Financials MEITEC Group Holdings Inc.

Equities

9744

JP3919200000

Employment Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,990 ^JPY	+1.49%		+6.75%	+5.77%

Mar. 15	Meitec Group Holdings Inc. Announces Group Chief Executive Officer Changes, Effective April 1, 2024	CI
Mar. 15	Meitec Group Holdings Inc. Announces Management Changes, Effective April 1, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	140,362	118,683	166,252	177,885	185,389	230,850	-	-
Enterprise Value (EV) ¹	95,310	71,650	121,120	128,179	134,361	178,670	178,575	177,880
P/E ratio	15.9 x	13.1 x	23.9 x	19.5 x	15.4 x	18.3 x	16.7 x	15.5 x
Yield	3.97%	4.7%	3.01%	3.27%	4.31%	3.7%	4.15%	4.33%
Capitalization / Revenue	1.44 x	1.18 x	1.72 x	1.66 x	1.56 x	1.84 x	1.73 x	1.66 x
EV / Revenue	0.98 x	0.71 x	1.25 x	1.2 x	1.13 x	1.42 x	1.34 x	1.28 x
EV / EBITDA	7.24 x	5.31 x	11.2 x	9.59 x	7.96 x	9.38 x	8.9 x	8.45 x
EV / FCF	9.6 x	7.52 x	23.1 x	9.67 x	10.7 x	13.5 x	13.6 x	12.8 x
FCF Yield	10.4%	13.3%	4.33%	10.3%	9.38%	7.42%	7.34%	7.8%
Price to Book	3.31 x	2.68 x	3.74 x	3.92 x	3.97 x	4.85 x	4.56 x	4.31 x
Nbr of stocks (in thousands)	83,715	82,802	81,630	80,249	78,422	77,207	-	-
Reference price ²	1,677	1,433	2,037	2,217	2,364	2,990	2,990	2,990
Announcement Date	5/9/19	5/12/20	5/11/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	97,736	100,995	96,626	107,140	119,069	125,787	133,119	139,125
EBITDA ¹	13,169	13,488	10,787	13,367	16,873	19,038	20,067	21,050
EBIT ¹	12,635	12,926	10,234	12,817	16,462	18,563	19,701	20,860
Operating Margin	12.93%	12.8%	10.59%	11.96%	13.83%	14.76%	14.8%	14.99%
Earnings before Tax (EBT) ¹	12,651	12,971	10,301	12,942	16,537	18,657	19,800	20,872
Net income ¹	8,829	9,093	7,028	9,240	12,252	12,679	13,791	14,605
Net margin	9.03%	9%	7.27%	8.62%	10.29%	10.08%	10.36%	10.5%
EPS ²	105.1	109.5	85.26	113.9	153.9	163.2	179.3	192.7
Free Cash Flow ¹	9,924	9,524	5,248	13,262	12,605	13,262	13,106	13,878
FCF margin	10.15%	9.43%	5.43%	12.38%	10.59%	10.54%	9.85%	9.97%
FCF Conversion (EBITDA)	75.36%	70.61%	48.65%	99.21%	74.71%	69.66%	65.31%	65.93%
FCF Conversion (Net income)	112.4%	104.74%	74.67%	143.53%	102.88%	104.6%	95.03%	95.02%
Dividend per Share ²	66.50	67.33	61.33	72.50	102.0	110.6	124.1	129.5
Announcement Date	5/9/19	5/12/20	5/11/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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	2024 S2
Net sales ¹	49,577	51,418	47,091	49,535	25,719	50,915	28,021	28,204	56,225	28,632	29,397	58,029	30,667	30,373	61,040	31,302	31,251	62,553	32,944	31,802	64,947
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,003	6,923	4,878	5,356	2,784	5,336	4,226	3,255	7,481	3,725	3,859	7,584	4,801	4,077	8,878	4,238	4,382	8,620	5,707	4,236	9,880
Operating Margin	12.11%	13.46%	10.36%	10.81%	10.82%	10.48%	15.08%	11.54%	13.31%	13.01%	13.13%	13.07%	15.66%	13.42%	14.54%	13.54%	14.02%	13.78%	17.32%	13.32%	15.21%
Earnings before Tax (EBT) ¹	6,018	6,953	4,903	5,398	2,820	5,401	4,261	3,280	7,541	3,740	3,895	7,635	4,812	4,090	8,902	4,224	4,395	8,619	5,710	4,232	9,875
Net income ¹	3,970	5,123	3,138	3,890	1,943	3,549	2,943	2,748	5,691	2,370	2,737	5,107	3,383	3,762	7,145	2,638	3,112	5,750	4,054	2,848	6,750
Net margin	8.01%	9.96%	6.66%	7.85%	7.55%	6.97%	10.5%	9.74%	10.12%	8.28%	9.31%	8.8%	11.03%	12.39%	11.71%	8.43%	9.96%	9.19%	12.31%	8.96%	10.39%
EPS	47.64	-	37.91	-	-	43.48	36.18	-	-	29.58	-	63.74	42.41	-	-	33.65	-	73.33	51.78	-	-
Dividend per Share	28.83	-	22.83	-	-	26.17	-	-	-	-	-	39.00	-	-	-	-	-	44.00	-	-	-
Announcement Date	11/7/19	5/12/20	10/29/20	5/11/21	10/28/21	10/28/21	1/27/22	5/12/22	5/12/22	7/28/22	10/27/22	10/27/22	1/31/23	5/11/23	5/11/23	7/27/23	11/9/23	11/9/23	2/1/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	45,052	47,033	45,132	49,706	51,028	52,180	52,275	52,970
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,924	9,524	5,248	13,262	12,605	13,263	13,106	13,878
ROE (net income / shareholders' equity)	21.4%	21%	15.8%	20.6%	26.6%	27.1%	29.2%	29.1%
ROA (Net income/ Total Assets)	17.4%	17.1%	13.5%	16.5%	19.9%	15%	15.8%	16.3%
Assets ¹	50,821	53,299	52,008	55,887	61,544	84,810	87,561	89,601
Book Value Per Share ²	506.0	535.0	545.0	565.0	596.0	617.0	656.0	693.0
Cash Flow per Share	111.0	116.0	92.00	121.0	159.0	-	-	-
Capex ¹	349	313	239	267	203	250	250	250
Capex / Sales	0.36%	0.31%	0.25%	0.25%	0.17%	0.2%	0.19%	0.18%
Announcement Date	5/9/19	5/12/20	5/11/21	5/12/22	5/11/23	-	-	-

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 MEITEC Group Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,990 JPY

Average target price

3,212 JPY

Spread / Average Target

+7.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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