Financials Itoham Yonekyu Holdings Inc.

Equities

2296

JP3144500000

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
4,090 ^JPY	+0.49%		+2.00%	+6.10%

Apr. 05	Itoham Yonekyu Repurchase 1.3 Billion Yen Worth Of Shares in March	MT
Apr. 05	Tranche Update on Itoham Yonekyu Holdings Inc.'s Equity Buyback Plan announced on May 9, 2023.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	203,799	187,635	213,407	189,441	199,515	231,964	-	-
Enterprise Value (EV) ¹	230,998	198,516	202,037	179,300	222,450	261,464	267,064	271,164
P/E ratio	19.2 x	16.5 x	10.6 x	9.93 x	11.9 x	13.9 x	13 x	12.3 x
Yield	2.47%	2.67%	2.88%	3.54%	3.43%	3.06%	3.1%	3.18%
Capitalization / Revenue	0.24 x	0.22 x	0.25 x	0.22 x	0.22 x	0.25 x	0.25 x	0.24 x
EV / Revenue	0.27 x	0.23 x	0.24 x	0.21 x	0.24 x	0.28 x	0.28 x	0.28 x
EV / EBITDA	8.83 x	6.66 x	5.46 x	4.98 x	6.32 x	7.27 x	6.81 x	6.52 x
EV / FCF	-42.3 x	9.05 x	6.9 x	24.8 x	-11.7 x	101 x	178 x	84.7 x
FCF Yield	-2.36%	11%	14.5%	4.03%	-8.53%	0.99%	0.56%	1.18%
Price to Book	0.91 x	0.82 x	0.86 x	0.72 x	0.74 x	0.84 x	0.81 x	0.78 x
Nbr of stocks (in thousands)	59,158	58,912	58,548	58,379	57,004	56,715	-	-
Reference price ²	3,445	3,185	3,645	3,245	3,500	4,090	4,090	4,090
Announcement Date	5/10/19	5/8/20	5/10/21	5/9/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	850,721	852,450	842,675	854,300	922,682	942,333	946,267	955,767
EBITDA ¹	26,159	29,790	37,020	36,000	35,181	35,967	39,200	41,600
EBIT ¹	14,494	17,266	24,018	24,600	22,994	22,567	24,767	26,267
Operating Margin	1.7%	2.03%	2.85%	2.88%	2.49%	2.39%	2.62%	2.75%
Earnings before Tax (EBT) ¹	16,304	17,280	29,113	28,200	24,964	25,000	26,050	27,300
Net income ¹	10,588	11,439	20,204	19,100	16,975	16,700	17,800	18,800
Net margin	1.24%	1.34%	2.4%	2.24%	1.84%	1.77%	1.88%	1.97%
EPS ²	179.1	193.6	343.0	326.7	294.0	293.2	313.5	333.4
Free Cash Flow ¹	-5,463	21,932	29,264	7,222	-18,979	2,600	1,500	3,200
FCF margin	-0.64%	2.57%	3.47%	0.85%	-2.06%	0.28%	0.16%	0.33%
FCF Conversion (EBITDA)	-	73.62%	79.05%	20.06%	-	7.23%	3.83%	7.69%
FCF Conversion (Net income)	-	191.73%	144.84%	37.81%	-	15.57%	8.43%	17.02%
Dividend per Share ²	85.00	85.00	105.0	115.0	120.0	125.0	126.7	130.0
Announcement Date	5/10/19	5/8/20	5/10/21	5/9/22	5/9/23	-	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	432,400	-	414,623	-	215,155	417,762	237,938	198,600	-	212,325	235,675	448,004	253,600	221,086	-	227,558	242,583	470,141	258,100	217,263	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,371	-	12,625	-	6,926	14,480	8,620	1,500	-	7,114	7,986	15,138	8,800	-923	-	5,311	5,269	10,580	10,100	2,136	-	-	-	-
Operating Margin	2.17%	-	3.04%	-	3.22%	3.47%	3.62%	0.76%	-	3.35%	3.39%	3.38%	3.47%	-0.42%	-	2.33%	2.17%	2.25%	3.91%	0.98%	-	-	-	-
Earnings before Tax (EBT)	10,365	-	16,010	-	8,421	16,888	9,939	1,373	-	7,643	-	16,038	9,780	-	-	5,326	-	11,673	11,186	-	-	-	-	-
Net income ¹	6,927	-	10,946	-	5,902	11,810	6,690	600	-	5,129	5,771	10,905	6,849	-779	-	3,357	4,232	7,589	7,800	935.6	-	-	-	-
Net margin	1.6%	-	2.64%	-	2.74%	2.83%	2.81%	0.3%	-	2.42%	2.45%	2.43%	2.7%	-0.35%	-	1.48%	1.74%	1.61%	3.02%	0.43%	-	-	-	-
EPS ²	117.2	-	185.8	-	-	201.6	115.6	-	-	88.00	99.60	187.6	118.9	-	-	58.95	74.30	133.2	136.6	16.43	-	-	-	-
Dividend per Share ²	-	85.00	-	105.0	-	-	-	-	115.0	-	-	-	-	-	120.0	-	-	-	-	125.0	-	-	-	125.0
Announcement Date	11/6/19	5/8/20	11/6/20	5/10/21	11/5/21	11/5/21	2/8/22	5/9/22	5/9/22	8/3/22	11/8/22	11/8/22	2/3/23	5/9/23	5/9/23	8/3/23	11/2/23	11/2/23	2/6/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	27,199	10,881	-	-	22,935	29,500	35,100	39,200
Net Cash position ¹	-	-	11,370	10,141	-	-	-	-
Leverage (Debt/EBITDA)	1.04 x	0.3653 x	-	-	0.6519 x	0.8202 x	0.8954 x	0.9423 x
Free Cash Flow ¹	-5,463	21,932	29,264	7,222	-18,979	2,600	1,500	3,200
ROE (net income / shareholders' equity)	4.8%	5.1%	8.5%	7.5%	6.4%	6.34%	6.54%	6.65%
ROA (Net income/ Total Assets)	4.06%	4.99%	6.89%	7.09%	6.13%	3.9%	4%	4.1%
Assets ¹	260,692	229,207	293,149	269,578	276,970	428,205	445,000	458,537
Book Value Per Share ²	3,771	3,866	4,218	4,488	4,717	4,857	5,045	5,250
Cash Flow per Share	346.0	379.0	539.0	523.0	505.0	-	-	-
Capex ¹	20,577	9,915	11,598	11,719	17,412	22,600	25,000	25,000
Capex / Sales	2.42%	1.16%	1.38%	1.37%	1.89%	2.4%	2.64%	2.62%
Announcement Date	5/10/19	5/8/20	5/10/21	5/9/22	5/9/23	-	-	-

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 Itoham Yonekyu Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,090 JPY

Average target price

4,300 JPY

Spread / Average Target

+5.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Animal Slaughtering & Processing

	1st Jan change	Capi.
ITOHAM YONEKYU HOLDINGS INC.	+6.10%	1.47B
TYSON FOODS, INC.	+12.80%	21.61B
HORMEL FOODS CORPORATION	+10.00%	19.34B
HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO.,LTD.	+1.09%	12.91B
WH GROUP LIMITED	+15.67%	10.53B
JBS S.A.	-8.03%	9.91B
PILGRIM'S PRIDE CORPORATION	+29.28%	8.47B
BRF S.A.	+26.36%	5.71B
LDC	+6.43%	2.79B
MAPLE LEAF FOODS INC.	-3.76%	2.18B

Animal Slaughtering & Processing