Financials Persol Holdings Co.,Ltd.

Equities

2181

JP3547670004

Employment Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
220.4 ^JPY	+1.33%		+6.11%	-8.96%

Feb. 14	Transcript : Persol Holdings Co.,Ltd., Q3 2024 Earnings Call, Feb 14, 2024
2023	Harris Associates says cautious on Japan, all in on Europe	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	418,086	250,917	497,968	637,281	605,081	493,746	-	-
Enterprise Value (EV) ¹	389,850	213,098	477,070	591,999	560,282	430,966	411,570	386,441
P/E ratio	17.2 x	33.2 x	31.5 x	20.2 x	29.6 x	15.7 x	14.6 x	12.7 x
Yield	1.4%	2.76%	1.2%	1.52%	2.3%	3.88%	4.1%	4.61%
Capitalization / Revenue	0.45 x	0.26 x	0.52 x	0.6 x	0.49 x	0.37 x	0.35 x	0.33 x
EV / Revenue	0.42 x	0.22 x	0.5 x	0.56 x	0.46 x	0.32 x	0.29 x	0.26 x
EV / EBITDA	6.5 x	3.78 x	10.9 x	8.82 x	7.33 x	5.63 x	4.66 x	3.89 x
EV / FCF	11.9 x	14 x	19.1 x	13.6 x	18.5 x	11 x	8.73 x	7.44 x
FCF Yield	8.42%	7.14%	5.24%	7.37%	5.41%	9.08%	11.5%	13.4%
Price to Book	2.69 x	1.7 x	3.17 x	3.48 x	3.26 x	2.65 x	2.47 x	2.25 x
Nbr of stocks (in thousands)	2,333,069	2,310,465	2,301,145	2,305,649	2,279,884	2,240,226	-	-
Reference price ²	179.2	108.6	216.4	276.4	265.4	220.4	220.4	220.4
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	925,818	970,572	950,722	1,060,893	1,223,967	1,330,467	1,417,920	1,511,300
EBITDA ¹	59,972	56,355	43,911	67,149	76,417	76,549	88,247	99,432
EBIT ¹	44,111	39,085	26,439	48,143	53,061	51,543	58,288	67,519
Operating Margin	4.76%	4.03%	2.78%	4.54%	4.34%	3.87%	4.11%	4.47%
Earnings before Tax (EBT) ¹	42,691	20,331	28,579	50,043	40,716	50,101	57,696	66,947
Net income ¹	24,361	7,612	15,834	31,523	20,578	31,418	35,804	41,859
Net margin	2.63%	0.78%	1.67%	2.97%	1.68%	2.36%	2.53%	2.77%
EPS ²	10.44	3.276	6.864	13.68	8.961	14.06	15.13	17.30
Free Cash Flow ¹	32,819	15,209	25,021	43,635	30,292	39,125	47,132	51,907
FCF margin	3.54%	1.57%	2.63%	4.11%	2.47%	2.94%	3.32%	3.43%
FCF Conversion (EBITDA)	54.72%	26.99%	56.98%	64.98%	39.64%	51.11%	53.41%	52.2%
FCF Conversion (Net income)	134.72%	199.8%	158.02%	138.42%	147.21%	124.53%	131.64%	124%
Dividend per Share ²	2.500	3.000	2.600	4.200	6.100	8.560	9.040	10.16
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/15/23	-	-	-

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	2022 S2	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	478,956	491,616	465,755	484,967	262,415	512,847	267,343	280,703	548,046	284,100	302,649	586,749	315,318	321,900	637,218	328,703	326,184	654,887	335,740	335,830
EBITDA	-	-	-	-	18,263	-	-	12,273	-	-	-	-	-	-	-	19,014	16,025	35,039	18,404	-
EBIT ¹	20,116	18,969	13,875	12,564	13,598	26,735	14,076	7,332	21,408	16,495	14,221	30,716	14,718	7,627	22,345	14,675	11,704	26,379	14,542	10,575
Operating Margin	4.2%	3.86%	2.98%	2.59%	5.18%	5.21%	5.27%	2.61%	3.91%	5.81%	4.7%	5.23%	4.67%	2.37%	3.51%	4.46%	3.59%	4.03%	4.33%	3.15%
Earnings before Tax (EBT) ¹	3,180	17,151	14,693	13,886	12,862	27,024	14,756	8,263	23,019	17,238	14,227	31,465	14,456	-5,205	9,251	14,617	11,365	25,982	14,340	12,330
Net income ¹	-5,177	12,789	7,644	8,190	7,060	15,547	8,385	7,591	15,976	10,301	8,488	18,789	8,373	-6,584	1,789	9,369	7,399	16,768	8,441	7,280
Net margin	-1.08%	2.6%	1.64%	1.69%	2.69%	3.03%	3.14%	2.7%	2.92%	3.63%	2.8%	3.2%	2.66%	-2.05%	0.28%	2.85%	2.27%	2.56%	2.51%	2.17%
EPS	-2.220	-	3.308	-	-	6.754	3.638	-	-	4.468	-	8.152	3.650	-	-	4.138	-	7.410	3.710	-
Dividend per Share	1.500	-	1.300	-	-	2.000	-	-	-	-	-	2.100	-	-	-	-	-	4.300	-	-
Announcement Date	11/12/19	5/15/20	11/10/20	5/14/21	11/11/21	11/11/21	2/14/22	5/13/22	5/13/22	8/10/22	11/11/22	11/11/22	2/10/23	5/15/23	5/15/23	8/10/23	11/10/23	11/10/23	2/14/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	28,236	37,819	20,898	45,282	44,799	62,780	82,176	107,305
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	32,819	15,209	25,021	43,635	30,292	39,125	47,132	51,907
ROE (net income / shareholders' equity)	16.2%	5%	10.4%	18.6%	11.2%	16.6%	18.5%	19.8%
ROA (Net income/ Total Assets)	11.4%	10.6%	7.73%	12.3%	12.3%	6.8%	7.42%	8.28%
Assets ¹	214,438	71,731	204,767	256,468	167,796	461,761	482,734	505,615
Book Value Per Share ²	66.70	64.00	68.30	79.40	81.50	83.30	89.20	98.10
Cash Flow per Share ²	13.50	7.350	11.50	19.00	16.00	41.60	26.10	30.90
Capex ¹	9,534	13,383	12,553	11,703	14,293	22,516	19,847	20,358
Capex / Sales	1.03%	1.38%	1.32%	1.1%	1.17%	1.69%	1.4%	1.35%
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/15/23	-	-	-

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 Persol Holdings Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

220.4 JPY

Average target price

269 JPY

Spread / Average Target

+22.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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FESCO GROUP CO., LTD.	+0.59%	1.47B
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