50.88% | 16.3% | 27.58% |
| FCF Conversion (Net income) | 67.16% | 61.98% | 35.94% | 36.97% | 51.1% | 126.99% | 39.68% | 66.68% |
| Dividend per Share 2 | 32.00 | 42.00 | 50.00 | 50.00 | 52.00 | 74.00 | 82.00 | 87.17 |
| Announcement Date | 5/14/19 | 5/12/20 | 5/11/21 | 5/10/22 | 5/9/23 | 5/14/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 291,847 | - | 281,762 | 290,995 | 150,920 | 294,578 | 159,196 | 148,922 | 156,057 | 165,779 | 321,836 | 179,271 | 161,097 | 340,368 | 163,965 | 168,246 | 332,211 | 182,198 | 165,682 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 14,988 | - | 16,745 | 16,204 | 8,970 | 16,020 | 9,724 | 5,666 | 6,677 | 8,032 | 14,709 | 10,579 | 7,647 | 18,226 | 7,924 | 9,474 | 17,398 | 12,388 | 7,125 |
| Operating Margin | 5.14% | - | 5.94% | 5.57% | 5.94% | 5.44% | 6.11% | 3.8% | 4.28% | 4.85% | 4.57% | 5.9% | 4.75% | 5.35% | 4.83% | 5.63% | 5.24% | 6.8% | 4.3% |
| Earnings before Tax (EBT) | 14,561 | - | 16,491 | - | - | 16,983 | 10,443 | 7,681 | 6,731 | - | 14,926 | 10,723 | - | - | 7,945 | - | 17,950 | 12,444 | - |
| Net income 1 | 9,502 | - | 10,875 | 10,337 | 6,754 | 11,115 | 7,039 | 5,228 | 4,251 | 5,547 | 9,798 | 7,028 | 4,742 | - | 4,964 | 6,726 | 11,690 | 8,394 | 4,411 |
| Net margin | 3.26% | - | 3.86% | 3.55% | 4.48% | 3.77% | 4.42% | 3.51% | 2.72% | 3.35% | 3.04% | 3.92% | 2.94% | - | 3.03% | 4% | 3.52% | 4.61% | 2.66% |
| EPS 2 | 71.30 | - | 81.62 | - | 50.67 | 83.40 | 53.07 | - | 32.83 | 42.84 | 75.67 | 54.36 | 37.11 | - | 38.88 | - | 91.55 | 65.71 | 34.54 |
| Dividend per Share | 21.00 | 21.00 | 22.00 | 28.00 | - | 25.00 | - | - | - | - | 26.00 | - | - | - | - | - | 37.00 | - | - |
| Announcement Date | 11/5/19 | 5/12/20 | 11/4/20 | 5/11/21 | 11/2/21 | 11/2/21 | 2/1/22 | 5/10/22 | 8/2/22 | 11/1/22 | 11/1/22 | 2/7/23 | 5/9/23 | 5/9/23 | 8/1/23 | 10/31/23 | 10/31/23 | 2/6/24 | 5/14/24 |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 75,121 | 70,416 | 67,487 | 81,301 | 86,734 | 70,958 | 64,610 | 60,943 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.599 x | 1.426 x | 1.283 x | 1.549 x | 1.573 x | 1.138 x | 0.9894 x | 0.8722 x |
| Free Cash Flow 1 | 13,393 | 12,154 | 7,624 | 8,644 | 11,021 | 31,105 | 10,646 | 19,270 |
| ROE (net income / shareholders' equity) | 11.7% | 10.9% | 10.9% | 11.3% | 9.9% | 10.3% | 10.3% | 11.1% |
| ROA (Net income/ Total Assets) | 8.01% | 8.28% | 8.43% | 7.6% | 7.56% | 8.12% | 7.33% | 7.8% |
| Assets 1 | 249,065 | 236,731 | 251,683 | 307,651 | 285,314 | 301,742 | 365,880 | 370,498 |
| Book Value Per Share 2 | 1,327 | 1,385 | 1,526 | 1,631 | 1,758 | 1,984 | 2,100 | 2,146 |
| Cash Flow per Share 2 | 281.0 | 285.0 | 307.0 | 336.0 | 339.0 | 381.0 | 417.0 | 441.0 |
| Capex 1 | 25,928 | 27,287 | 37,829 | 34,711 | 31,190 | 31,337 | 40,000 | 33,175 |
| Capex / Sales | 4.47% | 4.67% | 6.6% | 5.76% | 4.71% | 4.61% | 5.74% | 4.62% |
| Announcement Date | 5/14/19 | 5/12/20 | 5/11/21 | 5/10/22 | 5/9/23 | 5/14/24 | - | - |
1JPY in Million2JPY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
BUY
Number of Analysts
6
Last Close Price
3,666
JPY
Average target price
4,458
JPY
Spread / Average Target
+21.61%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +3.91% | 3.01B | |
| -2.98% | 279B | |
| -6.70% | 90.27B | |
| +1.47% | 41.02B | |
| -9.00% | 40.74B | |
| +2.24% | 38.65B | |
| +2.82% | 37.77B | |
| -14.86% | 30.63B | |
| -4.38% | 29.4B | |
| +6.34% | 24.14B |
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