Financials Nisshin Seifun Group Inc.

Equities

2002

JP3676800000

Food Processing

Delayed Japan Exchange Other stock markets 08:38:23 2024-05-20 pm EDT			5-day change	1st Jan Change
1,833 ^JPY	-1.56%		-10.82%	-3.42%

Jan. 30	Nisshin Seifun Group Inc. Provides Year-End Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI
2023	Japanese Shares End Higher on Tuesday After BOJ Kept Rate Unchanged; Shares of Nippon Electric Glass Jump Over 10%	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	754,565	535,636	550,044	507,360	461,229	553,807	-	-
Enterprise Value (EV) ¹	661,561	531,707	565,259	516,163	463,303	624,447	526,607	505,007
P/E ratio	33.9 x	23.9 x	28.9 x	29 x	-44.4 x	19.7 x	15.7 x	14.7 x
Yield	1.26%	1.89%	2%	2.29%	2.58%	2.14%	2.79%	2.78%
Capitalization / Revenue	1.33 x	0.75 x	0.81 x	0.75 x	0.58 x	0.73 x	0.65 x	0.63 x
EV / Revenue	1.17 x	0.75 x	0.83 x	0.76 x	0.58 x	0.73 x	0.61 x	0.58 x
EV / EBITDA	15.3 x	9.54 x	10.3 x	8.85 x	7.78 x	7.1 x	6.68 x	6.13 x
EV / FCF	31.3 x	-9.1 x	17.1 x	19.6 x	19.4 x	14.8 x	16.8 x	14.7 x
FCF Yield	3.2%	-11%	5.85%	5.1%	5.16%	6.76%	5.94%	6.8%
Price to Book	1.87 x	1.36 x	1.27 x	1.13 x	1.09 x	1.25 x	1.15 x	1.11 x
Nbr of stocks (in thousands)	297,073	297,245	297,321	297,397	297,375	297,426	-	-
Reference price ²	2,540	1,802	1,850	1,706	1,551	1,862	1,862	1,862
Announcement Date	5/14/19	5/14/20	5/17/21	5/13/22	5/10/23	5/15/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	565,343	712,180	679,495	679,736	798,681	858,248	857,750	876,160
EBITDA ¹	43,191	55,759	54,904	58,348	59,544	75,775	78,875	82,400
EBIT ¹	26,916	28,852	27,197	29,430	32,831	47,791	53,140	55,780
Operating Margin	4.76%	4.05%	4%	4.33%	4.11%	5.57%	6.2%	6.37%
Earnings before Tax (EBT) ¹	33,113	33,296	29,762	30,773	879	48,850	53,050	56,450
Net income ¹	22,268	22,407	19,011	17,509	-10,381	31,743	35,275	37,460
Net margin	3.94%	3.15%	2.8%	2.58%	-1.3%	3.7%	4.11%	4.28%
EPS ²	74.98	75.40	63.95	58.88	-34.91	106.7	118.6	126.3
Free Cash Flow ¹	21,154	-58,424	33,069	26,316	23,909	42,183	31,272	34,350
FCF margin	3.74%	-8.2%	4.87%	3.87%	2.99%	4.92%	3.65%	3.92%
FCF Conversion (EBITDA)	48.98%	-	60.23%	45.1%	40.15%	41.32%	39.65%	41.69%
FCF Conversion (Net income)	95%	-	173.95%	150.3%	-	132.89%	88.65%	91.7%
Dividend per Share ²	32.00	34.00	37.00	39.00	40.00	45.00	52.00	51.80
Announcement Date	5/14/19	5/14/20	5/17/21	5/13/22	5/10/23	5/15/24	-	-

