Stock 8601 DAIWA SECURITIES GROUP INC.
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Financials Daiwa Securities Group Inc.

Equities

8601

JP3502200003

Investment Banking & Brokerage Services

Market Closed - Japan Exchange
Other stock markets
 02:31:48 2024-04-26 am EDT 		5-day change 1st Jan Change
1,128 JPY +0.31% Intraday chart for Daiwa Securities Group Inc. +4.44% +18.90%
Apr. 25 Japan brokerage Daiwa's Q4 profit more than doubles RE
Apr. 25 Daiwa Securities Group Inc. Approves Year End Dividend for the Year 2023, Payable on May 31, 2024 CI

Valuation

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 851,636 636,671 871,400 1,027,111 902,191 1,581,372 - -
Enterprise Value (EV) 1 851,636 636,671 871,400 1,027,111 902,191 1,605,504 1,581,372 1,581,372
P/E ratio 13.5 x 10.7 x 8.04 x 11 x 14.3 x 13.6 x 14.9 x 14.3 x
Yield 3.9% 4.77% 6.29% 4.76% 3.7% 3.82% 3.35% 3.54%
Capitalization / Revenue 1.18 x 0.95 x 1.51 x 1.66 x 1.04 x 1.26 x 1.32 x 1.3 x
EV / Revenue 1.18 x 0.95 x 1.51 x 1.66 x 1.04 x 1.26 x 1.32 x 1.3 x
EV / EBITDA - - - - - - - -
EV / FCF - 5,061,384 x 2,410,651 x -2,730,464 x - - - -
FCF Yield - 0% 0% -0% - - - -
Price to Book 0.68 x 0.53 x 0.65 x 0.75 x 0.64 x 1.06 x 1.08 x 1.04 x
Nbr of stocks (in thousands) 1,580,030 1,518,777 1,523,160 1,482,764 1,452,803 1,401,305 - -
Reference price 2 539.0 419.2 572.1 692.7 621.0 1,128 1,128 1,128
Announcement Date 4/25/19 5/8/20 4/28/21 4/27/22 4/27/23 4/25/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 720,586 672,287 576,172 619,471 866,090 1,277,482 1,197,000 1,214,000
EBITDA - - - - - - - -
EBIT 1 67,326 54,288 92,859 115,534 66,273 153,705 145,660 152,149
Operating Margin 9.34% 8.08% 16.12% 18.65% 7.65% 12.03% 12.17% 12.53%
Earnings before Tax (EBT) 1 95,083 84,828 144,567 141,666 96,766 179,997 155,710 162,904
Net income 1 63,813 60,346 108,396 94,891 63,875 121,557 105,300 109,609
Net margin 8.86% 8.98% 18.81% 15.32% 7.38% 9.52% 8.8% 9.03%
EPS 2 39.95 39.11 71.20 63.06 43.53 84.94 75.80 79.13
Free Cash Flow - 125,790 361,479 -376,167 - - - -
FCF margin - 18.71% 62.74% -60.72% - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - 208.45% 333.48% - - - - -
Dividend per Share 2 21.00 20.00 36.00 33.00 23.00 44.00 37.75 40.00
Announcement Date 4/25/19 5/8/20 4/28/21 4/27/22 4/27/23 4/25/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März 2020 S1 2021 S1 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
Net sales 1 341,007 257,180 - 304,538 166,600 - - 146,640 192,552 339,193 233,036 293,861 - 266,259 - 570,087 335,378
EBITDA - - - - - - - - - - - - - - - - -
EBIT 1 18,900 36,331 30,677 62,525 36,050 16,959 - 8,847 11,990 20,838 21,520 23,915 - 30,733 37,828 68,561 38,061
Operating Margin 5.54% 14.13% - 20.53% 21.64% - - 6.03% 6.23% 6.14% 9.23% 8.14% - 11.54% - 12.03% 11.35%
Earnings before Tax (EBT) 1 41,303 47,167 40,052 75,228 40,863 25,575 - 20,180 24,355 44,536 23,864 28,366 - 36,844 42,701 79,545 42,007
Net income 1 33,383 32,804 26,643 50,203 26,699 17,989 - 11,878 19,576 31,455 15,295 17,125 32,420 23,712 29,793 53,505 28,457
Net margin 9.79% 12.76% - 16.48% 16.03% - - 8.1% 10.17% 9.27% 6.56% 5.83% - 8.91% - 9.39% 8.49%
EPS 2 21.34 21.56 17.54 32.99 17.87 12.20 - 8.010 13.23 21.24 10.51 11.78 - 16.32 20.59 36.91 20.00
Dividend per Share 11.00 11.00 17.00 17.00 - 16.00 16.00 - - 11.00 - 12.00 12.00 - 19.00 19.00 -
Announcement Date 10/30/19 10/29/20 10/27/21 10/27/21 1/28/22 4/27/22 4/27/22 7/29/22 10/31/22 10/31/22 1/30/23 4/27/23 4/27/23 7/31/23 10/31/23 10/31/23 1/31/24
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - 125,790 361,479 -376,167 - - - -
ROE (net income / shareholders' equity) 5.1% 4.9% 8.5% 7% 4.6% 8.3% 7.26% 7.58%
ROA (Net income/ Total Assets) 0.39% 0.31% 0.46% 0.51% 0.32% 0.6% - -
Assets 1 16,217,597 19,297,135 23,491,320 18,734,280 19,818,492 20,344,608 - -
Book Value Per Share 2 795.0 796.0 875.0 926.0 969.0 1,086 1,045 1,087
Cash Flow per Share 58.90 63.30 98.20 92.70 73.50 117.0 - -
Capex - 41,400 29,500 22,700 32,300 - - -
Capex / Sales - 6.16% 5.12% 3.66% 3.73% - - -
Announcement Date 4/25/19 5/8/20 4/28/21 4/27/22 4/27/23 4/25/24 - -
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 Daiwa Securities Group Inc.

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
4
Last Close Price
1,128 JPY
Average target price
1,088 JPY
Spread / Average Target
-3.59%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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