Financials BIPROGY Inc.

Equities

8056

JP3754200008

IT Services & Consulting

Delayed Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
3,746 ^JPY	-3.90%		-19.13%	-15.15%

May. 01	Biprogy's Attributable Profit Jumps 25% in Fiscal 2024	MT
Feb. 01	Biprogy’s Attributable Profit Soars 60.1 % in Fiscal due on Higher Revenue, Other Income	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	294,206	290,321	342,280	312,846	326,592	391,893	-	-
Enterprise Value (EV) ¹	289,946	278,368	317,776	305,327	320,951	455,533	367,775	342,284
P/E ratio	20.7 x	16 x	20 x	15.3 x	16.2 x	18 x	14.8 x	13.7 x
Yield	1.88%	2.42%	2.05%	2.73%	2.46%	2.44%	2.69%	3.01%
Capitalization / Revenue	0.98 x	0.93 x	1.11 x	0.99 x	0.96 x	1.23 x	1.02 x	0.98 x
EV / Revenue	0.97 x	0.89 x	1.03 x	0.96 x	0.94 x	1.23 x	0.95 x	0.86 x
EV / EBITDA	9.02 x	7.52 x	8.51 x	6.92 x	6.99 x	8.91 x	7 x	6.16 x
EV / FCF	15.1 x	16.2 x	16 x	16.5 x	24.9 x	22.1 x	30.6 x	24.4 x
FCF Yield	6.64%	6.18%	6.26%	6.05%	4.01%	4.52%	3.27%	4.09%
Price to Book	2.57 x	2.41 x	2.54 x	2.43 x	2.33 x	2.74 x	2.06 x	1.97 x
Nbr of stocks (in thousands)	100,343	100,353	100,375	100,432	100,490	100,537	-	-
Reference price ²	2,932	2,893	3,410	3,115	3,250	3,898	3,898	3,898
Announcement Date	5/9/19	5/18/20	5/7/21	5/6/22	4/28/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	299,029	311,554	309,685	317,600	339,898	370,142	386,000	399,933
EBITDA ¹	32,159	37,039	37,323	44,117	45,900	51,147	52,521	55,609
EBIT ¹	20,622	26,139	26,724	27,425	29,673	33,287	38,167	41,988
Operating Margin	6.9%	8.39%	8.63%	8.64%	8.73%	8.99%	9.89%	10.5%
Earnings before Tax (EBT) ¹	19,490	25,205	25,640	29,575	30,001	34,164	38,400	42,325
Net income ¹	14,238	18,182	17,076	20,490	20,203	25,246	26,175	28,831
Net margin	4.76%	5.84%	5.51%	6.45%	5.94%	6.82%	6.78%	7.21%
EPS ²	141.9	181.2	170.1	204.0	201.1	251.2	263.0	285.4
Free Cash Flow ¹	19,255	17,203	19,895	18,478	12,882	20,597	12,020	14,001
FCF margin	6.44%	5.52%	6.42%	5.82%	3.79%	5.56%	3.11%	3.5%
FCF Conversion (EBITDA)	59.87%	46.45%	53.3%	41.88%	28.07%	40.27%	22.89%	25.18%
FCF Conversion (Net income)	135.24%	94.62%	116.51%	90.18%	63.76%	81.59%	45.92%	48.56%
Dividend per Share ²	55.00	70.00	70.00	85.00	80.00	95.00	105.0	117.1
Announcement Date	5/9/19	5/18/20	5/7/21	5/6/22	4/28/23	4/30/24	-	-

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	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	149,700	161,828	144,571	165,114	78,295	145,914	71,928	99,758	171,686	70,517	84,265	154,782	75,194	109,922	185,116	79,854	93,124	172,978	85,897	111,267	-	81,700	96,700	88,800	118,800
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11,984	14,229	-	-	-	-	-
EBIT ¹	11,020	15,119	11,567	15,157	8,200	12,841	5,834	8,635	14,469	4,778	8,820	13,598	5,684	10,391	16,075	5,829	10,806	16,635	7,499	9,639	-	6,375	11,450	8,075	12,600
Operating Margin	7.36%	9.34%	8%	9.18%	10.47%	8.8%	8.11%	8.66%	8.43%	6.78%	10.47%	8.79%	7.56%	9.45%	8.68%	7.3%	11.6%	9.62%	8.73%	8.66%	-	7.8%	11.84%	9.09%	10.61%
Earnings before Tax (EBT) ¹	11,329	13,876	11,064	-	8,760	13,905	6,227	9,443	15,670	5,828	9,057	14,885	5,067	10,049	15,116	6,434	11,012	17,446	7,040	9,678	16,718	-	-	-	-
Net income ¹	7,928	10,254	7,566	9,510	5,857	9,373	4,268	6,849	11,117	3,919	6,193	10,112	3,458	6,543	10,091	4,365	8,461	12,826	5,330	7,090	-	-	-	-	-
Net margin	5.3%	6.34%	5.23%	5.76%	7.48%	6.42%	5.93%	6.87%	6.48%	5.56%	7.35%	6.53%	4.6%	5.95%	5.45%	5.47%	9.09%	7.41%	6.21%	6.37%	-	-	-	-	-
EPS ²	79.01	102.2	75.38	-	58.33	93.36	42.49	68.19	-	39.02	61.63	100.6	34.41	66.00	-	43.44	84.17	127.6	53.02	70.52	-	-	-	-	-
Dividend per Share ²	32.50	-	35.00	-	-	35.00	-	-	-	-	-	40.00	-	-	-	-	-	45.00	-	50.00	-	-	-	-	-
Announcement Date	11/6/19	5/18/20	11/6/20	5/7/21	11/2/21	11/2/21	2/1/22	5/6/22	5/6/22	8/3/22	11/1/22	11/1/22	2/1/23	4/28/23	4/28/23	8/1/23	11/1/23	11/1/23	2/1/24	4/30/24	4/30/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	4,260	11,953	24,504	7,519	5,641	13,762	24,118	49,610
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	19,255	17,203	19,895	18,478	12,882	20,597	12,020	14,001
ROE (net income / shareholders' equity)	13.1%	15.5%	13.4%	17%	15%	16.5%	15.6%	16%
ROA (Net income/ Total Assets)	10%	12.5%	11.9%	11.8%	10.9%	11.5%	12.3%	12.4%
Assets ¹	142,296	145,646	143,765	173,421	184,866	219,700	212,805	232,510
Book Value Per Share ²	1,142	1,200	1,341	1,283	1,392	1,655	1,893	1,981
Cash Flow per Share ²	257.0	290.0	276.0	370.0	363.0	429.0	407.0	429.0
Capex ¹	8,183	10,336	12,038	11,749	19,919	21,096	12,500	12,500
Capex / Sales	2.74%	3.32%	3.89%	3.7%	5.86%	5.7%	3.24%	3.13%
Announcement Date	5/9/19	5/18/20	5/7/21	5/6/22	4/28/23	4/30/24	-	-

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 BIPROGY Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,898 JPY

Average target price

4,800 JPY

Spread / Average Target

+23.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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