Financials Nihon M&A Center Holdings Inc.

Equities

2127

JP3689050007

Business Support Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
866.2 ^JPY	+0.87%		+2.91%	+11.38%

Feb. 23	Nihon M&A Center Holdings Competes 7 Billion Yen Buyback Program Early	MT
Feb. 22	Tranche Update on Nihon M&A Center Holdings Inc.'s Equity Buyback Plan announced on January 30, 2024.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	487,384	481,851	989,282	570,863	325,635	274,727	-	-
Enterprise Value (EV) ¹	474,689	460,372	946,918	523,560	280,060	234,399	230,266	225,253
P/E ratio	55 x	46.7 x	46.1 x	49.9 x	33.1 x	26.4 x	23.3 x	20.7 x
Yield	0.76%	0.88%	0.94%	1.04%	2.34%	2.67%	2.78%	3.02%
Capitalization / Revenue	17.1 x	15.1 x	28.4 x	14.1 x	7.88 x	6.3 x	5.76 x	5.26 x
EV / Revenue	16.7 x	14.4 x	27.2 x	13 x	6.78 x	5.38 x	4.83 x	4.31 x
EV / EBITDA	37.5 x	32.1 x	57.3 x	31.5 x	17.9 x	14.5 x	13 x	11.4 x
EV / FCF	69.3 x	45.4 x	83.3 x	48.3 x	67.4 x	19.3 x	19 x	16.6 x
FCF Yield	1.44%	2.2%	1.2%	2.07%	1.48%	5.17%	5.26%	6.01%
Price to Book	18 x	13.4 x	11.1 x	11.3 x	5.98 x	5.49 x	5.09 x	4.81 x
Nbr of stocks (in thousands)	321,706	326,126	330,532	330,552	330,930	317,163	-	-
Reference price ²	1,515	1,478	2,993	1,727	984.0	866.2	866.2	866.2
Announcement Date	4/26/19	5/15/20	4/30/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,463	32,009	34,795	40,401	41,315	43,587	47,659	52,262
EBITDA ¹	12,657	14,354	16,527	16,595	15,617	16,110	17,773	19,727
EBIT ¹	12,533	14,247	15,336	16,430	15,298	15,963	17,770	19,878
Operating Margin	44.03%	44.51%	44.08%	40.67%	37.03%	36.62%	37.29%	38.03%
Earnings before Tax (EBT) ¹	12,515	14,681	15,616	16,661	15,472	16,608	18,485	20,797
Net income ¹	8,867	10,273	10,678	11,437	9,842	10,568	11,995	13,484
Net margin	31.15%	32.09%	30.69%	28.31%	23.82%	24.25%	25.17%	25.8%
EPS ²	27.56	31.65	64.92	34.60	29.76	32.80	37.18	41.81
Free Cash Flow ¹	6,853	10,148	11,371	10,830	4,154	12,121	12,119	13,548
FCF margin	24.08%	31.7%	32.68%	26.81%	10.05%	27.81%	25.43%	25.92%
FCF Conversion (EBITDA)	54.15%	70.7%	68.8%	65.26%	26.6%	75.24%	68.19%	68.68%
FCF Conversion (Net income)	77.29%	98.78%	106.49%	94.69%	42.21%	114.7%	101.03%	100.48%
Dividend per Share ²	11.50	13.00	28.00	18.00	23.00	23.14	24.11	26.14
Announcement Date	4/26/19	5/15/20	4/30/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	17,696	18,781	17,349	12,021	23,420	10,639	6,128	9,068	11,031	20,099	9,777	11,439	8,246	10,925	19,171	11,976	12,283
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,186	9,775	6,633	5,946	11,548	3,741	889	3,616	4,382	7,998	3,117	4,183	1,716	4,388	6,104	5,130	4,660
Operating Margin	51.91%	52.05%	38.23%	49.46%	49.31%	35.16%	14.51%	39.88%	39.72%	39.79%	31.88%	36.57%	20.81%	40.16%	31.84%	42.84%	37.94%
Earnings before Tax (EBT) ¹	9,244	9,901	6,787	-	11,543	3,851	-	3,579	-	7,972	3,073	-	1,640	4,469	6,109	5,568	4,830
Net income ¹	6,337	6,763	-	-	7,821	2,506	-	2,270	-	5,067	2,030	-	925	2,778	3,703	3,603	3,334
Net margin	35.81%	36.01%	-	-	33.39%	23.55%	-	25.03%	-	25.21%	20.76%	-	11.22%	25.43%	19.32%	30.09%	27.14%
EPS ²	19.57	20.65	-	12.30	23.66	7.580	2.830	6.870	8.430	15.33	6.130	8.300	2.820	8.530	11.35	11.09	11.11
Dividend per Share	5.500	6.500	-	-	9.000	-	-	-	-	11.00	-	-	-	-	11.00	-	-
Announcement Date	10/30/19	10/30/20	4/30/21	10/29/21	10/29/21	2/14/22	4/28/22	7/29/22	10/28/22	10/28/22	1/27/23	4/28/23	7/28/23	10/27/23	10/27/23	1/30/24	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,695	21,479	42,364	47,303	45,575	40,328	44,461	49,473
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,853	10,148	11,371	10,830	4,154	12,121	12,119	13,548
ROE (net income / shareholders' equity)	36.1%	32.6%	26.6%	24%	18.7%	20.2%	22.4%	23.8%
ROA (Net income/ Total Assets)	37.2%	36.2%	33.1%	20.2%	15.8%	16.3%	17.3%	18.4%
Assets ¹	23,834	28,381	32,232	56,512	62,336	64,748	69,313	73,158
Book Value Per Share ²	84.40	110.0	269.0	154.0	164.0	158.0	170.0	180.0
Cash Flow per Share ²	28.00	32.00	65.60	35.00	30.40	33.00	36.10	41.80
Capex ¹	60	166	87.8	255	319	234	223	215
Capex / Sales	0.21%	0.52%	0.25%	0.63%	0.77%	0.54%	0.47%	0.41%
Announcement Date	4/26/19	5/15/20	4/30/21	4/28/22	4/28/23	-	-	-

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 Nihon M&A Center Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

866.2 JPY

Average target price

942.5 JPY

Spread / Average Target

+8.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Management Consulting Services