Financials Daiwabo Holdings Co., Ltd.

Equities

3107

JP3505400006

Computer Hardware

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
2,698 ^JPY	-0.42%		+0.84%	-12.60%

Mar. 27	Aspirant Group, Inc. completed the acquisition of 85% stake in Daiwabo Co., Ltd. from Daiwabo Holdings Co., Ltd. for ¥9.18 billion.	CI
2023	Daiwabo Holdings Co., Ltd.(TSE:3107) added to S&P Japan 500	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	122,494	99,800	161,712	156,825	204,032	253,247	-	-
Enterprise Value (EV) ¹	132,632	99,835	156,974	137,346	178,008	253,247	253,247	253,247
P/E ratio	7.3 x	4.71 x	6.29 x	9.26 x	10.8 x	35.8 x	10.1 x	9.14 x
Yield	3.14%	3.08%	3.57%	3.64%	2.84%	2.36%	2.44%	2.44%
Capitalization / Revenue	0.16 x	0.11 x	0.15 x	0.21 x	0.23 x	0.26 x	0.24 x	0.22 x
EV / Revenue	0.16 x	0.11 x	0.15 x	0.21 x	0.23 x	0.26 x	0.24 x	0.22 x
EV / EBITDA	4.78 x	2.78 x	4.21 x	5.69 x	6.51 x	7.61 x	5.99 x	5.47 x
EV / FCF	21.2 x	6.84 x	28.1 x	6.16 x	13.8 x	19.4 x	23.1 x	11.5 x
FCF Yield	4.71%	14.6%	3.56%	16.2%	7.26%	5.15%	4.33%	8.66%
Price to Book	1.42 x	0.96 x	1.26 x	1.16 x	1.43 x	1.75 x	1.56 x	1.38 x
Nbr of stocks (in thousands)	96,149	96,146	96,143	95,103	93,464	93,466	-	-
Reference price ²	1,274	1,038	1,682	1,649	2,183	2,710	2,710	2,710
Announcement Date	5/13/19	5/13/20	5/13/21	5/12/22	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	785,554	944,053	1,043,534	763,838	903,918	965,150	1,058,000	1,136,000
EBITDA ¹	25,615	35,953	38,433	27,550	31,325	33,300	42,300	46,300
EBIT ¹	22,709	32,841	35,028	24,059	27,944	30,100	36,500	40,250
Operating Margin	2.89%	3.48%	3.36%	3.15%	3.09%	3.12%	3.45%	3.54%
Earnings before Tax (EBT) ¹	24,114	31,024	36,253	24,917	28,191	13,840	34,840	38,140
Net income ¹	16,775	21,178	25,715	16,988	19,059	7,070	25,070	27,470
Net margin	2.14%	2.24%	2.46%	2.22%	2.11%	0.73%	2.37%	2.42%
EPS ²	174.5	220.3	267.5	178.1	202.8	75.75	269.6	296.6
Free Cash Flow ¹	5,768	14,589	5,761	25,450	14,807	13,031	10,961	21,930
FCF margin	0.73%	1.55%	0.55%	3.33%	1.64%	1.35%	1.04%	1.93%
FCF Conversion (EBITDA)	22.52%	40.58%	14.99%	92.38%	47.27%	39.13%	25.91%	47.37%
FCF Conversion (Net income)	34.38%	68.89%	22.4%	149.81%	77.69%	184.31%	43.72%	79.83%
Dividend per Share ²	40.00	32.00	60.00	60.00	62.00	64.00	66.00	66.00
Announcement Date	5/13/19	5/13/20	5/13/21	5/12/22	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	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	472,021	472,032	424,503	619,031	183,806	350,668	188,400	224,770	413,170	185,445	223,801	409,246	228,364	266,308	494,672	209,337	236,580	445,917	229,354	289,730	514,083	201,900	226,600	249,000	318,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	15,818	17,023	10,853	24,175	5,413	9,806	5,071	9,182	14,253	4,353	6,610	10,963	6,811	10,170	16,981	4,938	7,854	12,792	6,121	11,188	17,208	4,000	8,500	9,500	12,000
