Stock 8275 FORVAL CORPORATION
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Financials Forval Corporation

Equities

8275

JP3802750004

Office Equipment

Delayed Japan Exchange
Other stock markets
 02:00:00 2024-05-01 am EDT 		5-day change 1st Jan Change
1,298 JPY -0.76% Intraday chart for Forval Corporation +10.00% -10.42%
Feb. 13 Forval Corporation Provides Dividend Guidance for the Year Ending March 31, 2024 CI
2023 Forval Corporation Provides Consolidated Earnings Guidance for the Year Ending March 31, 2024 CI

Valuation

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Capitalization 1 23,264 20,857 28,504 22,378 22,969 30,518
Enterprise Value (EV) 1 17,597 16,528 22,708 15,367 15,423 21,850
P/E ratio 13.5 x 10.1 x 26.7 x 16.4 x 12.5 x 18.2 x
Yield 2.26% 3.01% 2.29% 2.97% 2.9% 2.27%
Capitalization / Revenue 0.45 x 0.36 x 0.57 x 0.45 x 0.45 x 0.51 x
EV / Revenue 0.34 x 0.29 x 0.46 x 0.31 x 0.3 x 0.37 x
EV / EBITDA 5.48 x 4.56 x 6.18 x 4.97 x 3.88 x 5.55 x
EV / FCF 12.1 x 10.7 x 7.34 x 7.98 x 7.92 x 7.9 x
FCF Yield 8.29% 9.31% 13.6% 12.5% 12.6% 12.7%
Price to Book 2.59 x 1.97 x 2.62 x 1.8 x 1.71 x 2.08 x
Nbr of stocks (in thousands) 25,069 25,098 25,158 25,575 25,635 25,710
Reference price 2 928.0 831.0 1,133 875.0 896.0 1,187
Announcement Date 6/22/18 6/21/19 8/12/20 6/28/21 6/27/22 6/23/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net sales 1 51,351 57,520 49,731 49,788 51,535 59,538
EBITDA 1 3,211 3,621 3,672 3,092 3,980 3,934
EBIT 1 2,779 3,145 3,163 2,399 2,626 2,443
Operating Margin 5.41% 5.47% 6.36% 4.82% 5.1% 4.1%
Earnings before Tax (EBT) 1 2,958 3,287 1,374 2,469 3,278 2,939
Net income 1 1,743 2,064 1,067 1,357 1,836 1,679
Net margin 3.39% 3.59% 2.15% 2.73% 3.56% 2.82%
EPS 2 68.64 82.27 42.45 53.31 71.68 65.39
Free Cash Flow 1 1,458 1,539 3,092 1,925 1,948 2,767
FCF margin 2.84% 2.68% 6.22% 3.87% 3.78% 4.65%
FCF Conversion (EBITDA) 45.42% 42.5% 84.2% 62.27% 48.96% 70.33%
FCF Conversion (Net income) 83.67% 74.56% 289.77% 141.88% 106.13% 164.78%
Dividend per Share 2 21.00 25.00 26.00 26.00 26.00 27.00
Announcement Date 6/22/18 6/21/19 8/12/20 6/28/21 6/27/22 6/23/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 S1 2022 S1 2022 Q3 2023 Q1 2023 S1 2023 Q3 2024 Q1 2024 S1 2024 Q3
Net sales 1 24,802 23,455 23,424 12,626 13,050 27,526 14,574 14,328 30,576 15,405
EBITDA - - - - - - - - - -
EBIT 1 1,540 1,024 965 672 178 581 497 446 1,498 413
Operating Margin 6.21% 4.37% 4.12% 5.32% 1.36% 2.11% 3.41% 3.11% 4.9% 2.68%
Earnings before Tax (EBT) 1 1,953 912 1,427 747 304 768 598 531 1,720 588
Net income 1 1,235 460 733 415 59 298 305 253 942 294
Net margin 4.98% 1.96% 3.13% 3.29% 0.45% 1.08% 2.09% 1.77% 3.08% 1.91%
EPS 2 49.21 18.18 28.66 16.21 2.300 11.63 11.88 9.870 36.66 11.42
Dividend per Share - - - - - - - - - -
Announcement Date 11/12/19 11/11/20 11/10/21 2/9/22 8/9/22 11/10/22 2/10/23 8/9/23 11/10/23 2/9/24
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 5,667 4,329 5,796 7,011 7,546 8,668
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 1,458 1,539 3,092 1,925 1,949 2,767
ROE (net income / shareholders' equity) 20.7% 21% 7.4% 12.3% 15.1% 12.3%
ROA (Net income/ Total Assets) 7.44% 6.86% 6.44% 4.96% 5.14% 4.47%
Assets 1 23,416 30,086 16,577 27,384 35,746 37,583
Book Value Per Share 2 359.0 422.0 432.0 486.0 525.0 570.0
Cash Flow per Share 2 297.0 361.0 387.0 429.0 397.0 434.0
Capex 1 188 326 135 124 278 234
Capex / Sales 0.37% 0.57% 0.27% 0.25% 0.54% 0.39%
Announcement Date 6/22/18 6/21/19 8/12/20 6/28/21 6/27/22 6/23/23
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

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Office Equipment Wholesale
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