HULIC CO., LTD. |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,472 JPY | +0.96% |
|
-1.74% | -0.41% |
| Apr. 25 | Hulic's Attributable Profit Down 27.9% in Fiscal Q1 | MT |
| Apr. 08 | Hulic Commences Tender Offer for Riso Riso Kyoiku's Shares | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 879,413 | 756,806 | 832,242 | 791,173 | 1,123,531 | 1,109,453 | - | - |
| Enterprise Value (EV) 1 | 1,976,763 | 2,021,943 | 2,020,522 | 2,093,758 | 2,485,681 | 2,667,203 | 2,848,253 | 3,051,253 |
| P/E ratio | 14.8 x | 11.9 x | 10.8 x | 10 x | 11.9 x | 11.2 x | 10.6 x | 10.2 x |
| Yield | 2.39% | 3.18% | 3.57% | 4.04% | 3.39% | 3.6% | 3.84% | 4.01% |
| Capitalization / Revenue | 2.46 x | 2.23 x | 1.86 x | 1.51 x | 2.52 x | 2.19 x | 2.07 x | 2 x |
| EV / Revenue | 5.53 x | 5.95 x | 4.52 x | 4 x | 5.57 x | 5.27 x | 5.32 x | 5.5 x |
| EV / EBITDA | 19.3 x | 17.4 x | 15.5 x | 14.7 x | 15.3 x | 15.3 x | 15.5 x | 15.8 x |
| EV / FCF | -13.1 x | -16.2 x | 422 x | -26.4 x | -90.4 x | -9.78 x | -13.4 x | -17.8 x |
| FCF Yield | -7.61% | -6.17% | 0.24% | -3.78% | -1.11% | -10.2% | -7.48% | -5.62% |
| Price to Book | 1.92 x | 1.56 x | 1.3 x | 1.15 x | 1.47 x | 1.34 x | 1.25 x | 1.16 x |
| Nbr of stocks (in thousands) | 668,247 | 667,966 | 762,127 | 760,744 | 760,942 | 760,942 | - | - |
| Reference price 2 | 1,316 | 1,133 | 1,092 | 1,040 | 1,476 | 1,458 | 1,458 | 1,458 |
| Announcement Date | 1/30/20 | 1/28/21 | 1/28/22 | 1/30/23 | 1/30/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 357,272 | 339,645 | 447,077 | 523,424 | 446,383 | 505,957 | 535,662 | 554,743 |
| EBITDA 1 | 102,525 | 116,462 | 130,446 | 142,400 | 162,485 | 174,650 | 184,267 | 193,000 |
| EBIT 1 | 88,353 | 100,596 | 114,507 | 126,147 | 146,178 | 154,412 | 164,112 | 171,800 |
| Operating Margin | 24.73% | 29.62% | 25.61% | 24.1% | 32.75% | 30.52% | 30.64% | 30.97% |
| Earnings before Tax (EBT) 1 | 84,298 | 91,280 | 105,662 | 117,478 | 136,698 | 143,660 | 151,600 | 156,700 |
| Net income 1 | 58,805 | 63,619 | 69,564 | 79,150 | 94,625 | 99,275 | 104,875 | 109,071 |
| Net margin | 16.46% | 18.73% | 15.56% | 15.12% | 21.2% | 19.62% | 19.58% | 19.66% |
| EPS 2 | 88.93 | 95.23 | 101.1 | 104.0 | 124.4 | 130.3 | 137.7 | 143.2 |
| Free Cash Flow 1 | -150,443 | -124,840 | 4,793 | -79,227 | -27,511 | -272,600 | -213,050 | -171,600 |
| FCF margin | -42.11% | -36.76% | 1.07% | -15.14% | -6.16% | -53.88% | -39.77% | -30.93% |
| FCF Conversion (EBITDA) | - | - | 3.67% | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | 6.89% | - | - | - | - | - |
| Dividend per Share 2 | 31.50 | 36.00 | 39.00 | 42.00 | 50.00 | 52.50 | 56.00 | 58.42 |
| Announcement Date | 1/30/20 | 1/28/21 | 1/28/22 | 1/30/23 | 1/30/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 186,073 | 160,265 | 179,380 | 220,067 | 45,382 | 181,628 | 227,010 | 106,928 | 140,501 | 247,429 | 151,779 | 124,216 | 275,995 | 112,561 | 71,389 | 183,950 | 94,579 | 167,854 | 107,593 | 117,054 | 224,300 | 101,400 | 200,950 |
| EBITDA | - | 54,665 | - | - | - | 48,552 | - | - | - | - | - | 52,644 | - | - | - | - | - | 59,279 | - | 64,500 | - | - | - |
