Financials Sega Sammy Holdings Inc.

Equities

6460

JP3419050004

Entertainment Production

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,030 ^JPY	-0.17%		+3.39%	+2.97%

Mar. 29	Sega Sammy Holdings to Book 6.2 Billion Yen Extraordinary Loss After Structural Reform	MT
Mar. 28	Sega Sammy Holdings Inc. Provides Earnings Guidance for the Fiscal Year Ending March 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	306,559	308,987	405,999	476,269	554,757	438,620	-	-
Enterprise Value (EV) ¹	230,820	219,910	307,114	375,810	432,600	340,081	249,821	227,543
P/E ratio	116 x	22.4 x	319 x	13.3 x	12.1 x	16.3 x	11.2 x	10.6 x
Yield	3.06%	3.04%	1.74%	1.89%	2.35%	2.7%	2.97%	2.96%
Capitalization / Revenue	0.92 x	0.84 x	1.46 x	1.48 x	1.42 x	0.95 x	0.92 x	0.88 x
EV / Revenue	0.7 x	0.6 x	1.11 x	1.17 x	1.11 x	0.73 x	0.53 x	0.46 x
EV / EBITDA	7.24 x	4.9 x	14.6 x	8.65 x	7.53 x	5.98 x	3.87 x	3.25 x
EV / FCF	-31.9 x	14.1 x	12.7 x	7.76 x	-	15.9 x	9.2 x	7.45 x
FCF Yield	-3.14%	7.11%	7.84%	12.9%	-	6.29%	10.9%	13.4%
Price to Book	1.01 x	1.05 x	1.4 x	1.61 x	1.68 x	1.31 x	1.14 x	1.06 x
Nbr of stocks (in thousands)	234,731	234,971	235,089	225,400	220,755	216,016	-	-
Reference price ²	1,306	1,315	1,727	2,113	2,513	2,030	2,030	2,030
Announcement Date	4/26/19	5/13/20	5/13/21	5/13/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	331,648	366,594	277,748	320,949	389,635	463,408	474,215	496,837
EBITDA ¹	31,898	44,836	21,061	43,448	57,458	56,870	64,630	69,962
EBIT ¹	13,079	27,643	6,553	32,042	46,789	52,542	55,656	58,729
Operating Margin	3.94%	7.54%	2.36%	9.98%	12.01%	11.34%	11.74%	11.82%
Earnings before Tax (EBT) ¹	6,981	27,104	-9,844	37,921	47,069	35,515	54,769	58,644
Net income ¹	2,642	13,775	1,274	37,027	45,938	27,496	39,918	42,469
Net margin	0.8%	3.76%	0.46%	11.54%	11.79%	5.93%	8.42%	8.55%
EPS ²	11.27	58.65	5.420	158.8	208.1	124.3	180.6	192.0
Free Cash Flow ¹	-7,237	15,641	24,089	48,401	-	21,406	27,150	30,538
FCF margin	-2.18%	4.27%	8.67%	15.08%	-	4.62%	5.73%	6.15%
FCF Conversion (EBITDA)	-	34.88%	114.38%	111.4%	-	37.64%	42.01%	43.65%
FCF Conversion (Net income)	-	113.55%	1,890.82%	130.72%	-	77.85%	68.01%	71.91%
Dividend per Share ²	40.00	40.00	30.00	40.00	59.00	54.88	60.22	60.02
Announcement Date	4/26/19	5/13/20	5/13/21	5/13/22	4/28/23	-	-	-