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	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 S1	2026 S2
Net sales ¹	346,518	-	335,944	343,551	166,507	325,727	179,583	174,426	189,296	199,446	388,742	211,263	198,676	-	208,191	218,690	426,881	223,800	207,567	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,124	14,728	12,356	14,841	8,234	15,568	10,582	3,280	8,859	7,060	15,919	9,543	7,369	16,912	11,860	13,651	25,511	16,383	5,897	-	13,500	14,200	-	16,300	8,800	-	-	-
Operating Margin	4.08%	-	3.68%	4.32%	4.95%	4.78%	5.89%	1.88%	4.68%	3.54%	4.1%	4.52%	3.71%	-	5.7%	6.24%	5.98%	7.32%	2.84%	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	18,267	-	14,644	-	-	17,680	12,721	-	9,793	-	-38,766	21,918	-	-	13,091	-	25,377	17,125	-	-	-	-	-	-	-	-	-	-
Net income ¹	13,519	-	9,057	9,954	4,422	9,957	8,243	-691	6,306	-44,101	-37,795	14,883	12,531	-	8,742	9,704	18,446	11,071	2,226	-	-	-	-	-	-	-	-	-
Net margin	3.9%	-	2.7%	2.9%	2.66%	3.06%	4.59%	-0.4%	3.33%	-22.11%	-9.72%	7.04%	6.31%	-	4.2%	4.44%	4.32%	4.95%	1.07%	-	-	-	-	-	-	-	-	-
EPS ²	45.50	-	30.47	-	14.87	33.49	27.72	-2.330	21.21	-148.3	-127.1	50.06	42.14	-	29.40	32.64	62.04	37.22	7.480	-	-	-	-	-	-	-	-	-
Dividend per Share	17.00	17.00	17.00	20.00	-	19.00	-	-	-	-	19.00	-	-	-	-	-	21.00	-	-	25.00	-	-	23.00	-	-	27.00	25.00	28.00
Announcement Date	10/29/19	5/14/20	10/27/20	5/17/21	10/28/21	10/28/21	1/27/22	5/13/22	7/26/22	10/26/22	10/26/22	1/30/23	5/10/23	5/10/23	7/27/23	10/27/23	10/27/23	1/30/24	5/15/24	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	15,215	8,803	2,074	-	-	-
Net Cash position ¹	93,004	3,929	-	-	-	15,600	27,200	48,800
Leverage (Debt/EBITDA)	-	-	0.2771 x	0.1509 x	0.0348 x	-	-	-
Free Cash Flow ¹	21,154	-58,424	33,069	26,316	23,909	42,183	31,272	34,351
ROE (net income / shareholders' equity)	5.5%	5.6%	4.6%	4%	-2.4%	6.9%	7.3%	7.9%
ROA (Net income/ Total Assets)	5.4%	4.99%	2.81%	4.63%	4.6%	6.49%	7%	5.4%
Assets ¹	412,636	449,426	676,813	378,475	-225,666	489,103	503,929	693,704
Book Value Per Share ²	1,359	1,329	1,456	1,510	1,425	1,682	1,622	1,681
Cash Flow per Share ²	125.0	147.0	139.0	136.0	41.80	184.0	205.0	216.0
Capex ¹	18,719	21,843	16,437	18,207	19,887	31,011	28,000	26,667
Capex / Sales	3.31%	3.07%	2.42%	2.68%	2.49%	3.61%	3.26%	3.04%
Announcement Date	5/14/19	5/14/20	5/17/21	5/13/22	5/10/23	5/15/24	-	-

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

Ratings for Nisshin Seifun Group Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,862 JPY

Average target price

2,630 JPY

Spread / Average Target

+41.25%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
NISSHIN SEIFUN GROUP INC.	-3.42%	3.52B
NESTLÉ S.A.	-0.91%	279B
MONDELEZ INTERNATIONAL, INC.	-2.98%	95.55B
KRAFT HEINZ	-3.24%	43.71B
THE HERSHEY COMPANY	+11.61%	41.87B
DANONE	+2.15%	41.83B
GENERAL MILLS, INC.	+9.66%	40.22B
ARCHER-DANIELS-MIDLAND COMPANY	-15.72%	30.47B
NESTLÉ INDIA LIMITED	-5.92%	28.96B
ASSOCIATED BRITISH FOODS PLC	+15.17%	25.89B

Other Food Processing