Financials Sekisui House, Ltd.

Equities

1928

JP3420600003

Homebuilding

Market Closed - Japan Exchange Other stock markets 01:30:00 2025-01-24 am EST			5-day change	1st Jan Change
3,600.00 ^JPY	+0.03%		+0.98%	-4.81%

Jan. 02	Frasers Property, City Developments' The Orie Project Set for Preview Opening	MT
Dec. 06	Nikkei Eases as US Benchmark Declines Set Tone Ahead of Labor Market Data	MT

Projected Income Statement: Sekisui House, Ltd.

income-statement-evolution-chart SEKISUI-HOUSE-LTD

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,415,186	2,446,904	2,589,579	2,928,835	3,107,242	4,007,352	4,395,161	4,549,337
Change	-	1.31%	5.83%	13.1%	6.09%	28.97%	9.68%	3.51%
EBITDA ¹	226,774	208,219	254,229	288,200	298,701	356,160	418,366	451,672
Change	-	-8.18%	22.1%	13.36%	3.64%	19.24%	17.47%	7.96%
EBIT ¹	205,256	186,519	230,160	261,489	270,956	322,564	375,908	407,887
Change	-	-9.13%	23.4%	13.61%	3.62%	19.05%	16.54%	8.51%
Interest Paid ¹	-4,915	-2,769	-3,836	-5,317	-12,371	-32,450	-47,500	-48,000
Earnings before Tax (EBT) ¹	211,383	185,494	234,334	267,710	288,958	303,518	338,578	363,998
Change	-	-12.25%	26.33%	14.24%	7.94%	5.04%	11.55%	7.51%
Net income ¹	141,256	123,542	153,905	184,520	202,325	213,233	242,852	264,102
Change	-	-12.54%	24.58%	19.89%	9.65%	5.39%	13.89%	8.75%
Announcement Date	3/5/20	3/4/21	3/10/22	3/9/23	3/7/24	-	-	-

¹JPY in Million

Estimates

Fiscal Period: January	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	527,393	679,958	598,096	569,890	600,900	678,018	608,590	615,015	621,207	744,767	743,671	679,971	706,436	798,757	708,280	754,163	727,065	917,734	777,052	1,082,075	1,003,889	1,127,892	1,044,107	1,126,671
Change	-	28.93%	-12.04%	-4.72%	5.44%	12.83%	-10.24%	1.06%	1.01%	19.89%	-0.15%	-8.57%	3.89%	13.07%	-11.33%	6.48%	-3.59%	26.22%	-15.33%	39.25%	-7.23%	12.35%	-7.43%	7.91%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	41,953	50,262	50,865	41,779	42,176	51,699	54,684	55,009	58,532	61,935	87,769	58,659	56,071	58,990	55,736	69,182	61,770	84,268	71,714	85,427	75,484	93,556	88,809	102,201
Change	-	19.81%	1.2%	-17.86%	0.95%	22.58%	5.77%	0.59%	6.4%	5.81%	41.71%	-33.17%	-4.41%	5.21%	-5.52%	24.12%	-10.71%	36.42%	-14.9%	19.12%	-11.64%	23.94%	-5.07%	15.08%
Charge d'intérêts	-1,047	-926	-767	-657	-670	-675	-705	-754	-789	-1,588	-806	-935	-1,661	-1,915	-2,527	-2,618	-3,644	-	-4,757	-	-10,392	-	-	-
Earnings before Tax (EBT) ¹	56,408	39,255	46,829	42,381	43,610	52,674	55,042	56,174	62,366	60,752	83,589	69,619	63,176	51,326	61,608	73,504	64,527	89,319	70,863	90,889	66,112	78,136	-	-
Change	-	-30.41%	19.29%	-9.5%	2.9%	20.78%	4.5%	2.06%	11.02%	-2.59%	37.59%	-16.71%	-9.25%	-18.76%	20.03%	19.31%	-12.21%	38.42%	-20.66%	28.26%	-27.26%	18.19%	-100%	-
Net income ¹	40,023	23,789	30,626	28,816	29,521	34,579	36,171	36,381	43,343	38,010	57,485	46,583	45,747	34,705	41,934	50,560	49,395	60,436	50,427	72,556	41,844	52,412	57,071	67,924
Change	-	-40.56%	28.74%	-5.91%	2.45%	17.13%	4.6%	0.58%	19.14%	-12.3%	51.24%	-18.96%	-1.79%	-24.14%	20.83%	20.57%	-2.3%	22.35%	-16.56%	43.88%	-42.33%	25.26%	8.89%	19.02%
Announcement Date	12/6/19	3/5/20	6/4/20	9/10/20	12/7/20	3/4/21	6/10/21	9/9/21	12/9/21	3/10/22	6/9/22	9/8/22	12/8/22	3/9/23	6/8/23	9/7/23	12/7/23	3/7/24	6/6/24	9/5/24	12/5/24	-	-	-

