SATO HOLDINGS CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,170 JPY | +1.35% |
|
+1.50% | +2.55% |
| Feb. 21 | Sato's Profit Down 6% in Fiscal Q1-Q3 | MT |
| Feb. 21 | Sato Holdings Corporation Provides Dividend Guidance for the Year Ended December 31, 2023 | CI |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 87,131 | 71,255 | 96,832 | 57,884 | 70,900 | 70,324 | - | - |
| Enterprise Value (EV) 1 | 86,178 | 65,807 | 79,142 | 43,761 | 64,494 | 56,224 | 52,024 | 46,424 |
| P/E ratio | 23.1 x | -37.9 x | 7.47 x | 15.2 x | 17.3 x | 12.8 x | 9.23 x | 8.28 x |
| Yield | 2.7% | 3.3% | 2.43% | 4.07% | 3.29% | 3.32% | 3.38% | 3.44% |
| Capitalization / Revenue | 0.75 x | 0.61 x | 0.89 x | 0.46 x | 0.5 x | 0.49 x | 0.47 x | 0.45 x |
| EV / Revenue | 0.74 x | 0.57 x | 0.73 x | 0.35 x | 0.45 x | 0.39 x | 0.34 x | 0.29 x |
| EV / EBITDA | 6.5 x | 4.92 x | 7.79 x | 4.03 x | 4.62 x | 3.95 x | 3.13 x | 2.61 x |
| EV / FCF | 18.9 x | 11.7 x | 13.9 x | -100 x | 8.62 x | 5.61 x | 7.88 x | 5.73 x |
| FCF Yield | 5.3% | 8.52% | 7.21% | -1% | 11.6% | 17.8% | 12.7% | 17.4% |
| Price to Book | 1.57 x | 1.49 x | 1.66 x | 0.92 x | 1.08 x | 0.98 x | 0.91 x | 0.84 x |
| Nbr of stocks (in thousands) | 33,564 | 33,579 | 33,587 | 33,673 | 32,389 | 32,408 | - | - |
| Reference price 2 | 2,596 | 2,122 | 2,883 | 1,719 | 2,189 | 2,170 | 2,170 | 2,170 |
| Announcement Date | 5/10/19 | 5/15/20 | 5/11/21 | 5/10/22 | 5/15/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 116,179 | 116,372 | 109,052 | 124,783 | 142,824 | 144,433 | 151,167 | 157,800 |
| EBITDA 1 | 13,250 | 13,376 | 10,162 | 10,861 | 13,961 | 14,222 | 16,600 | 17,800 |
| EBIT 1 | 7,679 | 7,461 | 5,847 | 6,404 | 8,841 | 10,033 | 11,500 | 12,867 |
| Operating Margin | 6.61% | 6.41% | 5.36% | 5.13% | 6.19% | 6.95% | 7.61% | 8.15% |
| Earnings before Tax (EBT) 1 | 6,573 | 636 | 14,457 | 5,963 | 7,147 | 9,275 | 11,550 | 12,750 |
| Net income 1 | 3,773 | -1,882 | 12,959 | 3,794 | 4,184 | 6,117 | 7,800 | 8,700 |
| Net margin | 3.25% | -1.62% | 11.88% | 3.04% | 2.93% | 4.23% | 5.16% | 5.51% |
| EPS 2 | 112.5 | -56.06 | 385.9 | 112.7 | 126.7 | 169.7 | 235.2 | 262.2 |
| Free Cash Flow 1 | 4,564 | 5,610 | 5,704 | -436 | 7,480 | 10,022 | 6,600 | 8,100 |
| FCF margin | 3.93% | 4.82% | 5.23% | -0.35% | 5.24% | 6.94% | 4.37% | 5.13% |
| FCF Conversion (EBITDA) | 34.45% | 41.94% | 56.13% | - | 53.58% | 70.47% | 39.76% | 45.51% |
| FCF Conversion (Net income) | 120.96% | - | 44.02% | - | 178.78% | 163.85% | 84.62% | 93.1% |
| Dividend per Share 2 | 70.00 | 70.00 | 70.00 | 70.00 | 72.00 | 72.00 | 73.33 | 74.67 |
