Financials Funai Soken Holdings Incorporated

Equities

9757

JP3825800000

Business Support Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,368 ^JPY	+1.59%		+2.87%	-7.64%

Apr. 04	Funai Soken Buys Back More Shares for 185 Million Yen	MT
Apr. 03	Tranche Update on Funai Soken Holdings Incorporated's Equity Buyback Plan announced on February 8, 2024.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	125,231	123,976	129,177	134,377	124,562	112,339	-	-
Enterprise Value (EV) ¹	113,200	111,756	114,702	117,238	111,666	97,596	95,562	93,271
P/E ratio	32.4 x	35.9 x	29.5 x	26.9 x	24.1 x	20.1 x	17.9 x	16 x
Yield	1.61%	1.79%	1.83%	2.02%	2.54%	3.17%	3.59%	4.01%
Capitalization / Revenue	4.86 x	4.95 x	4.48 x	5.24 x	4.41 x	3.66 x	3.37 x	3.08 x
EV / Revenue	4.4 x	4.47 x	3.98 x	4.57 x	3.95 x	3.18 x	2.87 x	2.56 x
EV / EBITDA	18.7 x	21.1 x	17.3 x	15.8 x	14.6 x	11.7 x	10.2 x	8.92 x
EV / FCF	27.6 x	33.5 x	23 x	-	22.2 x	18.8 x	16.3 x	13.8 x
FCF Yield	3.62%	2.98%	4.35%	-	4.51%	5.31%	6.14%	7.24%
Price to Book	5.47 x	5.41 x	5.18 x	4.98 x	4.89 x	4.33 x	4.13 x	3.54 x
Nbr of stocks (in thousands)	50,476	49,177	49,380	49,440	48,581	47,441	-	-
Reference price ²	2,481	2,521	2,616	2,718	2,564	2,368	2,368	2,368
Announcement Date	2/5/20	2/5/21	2/4/22	2/8/23	2/8/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,752	25,027	28,813	25,635	28,239	30,733	33,300	36,450
EBITDA ¹	6,051	5,298	6,613	7,436	7,650	8,326	9,326	10,451
EBIT ¹	5,705	4,982	6,349	7,100	7,248	8,067	9,033	10,150
Operating Margin	22.15%	19.91%	22.04%	27.7%	25.67%	26.25%	27.13%	27.85%
Earnings before Tax (EBT) ¹	5,748	5,176	6,416	7,138	7,273	8,150	9,100	10,150
Net income ¹	3,868	3,498	4,374	4,990	5,202	5,617	6,317	7,075
Net margin	15.02%	13.98%	15.18%	19.47%	18.42%	18.28%	18.97%	19.41%
EPS ²	76.67	70.32	88.57	100.9	106.3	117.7	132.4	148.0
Free Cash Flow ¹	4,095	3,334	4,995	-	5,031	5,186	5,864	6,753
FCF margin	15.9%	13.32%	17.33%	-	17.81%	16.88%	17.61%	18.53%
FCF Conversion (EBITDA)	67.67%	62.93%	75.53%	-	65.76%	62.3%	62.88%	64.62%
FCF Conversion (Net income)	105.87%	95.31%	114.19%	-	96.71%	92.34%	92.83%	95.45%
Dividend per Share ²	40.00	45.00	48.00	55.00	65.00	75.00	85.00	95.00
Announcement Date	2/5/20	2/5/21	2/4/22	2/8/23	2/8/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	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
Net sales ¹	12,234	13,887	7,081	7,845	6,241	6,017	12,258	6,397	6,980	6,770	6,622	13,392	7,238	7,608	7,400	7,300	14,700	7,950	8,350
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,584	3,276	1,376	1,697	2,081	1,668	3,749	1,580	1,771	1,765	1,605	3,371	1,580	2,296	2,050	1,950	4,000	1,650	2,450
Operating Margin	21.12%	23.59%	19.43%	21.63%	33.34%	27.72%	30.58%	24.7%	25.37%	26.07%	24.24%	25.17%	21.83%	30.17%	27.7%	26.71%	27.21%	20.75%	29.34%
Earnings before Tax (EBT) ¹	2,635	3,303	1,383	-	2,087	1,687	3,774	1,602	1,762	1,786	1,617	3,403	1,588	2,281	2,050	1,950	4,000	1,650	2,450
Net income ¹	1,745	2,255	900	1,219	1,443	1,153	2,596	1,084	1,310	1,206	1,065	2,271	1,178	1,752	1,435	1,365	2,800	1,155	1,695
Net margin	14.26%	16.24%	12.71%	15.53%	23.12%	19.16%	21.18%	16.95%	18.77%	17.81%	16.08%	16.96%	16.28%	23.03%	19.39%	18.7%	19.05%	14.53%	20.3%
EPS	35.06	45.66	18.23	-	29.22	-	52.52	21.92	-	24.46	-	46.04	24.12	-	-	-	-	-	-
Dividend per Share	20.00	21.00	-	-	-	-	25.00	-	-	-	-	32.00	-	-	-	-	-	-	-
Announcement Date	8/20/20	8/3/21	11/2/21	2/4/22	5/9/22	8/4/22	8/4/22	11/8/22	2/8/23	5/11/23	8/8/23	8/8/23	11/8/23	2/8/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,031	12,220	14,475	17,139	12,895	14,743	16,777	19,068
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	4,095	3,334	4,995	-	5,031	5,187	5,864	6,753
ROE (net income / shareholders' equity)	17.4%	15.3%	18.2%	19.2%	20%	22%	23.8%	23.1%
ROA (Net income/ Total Assets)	20.8%	18.1%	21.9%	22.5%	22.7%	19.9%	21.5%	22.5%
Assets ¹	18,564	19,366	19,983	22,150	22,896	28,224	29,425	31,444
Book Value Per Share ²	453.0	466.0	505.0	546.0	524.0	547.0	573.0	669.0
Cash Flow per Share	82.20	75.90	93.40	107.0	112.0	-	-	-
Capex ¹	249	181	229	335	1,074	250	250	250
Capex / Sales	0.97%	0.72%	0.79%	1.31%	3.8%	0.81%	0.75%	0.69%
Announcement Date	2/5/20	2/5/21	2/4/22	2/8/23	2/8/24	-	-	-

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 Funai Soken Holdings Incorporated

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,368 JPY

Average target price

3,100 JPY

Spread / Average Target

+30.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Management Consulting Services