¹JPY in Million

Estimates

Fiscal Period: January	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	1,167,986	1,278,918	1,223,605	1,365,974	1,423,642	1,505,193	1,462,443	1,644,799	1,859,127	2,109,523
Change	-	9.5%	-4.32%	11.64%	4.22%	5.73%	-2.84%	12.47%	13.03%	13.47%
EBITDA	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-
EBIT ¹	92,644	93,875	109,693	120,467	146,428	115,061	124,918	146,038	157,141	164,259
Change	-	1.33%	16.85%	9.82%	21.55%	-21.42%	8.57%	16.91%	7.6%	4.53%
Charge d'intérêts	-1,424	-	-1,459	-	-1,741	-	-5,145	-	-13,835	-
Earnings before Tax (EBT)	89,210	-	111,216	123,118	153,208	-	135,112	-	161,752	-
Change	-	-100%	-	10.7%	24.44%	-100%	-	-100%	-	-100%
Net income ¹	59,442	64,100	72,552	81,353	104,068	80,452	92,494	109,831	122,983	91,907
Change	-	7.84%	13.19%	12.13%	27.92%	-22.69%	14.97%	18.74%	11.97%	-25.27%
Announcement Date	9/10/20	3/4/21	9/9/21	3/10/22	9/8/22	3/9/23	9/7/23	3/7/24	9/5/24	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Sekisui House, Ltd.

balance-sheet-analysis-chart SEKISUI-HOUSE-LTD

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-5,528	-45,080	26,726	251,636	457,647	1,310,003	1,230,122	1,139,782
Change	-	-915.48%	-40.71%	841.54%	81.87%	186.25%	-6.1%	-7.34%
Announcement Date	3/5/20	3/4/21	3/10/22	3/9/23	3/7/24	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Sekisui House, Ltd.

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	73,255	96,609	89,512	95,330	86,709	100,000	101,667	103,333
Change	-	31.88%	-7.35%	6.5%	-9.04%	15.33%	1.67%	1.64%
Free Cash Flow (FCF) ¹	290,511	96,400	4,328	30,134	-71,026	-649,900	20,100	171,733
Change	-	-66.82%	-95.51%	596.26%	-335.7%	815.02%	-103.09%	754.39%
Announcement Date	3/5/20	3/4/21	3/10/22	3/9/23	3/7/24	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Sekisui House, Ltd.

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	9.39%	8.51%	9.82%	9.84%	9.61%	8.89%	9.52%	9.93%
EBIT Margin (%)	8.5%	7.62%	8.89%	8.93%	8.72%	8.05%	8.55%	8.97%
EBT Margin (%)	8.75%	7.58%	9.05%	9.14%	9.3%	7.57%	7.7%	8%
Net margin (%)	5.85%	5.05%	5.94%	6.3%	6.51%	5.32%	5.53%	5.81%
FCF margin (%)	12.03%	3.94%	0.17%	1.03%	-2.29%	-16.22%	0.46%	3.77%
FCF / Net Income (%)	205.66%	78.03%	2.81%	16.33%	-35.1%	-304.78%	8.28%	65.03%
Profitability
ROA	8.48%	7.02%	8.48%	8.86%	8.44%	6.71%	6.44%	6.74%
ROE	11.5%	9.5%	11%	11.9%	11.9%	11.7%	12.4%	12.7%
Financial Health
Leverage (Debt/EBITDA)	-	-	0.11x	0.87x	1.53x	3.68x	2.94x	2.52x
Debt / Free cash flow	-	-	6.18x	8.35x	-6.44x	-2.02x	61.2x	6.64x
Capital Intensity
CAPEX / Current Assets (%)	3.03%	3.95%	3.46%	3.25%	2.79%	2.5%	2.31%	2.27%
CAPEX / EBITDA (%)	32.3%	46.4%	35.21%	33.08%	29.03%	28.08%	24.3%	22.88%
CAPEX / FCF (%)	25.22%	100.22%	2,068.21%	316.35%	-122.08%	-15.39%	505.8%	60.17%
Items per share
Cash flow per share ¹	237.1	213	262.9	316.6	351.7	-564.2	458.8	498.3
Change	-	-10.16%	23.42%	20.42%	11.09%	-260.43%	-181.32%	8.6%
Dividend per Share ¹	81	84	90	110	123	130.3	149.1	164.2
Change	-	3.7%	7.14%	22.22%	11.82%	5.96%	14.41%	10.15%
Book Value Per Share ¹	1,853	1,948	2,184	2,466	2,708	2,935	3,156	3,407
Change	-	5.15%	12.13%	12.9%	9.81%	8.38%	7.54%	7.95%
EPS ¹	205.8	181.2	227.4	276.6	309.3	329.1	375.4	410.7
Change	-	-11.96%	25.49%	21.64%	11.83%	6.39%	14.1%	9.4%
Nbr of stocks (in thousands)	683,419	680,894	674,756	662,102	647,942	648,087	648,087	648,087
Announcement Date	3/5/20	3/4/21	3/10/22	3/9/23	3/7/24	-	-	-