Financials SCSK Corporation

Equities

9719

JP3400400002

IT Services & Consulting

Delayed Japan Exchange Other stock markets 02:00:00 2024-05-21 am EDT			5-day change	1st Jan Change
2,911 ^JPY	-0.67%		+1.46%	+4.11%

May. 08	Japan's JCOM Selects Amdocs and its Service Integration Partner SCSK to Modernize and Accelerate Business Transformation	CI
2023	Jefferies Adjusts SCSK's Price Target to 3,000 Yen From 2,800 Yen, Keeps at Buy	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	512,398	499,949	682,581	655,975	604,375	915,558	-	-
Enterprise Value (EV) ¹	548,980	525,395	659,234	613,694	560,865	886,477	831,304	806,132
P/E ratio	18.4 x	16 x	20.4 x	19.6 x	16.2 x	21.9 x	20.5 x	19.2 x
Yield	2.03%	2.7%	2.06%	2.03%	2.69%	2.11%	2.24%	2.53%
Capitalization / Revenue	1.43 x	1.29 x	1.72 x	1.58 x	1.36 x	1.85 x	1.79 x	1.71 x
EV / Revenue	1.53 x	1.36 x	1.66 x	1.48 x	1.26 x	1.85 x	1.63 x	1.51 x
EV / EBITDA	11.2 x	9.89 x	10.3 x	9.1 x	7.79 x	10.8 x	9.77 x	9.12 x
EV / FCF	30.2 x	14.9 x	22.2 x	13.9 x	19.6 x	16.7 x	19.8 x	18.2 x
FCF Yield	3.31%	6.73%	4.5%	7.19%	5.11%	5.99%	5.06%	5.5%
Price to Book	2.65 x	2.41 x	3.01 x	2.66 x	2.22 x	2.93 x	2.85 x	2.64 x
Nbr of stocks (in thousands)	311,488	311,495	312,156	312,220	312,339	312,424	-	-
Reference price ²	1,645	1,605	2,187	2,101	1,935	2,930	2,930	2,930
Announcement Date	4/26/19	4/28/20	4/28/21	4/28/22	4/28/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	358,654	387,003	396,853	414,150	445,912	480,307	510,501	534,936
EBITDA ¹	48,938	53,112	64,311	67,436	71,990	79,234	85,049	88,422
EBIT ¹	38,378	42,326	45,878	47,555	51,361	57,004	62,658	67,623
Operating Margin	10.7%	10.94%	11.56%	11.48%	11.52%	11.87%	12.27%	12.64%
Earnings before Tax (EBT) ¹	39,477	43,961	46,557	48,315	53,336	57,459	63,556	68,502
Net income ¹	27,892	31,201	33,435	33,470	37,301	40,461	44,700	47,801
Net margin	7.78%	8.06%	8.43%	8.08%	8.37%	8.42%	8.76%	8.94%
EPS ²	89.55	100.2	107.1	107.2	119.4	129.5	143.1	153.0
Free Cash Flow ¹	18,175	35,346	29,633	44,154	28,642	53,143	42,087	44,345
FCF margin	5.07%	9.13%	7.47%	10.66%	6.42%	11.06%	8.24%	8.29%
FCF Conversion (EBITDA)	37.14%	66.55%	46.08%	65.48%	39.79%	42.02%	49.49%	50.15%
FCF Conversion (Net income)	65.16%	113.28%	88.63%	131.92%	76.79%	131.34%	94.15%	92.77%
Dividend per Share ²	33.33	43.33	45.00	42.70	52.00	60.00	65.50	74.05
Announcement Date	4/26/19	4/28/20	4/28/21	4/28/22	4/28/23	4/26/24	-	-

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	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4
Net sales ¹	187,329	199,674	189,755	207,098	100,815	200,025	102,729	111,396	214,125	104,417	108,682	213,099	109,925	122,888	232,813	113,371	117,825	231,196	120,167	128,944	120,082	125,086	245,500	127,458	138,125
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24,966	17,700	18,760	-	18,600	28,840
EBIT ¹	19,800	22,526	21,217	24,661	11,703	22,590	12,184	12,781	24,965	9,937	12,578	22,515	12,665	16,181	28,846	12,950	13,976	26,926	14,062	16,016	13,711	14,894	29,600	15,151	19,005
Operating Margin	10.57%	11.28%	11.18%	11.91%	11.61%	11.29%	11.86%	11.47%	11.66%	9.52%	11.57%	10.57%	11.52%	13.17%	12.39%	11.42%	11.86%	11.65%	11.7%	12.42%	11.42%	11.91%	12.06%	11.89%	13.76%
Earnings before Tax (EBT) ¹	19,993	-	21,536	25,021	11,727	22,857	12,299	13,159	25,458	10,100	13,339	23,439	13,419	16,478	29,897	12,945	13,755	26,700	14,236	16,523	13,275	14,505	29,800	14,875	20,945
Net income ¹	13,796	17,405	14,869	18,566	8,081	15,784	8,473	9,213	17,686	7,006	9,220	16,226	9,268	11,807	21,075	9,007	9,461	18,468	9,867	12,126	8,966	9,764	20,600	10,076	15,958
Net margin	7.36%	8.72%	7.84%	8.96%	8.02%	7.89%	8.25%	8.27%	8.26%	6.71%	8.48%	7.61%	8.43%	9.61%	9.05%	7.94%	8.03%	7.99%	8.21%	9.4%	7.47%	7.81%	8.39%	7.91%	11.55%
EPS ²	44.29	55.87	47.62	-	25.88	50.55	27.14	29.51	-	22.44	29.52	51.96	29.67	37.81	-	28.84	30.28	59.12	31.58	38.81	25.73	28.28	-	29.00	60.27
Dividend per Share ²	21.67	-	21.67	-	23.33	23.33	-	19.37	-	-	26.00	26.00	-	26.00	-	-	-	28.00	-	32.00	-	34.00	-	-	34.00
Announcement Date	10/30/19	4/28/20	10/29/20	4/28/21	10/29/21	10/29/21	1/31/22	4/28/22	4/28/22	7/29/22	10/31/22	10/31/22	1/31/23	4/28/23	4/28/23	7/28/23	10/27/23	10/27/23	1/31/24	4/26/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	36,582	25,446	-	-	-	-	-	-
Net Cash position ¹	-	-	23,347	42,281	43,510	59,260	84,254	109,426
Leverage (Debt/EBITDA)	0.7475 x	0.4791 x	-	-	-	-	-	-
Free Cash Flow ¹	18,175	35,346	29,633	44,154	28,642	53,143	42,087	44,345
ROE (net income / shareholders' equity)	14.6%	15.6%	15.7%	14.1%	14.4%	14.1%	14.4%	14.3%
ROA (Net income/ Total Assets)	12.5%	13.1%	12.9%	8.49%	12.7%	12.7%	11.5%	10.9%
Assets ¹	223,265	238,403	259,570	394,006	294,807	319,296	390,392	439,256
Book Value Per Share ²	621.0	667.0	727.0	791.0	871.0	967.0	1,028	1,109
Cash Flow per Share ²	123.0	133.0	166.0	189.0	185.0	198.0	206.0	215.0
Capex ¹	15,336	13,604	12,710	10,157	26,208	14,757	12,000	18,175
Capex / Sales	4.28%	3.52%	3.2%	2.45%	5.88%	3.07%	2.35%	3.4%
Announcement Date	4/26/19	4/28/20	4/28/21	4/28/22	4/28/23	4/26/24	-	-

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 SCSK Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,930 JPY

Average target price

2,967 JPY

Spread / Average Target

+1.25%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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Computer Programming