Financials Nippon Concept Corporation

Equities

9386

JP3708600006

Marine Freight & Logistics

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,780 ^JPY	+0.11%		+0.68%	+9.00%

2023	Nippon Concept Corporation Reports Earnings Results for the First Quarter Ended March 31, 2023	CI
2021	Sumitomo Mitsui DS Asset Management Withdraws Shareholder Proposal to Nippon Concept	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,233	23,672	23,312	20,247	22,646	24,685	-	-
Enterprise Value (EV) ¹	22,143	24,778	23,958	16,777	17,650	24,685	24,685	24,685
P/E ratio	14.4 x	23 x	12.1 x	6.21 x	9.31 x	10.6 x	8.54 x	7.46 x
Yield	2.06%	1.76%	1.78%	2.4%	3.06%	4.78%	4.1%	4.72%
Capitalization / Revenue	1.59 x	1.93 x	1.37 x	0.88 x	1.31 x	1.27 x	1.12 x	1.01 x
EV / Revenue	1.59 x	1.93 x	1.37 x	0.88 x	1.31 x	1.27 x	1.12 x	1.01 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	21.5 x	17.2 x	-	4.77 x	12.3 x	18.4 x	12.9 x	10.8 x
FCF Yield	4.65%	5.8%	-	21%	8.13%	5.43%	7.78%	9.24%
Price to Book	1.86 x	2.08 x	1.78 x	1.25 x	1.24 x	-	-	-
Nbr of stocks (in thousands)	13,868	13,868	13,868	13,868	13,868	13,868	-	-
Reference price ²	1,459	1,707	1,681	1,460	1,633	1,780	1,780	1,780
Announcement Date	2/13/20	2/10/21	2/14/22	2/14/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,704	12,277	17,000	23,081	17,292	19,400	22,000	24,500
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	1,997	1,496	2,803	4,885	3,304	3,400	4,200	4,800
Operating Margin	15.72%	12.19%	16.49%	21.16%	19.11%	17.53%	19.09%	19.59%
Earnings before Tax (EBT) ¹	1,996	1,452	2,701	4,708	3,491	3,350	4,150	4,750
Net income ¹	1,405	1,029	1,919	3,261	2,431	2,330	2,890	3,310
Net margin	11.06%	8.38%	11.29%	14.13%	14.06%	12.01%	13.14%	13.51%
EPS ²	101.4	74.25	138.4	235.2	175.4	168.0	208.4	238.7
Free Cash Flow ¹	940	1,373	-	4,247	1,840	1,340	1,920	2,280
FCF margin	7.4%	11.18%	-	18.4%	10.64%	6.91%	8.73%	9.31%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	66.9%	133.43%	-	130.24%	75.69%	57.51%	66.44%	68.88%
Dividend per Share ²	30.00	30.00	30.00	35.00	50.00	85.00	73.00	84.00
Announcement Date	2/13/20	2/10/21	2/14/22	2/14/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	6,069	7,554	4,565	4,881	5,244	5,968	11,212	5,980	5,889	4,804	4,216	9,020	4,173	4,099	4,300	5,000	5,020	5,080
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	711	1,173	827	803	1,179	1,320	2,499	1,259	1,127	1,141	819	1,960	783	561	750	810	1,000	840
Operating Margin	11.72%	15.53%	18.12%	16.45%	22.48%	22.12%	22.29%	21.05%	19.14%	23.75%	19.43%	21.73%	18.76%	13.69%	17.44%	16.2%	19.92%	16.54%
Earnings before Tax (EBT)	717	1,121	829	751	1,155	1,298	2,453	1,263	992	1,139	958	2,097	841	-	-	-	-	-
Net income	512	796	585	-	788	-	1,695	872	-	790	-	1,459	591	-	-	-	-	-
Net margin	8.44%	10.54%	12.81%	-	15.03%	-	15.12%	14.58%	-	16.44%	-	16.18%	14.16%	-	-	-	-	-
EPS	36.97	57.41	42.24	-	56.88	-	122.2	62.92	-	56.97	-	105.2	42.63	-	-	-	-	-
Dividend per Share	15.00	15.00	-	-	-	-	17.50	-	-	-	-	25.00	-	-	-	-	-	-
Announcement Date	8/13/20	8/12/21	11/11/21	2/14/22	5/12/22	8/10/22	8/10/22	11/14/22	2/14/23	5/15/23	8/14/23	8/14/23	11/14/23	2/13/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	1,910	1,106	646	-	-	-	-	-
Net Cash position	-	-	-	3,470	4,996	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	940	1,373	-	4,247	1,840	1,340	1,920	2,280
ROE (net income / shareholders' equity)	13.6%	9.3%	15.7%	22.2%	14.1%	-	-	-
ROA (Net income/ Total Assets)	10.9%	7.64%	13.1%	19.4%	13.2%	-	-	-
Assets ¹	12,926	13,476	14,594	16,807	18,474	-	-	-
Book Value Per Share	783.0	822.0	945.0	1,171	1,318	-	-	-
Cash Flow per Share	184.0	163.0	234.0	341.0	279.0	-	-	-
Capex ¹	1,477	206	192	1,456	2,184	2,000	2,000	2,000
Capex / Sales	11.63%	1.68%	1.13%	6.31%	12.63%	10.31%	9.09%	8.16%
Announcement Date	2/13/20	2/10/21	2/14/22	2/14/23	2/13/24	-	-	-

¹JPY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nippon Concept Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,780 JPY

Average target price

2,800 JPY

Spread / Average Target

+57.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
NIPPON CONCEPT CORPORATION	+9.00%	157M
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+30.31%	12.25B
WALLENIUS WILHELMSEN ASA	+21.24%	4.13B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+36.60%	4B
STAR BULK CARRIERS CORP.	+16.23%	2.8B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-15.05%	1.89B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+18.10%	1.88B
HÖEGH AUTOLINERS ASA	+16.21%	1.85B
GULF NAVIGATION HOLDING	+0.95%	1.66B
ZIM INTEGRATED SHIPPING SERVICES LTD.	+33.94%	1.59B

Deep Sea Freight