Financials Secom Co., Ltd.

Equities

9735

JP3421800008

Business Support Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
10,940 ^JPY	-0.86%		+2.24%	+7.73%

2023	Tranche Update on SECOM CO., LTD.'s Equity Buyback Plan announced on August 9, 2023.	CI
2023	SECOM CO., LTD.'s Equity Buyback announced on August 9, 2023, has closed with 2,937,500 shares, representing 1.38% for ¥29,999.35 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,069,548	1,958,673	2,032,670	1,941,351	1,757,858	2,297,396	-	-
Enterprise Value (EV) ¹	1,624,247	1,582,696	1,578,016	1,459,595	1,118,600	1,738,396	1,675,396	1,609,296
P/E ratio	22.5 x	22 x	27.2 x	20.6 x	18.3 x	23.1 x	22.9 x	21.7 x
Yield	1.74%	1.89%	1.83%	2.03%	2.27%	1.76%	1.83%	1.91%
Capitalization / Revenue	2.04 x	1.85 x	1.96 x	1.85 x	1.6 x	2 x	1.94 x	1.88 x
EV / Revenue	1.6 x	1.49 x	1.52 x	1.39 x	1.02 x	1.51 x	1.41 x	1.32 x
EV / EBITDA	8.38 x	7.61 x	7.98 x	6.92 x	5.44 x	8.35 x	7.64 x	6.99 x
EV / FCF	21.3 x	15.7 x	11.8 x	13.3 x	14.7 x	18 x	15.3 x	14.8 x
FCF Yield	4.69%	6.37%	8.45%	7.51%	6.79%	5.56%	6.53%	6.76%
Price to Book	2.08 x	1.89 x	1.88 x	1.72 x	1.5 x	1.91 x	1.82 x	1.73 x
Nbr of stocks (in thousands)	218,261	218,261	218,262	218,916	215,318	210,000	-	-
Reference price ²	9,482	8,974	9,313	8,868	8,164	10,940	10,940	10,940
Announcement Date	5/14/19	5/12/20	5/13/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,013,823	1,060,070	1,035,898	1,049,859	1,101,307	1,151,392	1,186,347	1,222,503
EBITDA ¹	193,820	207,996	197,630	210,959	205,640	208,250	219,200	230,150
EBIT ¹	130,213	142,858	136,925	143,499	136,700	141,158	149,097	156,437
Operating Margin	12.84%	13.48%	13.22%	13.67%	12.41%	12.26%	12.57%	12.8%
Earnings before Tax (EBT) ¹	143,960	147,855	128,800	152,013	153,367	160,300	159,425	167,250
Net income ¹	92,009	89,080	74,681	94,273	96,085	99,868	99,640	104,413
Net margin	9.08%	8.4%	7.21%	8.98%	8.72%	8.67%	8.4%	8.54%
EPS ²	421.6	408.1	342.2	431.3	445.0	473.8	476.9	503.2
Free Cash Flow ¹	76,130	100,783	133,396	109,560	75,980	96,610	109,330	108,744
FCF margin	7.51%	9.51%	12.88%	10.44%	6.9%	8.39%	9.22%	8.9%
FCF Conversion (EBITDA)	39.28%	48.45%	67.5%	51.93%	36.95%	46.39%	49.88%	47.25%
FCF Conversion (Net income)	82.74%	113.14%	178.62%	116.22%	79.08%	96.74%	109.72%	104.15%
Dividend per Share ²	165.0	170.0	170.0	180.0	185.0	192.5	200.7	209.5
Announcement Date	5/14/19	5/12/20	5/13/21	5/12/22	5/11/23	-	-	-

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	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	503,774	491,202	544,696	258,381	502,658	263,662	283,539	246,123	268,985	515,108	279,214	306,985	-	265,072	279,678	544,750	290,876	313,784	270,400	289,600	297,100	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	65,060	60,729	76,196	37,169	71,185	38,686	33,628	30,418	30,197	60,615	39,433	36,652	76,085	30,591	32,553	63,144	40,500	36,737	33,400	35,500	40,400	38,700
Operating Margin	12.91%	12.36%	13.99%	14.39%	14.16%	14.67%	11.86%	12.36%	11.23%	11.77%	14.12%	11.94%	-	11.54%	11.64%	11.59%	13.92%	11.71%	12.35%	12.26%	13.6%	-
Earnings before Tax (EBT) ¹	71,106	55,655	73,145	39,256	77,060	39,978	34,975	35,551	33,558	69,109	44,306	39,952	-	41,174	37,221	78,395	43,259	37,746	36,500	37,700	42,900	40,900
Net income ¹	43,368	32,360	42,321	24,116	48,013	25,360	20,900	23,061	20,872	43,933	27,989	24,163	-	26,781	22,441	49,222	27,124	22,669	23,000	23,300	26,900	24,800
Net margin	8.61%	6.59%	7.77%	9.33%	9.55%	9.62%	7.37%	9.37%	7.76%	8.53%	10.02%	7.87%	-	10.1%	8.02%	9.04%	9.32%	7.22%	8.51%	8.05%	9.05%	-
EPS	198.7	148.3	-	110.5	220.0	115.8	95.49	106.5	96.68	203.2	129.6	112.2	-	125.6	-	231.4	128.8	-	-	-	-	-
Dividend per Share	85.00	85.00	-	-	90.00	-	-	-	-	90.00	-	-	-	-	-	95.00	-	-	-	-	-	-
Announcement Date	11/8/19	11/9/20	5/13/21	11/10/21	11/10/21	2/10/22	5/12/22	8/9/22	11/10/22	11/10/22	2/9/23	5/11/23	5/11/23	8/9/23	11/9/23	11/9/23	2/8/24	-	-	-	-	-

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	445,301	375,977	454,654	481,756	639,258	559,000	622,000	688,100
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	76,130	100,783	133,396	109,560	75,980	96,611	109,330	108,744
ROE (net income / shareholders' equity)	9.4%	8.8%	7.1%	8.6%	8.4%	8.49%	8.12%	8.17%
ROA (Net income/ Total Assets)	8.31%	8.46%	7.56%	8.12%	8.01%	8%	7.7%	7.7%
Assets ¹	1,106,660	1,053,564	988,466	1,160,653	1,199,129	1,248,354	1,294,026	1,356,017
Book Value Per Share ²	4,562	4,743	4,958	5,147	5,428	5,718	6,004	6,311
Cash Flow per Share	688.0	681.0	621.0	714.0	735.0	-	-	-
Capex ¹	72,799	74,776	65,913	69,085	107,968	88,000	88,700	86,667
Capex / Sales	7.18%	7.05%	6.36%	6.58%	9.8%	7.64%	7.48%	7.09%
Announcement Date	5/14/19	5/12/20	5/13/21	5/12/22	5/11/23	-	-	-

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 Secom Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

10,940 JPY

Average target price

10,367 JPY

Spread / Average Target

-5.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Security Services