| EBIT 1 | 49,389 | 46,907 | 53,689 | 58,691 | 10,937 | 44,879 | 55,816 | 29,019 | 28,046 | 57,065 | 20,192 | 48,890 | 69,082 | 34,190 | 32,460 | 66,650 | 24,300 | 55,228 | 23,728 | 38,936 | 57,800 | 29,600 | 61,550 |
| Operating Margin | 26.54% | 29.27% | 29.93% | 26.67% | 24.1% | 24.71% | 24.59% | 27.14% | 19.96% | 23.06% | 13.3% | 39.36% | 25.03% | 30.37% | 45.47% | 36.23% | 25.69% | 32.9% | 22.05% | 33.26% | 25.77% | 29.19% | 30.63% |
| Earnings before Tax (EBT) | - | 43,938 | - | 54,441 | 7,716 | 43,505 | - | 27,565 | 27,734 | 55,299 | 17,002 | 45,177 | - | 32,275 | 31,936 | 64,211 | 21,062 | 51,425 | 23,427 | 42,073 | - | 22,500 | 52,000 |
| Net income 1 | 32,687 | 27,547 | - | 35,943 | 4,522 | 29,099 | 33,621 | 18,343 | 18,656 | 36,999 | 11,668 | 30,483 | 42,151 | 22,009 | 22,108 | 44,117 | 14,580 | 35,928 | 15,858 | 22,500 | 38,400 | 20,800 | 38,300 |
| Net margin | 17.57% | 17.19% | - | 16.33% | 9.96% | 16.02% | 14.81% | 17.15% | 13.28% | 14.95% | 7.69% | 24.54% | 15.27% | 19.55% | 30.97% | 23.98% | 15.42% | 21.4% | 14.74% | 19.22% | 17.12% | 20.51% | 19.06% |
| EPS | - | 41.23 | - | 53.80 | 6.770 | 40.52 | - | 24.07 | 24.52 | 48.59 | 15.34 | 40.07 | - | 28.93 | 29.05 | 57.98 | 19.16 | 47.22 | 20.84 | 39.60 | - | 20.40 | 48.00 |
| Dividend per Share | - | 17.50 | - | 19.00 | - | 20.00 | - | - | 20.00 | 20.00 | - | 22.00 | - | - | 23.00 | 23.00 | - | 27.00 | - | 26.00 | - | - | - |
| Announcement Date | 1/30/20 | 7/29/20 | 1/28/21 | 7/29/21 | 10/27/21 | 1/28/22 | 1/28/22 | 4/27/22 | 7/28/22 | 7/28/22 | 10/28/22 | 1/30/23 | 1/30/23 | 4/27/23 | 7/28/23 | 7/28/23 | 10/27/23 | 1/30/24 | 4/25/24 | - | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,097,350 | 1,265,137 | 1,188,280 | 1,302,585 | 1,362,150 | 1,557,750 | 1,738,800 | 1,941,800 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 10.7 x | 10.86 x | 9.109 x | 9.147 x | 8.383 x | 8.919 x | 9.436 x | 10.06 x |
| Free Cash Flow 1 | -150,443 | -124,840 | 4,793 | -79,227 | -27,511 | -272,600 | -213,050 | -171,600 |
| ROE (net income / shareholders' equity) | 13.6% | 13.4% | 12.3% | 11.9% | 13% | 12.4% | 12.3% | 11.9% |
| ROA (Net income/ Total Assets) | 5.13% | 5.04% | 5.19% | 5.44% | 5.73% | 5.27% | 4.93% | 5.27% |
| Assets 1 | 1,147,233 | 1,262,577 | 1,341,580 | 1,454,143 | 1,652,671 | 1,884,967 | 2,125,342 | 2,071,632 |
| Book Value Per Share 2 | 687.0 | 728.0 | 837.0 | 903.0 | 1,006 | 1,085 | 1,169 | 1,257 |
| Cash Flow per Share 2 | 110.0 | 119.0 | 124.0 | 125.0 | 146.0 | 152.0 | 158.0 | 164.0 |
| Capex 1 | 381,623 | 327,144 | 212,917 | 293,644 | 301,615 | 286,649 | 316,925 | 315,750 |
| Capex / Sales | 106.82% | 96.32% | 47.62% | 56.1% | 67.57% | 56.65% | 59.17% | 56.92% |
| Announcement Date | 1/30/20 | 1/28/21 | 1/28/22 | 1/30/23 | 1/30/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
1,458
JPY
Average target price
1,676
JPY
Spread / Average Target
+14.97%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -0.41% | 7.1B | |
| +38.11% | 28.07B | |
| -13.85% | 26.92B | |
| +22.78% | 26.28B | |
| +1.61% | 26.06B | |
| +46.99% | 22.69B | |
| +5.96% | 20.3B | |
| +3.66% | 19.59B | |
| +28.97% | 16.31B | |
| -10.00% | 15.21B |
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- Financials Hulic Co., Ltd.
