Stock 8511 JAPAN SECURITIES FINANCE CO., LTD.
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Financials Japan Securities Finance Co., Ltd.

Equities

8511

JP3714400003

Corporate Financial Services

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
1,587 JPY +2.92% Intraday chart for Japan Securities Finance Co., Ltd. +3.39% +2.39%
Apr. 25 KDDI Corporation completed the acquisition of additional 47.88% stake in Lawson, Inc. from its shareholders for ¥400 billion. CI
Apr. 03 S&P Global Affirms Japan Securities Finance's A Long-Term, A-1 Short-Term Ratings MT

Valuation

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Capitalization 1 61,832 54,586 45,219 73,215 83,877 87,662
Enterprise Value (EV) 1 472,044 76,280 324,260 1,068,885 1,272,693 1,385,485
P/E ratio 14.8 x 14.6 x 12.8 x 18.4 x 16.3 x 15 x
Yield 3.98% 3.77% 4.46% 3.26% 3.26% 3.15%
Capitalization / Revenue 2.35 x 2.24 x 1.55 x 2.37 x 2.78 x 2.06 x
EV / Revenue 17.9 x 3.14 x 11.1 x 34.6 x 42.2 x 32.6 x
EV / EBITDA 90 x 14.2 x 58.6 x 174 x 171 x 197 x
EV / FCF -0.59 x 0.75 x 8.11 x -1.98 x -20.5 x -3.57 x
FCF Yield -169% 133% 12.3% -50.5% -4.88% -28%
Price to Book 0.43 x 0.38 x 0.36 x 0.54 x 0.6 x 0.65 x
Nbr of stocks (in thousands) 94,689 93,470 91,721 91,748 91,072 86,196
Reference price 2 653.0 584.0 493.0 798.0 921.0 1,017
Announcement Date 6/25/18 6/26/19 6/24/20 6/25/21 6/24/22 6/29/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net sales 1 26,333 24,321 29,101 30,924 30,138 42,518
EBITDA 1 5,246 5,361 5,529 6,133 7,432 7,037
EBIT 1 3,882 3,981 4,130 4,777 6,237 6,355
Operating Margin 14.74% 16.37% 14.19% 15.45% 20.69% 14.95%
Earnings before Tax (EBT) 1 4,817 5,005 4,857 5,601 7,146 8,272
Net income 1 4,225 3,765 3,556 3,971 5,174 5,966
Net margin 16.04% 15.48% 12.22% 12.84% 17.17% 14.03%
EPS 2 44.24 40.02 38.47 43.28 56.61 67.76
Free Cash Flow 1 -799,043 101,219 39,984 -539,445 -62,152 -388,143
FCF margin -3,034.38% 416.18% 137.4% -1,744.42% -206.22% -912.89%
FCF Conversion (EBITDA) - 1,888.06% 723.17% - - -
FCF Conversion (Net income) - 2,688.42% 1,124.42% - - -
Dividend per Share 2 26.00 22.00 22.00 26.00 30.00 32.00
Announcement Date 6/25/18 6/26/19 6/24/20 6/25/21 6/24/22 6/29/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 S1 2022 S1 2022 Q3 2023 Q1 2023 S1 2023 Q3 2024 Q1 2024 S1 2024 Q3
Net sales 1 14,393 15,291 15,056 7,306 11,092 21,081 10,557 13,682 24,679 12,362
EBITDA - - - - - - - - - -
EBIT 1 2,368 2,758 3,442 1,587 1,783 4,526 2,178 3,068 5,944 3,001
Operating Margin 16.45% 18.04% 22.86% 21.72% 16.07% 21.47% 20.63% 22.42% 24.09% 24.28%
Earnings before Tax (EBT) 1 2,758 3,039 3,875 1,774 2,870 5,806 2,450 3,364 6,508 3,246
Net income 1 2,070 2,186 2,745 1,287 2,063 4,110 1,801 2,453 4,682 2,378
Net margin 14.38% 14.3% 18.23% 17.62% 18.6% 19.5% 17.06% 17.93% 18.97% 19.24%
EPS 2 22.35 23.83 29.91 14.03 23.10 46.09 20.62 28.46 54.32 27.93
Dividend per Share 11.00 11.00 15.00 - - 16.00 - - 17.00 -
Announcement Date 11/11/19 11/11/20 11/2/21 2/4/22 7/28/22 11/7/22 2/6/23 8/2/23 11/6/23 2/5/24
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net Debt 1 410,212 21,694 279,041 995,670 1,188,816 1,297,823
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 78.2 x 4.047 x 50.47 x 162.3 x 160 x 184.4 x
Free Cash Flow 1 -799,043 101,219 39,984 -539,445 -62,152 -388,143
ROE (net income / shareholders' equity) 2.98% 2.65% 2.66% 3.03% 3.79% 4.36%
ROA (Net income/ Total Assets) 0.05% 0.05% 0.03% 0.03% 0.03% 0.03%
Assets 1 8,366,337 7,762,887 10,428,152 14,599,265 17,479,730 21,231,317
Book Value Per Share 2 1,519 1,519 1,381 1,473 1,545 1,575
Cash Flow per Share 2 8,215 10,690 14,173 15,494 14,545 18,542
Capex 1 60 44 26 133 641 353
Capex / Sales 0.23% 0.18% 0.09% 0.43% 2.13% 0.83%
Announcement Date 6/25/18 6/26/19 6/24/20 6/25/21 6/24/22 6/29/23
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

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