Financials Hibino Corporation

Equities

2469

JP3793200001

Household Electronics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-01 am EDT			5-day change	1st Jan Change
1,998 ^JPY	-0.50%		+5.16%	-3.66%

2023	Liminal Space announced that it has received $2.5 million in funding from Hibino Corporation, Avex Usa Inc., Luminus Devices, Inc., Sanan Optoelectronics Co.,Ltd and other investors	CI
2023	Hibino Corporation agreed to acquire NGC Corporation from Nissho Electronics Corporation.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	26,702	12,350	16,048	15,385	13,842	19,925	-	-
Enterprise Value (EV) ¹	35,958	21,464	29,025	24,538	28,923	19,925	19,925	19,925
P/E ratio	27.4 x	17.8 x	-6.63 x	14.3 x	22.7 x	15.3 x	11.1 x	9.49 x
Yield	1.31%	2.82%	0.62%	1.93%	2.15%	1.49%	1.49%	1.49%
Capitalization / Revenue	0.79 x	0.3 x	0.53 x	0.36 x	0.33 x	0.4 x	0.36 x	0.34 x
EV / Revenue	0.79 x	0.3 x	0.53 x	0.36 x	0.33 x	0.4 x	0.36 x	0.34 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-18.2 x	3.82 x	-5.16 x	3.67 x	-2.64 x	21 x	15.7 x	8.59 x
FCF Yield	-5.48%	26.2%	-19.4%	27.2%	-37.9%	4.77%	6.37%	11.6%
Price to Book	2.7 x	1.22 x	2.12 x	1.79 x	1.52 x	-	-	-
Nbr of stocks (in thousands)	9,960	9,959	9,888	9,888	9,923	9,923	-	-
Reference price ²	2,681	1,240	1,623	1,556	1,395	2,008	2,008	2,008
Announcement Date	5/13/19	5/15/20	5/14/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,910	40,825	30,523	42,426	41,922	49,500	55,000	59,000
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	1,431	1,267	-4,073	1,339	1,229	2,400	3,000	3,600
Operating Margin	4.22%	3.1%	-13.34%	3.16%	2.93%	4.85%	5.45%	6.1%
Earnings before Tax (EBT)	1,726	1,339	-2,904	1,822	1,236	-	-	-
Net income ¹	976	694	-2,423	1,074	607	1,300	1,800	2,200
Net margin	2.88%	1.7%	-7.94%	2.53%	1.45%	2.63%	3.27%	3.73%
EPS ²	97.99	69.78	-244.8	108.7	61.37	131.0	181.4	211.7
Free Cash Flow ¹	-1,464	3,233	-3,109	4,188	-5,247	950	1,270	2,320
FCF margin	-4.32%	7.92%	-10.19%	9.87%	-12.52%	1.92%	2.31%	3.93%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	465.85%	-	389.94%	-	73.08%	70.56%	105.45%
Dividend per Share ²	35.00	35.00	10.00	30.00	30.00	30.00	30.00	30.00
Announcement Date	5/13/19	5/15/20	5/14/21	5/13/22	5/12/23	-	-	-

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
Net sales ¹	19,220	21,605	12,521	18,002	14,068	23,029	9,221	10,176	19,397	8,233	9,382	17,615	10,334	13,973	24,307	9,273	11,817	21,090	13,059	15,351	28,410
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	780	487	-3,017	-1,056	2,470	1,774	-125	-310	-435	-619	59	-560	423	1,366	1,789	-179	797	618	1,166	616	1,782
Operating Margin	4.06%	2.25%	-24.1%	-5.87%	17.56%	7.7%	-1.36%	-3.05%	-2.24%	-7.52%	0.63%	-3.18%	4.09%	9.78%	7.36%	-1.93%	6.74%	2.93%	8.93%	4.01%	6.27%
Earnings before Tax (EBT)	764	575	-2,251	-653	2,583	1,994	106	-	-	-343	58	-285	413	1,108	1,521	-35	-	802	1,005	-	-
Net income ¹	399	295	-1,679	-744	1,782	1,332	1	-259	-258	-267	-28	-295	240	662	902	-103	431	328	639	333	972
Net margin	2.08%	1.37%	-13.41%	-4.13%	12.67%	5.78%	0.01%	-2.55%	-1.33%	-3.24%	-0.3%	-1.67%	2.32%	4.74%	3.71%	-1.11%	3.65%	1.56%	4.89%	2.17%	3.42%
EPS	40.15	-	-169.4	-	-	134.8	0.1100	-	-	-27.06	-	-29.91	24.29	-	-	-10.40	-	33.15	64.32	-	-
Dividend per Share	17.50	-	5.000	-	-	15.00	-	-	-	-	-	15.00	-	-	-	-	-	15.00	-	-	-
Announcement Date	11/8/19	5/15/20	11/6/20	5/14/21	11/5/21	11/5/21	2/4/22	5/13/22	5/13/22	8/5/22	11/7/22	11/7/22	2/6/23	5/12/23	5/12/23	8/7/23	11/6/23	11/6/23	2/5/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	9,256	9,114	12,977	9,153	15,081	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-1,464	3,233	-3,109	4,188	-5,247	950	1,270	2,320
ROE (net income / shareholders' equity)	10.2%	6.9%	-27.3%	13.3%	6.9%	-	-	-
ROA (Net income/ Total Assets)	6.02%	4.34%	-7.69%	5.82%	4.13%	-	-	-
Assets ¹	16,207	15,991	31,491	18,462	14,692	-	-	-
Book Value Per Share	994.0	1,020	765.0	871.0	919.0	-	-	-
Cash Flow per Share	349.0	358.0	23.50	378.0	325.0	-	-	-
Capex ¹	3,231	3,491	2,012	1,830	2,805	1,800	1,800	1,800
Capex / Sales	9.53%	8.55%	6.59%	4.31%	6.69%	3.64%	3.27%	3.05%
Announcement Date	5/13/19	5/15/20	5/14/21	5/13/22	5/12/23	-	-	-

¹JPY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hibino Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,008 JPY

Average target price

3,300 JPY

Spread / Average Target

+64.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
HIBINO CORPORATION	-3.66%	127M
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DIXON TECHNOLOGIES (INDIA) LIMITED	+27.03%	5.98B
GN STORE NORD A/S	+9.58%	3.98B
HANGZHOU EZVIZ NETWORK CO., LTD.	+12.00%	3.91B
SICHUAN CHANGHONG ELECTRIC CO.,LTD.	+5.48%	3.56B
SHENZHEN MTC CO., LTD.	-2.69%	3.4B
SHARP CORPORATION	-17.65%	3.43B

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