MELCO HOLDINGS INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,400 JPY | -0.44% |
|
+1.34% | -1.31% |
| Apr. 15 | Melco to Cut Stake in IT Services Associate | MT |
| Apr. 12 | Melco Holdings Inc. Revises Consolidated Earnings Guidance for the Year Ending March 31, 2024 | CI |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 75,666 | 36,473 | 61,632 | 65,891 | 55,176 | 56,795 | - | - |
| Enterprise Value (EV) 1 | 44,382 | 8,087 | 27,142 | 38,330 | 34,769 | 56,795 | 56,795 | 56,795 |
| P/E ratio | 20.3 x | 12.6 x | 9.6 x | 6.68 x | 18 x | 35.5 x | 17.7 x | 12.3 x |
| Yield | 1.57% | 2.75% | 1.81% | 2.82% | 3.67% | 3.53% | 3.53% | 3.53% |
| Capitalization / Revenue | 0.69 x | 0.32 x | 0.47 x | 0.46 x | 0.39 x | 0.39 x | 0.38 x | 0.36 x |
| EV / Revenue | 0.69 x | 0.32 x | 0.47 x | 0.46 x | 0.39 x | 0.39 x | 0.38 x | 0.36 x |
| EV / EBITDA | 8.75 x | 5.44 x | 5.43 x | 4.37 x | 8.15 x | 14.6 x | 9.47 x | 7.1 x |
| EV / FCF | 21.7 x | 1.94 x | 2.62 x | - | 17.6 x | 14.9 x | 71 x | 12.9 x |
| FCF Yield | 4.62% | 51.6% | 38.1% | - | 5.68% | 6.69% | 1.41% | 7.75% |
| Price to Book | 1.37 x | 0.76 x | 1.18 x | 1.04 x | 0.88 x | 0.92 x | 0.9 x | 0.86 x |
| Nbr of stocks (in thousands) | 19,808 | 16,708 | 15,967 | 16,873 | 16,873 | 16,704 | - | - |
| Reference price 2 | 3,820 | 2,183 | 3,860 | 3,905 | 3,270 | 3,400 | 3,400 | 3,400 |
| Announcement Date | 4/25/19 | 4/27/20 | 4/27/21 | 5/13/22 | 5/12/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 108,993 | 114,888 | 129,912 | 144,137 | 142,576 | 145,000 | 150,500 | 156,100 |
| EBITDA 1 | 8,648 | 6,706 | 11,351 | 15,087 | 6,772 | 3,900 | 6,000 | 8,000 |
| EBIT 1 | 5,959 | 4,137 | 8,848 | 12,698 | 4,518 | 2,300 | 4,500 | 6,500 |
| Operating Margin | 5.47% | 3.6% | 6.81% | 8.81% | 3.17% | 1.59% | 2.99% | 4.16% |
| Earnings before Tax (EBT) 1 | 5,741 | 4,563 | 8,855 | 13,036 | 4,088 | 2,300 | 4,600 | 6,600 |
| Net income 1 | 3,802 | 3,139 | 6,625 | 9,346 | 3,057 | 1,600 | 3,200 | 4,600 |
| Net margin | 3.49% | 2.73% | 5.1% | 6.48% | 2.14% | 1.1% | 2.13% | 2.95% |
| EPS 2 | 188.0 | 173.6 | 402.1 | 584.3 | 181.2 | 95.80 | 191.6 | 275.4 |
| Free Cash Flow 1 | 3,494 | 18,806 | 23,501 | - | 3,136 | 3,800 | 800 | 4,400 |
| FCF margin | 3.21% | 16.37% | 18.09% | - | 2.2% | 2.62% | 0.53% | 2.82% |
| FCF Conversion (EBITDA) | 40.4% | 280.44% | 207.04% | - | 46.31% | 97.44% | 13.33% | 55% |
| FCF Conversion (Net income) | 91.9% | 599.11% | 354.73% | - | 102.58% | 237.5% | 25% | 95.65% |
| Dividend per Share 2 | 60.00 | 60.00 | 70.00 | 110.0 | 120.0 | 120.0 | 120.0 | 120.0 |