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	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	165,535	201,059	110,225	167,523	75,446	134,893	101,859	84,197	186,056	66,118	83,977	150,095	121,884	117,656	108,050	113,108	221,158	128,766	114,297	98,164	104,424	147,366	116,848
EBITDA ¹	-	-	-	-	14,937	-	22,025	-	-	5,663	9,937	-	-	19,833	-	-	-	-	-10,500	-	-	-	-
EBIT ¹	14,601	13,042	-3,076	9,629	10,834	14,678	17,990	-626	17,364	2,777	6,797	9,574	28,648	8,567	22,556	17,023	39,579	14,866	-2,989	7,700	13,300	27,700	7,300
Operating Margin	8.82%	6.49%	-2.79%	5.75%	14.36%	10.88%	17.66%	-0.74%	9.33%	4.2%	8.09%	6.38%	23.5%	7.28%	20.88%	15.05%	17.9%	11.54%	-2.62%	7.84%	12.74%	18.8%	6.25%
Earnings before Tax (EBT) ¹	12,501	14,603	-23,175	13,331	11,883	15,155	20,437	2,329	22,766	4,106	7,913	12,019	27,777	7,273	22,512	10,004	32,516	13,535	-12,097	8,897	7,878	25,996	6,130
Net income ¹	9,870	3,905	-21,716	22,990	9,072	12,012	17,444	7,571	25,015	3,158	6,461	9,619	23,227	13,092	17,259	5,858	23,117	12,210	-12,942	5,900	9,900	19,800	5,700
Net margin	5.96%	1.94%	-19.7%	13.72%	12.02%	8.9%	17.13%	8.99%	13.44%	4.78%	7.69%	6.41%	19.06%	11.13%	15.97%	5.18%	10.45%	9.48%	-11.32%	6.01%	9.48%	13.44%	4.88%
EPS ²	42.05	-	-92.38	-	38.57	51.08	74.31	-	-	14.29	29.27	43.56	105.0	59.31	78.19	26.53	104.7	55.60	-55.95	-	-	-	-
Dividend per Share ²	20.00	-	10.00	-	-	20.00	-	-	-	-	20.00	20.00	-	39.00	-	-	23.00	-	24.00	-	-	-	-
Announcement Date	10/31/19	5/13/20	11/6/20	5/13/21	11/8/21	11/8/21	2/10/22	5/13/22	5/13/22	8/4/22	10/31/22	10/31/22	2/9/23	4/28/23	8/1/23	11/8/23	11/8/23	2/9/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	75,739	89,077	98,885	100,459	122,157	98,540	188,799	211,077
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-7,237	15,641	24,089	48,401	-	21,406	27,150	30,538
ROE (net income / shareholders' equity)	0.9%	4.6%	0.4%	12.7%	14.7%	8.57%	10.7%	10.2%
ROA (Net income/ Total Assets)	1.6%	5.48%	0.39%	7.78%	10.6%	6.77%	7.21%	6.33%
Assets ¹	165,351	251,290	326,809	475,880	435,051	405,897	553,693	670,609
Book Value Per Share ²	1,289	1,251	1,237	1,312	1,499	1,555	1,783	1,911
Cash Flow per Share ²	91.50	132.0	67.10	208.0	256.0	113.0	181.0	178.0
Capex ¹	34,424	22,896	14,504	13,045	11,896	13,420	14,004	14,469
Capex / Sales	10.38%	6.25%	5.22%	4.06%	3.05%	2.9%	2.95%	2.91%
Announcement Date	4/26/19	5/13/20	5/13/21	5/13/22	4/28/23	-	-	-

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 Sega Sammy Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,030 JPY

Average target price

2,799 JPY

Spread / Average Target

+37.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Entertainment Production

	1st Jan change	Capi.
SEGA SAMMY HOLDINGS INC.	+2.97%	2.79B
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VIVENDI SE	+1.78%	10.77B
TKO GROUP HOLDINGS, INC.	+18.61%	7.81B
COMPAGNIE DE L'ODET SE	+2.61%	6.76B
TOEI ANIMATION CO.,LTD.	-30.45%	3.42B
ORIENTAL PEARL GROUP CO.,LTD.	-6.12%	3.28B
PT MD PICTURES TBK	+25.00%	2.9B
PT MNC DIGITAL ENTERTAINMENT TBK	-3.33%	2.17B

Other Entertainment Production