Financials Central Security Patrols Co., Ltd.

Equities

9740

JP3425400003

Business Support Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,713 ^JPY	-1.17%		+1.92%	+6.48%

2023	Mitsui & Co., Ltd. completed the acquisition of % stake in Relia, Inc. from Central Security Patrols Co., Ltd. and others	CI
2023	Central Security Patrols Co., Ltd. agreed to acquire 74.7% stake in TOH-A SECURITY SERVICES CO.,LTD. from Sumiko Oshima, Mamoru Hiraishi and others.	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	62,373	64,269	48,803	33,937	36,811	39,596	-	-
Enterprise Value (EV) ¹	60,036	60,737	43,772	25,186	26,104	37,086	39,596	39,596
P/E ratio	28.1 x	22.4 x	15.6 x	9.25 x	14.2 x	6.89 x	14.3 x	11.4 x
Yield	0.89%	0.91%	1.35%	2.06%	1.98%	2.36%	2.21%	2.58%
Capitalization / Revenue	1 x	0.95 x	0.72 x	0.49 x	0.57 x	0.55 x	0.58 x	0.54 x
EV / Revenue	1 x	0.95 x	0.72 x	0.49 x	0.57 x	0.55 x	0.58 x	0.54 x
EV / EBITDA	11.4 x	9.91 x	6.68 x	4.24 x	5.56 x	5.44 x	5.59 x	4.65 x
EV / FCF	26.6 x	33 x	20.3 x	7.06 x	8.76 x	3.19 x	14.5 x	8.25 x
FCF Yield	3.76%	3.03%	4.93%	14.2%	11.4%	31.4%	6.88%	12.1%
Price to Book	2.72 x	2.47 x	1.66 x	1.09 x	1.05 x	0.99 x	0.95 x	0.89 x
Nbr of stocks (in thousands)	14,590	14,590	14,590	14,590	14,590	14,595	-	-
Reference price ²	4,275	4,405	3,345	2,326	2,523	2,713	2,713	2,713
Announcement Date	4/11/19	4/10/20	4/13/21	4/12/22	4/12/23	4/12/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	62,397	67,814	67,443	69,070	64,824	68,010	68,030	73,945
EBITDA ¹	5,457	6,488	7,310	8,005	6,618	6,816	7,081	8,521
EBIT ¹	3,409	4,261	4,584	5,175	3,976	4,316	4,440	5,540
Operating Margin	5.46%	6.28%	6.8%	7.49%	6.13%	6.35%	6.53%	7.49%
Earnings before Tax (EBT) ¹	3,595	4,627	4,988	5,836	4,270	8,328	4,540	5,980
Net income ¹	2,222	2,871	3,128	3,667	2,586	5,381	2,760	3,480
Net margin	3.56%	4.23%	4.64%	5.31%	3.99%	7.91%	4.06%	4.71%
EPS ²	152.4	196.8	214.4	251.4	177.2	368.8	189.1	238.4
Free Cash Flow ¹	2,343	1,948	2,404	4,808	4,203	11,638	2,726	4,800
FCF margin	3.75%	2.87%	3.56%	6.96%	6.48%	17.11%	4.01%	6.49%
FCF Conversion (EBITDA)	42.93%	30.03%	32.88%	60.07%	63.51%	170.75%	38.5%	56.33%
FCF Conversion (Net income)	105.45%	67.85%	76.85%	131.12%	162.53%	216.28%	98.77%	137.93%
Dividend per Share ²	38.00	40.00	45.00	48.00	50.00	60.00	60.00	70.00
Announcement Date	4/11/19	4/10/20	4/13/21	4/12/22	4/12/23	4/12/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2021 S1	2022 S1	2022 Q3	2023 Q1	2023 S1	2023 Q3	2024 Q1	2024 S1	2024 Q3
Net sales ¹	33,614	33,916	34,450	16,525	16,254	31,828	16,002	17,731	33,700	16,408
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,115	2,627	2,875	1,138	1,106	1,937	987	1,562	2,227	1,056
Operating Margin	6.29%	7.75%	8.35%	6.89%	6.8%	6.09%	6.17%	8.81%	6.61%	6.44%
Earnings before Tax (EBT) ¹	2,246	2,831	3,259	1,121	1,125	2,052	960	1,563	6,796	1,079
Net income ¹	1,391	1,791	2,083	638	667	1,252	545	929	4,461	642
Net margin	4.14%	5.28%	6.05%	3.86%	4.1%	3.93%	3.41%	5.24%	13.24%	3.91%
EPS ²	95.37	122.8	142.8	43.75	45.72	85.87	37.34	63.72	305.8	43.97
Dividend per Share	20.00	20.00	23.00	-	-	25.00	-	-	30.00	-
Announcement Date	10/10/19	10/9/20	10/12/21	1/12/22	7/11/22	10/12/22	1/12/23	7/12/23	10/12/23	1/15/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	2,337	3,532	5,031	8,751	10,707	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,343	1,948	2,404	4,808	4,203	11,638	2,726	4,800
ROE (net income / shareholders' equity)	9.7%	11.7%	11.3%	12.1%	7.8%	14.9%	6.8%	8.5%
ROA (Net income/ Total Assets)	7.29%	8.57%	5.27%	9.29%	7.32%	7.19%	3.9%	5.2%
Assets ¹	30,484	33,491	59,408	39,474	35,325	74,822	70,769	66,923
Book Value Per Share ²	1,573	1,783	2,016	2,138	2,397	2,555	2,862	3,053
Cash Flow per Share	293.0	349.0	401.0	445.0	358.0	540.0	-	-
Capex	2,874	3,096	5,073	1,596	1,745	2,852	-	-
Capex / Sales	4.61%	4.57%	7.52%	2.31%	2.69%	4.19%	-	-
Announcement Date	4/11/19	4/10/20	4/13/21	4/12/22	4/12/23	4/12/24	-	-

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 Central Security Patrols Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,713 JPY

Average target price

2,850 JPY

Spread / Average Target

+5.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Security Services