| Announcement Date | 5/10/19 | 5/15/20 | 5/11/21 | 5/10/22 | 5/15/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 2020 S1 | 2020 S2 | 2021 S1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 57,875 | 58,497 | 49,872 | 30,084 | 60,261 | 32,126 | 32,395 | 64,522 | 33,686 | 36,777 | 70,463 | 37,871 | 34,489 | 72,361 | 33,989 | 35,797 | 69,786 | 37,629 | 37,085 | 74,714 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 3,542 | 3,919 | 1,470 | 1,073 | 2,779 | 1,963 | 1,660 | 3,625 | 824 | 2,952 | 3,776 | 3,305 | 1,760 | 5,065 | 2,160 | 2,460 | 4,620 | 3,467 | 2,609 | 6,380 |
| Operating Margin | 6.12% | 6.7% | 2.95% | 3.57% | 4.61% | 6.11% | 5.12% | 5.62% | 2.45% | 8.03% | 5.36% | 8.73% | 5.1% | 7% | 6.35% | 6.87% | 6.62% | 9.21% | 7.04% | 8.54% |
| Earnings before Tax (EBT) | 3,947 | - | 465 | - | 2,619 | 1,903 | - | - | 2,047 | - | 4,961 | 2,627 | - | - | 2,084 | - | 3,379 | 3,442 | - | - |
| Net income | 2,880 | -4,762 | 3,249 | - | 1,848 | 1,104 | - | - | 1,195 | - | 3,229 | 1,887 | -932 | - | 1,304 | - | 1,991 | 2,815 | - | - |
| Net margin | 4.98% | -8.14% | 6.51% | - | 3.07% | 3.44% | - | - | 3.55% | - | 4.58% | 4.98% | -2.7% | - | 3.84% | - | 2.85% | 7.48% | - | - |
| EPS | 85.82 | - | 96.77 | - | 54.97 | 32.77 | - | - | 35.66 | - | 96.70 | 57.34 | - | - | 40.28 | - | 61.47 | 86.87 | - | - |
| Dividend per Share | 36.00 | - | 35.00 | - | 35.00 | - | - | - | - | - | 36.00 | - | - | - | - | - | 36.00 | - | - | - |
| Announcement Date | 11/1/19 | 5/15/20 | 11/10/20 | 11/10/21 | 11/10/21 | 2/8/22 | 5/10/22 | 5/10/22 | 8/5/22 | 11/9/22 | 11/9/22 | 2/10/23 | 5/15/23 | 5/15/23 | 8/8/23 | 11/9/23 | 11/9/23 | 2/9/24 | - | - |
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 | 953 | 5,448 | 17,690 | 14,123 | 6,406 | 14,100 | 18,300 | 23,900 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 4,564 | 5,610 | 5,704 | -436 | 7,480 | 10,022 | 6,600 | 8,100 |
| ROE (net income / shareholders' equity) | 6.9% | -3.6% | 24.4% | 6.3% | 6.5% | 9.25% | 10.7% | 10.9% |
| ROA (Net income/ Total Assets) | 7.12% | 6.24% | 5.2% | 5.28% | 7.47% | 4.7% | 5.8% | 6% |
| Assets 1 | 53,000 | -30,176 | 249,344 | 71,820 | 56,029 | 130,142 | 134,483 | 145,000 |
| Book Value Per Share 2 | 1,650 | 1,423 | 1,735 | 1,875 | 2,021 | 2,218 | 2,390 | 2,587 |
| Cash Flow per Share | 246.0 | 94.20 | 508.0 | 238.0 | 274.0 | - | - | - |
| Capex 1 | 4,801 | 5,649 | 5,916 | 6,658 | 6,830 | 8,000 | 7,500 | 8,900 |
| Capex / Sales | 4.13% | 4.85% | 5.42% | 5.34% | 4.78% | 5.54% | 4.96% | 5.64% |
| Announcement Date | 5/10/19 | 5/15/20 | 5/11/21 | 5/10/22 | 5/15/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
2
Last Close Price
2,170
JPY
Average target price
2,300
JPY
Spread / Average Target
+5.99%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +2.55% | 447M | |
| +16.41% | 26.44B | |
| +23.59% | 5.15B | |
| +24.24% | 4.54B | |
| +25.80% | 1.63B | |
| -16.19% | 1.08B | |
| +8.01% | 1.06B | |
| -35.45% | 910M | |
| -6.14% | 734M | |
| -18.64% | 315M |
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