Financials Proto Corporation

Equities

4298

JP3833740008

Consumer Publishing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,364 ^JPY	+1.49%		+2.56%	+0.89%

Mar. 21	BlackRock launches tokenization on Ethereum - Crypt On It
Mar. 14	Proto Corporation Revises Dividend Guidance for the Year Ended March 2024	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	40,097	34,419	47,026	41,562	47,501	54,917	-	-
Enterprise Value (EV) ¹	31,149	19,831	28,401	18,407	28,014	34,335	30,843	27,796
P/E ratio	12.7 x	6.89 x	9.69 x	7.07 x	10.7 x	9.55 x	8.95 x	8.41 x
Yield	2.5%	3.21%	2.13%	3.38%	2.96%	3.12%	2.82%	3.1%
Capitalization / Revenue	0.64 x	0.58 x	0.78 x	0.72 x	0.45 x	0.49 x	0.45 x	0.44 x
EV / Revenue	0.5 x	0.34 x	0.47 x	0.32 x	0.27 x	0.3 x	0.25 x	0.22 x
EV / EBITDA	5.68 x	3.29 x	-	2.4 x	3.37 x	3.68 x	3.12 x	2.71 x
EV / FCF	15 x	4.79 x	4.88 x	3.07 x	-91 x	11.4 x	5.93 x	5.49 x
FCF Yield	6.67%	20.9%	20.5%	32.5%	-1.1%	8.73%	16.9%	18.2%
Price to Book	1.43 x	1.08 x	1.31 x	1.03 x	1.1 x	1.16 x	1.06 x	0.98 x
Nbr of stocks (in thousands)	40,117	40,162	40,159	40,195	40,221	40,261	-	-
Reference price ²	999.5	857.0	1,171	1,034	1,181	1,364	1,364	1,364
Announcement Date	5/14/19	5/14/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	62,251	59,127	60,097	57,446	105,596	113,117	121,167	125,067
EBITDA ¹	5,481	6,026	-	7,659	8,323	9,320	9,895	10,240
EBIT ¹	4,565	5,136	5,941	6,422	7,336	8,283	9,267	9,867
Operating Margin	7.33%	8.69%	9.89%	11.18%	6.95%	7.32%	7.65%	7.89%
Earnings before Tax (EBT) ¹	5,066	7,139	6,068	9,163	6,808	8,400	8,600	8,900
Net income ¹	3,159	4,991	4,853	5,880	4,424	5,827	6,229	6,634
Net margin	5.07%	8.44%	8.08%	10.24%	4.19%	5.15%	5.14%	5.3%
EPS ²	78.76	124.3	120.9	146.3	110.0	142.8	152.4	162.3
Free Cash Flow ¹	2,079	4,139	5,814	5,991	-308	2,999	5,203	5,060
FCF margin	3.34%	7%	9.67%	10.43%	-0.29%	2.65%	4.29%	4.05%
FCF Conversion (EBITDA)	37.93%	68.69%	-	78.22%	-	32.18%	52.58%	49.41%
FCF Conversion (Net income)	65.81%	82.93%	119.8%	101.89%	-	51.46%	83.52%	76.28%
Dividend per Share ²	25.00	27.50	25.00	35.00	35.00	42.50	38.50	42.33
Announcement Date	5/14/19	5/14/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2024 Q1	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	29,845	29,282	27,456	32,641	12,647	26,308	16,384	14,754	31,138	23,784	26,027	49,811	29,518	27,220	54,558	32,299	26,143	58,442
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,719	2,417	2,838	3,103	1,304	3,084	2,057	1,281	3,338	2,082	1,525	3,607	2,369	2,231	3,774	2,554	2,072	4,626
Operating Margin	9.11%	8.25%	10.34%	9.51%	10.31%	11.72%	12.55%	8.68%	10.72%	8.75%	5.86%	7.24%	8.03%	8.2%	6.92%	7.91%	7.93%	7.92%
Earnings before Tax (EBT)	4,606	-	2,827	-	-	5,863	2,068	-	-	2,110	-	3,673	1,708	2,734	4,299	2,504	-	-
Net income	3,178	-	1,791	-	-	3,623	1,426	831	-	1,398	-	2,401	1,089	1,808	2,836	1,717	-	-
Net margin	10.65%	-	6.52%	-	-	13.77%	8.7%	5.63%	-	5.88%	-	4.82%	3.69%	6.64%	5.2%	5.32%	-	-
EPS	79.20	-	44.62	-	-	90.20	35.49	-	-	34.80	-	59.74	27.09	44.97	70.50	42.64	-	-
Dividend per Share	13.75	-	12.50	-	-	17.50	-	-	-	-	-	17.50	-	-	17.50	-	-	-
Announcement Date	10/31/19	5/14/20	10/30/20	5/13/21	10/29/21	10/29/21	1/31/22	5/13/22	5/13/22	7/29/22	10/31/22	10/31/22	1/31/23	7/31/23	10/31/23	1/31/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	8,947	14,588	18,625	23,155	19,487	20,582	24,074	27,121
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,079	4,139	5,814	5,991	-308	2,999	5,203	5,060
ROE (net income / shareholders' equity)	11.7%	16.7%	14.3%	15.4%	10.6%	12.1%	11.4%	10.9%
ROA (Net income/ Total Assets)	11.3%	12.1%	13%	12.7%	12.1%	-	-	-
Assets ¹	27,870	41,299	37,327	46,135	36,558	-	-	-
Book Value Per Share ²	698.0	794.0	894.0	1,004	1,074	1,180	1,286	1,397
Cash Flow per Share	102.0	147.0	143.0	168.0	135.0	-	-	-
Capex ¹	1,728	1,875	760	1,237	2,898	1,800	1,800	1,800
Capex / Sales	2.78%	3.17%	1.26%	2.15%	2.74%	1.59%	1.49%	1.44%
Announcement Date	5/14/19	5/14/20	5/13/21	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 Proto Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,364 JPY

Average target price

1,500 JPY

Spread / Average Target

+9.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Consumer Publishing

	1st Jan change	Capi.
PROTO CORPORATION	+0.89%	349M
PEARSON PLC	+2.36%	8.29B
SCHIBSTED ASA	+9.50%	6.43B
SAUDI RESEARCH AND MEDIA GROUP	+38.74%	5.07B
JIANGSU PHOENIX PUBLISHING & MEDIA CORPORATION LIMITED	+14.98%	3.56B
CHINA SOUTH PUBLISHING & MEDIA GROUP CO., LTD	+21.44%	3.06B
LAGARDÈRE S.A.	+8.71%	3B
KADOKAWA CORPORATION	-1.11%	2.42B
SOUTHERN PUBLISHING AND MEDIA CO.,LTD.	+7.85%	1.71B
TX GROUP AG	+17.55%	1.64B

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