Financials Nichirei Corporation

Equities

2871

JP3665200006

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,936 ^JPY	+0.85%		+1.73%	+13.30%

2023	FX, Sluggish Economies Roil Asian Stock Markets	MT
2023	Silkworm sashimi, cricket curry on menu as bugs make a comeback in Japan	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	363,559	407,008	379,665	306,757	344,486	502,715	-	-
Enterprise Value (EV) ¹	438,680	477,424	447,152	388,058	431,220	573,673	573,098	570,498
P/E ratio	18.2 x	20.8 x	17.9 x	13.4 x	16.1 x	20.2 x	18.5 x	17.1 x
Yield	1.17%	1.37%	1.76%	2.11%	1.94%	1.89%	2.05%	2.2%
Capitalization / Revenue	0.63 x	0.7 x	0.66 x	0.51 x	0.52 x	0.74 x	0.72 x	0.7 x
EV / Revenue	0.76 x	0.82 x	0.78 x	0.64 x	0.65 x	0.85 x	0.82 x	0.79 x
EV / EBITDA	9.34 x	9.67 x	8.5 x	7.39 x	7.82 x	9.2 x	8.64 x	8.16 x
EV / FCF	32.8 x	39.3 x	58.7 x	44.9 x	39.1 x	45.5 x	36.7 x	29 x
FCF Yield	3.05%	2.55%	1.71%	2.23%	2.56%	2.2%	2.72%	3.45%
Price to Book	2.06 x	2.21 x	1.87 x	1.45 x	1.53 x	2.07 x	1.95 x	1.84 x
Nbr of stocks (in thousands)	133,269	133,227	133,263	129,488	128,348	127,722	-	-
Reference price ²	2,728	3,055	2,849	2,369	2,684	3,936	3,936	3,936
Announcement Date	5/14/19	5/12/20	5/11/21	5/10/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	580,141	584,858	572,757	602,696	662,204	676,643	699,242	720,722
EBITDA ¹	46,992	49,390	52,618	52,499	55,133	62,373	66,354	69,928
EBIT ¹	29,511	31,035	32,949	31,410	32,935	37,284	39,914	42,737
Operating Margin	5.09%	5.31%	5.75%	5.21%	4.97%	5.51%	5.71%	5.93%
Earnings before Tax (EBT) ¹	29,540	29,792	31,603	35,107	32,987	37,155	40,449	43,358
Net income ¹	19,943	19,609	21,212	23,382	21,568	24,778	26,926	28,899
Net margin	3.44%	3.35%	3.7%	3.88%	3.26%	3.66%	3.85%	4.01%
EPS ²	149.6	147.2	159.2	176.7	167.1	194.7	212.7	230.3
Free Cash Flow ¹	13,393	12,154	7,624	8,644	11,021	12,618	15,606	19,667
FCF margin	2.31%	2.08%	1.33%	1.43%	1.66%	1.86%	2.23%	2.73%
FCF Conversion (EBITDA)	28.5%	24.61%	14.49%	16.47%	19.99%	20.23%	23.52%	28.12%
FCF Conversion (Net income)	67.16%	61.98%	35.94%	36.97%	51.1%	50.92%	57.96%	68.05%
Dividend per Share ²	32.00	42.00	50.00	50.00	52.00	74.33	80.50	86.67
Announcement Date	5/14/19	5/12/20	5/11/21	5/10/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	291,847	-	281,762	290,995	150,920	294,578	159,196	148,922	156,057	165,779	321,836	179,271	161,097	340,368	163,965	168,246	332,211	182,198	161,962
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,988	-	16,745	16,204	8,970	16,020	9,724	5,666	6,677	8,032	14,709	10,579	7,647	18,226	7,924	9,474	17,398	12,388	7,432
Operating Margin	5.14%	-	5.94%	5.57%	5.94%	5.44%	6.11%	3.8%	4.28%	4.85%	4.57%	5.9%	4.75%	5.35%	4.83%	5.63%	5.24%	6.8%	4.59%
Earnings before Tax (EBT)	14,561	-	16,491	-	-	16,983	10,443	7,681	6,731	-	14,926	10,723	-	-	7,945	-	17,950	12,444	-
Net income ¹	9,502	-	10,875	10,337	6,754	11,115	7,039	5,228	4,251	5,547	9,798	7,028	4,742	-	4,964	6,726	11,690	8,394	4,508
Net margin	3.26%	-	3.86%	3.55%	4.48%	3.77%	4.42%	3.51%	2.72%	3.35%	3.04%	3.92%	2.94%	-	3.03%	4%	3.52%	4.61%	2.78%
EPS ²	71.30	-	81.62	-	50.67	83.40	53.07	-	32.83	42.84	75.67	54.36	37.11	-	38.88	-	91.55	65.71	38.49
Dividend per Share	21.00	21.00	22.00	28.00	-	25.00	-	-	-	-	26.00	-	-	-	-	-	37.00	-	-
Announcement Date	11/5/19	5/12/20	11/4/20	5/11/21	11/2/21	11/2/21	2/1/22	5/10/22	8/2/22	11/1/22	11/1/22	2/7/23	5/9/23	5/9/23	8/1/23	10/31/23	10/31/23	2/6/24	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	75,121	70,416	67,487	81,301	86,734	70,958	70,383	67,783
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.599 x	1.426 x	1.283 x	1.549 x	1.573 x	1.138 x	1.061 x	0.9693 x
Free Cash Flow ¹	13,393	12,154	7,624	8,644	11,021	12,618	15,606	19,667
ROE (net income / shareholders' equity)	11.7%	10.9%	10.9%	11.3%	9.9%	10.7%	10.9%	11.1%
ROA (Net income/ Total Assets)	8.01%	8.28%	8.43%	7.6%	7.56%	7.4%	7.65%	8%
Assets ¹	249,065	236,731	251,683	307,651	285,314	334,836	351,974	361,235
Book Value Per Share ²	1,327	1,385	1,526	1,631	1,758	1,898	2,015	2,143
Cash Flow per Share ²	281.0	285.0	307.0	336.0	339.0	390.0	417.0	441.0
Capex ¹	25,928	27,287	37,829	34,711	31,190	36,875	35,325	33,175
Capex / Sales	4.47%	4.67%	6.6%	5.76%	4.71%	5.45%	5.05%	4.6%
Announcement Date	5/14/19	5/12/20	5/11/21	5/10/22	5/9/23	-	-	-

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 Nichirei Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,936 JPY

Average target price

4,458 JPY

Spread / Average Target

+13.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
NICHIREI CORPORATION	+13.30%	3.19B
NESTLÉ S.A.	-4.93%	261B
MONDELEZ INTERNATIONAL, INC.	-2.51%	94.98B
KRAFT HEINZ	+3.19%	46.39B
GENERAL MILLS, INC.	+8.74%	39.99B
THE HERSHEY COMPANY	-0.15%	38.02B
ARCHER-DANIELS-MIDLAND COMPANY	-16.78%	30.16B
NESTLÉ INDIA LIMITED	-6.61%	28.72B
ASSOCIATED BRITISH FOODS PLC	+11.32%	24.54B
YIHAI KERRY ARAWANA HOLDINGS CO., LTD	-9.29%	22.65B

Other Food Processing