Financials NEXTAGE Co., Ltd.

Equities

3186

JP3758210003

Auto Vehicles, Parts & Service Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,819 ^JPY	+1.62%		+5.78%	+8.93%

Apr. 01	Nextage's Attributable Profit up 17.5% in Fiscal Three Months Amid Improved Used Car Sales Industry	MT
Jan. 09	Nextage’s Attributable Profit Down 16.8% in Fiscal 2023 Due to Higher Expenses	MT

Valuation

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	90,212	104,383	175,611	245,140	182,678	225,672	-	-
Enterprise Value (EV) ¹	123,410	129,163	204,349	301,817	230,468	272,922	267,922	262,522
P/E ratio	20.5 x	21.8 x	18 x	17.5 x	15.8 x	15 x	12.1 x	10 x
Yield	0.5%	0.5%	0.66%	0.78%	1.4%	1.17%	1.37%	1.68%
Capitalization / Revenue	0.41 x	0.43 x	0.6 x	0.59 x	0.39 x	0.42 x	0.38 x	0.33 x
EV / Revenue	0.56 x	0.54 x	0.7 x	0.72 x	0.5 x	0.51 x	0.45 x	0.38 x
EV / EBITDA	14 x	12.7 x	11.6 x	13.5 x	11.3 x	10.8 x	8.76 x	7.37 x
EV / FCF	-6.16 x	12 x	-40.5 x	-9.53 x	23 x	63.8 x	43.6 x	40.1 x
FCF Yield	-16.2%	8.32%	-2.47%	-10.5%	4.34%	1.57%	2.3%	2.5%
Price to Book	3.24 x	3.41 x	4.23 x	4.36 x	2.74 x	2.91 x	2.42 x	2.03 x
Nbr of stocks (in thousands)	75,428	75,204	76,686	79,462	79,807	80,054	-	-
Reference price ²	1,196	1,388	2,290	3,085	2,289	2,819	2,819	2,819
Announcement Date	1/7/20	1/7/21	1/6/22	1/5/23	1/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	219,263	241,146	291,263	418,117	463,464	537,505	598,884	691,250
EBITDA ¹	8,827	10,162	17,570	22,399	20,351	25,300	30,600	35,600
EBIT ¹	6,085	6,825	13,637	19,448	16,084	21,083	26,217	31,825
Operating Margin	2.78%	2.83%	4.68%	4.65%	3.47%	3.92%	4.38%	4.6%
Earnings before Tax (EBT) ¹	5,772	6,498	13,301	18,765	15,533	21,100	28,000	32,100
Net income ¹	4,258	4,740	9,663	13,886	11,556	14,965	18,672	22,538
Net margin	1.94%	1.97%	3.32%	3.32%	2.49%	2.78%	3.12%	3.26%
EPS ²	58.27	63.62	127.1	176.3	145.0	187.4	233.8	281.2
Free Cash Flow ¹	-20,035	10,740	-5,042	-31,684	10,012	4,280	6,150	6,550
FCF margin	-9.14%	4.45%	-1.73%	-7.58%	2.16%	0.8%	1.03%	0.95%
FCF Conversion (EBITDA)	-	105.69%	-	-	49.2%	16.92%	20.1%	18.4%
FCF Conversion (Net income)	-	226.58%	-	-	86.64%	28.6%	32.94%	29.06%
Dividend per Share ²	6.000	7.000	15.00	24.00	32.00	33.00	38.60	47.50
Announcement Date	1/7/20	1/7/21	1/6/22	1/5/23	1/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November	2019 S2	2020 S1	2020 S2	2021 S1	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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	114,442	115,791	125,355	139,231	79,170	152,032	81,507	100,825	182,332	106,998	128,787	235,785	117,937	111,891	229,828	119,395	114,241	233,636	119,457	129,106	265,000	137,810	139,605	256,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,800	177	6,648	6,345	3,833	7,292	4,382	4,769	9,151	5,605	4,692	10,297	1,769	6,196	7,965	6,474	1,645	8,119	2,215	6,092	7,800	6,750	6,900	12,100
Operating Margin	2.45%	0.15%	5.3%	4.56%	4.84%	4.8%	5.38%	4.73%	5.02%	5.24%	3.64%	4.37%	1.5%	5.54%	3.47%	5.42%	1.44%	3.48%	1.85%	4.72%	2.94%	4.9%	4.94%	4.72%
Earnings before Tax (EBT)	2,615	-40	6,538	6,203	3,695	7,098	4,325	4,604	8,929	5,627	4,209	9,836	1,741	6,050	7,791	6,409	-	-	2,114	-	-	-	-	-
Net income	1,963	-148	4,888	4,366	2,770	5,297	3,029	3,200	6,229	4,104	3,553	7,657	1,241	4,439	5,680	4,556	1,320	-	1,458	-	-	-	-	-
Net margin	1.72%	-0.13%	3.9%	3.14%	3.5%	3.48%	3.72%	3.17%	3.42%	3.84%	2.76%	3.25%	1.05%	3.97%	2.47%	3.82%	1.16%	-	1.22%	-	-	-	-	-
EPS	-	-1.980	-	57.91	-	-	39.24	-	79.73	51.87	-	-	15.60	-	71.34	57.15	-	-	18.23	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/7/20	7/3/20	1/7/21	7/5/21	1/6/22	1/6/22	4/4/22	7/4/22	7/4/22	10/3/22	1/5/23	1/5/23	4/3/23	7/3/23	7/3/23	10/2/23	1/9/24	1/9/24	4/1/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	33,198	24,780	28,738	56,677	47,790	47,250	42,250	36,850
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.761 x	2.438 x	1.636 x	2.53 x	2.348 x	1.868 x	1.381 x	1.035 x
Free Cash Flow ¹	-20,035	10,740	-5,042	-31,684	10,012	4,280	6,150	6,550
ROE (net income / shareholders' equity)	18.6%	16.4%	27%	28.4%	18.8%	20.7%	22.3%	21.6%
ROA (Net income/ Total Assets)	5.68%	5.1%	12.7%	10.2%	6.82%	7.6%	9.4%	9.5%
Assets ¹	75,018	92,994	76,025	136,145	169,378	196,908	198,642	237,237
Book Value Per Share ²	369.0	407.0	542.0	708.0	835.0	970.0	1,164	1,390
Cash Flow per Share ²	95.80	108.0	179.0	214.0	198.0	258.0	312.0	-
Capex ¹	10,119	8,039	7,349	12,556	20,490	10,000	10,750	12,500
Capex / Sales	4.62%	3.33%	2.52%	3%	4.42%	1.86%	1.8%	1.81%
Announcement Date	1/7/20	1/7/21	1/6/22	1/5/23	1/9/24	-	-	-

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 NEXTAGE Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,819 JPY

Average target price

3,000 JPY

Spread / Average Target

+6.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto Vehicles, Parts & Service Retailers

	1st Jan change	Capi.
NEXTAGE CO., LTD.	+8.93%	1.43B
D'IETEREN GROUP	+14.98%	11.5B
HOTAI MOTOR CO.,LTD.	-14.10%	10.4B
PENSKE AUTOMOTIVE GROUP, INC.	-3.04%	10.43B
AUTONATION, INC.	+13.12%	7.08B
ASBURY AUTOMOTIVE GROUP, INC.	-1.33%	4.48B
ZHONGSHENG GROUP HOLDINGS LIMITED	-22.38%	4.42B
RUSH ENTERPRISES, INC.	-7.04%	3.63B
EAGERS AUTOMOTIVE LIMITED	-14.64%	2.09B
TUHU CAR INC.	-17.62%	2.39B

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