Financials NSD Co., Ltd.

Equities

9759

JP3712600000

IT Services & Consulting

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,050 ^JPY	+0.16%		+1.97%	+12.50%

Mar. 13	Tranche Update on NSD Co., Ltd.'s Equity Buyback Plan announced on February 6, 2024.	CI
Mar. 13	NSD Co., Ltd.'s Equity Buyback announced on February 6, 2024 has closed with 250,300 shares, representing 0.32% for ¥699.95 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	106,698	114,790	145,824	169,518	183,255	234,489	-	-
Enterprise Value (EV) ¹	83,881	88,564	115,738	137,698	144,889	214,329	210,059	205,979
P/E ratio	18.5 x	18.4 x	23 x	22.1 x	18 x	23.8 x	21.2 x	19.2 x
Yield	2.33%	3.19%	2.28%	2.37%	2.81%	2.34%	2.61%	2.87%
Capitalization / Revenue	1.72 x	1.76 x	2.2 x	2.38 x	2.35 x	2.23 x	2.07 x	1.97 x
EV / Revenue	1.35 x	1.36 x	1.75 x	1.93 x	1.86 x	2.04 x	1.86 x	1.73 x
EV / EBITDA	8,966,378 x	8,675,357 x	11,014,238 x	11,327,052 x	10,851,544 x	-	-	-
EV / FCF	16.3 x	8.01 x	15.4 x	20.1 x	14.9 x	19.8 x	20.2 x	18.1 x
FCF Yield	6.14%	12.5%	6.48%	4.99%	6.7%	5.06%	4.94%	5.52%
Price to Book	2.28 x	2.58 x	3 x	3.33 x	3.35 x	4.3 x	4 x	3.75 x
Nbr of stocks (in thousands)	82,808	79,715	79,209	77,335	76,869	76,882	-	-
Reference price ²	1,288	1,440	1,841	2,192	2,384	3,050	3,050	3,050
Announcement Date	5/8/19	5/8/20	5/10/21	5/9/22	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	61,944	65,063	66,184	71,188	77,982	105,150	113,150	119,000
EBITDA	9,355	10,209	10,508	12,157	13,352	-	-	-
EBIT ¹	8,654	9,545	9,842	11,414	12,524	15,800	17,500	18,000
Operating Margin	13.97%	14.67%	14.87%	16.03%	16.06%	15.03%	15.47%	15.13%
Earnings before Tax (EBT)	8,675	9,058	9,480	11,602	14,764	-	-	-
Net income ¹	5,817	6,314	6,373	7,823	10,219	10,600	11,700	11,700
Net margin	9.39%	9.7%	9.63%	10.99%	13.1%	10.08%	10.34%	9.83%
EPS ²	69.66	78.21	80.10	99.37	132.3	128.0	143.8	159.0
Free Cash Flow ¹	5,147	11,050	7,499	6,867	9,713	10,850	10,380	11,360
FCF margin	8.31%	16.98%	11.33%	9.65%	12.46%	10.32%	9.17%	9.55%
FCF Conversion (EBITDA)	55.02%	108.24%	71.37%	56.49%	72.75%	-	-	-
FCF Conversion (Net income)	88.48%	175.01%	117.67%	87.78%	95.05%	102.36%	88.72%	97.09%
Dividend per Share ²	30.00	46.00	42.00	52.00	67.00	71.50	79.50	87.50
Announcement Date	5/8/19	5/8/20	5/10/21	5/9/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	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	32,152	32,577	34,334	17,904	18,950	18,594	19,173	37,767	19,485	20,730	24,007	26,326	50,333	24,904	26,262
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,430	4,644	5,223	3,063	3,128	2,888	3,082	5,970	3,262	3,292	3,376	3,989	7,365	3,763	3,871
Operating Margin	13.78%	14.26%	15.21%	17.11%	16.51%	15.53%	16.07%	15.81%	16.74%	15.88%	14.06%	15.15%	14.63%	15.11%	14.74%
Earnings before Tax (EBT)	4,313	4,458	5,297	3,191	-	2,893	-	7,575	3,870	-	3,377	-	7,410	3,870	-
Net income ¹	2,797	2,880	3,493	2,201	2,129	1,794	3,450	5,244	2,620	2,355	1,688	2,714	4,402	2,829	2,568
Net margin	8.7%	8.84%	10.17%	12.29%	11.23%	9.65%	17.99%	13.89%	13.45%	11.36%	7.03%	10.31%	8.75%	11.36%	9.78%
EPS	34.36	36.14	44.27	27.91	-	23.05	-	67.57	34.09	-	21.97	-	57.23	36.69	-
Dividend per Share	14.00	-	-	-	-	-	-	10.00	-	-	-	-	-	-	-
Announcement Date	10/31/19	10/29/20	10/28/21	1/31/22	5/9/22	7/29/22	10/31/22	10/31/22	1/31/23	5/9/23	7/31/23	10/31/23	10/31/23	2/6/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	22,817	26,226	30,086	31,820	38,366	20,160	24,430	28,510
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,147	11,050	7,499	6,867	9,713	10,850	10,380	11,360
ROE (net income / shareholders' equity)	12.6%	13.8%	13.7%	15.7%	19.3%	18%	-	-
ROA (Net income/ Total Assets)	15.9%	17.6%	17.6%	19%	19.3%	-	-	-
Assets ¹	36,514	35,868	36,280	41,193	53,037	-	-	-
Book Value Per Share ²	566.0	557.0	614.0	658.0	712.0	709.0	762.0	814.0
Cash Flow per Share	75.30	83.50	85.40	106.0	139.0	-	-	-
Capex ¹	314	465	583	560	354	750	750	750
Capex / Sales	0.51%	0.71%	0.88%	0.79%	0.45%	0.71%	0.66%	0.63%
Announcement Date	5/8/19	5/8/20	5/10/21	5/9/22	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 NSD Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,050 JPY

Average target price

3,450 JPY

Spread / Average Target

+13.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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