Financials Seino Holdings Co., Ltd.

Equities

9076

JP3415400005

Air Freight & Logistics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,145 ^JPY	+0.66%		+2.00%	+0.33%

Apr. 01	Seino Holdings Co., Ltd. acquired Nichiyu Co., Ltd.	CI
Feb. 12	Seino’s Profit Down 23% in Fiscal Q1-Q3	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	300,489	235,151	281,280	203,372	264,960	360,405	-	-
Enterprise Value (EV) ¹	205,722	139,374	217,192	134,365	195,680	317,129	331,243	349,688
P/E ratio	14.1 x	9.2 x	17.3 x	11.8 x	13.9 x	22.1 x	17.9 x	15.2 x
Yield	2.17%	3.32%	1.75%	2.6%	3.84%	4.66%	4.75%	4.88%
Capitalization / Revenue	0.49 x	0.37 x	0.48 x	0.33 x	0.42 x	0.56 x	0.54 x	0.52 x
EV / Revenue	0.33 x	0.22 x	0.37 x	0.22 x	0.31 x	0.49 x	0.5 x	0.51 x
EV / EBITDA	4.1 x	2.81 x	4.84 x	2.74 x	3.91 x	6.5 x	6.29 x	6.13 x
EV / FCF	24 x	9.64 x	20.3 x	9.78 x	20.2 x	36.9 x	27 x	26.3 x
FCF Yield	4.16%	10.4%	4.94%	10.2%	4.95%	2.71%	3.71%	3.8%
Price to Book	0.72 x	0.54 x	0.67 x	0.47 x	0.6 x	0.85 x	0.85 x	0.82 x
Nbr of stocks (in thousands)	203,721	200,470	182,413	182,560	181,479	168,021	-	-
Reference price ²	1,475	1,173	1,542	1,114	1,460	2,145	2,145	2,145
Announcement Date	5/10/19	5/13/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	618,436	627,126	592,046	607,657	631,507	643,332	665,367	691,392
EBITDA ¹	50,209	49,636	44,912	49,034	50,055	48,762	52,638	57,033
EBIT ¹	31,209	29,439	24,560	27,545	28,501	24,306	29,192	33,100
Operating Margin	5.05%	4.69%	4.15%	4.53%	4.51%	3.78%	4.39%	4.79%
Earnings before Tax (EBT) ¹	33,463	39,637	27,621	28,345	31,351	26,914	32,256	36,230
Net income ¹	21,216	25,677	16,660	17,255	19,013	16,501	19,725	22,270
Net margin	3.43%	4.09%	2.81%	2.84%	3.01%	2.56%	2.96%	3.22%
EPS ²	104.8	127.6	89.31	94.59	104.9	97.16	119.5	140.8
Free Cash Flow ¹	8,567	14,451	10,719	13,733	9,685	8,606	12,274	13,300
FCF margin	1.39%	2.3%	1.81%	2.26%	1.53%	1.34%	1.84%	1.92%
FCF Conversion (EBITDA)	17.06%	29.11%	23.87%	28.01%	19.35%	17.65%	23.32%	23.32%
FCF Conversion (Net income)	40.38%	56.28%	64.34%	79.59%	50.94%	52.15%	62.23%	59.72%
Dividend per Share ²	32.00	39.00	27.00	29.00	56.00	100.0	101.8	104.6
Announcement Date	5/10/19	5/13/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	315,342	311,784	279,884	312,162	146,450	294,954	158,671	-	152,529	153,837	306,366	166,448	158,693	159,242	156,268	315,510	171,257	155,331	163,800	159,200	176,900	156,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	16,158	13,281	9,085	15,475	5,690	12,646	9,767	5,132	7,264	7,219	14,483	10,025	3,993	6,160	5,158	11,318	9,241	2,990	6,200	5,400	11,100	5,200
Operating Margin	5.12%	4.26%	3.25%	4.96%	3.89%	4.29%	6.16%	-	4.76%	4.69%	4.73%	6.02%	2.52%	3.87%	3.3%	3.59%	5.4%	1.93%	3.79%	3.39%	6.27%	3.32%
Earnings before Tax (EBT)	33,171	-	10,629	-	-	14,008	10,472	-	8,554	-	16,057	11,163	-	6,879	-	11,848	9,214	-	-	-	-	-
Net income	21,161	-	6,488	-	-	8,670	6,635	-	5,448	-	9,915	7,168	-	4,429	-	7,441	5,720	-	-	-	-	-
Net margin	6.71%	-	2.32%	-	-	2.94%	4.18%	-	3.57%	-	3.24%	4.31%	-	2.78%	-	2.36%	3.34%	-	-	-	-	-
EPS	103.9	-	34.14	-	-	47.50	36.35	-	30.09	-	54.73	39.54	-	24.39	-	41.72	33.19	-	-	-	-	-
Dividend per Share	11.00	-	11.00	-	-	11.00	-	-	-	-	11.00	-	-	-	-	43.00	-	-	-	-	-	-
Announcement Date	11/8/19	5/13/20	11/13/20	5/13/21	11/12/21	11/12/21	2/10/22	5/13/22	8/10/22	11/11/22	11/11/22	2/10/23	5/12/23	8/10/23	11/10/23	11/10/23	2/9/24	-	-	-	-	-

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	94,767	95,777	64,088	69,007	69,280	43,276	29,162	10,717
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,567	14,451	10,719	13,733	9,685	8,606	12,274	13,300
ROE (net income / shareholders' equity)	5.2%	6.1%	3.9%	4.1%	4.3%	3.96%	4.88%	5.68%
ROA (Net income/ Total Assets)	5.23%	4.75%	4.17%	4.46%	4.71%	2.92%	3.57%	3.49%
Assets ¹	405,988	540,389	399,073	386,929	404,002	564,642	553,043	637,294
Book Value Per Share ²	2,058	2,161	2,298	2,375	2,450	2,518	2,535	2,619
Cash Flow per Share ²	199.0	228.0	198.0	212.0	224.0	236.0	247.0	-
Capex ¹	39,441	35,517	40,580	33,768	27,978	25,000	32,333	33,333
Capex / Sales	6.38%	5.66%	6.85%	5.56%	4.43%	3.89%	4.86%	4.82%
Announcement Date	5/10/19	5/13/20	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 Seino Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,145 JPY

Average target price

2,312 JPY

Spread / Average Target

+7.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Logistics Operators

	1st Jan change	Capi.
SEINO HOLDINGS CO., LTD.	+0.33%	2.29B
DSV A/S	-12.95%	30.83B
PANALPINA WELTTRANSPORT (HOLDING) AG	-1.52%	6.34B
HYUNDAI GLOVIS CO., LTD.	-3.92%	5.01B
NIPPON EXPRESS HOLDINGS INC.	+1.36%	4.54B
COMPAGNIE DU CAMBODGE	+4.62%	4.06B
COMPAÑÍA DE DISTRIBUCIÓN INTEGRAL LOGISTA HOLDINGS, S.A.	+4.00%	3.58B
JIAYOU INTERNATIONAL LOGISTICS CO.,LTD	+63.11%	2.48B
KAMIGUMI CO., LTD.	+1.69%	2.31B
XIAMEN XIANGYU CO., LTD.	+2.83%	2.17B

Integrated Logistics Operators