Financials Mani, Inc.

Equities

7730

JP3869920003

Medical Equipment, Supplies & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,826 ^JPY	+1.00%		+3.16%	-14.43%

Apr. 10	Mani's Fiscal H1 Attributable Profit Jumps 25% on Higher Net Sales	MT
Apr. 09	Transcript : Mani, Inc., Q2 2024 Earnings Call, Apr 09, 2024

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	244,393	264,571	214,275	172,837	186,898	179,869	-	-
Enterprise Value (EV) ¹	227,484	247,457	196,116	150,225	161,529	158,769	159,370	158,069
P/E ratio	40.1 x	79.5 x	49.9 x	32.7 x	31.4 x	29.7 x	27.3 x	24.1 x
Yield	0.81%	0.82%	1.06%	1.71%	1.84%	2.12%	2.29%	2.45%
Capitalization / Revenue	13.3 x	17.4 x	12.5 x	8.47 x	7.63 x	6.58 x	6.06 x	5.41 x
EV / Revenue	12.4 x	16.3 x	11.4 x	7.36 x	6.6 x	5.81 x	5.37 x	4.76 x
EV / EBITDA	31.5 x	43 x	28.5 x	19 x	17.6 x	15.3 x	13.2 x	11.7 x
EV / FCF	55.2 x	678 x	75.7 x	34.3 x	40.3 x	116 x	40.8 x	24 x
FCF Yield	1.81%	0.15%	1.32%	2.92%	2.48%	0.86%	2.45%	4.17%
Price to Book	6.92 x	7.24 x	5.47 x	3.81 x	3.75 x	3.5 x	3.28 x	3.08 x
Nbr of stocks (in thousands)	98,427	98,427	98,427	98,427	98,497	98,504	-	-
Reference price ²	2,483	2,688	2,177	1,756	1,898	1,826	1,826	1,826
Announcement Date	10/10/19	10/9/20	10/8/21	10/11/22	10/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,327	15,200	17,190	20,416	24,488	27,334	29,690	33,235
EBITDA ¹	7,230	5,752	6,889	7,908	9,160	10,360	12,092	13,490
EBIT ¹	5,865	4,340	5,348	6,163	7,243	8,250	9,131	10,370
Operating Margin	32%	28.55%	31.11%	30.19%	29.58%	30.18%	30.76%	31.2%
Earnings before Tax (EBT) ¹	8,399	4,831	6,001	7,419	8,018	8,599	9,658	10,848
Net income ¹	6,101	3,329	4,291	5,290	5,953	6,130	6,680	7,559
Net margin	33.29%	21.9%	24.96%	25.91%	24.31%	22.43%	22.5%	22.75%
EPS ²	61.99	33.83	43.60	53.75	60.46	61.42	67.00	75.66
Free Cash Flow ¹	4,122	365.1	2,590	4,386	4,010	1,366	3,904	6,587
FCF margin	22.49%	2.4%	15.07%	21.48%	16.38%	5%	13.15%	19.82%
FCF Conversion (EBITDA)	57.01%	6.35%	37.6%	55.46%	43.78%	13.18%	32.29%	48.83%
FCF Conversion (Net income)	67.56%	10.97%	60.36%	82.91%	67.36%	22.28%	58.45%	87.14%
Dividend per Share ²	20.00	22.00	23.00	30.00	35.00	38.67	41.83	44.80
Announcement Date	10/10/19	10/9/20	10/8/21	10/11/22	10/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	2020 S1	2020 S2	2021 S1	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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	8,475	6,725	8,304	8,886	4,728	4,923	9,651	5,179	5,586	10,765	6,105	5,920	12,025	6,496	5,967	12,463	7,114	6,794	13,908	7,036	6,860	13,693
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,782	1,558	2,665	2,683	1,713	1,366	3,079	1,464	1,620	3,084	1,748	1,705	3,453	1,974	1,816	3,790	2,223	1,974	4,197	2,152	2,102	4,128
Operating Margin	32.83%	23.17%	32.09%	30.19%	36.23%	27.75%	31.9%	28.27%	29%	28.65%	28.63%	28.8%	28.72%	30.39%	30.43%	30.41%	31.25%	29.06%	30.18%	30.58%	30.63%	30.14%
Earnings before Tax (EBT) ¹	3,331	-	2,869	-	1,881	1,479	3,360	2,113	1,946	4,059	1,799	1,769	3,568	2,240	2,210	4,450	2,347	-	4,550	2,203	2,046	4,249
Net income ¹	2,306	1,023	2,014	2,277	1,322	1,011	2,333	1,457	1,500	2,957	1,299	1,264	2,563	1,642	1,748	3,390	1,573	-	3,191	1,609	1,500	3,109
Net margin	27.21%	15.21%	24.25%	25.62%	27.96%	20.54%	24.17%	28.13%	26.85%	27.47%	21.28%	21.35%	21.31%	25.28%	29.29%	27.2%	22.11%	-	22.94%	22.87%	21.87%	22.71%
EPS	23.43	-	20.47	-	13.43	-	23.71	14.80	-	-	13.20	-	26.04	16.67	-	-	15.98	-	32.41	-	-	-
Dividend per Share	11.00	-	11.00	-	-	-	12.00	-	-	-	-	-	14.00	-	-	-	-	-	16.00	-	-	-
Announcement Date	4/7/20	10/9/20	4/8/21	10/8/21	1/12/22	4/7/22	4/7/22	7/8/22	10/11/22	10/11/22	1/12/23	4/7/23	4/7/23	7/13/23	10/12/23	10/12/23	1/12/24	4/8/24	4/8/24	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	16,909	17,114	18,159	22,612	25,369	21,100	20,499	21,800
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	4,122	365	2,590	4,386	4,010	1,366	3,905	6,587
ROE (net income / shareholders' equity)	17.7%	9.3%	11.3%	12.5%	12.5%	12%	12.6%	13.4%
ROA (Net income/ Total Assets)	14.7%	11.2%	13.9%	16.3%	15.2%	10.5%	10.9%	11.5%
Assets ¹	41,561	29,762	30,972	32,539	39,125	58,520	61,424	65,591
Book Value Per Share ²	359.0	372.0	398.0	461.0	506.0	522.0	557.0	593.0
Cash Flow per Share ²	53.90	47.20	58.30	70.70	81.50	78.20	66.30	102.0
Capex ¹	1,184	1,576	3,794	1,945	3,720	7,515	2,406	3,703
Capex / Sales	6.46%	10.37%	22.07%	9.53%	15.19%	27.49%	8.1%	11.14%
Announcement Date	10/10/19	10/9/20	10/8/21	10/11/22	10/12/23	-	-	-

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 Mani, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,826 JPY

Average target price

2,354 JPY

Spread / Average Target

+28.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Medical Equipment, Supplies & Distribution