Financials JINUSHI Co.,Ltd.

Equities

3252

JP3714200007

Real Estate Development & Operations

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-30 am EDT			5-day change	1st Jan Change
2,555 ^JPY	+2.00%		+2.32%	+17.09%

Feb. 21	Jinushi's 2023 Attributable Profit Surges 29% Despite Lower Sales	MT
Feb. 20	JINUSHI Co.,Ltd. Announces Year End Dividend for the Fiscal Year Ended December 31, 2023, Payable on March 25, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	30,592	30,665	31,433	33,938	35,878	41,189	-	-
Enterprise Value (EV) ¹	85,496	30,665	63,979	47,961	75,559	41,189	41,189	41,189
P/E ratio	11.2 x	18.6 x	10.1 x	9.32 x	8.15 x	8 x	7.1 x	6.39 x
Yield	3.29%	1.49%	2.91%	2.96%	2.52%	3.39%	3.43%	3.51%
Capitalization / Revenue	0.77 x	1.03 x	0.56 x	0.68 x	1.14 x	0.77 x	0.66 x	0.61 x
EV / Revenue	0.77 x	1.03 x	0.56 x	0.68 x	1.14 x	0.77 x	0.66 x	0.61 x
EV / EBITDA	-	-	5.59 x	-	5.64 x	4.87 x	4.16 x	3.55 x
EV / FCF	-1.08 x	-	-15.7 x	-	-1.38 x	-3.86 x	-9.02 x	30.6 x
FCF Yield	-92.7%	-	-6.36%	-	-72.3%	-25.9%	-11.1%	3.27%
Price to Book	1.4 x	-	1.13 x	1.1 x	1.14 x	1.18 x	1.05 x	0.92 x
Nbr of stocks (in thousands)	18,286	18,286	18,286	18,286	16,443	16,443	-	-
Reference price ²	1,673	1,677	1,719	1,856	2,182	2,505	2,505	2,505
Announcement Date	5/14/19	2/10/21	2/14/22	2/14/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	39,834	29,886	56,177	49,887	31,597	53,600	62,000	67,950
EBITDA ¹	-	-	5,623	-	6,360	8,450	9,900	11,600
EBIT ¹	4,446	2,420	5,475	6,411	6,154	8,200	9,300	10,300
Operating Margin	11.16%	8.1%	9.75%	12.85%	19.48%	15.3%	15%	15.16%
Earnings before Tax (EBT) ¹	3,831	2,157	4,927	4,612	7,168	7,550	8,575	9,475
Net income ¹	2,684	1,644	3,124	3,641	4,709	5,150	5,800	6,450
Net margin	6.74%	5.5%	5.56%	7.3%	14.9%	9.61%	9.35%	9.49%
EPS ²	149.3	89.94	170.9	199.2	267.8	313.2	352.8	392.2
Free Cash Flow ¹	-28,344	-	-2,000	-	-25,935	-10,669	-4,568	1,345
FCF margin	-71.16%	-	-3.56%	-	-82.08%	-19.9%	-7.37%	1.98%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	11.59%
FCF Conversion (Net income)	-	-	-	-	-	-	-	20.85%
Dividend per Share ²	55.00	25.00	50.00	55.00	55.00	85.00	86.00	88.00
Announcement Date	5/14/19	2/10/21	2/14/22	2/14/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	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	2023 S2
Net sales ¹	21,129	16,039	26,624	13,061	16,492	29,553	19,661	7,408	27,069	2,701	20,117	22,818	8,130	2,243	10,373	14,837	6,387	21,224
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,856	917	2,499	1,095	1,881	2,976	3,290	459	3,749	-64	2,726	2,662	914	-221	693	5,349	112	5,461
Operating Margin	13.52%	5.72%	9.39%	8.38%	11.41%	10.07%	16.73%	6.2%	13.85%	-2.37%	13.55%	11.67%	11.24%	-9.85%	6.68%	36.05%	1.75%	25.73%
Earnings before Tax (EBT) ¹	2,103	686	2,442	1,217	1,268	2,485	3,095	-	3,709	-1,253	2,156	903	2,086	-	1,918	5,238	12	-
Net income ¹	1,413	496	1,736	855	533	1,388	2,086	483	2,569	-1,220	2,292	1,072	1,350	-157	1,193	3,485	31	3,516
Net margin	6.69%	3.09%	6.52%	6.55%	3.23%	4.7%	10.61%	6.52%	9.49%	-45.17%	11.39%	4.7%	16.61%	-7%	11.5%	23.49%	0.49%	16.57%
EPS ²	-	27.42	94.98	46.73	-	-	114.1	-	140.5	-66.69	-	-	73.86	-	65.26	195.0	7.500	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	55.00	-
Announcement Date	5/14/19	11/12/19	8/12/21	11/12/21	2/14/22	2/14/22	5/12/22	8/10/22	8/10/22	11/14/22	2/14/23	2/14/23	5/12/23	8/10/23	8/10/23	11/13/23	2/13/24	2/13/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	54,904	-	32,546	14,023	39,681	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	5.788 x	-	6.239 x	-	-	-
Free Cash Flow ¹	-28,344	-	-2,000	-	-25,935	-10,669	-4,568	1,345
ROE (net income / shareholders' equity)	12.8%	-	11.9%	12.4%	15.1%	14.8%	15.9%	16.6%
ROA (Net income/ Total Assets)	5.19%	-	-	7.5%	6.59%	4.8%	5.2%	5.6%
Assets ¹	51,748	-	-	48,550	71,498	107,292	111,538	115,179
Book Value Per Share ²	1,197	-	1,519	1,690	1,916	2,119	2,392	2,731
Cash Flow per Share	158.0	-	176.0	206.0	279.0	-	-	-
Capex ¹	338	55.9	13,373	500	723	400	400	400
Capex / Sales	0.85%	0.19%	23.81%	1%	2.29%	0.75%	0.65%	0.59%
Announcement Date	5/14/19	2/10/21	2/14/22	2/14/23	2/13/24	-	-	-

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 JINUSHI Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,505 JPY

Average target price

2,750 JPY

Spread / Average Target

+9.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
JINUSHI CO.,LTD.	+17.09%	263M
MITSUI FUDOSAN CO., LTD.	+39.94%	28.07B
SUN HUNG KAI PROPERTIES LIMITED	-13.85%	26.92B
DLF LIMITED	+22.78%	26.28B
CHINA RESOURCES LAND LIMITED	+1.61%	26.06B
MITSUBISHI ESTATE CO., LTD.	+49.67%	22.69B
EMAAR PROPERTIES	+3.79%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+5.96%	20.3B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+30.95%	16.31B
CK ASSET HOLDINGS LIMITED	-14.16%	15.03B

Other Real Estate Development & Operations