| Announcement Date | 4/25/19 | 4/27/20 | 4/27/21 | 5/13/22 | 5/12/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2023 Q1 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 S1 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 57,914 | 56,974 | 62,307 | 34,052 | 70,143 | 37,646 | 34,313 | 68,707 | 38,472 | 35,397 | 34,735 | 70,050 | 39,019 | 35,930 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 3,172 | 965 | 4,101 | 3,543 | 6,859 | 3,086 | 1,736 | 3,310 | 860 | 348 | 761 | 1,798 | 1,359 | -860 |
| Operating Margin | 5.48% | 1.69% | 6.58% | 10.4% | 9.78% | 8.2% | 5.06% | 4.82% | 2.24% | 0.98% | 2.19% | 2.57% | 3.48% | -2.39% |
| Earnings before Tax (EBT) | 3,903 | - | 4,226 | - | 7,239 | 3,078 | 1,669 | 2,889 | 662 | - | 808 | 1,714 | 1,353 | - |
| Net income | 2,799 | - | 2,836 | - | 5,082 | 2,093 | 1,141 | 2,190 | 391 | - | 550 | 1,275 | 758 | - |
| Net margin | 4.83% | - | 4.55% | - | 7.25% | 5.56% | 3.33% | 3.19% | 1.02% | - | 1.58% | 1.82% | 1.94% | - |
| EPS | 143.9 | - | 169.8 | - | 326.6 | 130.4 | 67.66 | 129.8 | 23.21 | - | 32.69 | 75.83 | 45.28 | - |
| Dividend per Share | 30.00 | 30.00 | 30.00 | - | 50.00 | - | - | 60.00 | - | - | - | 60.00 | - | - |
| Announcement Date | 10/30/19 | 4/27/20 | 10/28/20 | 10/29/21 | 10/29/21 | 1/27/22 | 7/26/22 | 11/14/22 | 2/13/23 | 5/12/23 | 8/9/23 | 11/13/23 | 2/13/24 | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt | - | - | - | - | - | - | - | - |
| Net Cash position | 31,284 | 28,386 | 34,490 | 27,561 | 20,407 | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 3,494 | 18,806 | 23,501 | - | 3,136 | 3,800 | 800 | 4,400 |
| ROE (net income / shareholders' equity) | 7.5% | 6.1% | 13.2% | 16.2% | 4.9% | 2.6% | 5.1% | 7.1% |
| ROA (Net income/ Total Assets) | 8.44% | 5.87% | 11% | 14.4% | 4.99% | 1.7% | 3.5% | 4.9% |
| Assets 1 | 45,046 | 53,513 | 60,134 | 64,864 | 61,298 | 94,118 | 91,429 | 93,878 |
| Book Value Per Share 2 | 2,779 | 2,887 | 3,278 | 3,740 | 3,706 | 3,715 | 3,787 | 3,942 |
| Cash Flow per Share | 321.0 | 316.0 | 547.0 | 727.0 | 315.0 | - | - | - |
| Capex 1 | 3,201 | 1,668 | 1,710 | 3,004 | 3,938 | 2,100 | 1,500 | 1,500 |
| Capex / Sales | 2.94% | 1.45% | 1.32% | 2.08% | 2.76% | 1.45% | 1% | 0.96% |
| Announcement Date | 4/25/19 | 4/27/20 | 4/27/21 | 5/13/22 | 5/12/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
3,400
JPY
Average target price
3,700
JPY
Spread / Average Target
+8.82%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -1.31% | 361M | |
| +63.48% | 89.27B | |
| -6.95% | 27.4B | |
| +1.12% | 22.32B | |
| +0.78% | 18.03B | |
| -17.31% | 14.31B | |
| +9.13% | 10.03B | |
| +14.60% | 9.94B | |
| -14.40% | 9.54B | |
| +17.98% | 9.41B |
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