Operating Margin	3.35%	3.61%	2.56%	3.91%	2.94%	2.8%	2.69%	4.09%	3.45%	2.35%	2.95%	2.68%	2.98%	3.82%	3.43%	2.36%	3.32%	2.87%	2.67%	3.86%	3.35%	1.98%	3.75%	3.82%	3.77%
Earnings before Tax (EBT)	15,638	-	11,867	-	-	10,226	5,131	-	-	4,587	-	11,227	6,996	-	-	5,019	-	12,907	-10,508	-	-	-	-	-	-
Net income	10,608	-	8,803	-	-	7,015	3,463	-	-	3,146	-	7,670	4,728	-	-	3,442	-	8,526	-12,724	-	-	-	-	-	-
Net margin	2.25%	-	2.07%	-	-	2%	1.84%	-	-	1.7%	-	1.87%	2.07%	-	-	1.64%	-	1.91%	-5.55%	-	-	-	-	-	-
EPS	110.3	-	91.57	-	-	73.36	36.42	-	-	33.15	-	81.17	50.50	-	-	36.83	-	91.23	-136.2	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	30.00	-	-	-	-	-	30.00	-	-	-	-	-	32.00	-	-	-	-	-	-	-
Announcement Date	11/7/19	5/13/20	12/11/20	5/13/21	11/9/21	11/9/21	2/8/22	5/12/22	5/12/22	8/5/22	11/9/22	11/9/22	2/8/23	5/15/23	5/15/23	8/4/23	11/9/23	11/9/23	2/8/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	10,138	35	-	-	-	-	-	-
Net Cash position	-	-	4,738	19,479	26,024	-	-	-
Leverage (Debt/EBITDA)	0.3958 x	0.000973 x	-	-	-	-	-	-
Free Cash Flow ¹	5,768	14,589	5,761	25,450	14,807	13,031	10,961	21,930
ROE (net income / shareholders' equity)	21.1%	22.3%	22.2%	12.9%	13.7%	4.9%	15.2%	15.6%
ROA (Net income/ Total Assets)	7.34%	9.99%	10%	6.64%	7.5%	7.7%	8.6%	8.8%
Assets ¹	228,627	212,036	256,054	255,976	254,124	91,818	291,512	312,159
Book Value Per Share ²	899.0	1,080	1,334	1,422	1,530	1,550	1,742	1,958
Cash Flow per Share ²	205.0	253.0	303.0	215.0	239.0	119.0	278.0	312.0
Capex ¹	4,361	3,898	3,667	2,187	2,151	3,400	3,400	3,400
Capex / Sales	0.56%	0.41%	0.35%	0.29%	0.24%	0.35%	0.32%	0.3%
Announcement Date	5/13/19	5/13/20	5/13/21	5/12/22	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 Daiwabo Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,710 JPY

Average target price

3,650 JPY

Spread / Average Target

+34.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Computer Hardware

	1st Jan change	Capi.
DAIWABO HOLDINGS CO., LTD.	-12.60%	1.61B
DELL TECHNOLOGIES INC.	+55.27%	84.78B
HP INC.	-7.78%	27.15B
HEWLETT PACKARD ENTERPRISE COMPANY	-3.18%	21.37B
SEAGATE TECHNOLOGY HOLDINGS PLC	+0.52%	18.02B
LENOVO GROUP LIMITED	-16.76%	14.16B
LOGITECH INTERNATIONAL S.A.	-7.40%	12.06B
TD SYNNEX CORPORATION	+7.01%	9.84B
WISTRON CORPORATION	+15.11%	10.01B
ASUSTEK COMPUTER INC.	-12.16%	9.81B

Other Computer Hardware