Financials Nichiban Co., Ltd.

Equities

4218

JP3662400005

Business Support Supplies

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,906 ^JPY	+0.58%		-0.68%	+9.98%

2023	Tranche Update on Nichiban Co., Ltd.'s Equity Buyback Plan announced on December 8, 2023.	CI
2023	Nichiban Co., Ltd.'s Equity Buyback announced on December 8, 2023, has closed with 260,000 shares, representing 1.26% for ¥448.50 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	48,571	30,999	39,660	35,226	39,636	38,790	-	-
Enterprise Value (EV) ¹	43,114	21,608	28,726	24,035	28,641	38,790	38,790	38,790
P/E ratio	15.2 x	17.7 x	29.4 x	19.5 x	16.8 x	22.9 x	17.9 x	15.2 x
Yield	1.62%	2.21%	1.57%	1.76%	1.82%	1.84%	1.96%	2.17%
Capitalization / Revenue	1.02 x	0.7 x	0.96 x	0.82 x	0.87 x	0.82 x	0.77 x	0.74 x
EV / Revenue	1.02 x	0.7 x	0.96 x	0.82 x	0.87 x	0.82 x	0.77 x	0.74 x
EV / EBITDA	8.08 x	5.79 x	9.13 x	7.05 x	9.08 x	7.92 x	6.96 x	6.26 x
EV / FCF	13.8 x	7.17 x	13.9 x	21.3 x	108 x	-76.1 x	67.9 x	28.5 x
FCF Yield	7.27%	13.9%	7.21%	4.69%	0.93%	-1.31%	1.47%	3.51%
Price to Book	1.33 x	0.83 x	1.04 x	0.9 x	0.98 x	0.94 x	0.92 x	0.88 x
Nbr of stocks (in thousands)	20,721	20,721	20,721	20,721	20,612	20,352	-	-
Reference price ²	2,344	1,496	1,914	1,700	1,923	1,906	1,906	1,906
Announcement Date	5/15/19	5/15/20	5/14/21	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	47,417	44,063	41,528	43,134	45,560	47,533	50,333	52,167
EBITDA ¹	6,011	5,355	4,342	4,995	4,366	4,900	5,575	6,200
EBIT ¹	3,684	2,975	2,000	2,450	1,609	2,200	3,050	3,600
Operating Margin	7.77%	6.75%	4.82%	5.68%	3.53%	4.63%	6.06%	6.9%
Earnings before Tax (EBT) ¹	4,553	2,487	1,900	2,561	3,431	2,050	2,825	3,450
Net income ¹	3,193	1,751	1,350	1,809	2,371	1,700	2,173	2,567
Net margin	6.73%	3.97%	3.25%	4.19%	5.2%	3.58%	4.32%	4.92%
EPS ²	154.1	84.54	65.15	87.34	114.7	83.23	106.3	125.5
Free Cash Flow ¹	3,530	4,321	2,859	1,653	367	-510	571	1,360
FCF margin	7.44%	9.81%	6.88%	3.83%	0.81%	-1.07%	1.13%	2.61%
FCF Conversion (EBITDA)	58.73%	80.69%	65.85%	33.09%	8.41%	-	10.24%	21.94%
FCF Conversion (Net income)	110.55%	246.77%	211.78%	91.38%	15.48%	-	26.27%	52.99%
Dividend per Share ²	38.00	33.00	30.00	30.00	35.00	35.00	37.33	41.33
Announcement Date	5/15/19	5/15/20	5/14/21	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	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	22,285	21,778	19,678	10,385	20,543	11,590	11,001	22,591	10,442	11,089	21,531	12,551	11,478	24,029	10,916	22,458	13,046	11,897	24,943	11,400	12,100	23,500	13,580	12,420	26,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,630	1,345	877	619	1,222	873	355	1,228	201	303	504	940	165	1,105	346	529	1,182	388	1,570	510	450	960	1,230	310	1,540
Operating Margin	7.31%	6.18%	4.46%	5.96%	5.95%	7.53%	3.23%	5.44%	1.92%	2.73%	2.34%	7.49%	1.44%	4.6%	3.17%	2.36%	9.06%	3.26%	6.29%	4.47%	3.72%	4.09%	9.06%	2.5%	5.92%
Earnings before Tax (EBT) ¹	1,465	-	793	625	1,289	873	399	1,272	258	-	578	968	-	-	444	637	1,278	356	1,563	510	450	960	1,230	310	1,540
Net income ¹	972	779	522	450	884	635	290	925	143	228	371	706	1,294	2,000	281	432	959	209	1,168	300	250	550	1,000	250	1,250
Net margin	4.36%	3.58%	2.65%	4.33%	4.3%	5.48%	2.64%	4.09%	1.37%	2.06%	1.72%	5.63%	11.27%	8.32%	2.57%	1.92%	7.35%	1.76%	4.68%	2.63%	2.07%	2.34%	7.36%	2.01%	4.81%
EPS	46.93	-	25.23	-	42.67	30.64	-	-	6.900	-	17.93	34.12	-	-	13.65	20.98	46.63	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/8/19	5/15/20	11/9/20	11/8/21	11/8/21	2/8/22	5/13/22	5/13/22	8/8/22	11/8/22	11/8/22	2/8/23	5/12/23	5/12/23	8/8/23	11/8/23	2/8/24	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	5,457	9,391	10,934	11,191	10,995	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,530	4,321	2,859	1,653	367	-510	571	1,360
ROE (net income / shareholders' equity)	9.2%	4.8%	3.6%	4.7%	6%	3.9%	4.8%	5.6%
ROA (Net income/ Total Assets)	6.38%	5.15%	3.42%	4.07%	2.62%	3%	3.5%	4.1%
Assets ¹	50,080	33,968	39,445	44,394	90,574	56,667	62,095	62,602
Book Value Per Share ²	1,761	1,796	1,838	1,880	1,970	2,023	2,081	2,163
Cash Flow per Share	266.0	199.0	178.0	210.0	248.0	-	-	-
Capex ¹	2,054	1,455	2,755	3,929	4,092	2,500	2,750	2,750
Capex / Sales	4.33%	3.3%	6.63%	9.11%	8.98%	5.26%	5.46%	5.27%
Announcement Date	5/15/19	5/15/20	5/14/21	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

Ratings for Nichiban Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,906 JPY

Average target price

2,840 JPY

Spread / Average Target

+49.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Office Supplies