Financials Fuji Media Holdings, Inc.

Equities

4676

JP3819400007

Broadcasting

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,858 ^JPY	-0.05%		-0.64%	+18.46%

Mar. 29	Fuji Media Holdings Reports Extraordinary 16 Billion Yen Gain, Revises Fiscal Earnings Forecast	MT
Mar. 28	Fuji Media Holdings, Inc. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	354,536	249,313	301,421	260,885	265,750	401,231	-	-
Enterprise Value (EV) ¹	390,568	318,839	381,961	333,138	319,163	511,478	547,971	573,296
P/E ratio	15 x	6.04 x	30.6 x	10.5 x	5.67 x	12.4 x	13.4 x	12.5 x
Yield	2.88%	4.09%	2.66%	3.24%	4.18%	2.58%	2.7%	3.16%
Capitalization / Revenue	0.53 x	0.39 x	0.58 x	0.5 x	0.5 x	0.72 x	0.7 x	0.68 x
EV / Revenue	0.58 x	0.5 x	0.73 x	0.63 x	0.6 x	0.92 x	0.96 x	0.97 x
EV / EBITDA	7.46 x	7.48 x	11.4 x	6.53 x	6.56 x	9.78 x	9.68 x	9.92 x
EV / FCF	13.5 x	-18.7 x	-141 x	47.1 x	11 x	-25 x	-814 x	198 x
FCF Yield	7.39%	-5.35%	-0.71%	2.12%	9.09%	-4.01%	-0.12%	0.5%
Price to Book	0.48 x	0.34 x	0.39 x	0.33 x	0.32 x	0.47 x	0.46 x	0.45 x
Nbr of stocks (in thousands)	232,026	231,488	222,451	222,408	222,385	215,948	-	-
Reference price ²	1,528	1,077	1,355	1,173	1,195	1,858	1,858	1,858
Announcement Date	5/15/19	5/13/20	5/13/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	669,230	631,482	519,941	525,087	535,641	556,332	570,348	588,358
EBITDA ¹	52,354	42,646	33,495	51,020	48,687	52,281	56,636	57,789
EBIT ¹	34,709	26,341	16,274	33,338	31,401	31,963	35,006	37,541
Operating Margin	5.19%	4.17%	3.13%	6.35%	5.86%	5.75%	6.14%	6.38%
Earnings before Tax (EBT) ¹	36,355	56,833	21,268	34,631	64,742	52,646	43,667	47,133
Net income ¹	23,627	41,307	10,112	24,879	46,855	32,855	30,148	31,993
Net margin	3.53%	6.54%	1.94%	4.74%	8.75%	5.91%	5.29%	5.44%
EPS ²	102.0	178.4	44.31	111.9	210.7	150.2	139.1	148.9
Free Cash Flow ¹	28,856	-17,053	-2,713	7,069	29,009	-20,486	-673.2	2,890
FCF margin	4.31%	-2.7%	-0.52%	1.35%	5.42%	-3.68%	-0.12%	0.49%
FCF Conversion (EBITDA)	55.12%	-	-	13.86%	59.58%	-	-	5%
FCF Conversion (Net income)	122.13%	-	-	28.41%	61.91%	-	-	9.03%
Dividend per Share ²	44.00	44.00	36.00	38.00	50.00	48.00	50.25	58.75
Announcement Date	5/15/19	5/13/20	5/13/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	316,550	246,868	130,102	241,503	153,768	129,816	126,633	122,479	249,112	136,449	150,080	132,279	135,266	267,545	142,506	147,714	132,400	135,800	145,700	148,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	18,277	4,847	6,933	11,576	14,758	7,004	7,851	4,305	12,156	10,283	8,962	5,599	7,422	13,021	10,580	8,955	5,700	5,500	11,182	10,418
Operating Margin	5.77%	1.96%	5.33%	4.79%	9.6%	5.4%	6.2%	3.51%	4.88%	7.54%	5.97%	4.23%	5.49%	4.87%	7.42%	6.06%	4.31%	4.05%	7.67%	7.03%
Earnings before Tax (EBT) ¹	39,738	7,682	-	18,410	17,754	-1,533	10,575	5,327	15,902	12,733	36,107	7,555	7,811	15,366	13,043	23,700	-	-	-	-
Net income ¹	28,854	5,417	9,500	13,638	12,871	-1,630	7,785	3,950	11,735	8,997	26,123	5,169	4,884	10,053	9,203	6,600	-	-	-	-
Net margin	9.12%	2.19%	7.3%	5.65%	8.37%	-1.26%	6.15%	3.23%	4.71%	6.59%	17.41%	3.91%	3.61%	3.76%	6.46%	4.47%	-	-	-	-
EPS	124.6	23.46	-	61.31	57.87	-	35.01	-	52.77	40.45	-	23.29	29.48	45.51	42.04	-	-	-	-	-
Dividend per Share	22.00	18.00	-	18.00	-	-	-	-	20.00	-	-	-	-	24.00	-	-	-	-	-	-
Announcement Date	11/7/19	11/5/20	11/4/21	11/4/21	2/3/22	5/12/22	8/4/22	11/2/22	11/2/22	2/7/23	5/11/23	8/3/23	11/2/23	11/2/23	2/6/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	36,032	69,526	80,540	72,253	53,413	110,247	146,740	172,065
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6882 x	1.63 x	2.405 x	1.416 x	1.097 x	2.109 x	2.591 x	2.977 x
Free Cash Flow ¹	28,856	-17,053	-2,713	7,069	29,009	-20,486	-673	2,890
ROE (net income / shareholders' equity)	3.3%	5.6%	1.3%	3.2%	5.7%	3.88%	3.49%	3.68%
ROA (Net income/ Total Assets)	3.31%	2.74%	1.72%	3.41%	2.87%	2.2%	2.55%	3.2%
Assets ¹	714,874	1,508,155	587,501	729,977	1,630,885	1,493,418	1,182,255	999,775
Book Value Per Share ²	3,151	3,179	3,479	3,588	3,767	3,938	4,055	4,140
Cash Flow per Share	178.0	249.0	122.0	193.0	291.0	-	-	-
Capex ¹	74,784	42,896	48,557	40,213	53,363	84,375	56,375	55,425
Capex / Sales	11.17%	6.79%	9.34%	7.66%	9.96%	15.17%	9.88%	9.42%
Announcement Date	5/15/19	5/13/20	5/13/21	5/12/22	5/11/23	-	-	-

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 Fuji Media Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,858 JPY

Average target price

1,888 JPY

Spread / Average Target

+1.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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