Financials SG Holdings Co.,Ltd.

Equities

9143

JP3162770006

Air Freight & Logistics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,821 ^JPY	+0.33%		+2.27%	-10.03%

Jan. 26	SG Holdings Co.,Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI
Jan. 26	SG Holdings Co.,Ltd. Provides Dividend Guidance for the Fourth Quarter Ending March 31, 2024	CI

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,024,267	817,216	1,611,566	1,468,702	1,235,222	1,138,976	-	-
Enterprise Value (EV) ¹	1,050,771	880,302	1,666,170	1,516,595	1,154,210	1,055,190	1,057,849	1,041,104
P/E ratio	23.6 x	17.3 x	21.7 x	13.8 x	9.82 x	18.6 x	15.7 x	14.1 x
Yield	1.27%	1.71%	1.38%	2.16%	2.6%	2.85%	2.92%	2.97%
Capitalization / Revenue	0.92 x	0.7 x	1.23 x	0.92 x	0.86 x	0.87 x	0.84 x	0.81 x
EV / Revenue	0.94 x	0.75 x	1.27 x	0.95 x	0.8 x	0.81 x	0.78 x	0.74 x
EV / EBITDA	11.5 x	8.94 x	13.1 x	8.15 x	6.88 x	8.54 x	7.45 x	6.76 x
EV / FCF	81 x	-111 x	34 x	41.5 x	8.4 x	27.4 x	64.9 x	25.6 x
FCF Yield	1.24%	-0.9%	2.94%	2.41%	11.9%	3.66%	1.54%	3.91%
Price to Book	2.88 x	2.13 x	4.05 x	2.96 x	2.23 x	1.97 x	1.84 x	1.71 x
Nbr of stocks (in thousands)	635,204	635,225	635,225	635,252	630,215	625,468	-	-
Reference price ²	1,612	1,286	2,537	2,312	1,960	1,821	1,821	1,821
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,118,094	1,173,498	1,312,085	1,588,375	1,434,609	1,305,744	1,360,576	1,409,586
EBITDA ¹	91,361	98,447	127,591	186,057	167,716	123,592	142,051	154,024
EBIT ¹	70,359	75,447	101,726	155,713	135,275	90,089	105,648	117,656
Operating Margin	6.29%	6.43%	7.75%	9.8%	9.43%	6.9%	7.76%	8.35%
Earnings before Tax (EBT) ¹	74,154	79,440	111,788	160,622	187,458	91,719	106,239	119,649
Net income ¹	43,465	47,292	74,342	106,733	126,511	61,340	72,513	80,462
Net margin	3.89%	4.03%	5.67%	6.72%	8.82%	4.7%	5.33%	5.71%
EPS ²	68.43	74.45	117.0	168.0	199.6	98.07	116.0	128.8
Free Cash Flow ¹	12,978	-7,900	49,032	36,552	137,357	38,580	16,300	40,669
FCF margin	1.16%	-0.67%	3.74%	2.3%	9.57%	2.95%	1.2%	2.89%
FCF Conversion (EBITDA)	14.21%	-	38.43%	19.65%	81.9%	31.22%	11.47%	26.4%
FCF Conversion (Net income)	29.86%	-	65.95%	34.25%	108.57%	62.89%	22.48%	50.54%
Dividend per Share ²	20.50	22.00	35.00	50.00	51.00	51.95	53.22	54.12
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	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	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	587,709	585,789	634,846	677,239	378,511	726,054	440,586	421,735	386,938	364,374	751,312	364,255	319,042	318,511	324,867	643,378	351,853	312,152	660,200	329,100	335,700	364,700	322,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	37,196	38,251	52,494	49,232	29,944	58,856	55,972	40,885	33,280	30,864	64,144	42,444	28,600	18,832	19,834	38,666	33,008	18,270	50,600	19,300	20,400	39,300	23,900
Operating Margin	6.33%	6.53%	8.27%	7.27%	7.91%	8.11%	12.7%	9.69%	8.6%	8.47%	8.54%	11.65%	8.96%	5.91%	6.11%	6.01%	9.38%	5.85%	7.66%	5.86%	6.08%	10.78%	7.41%
Earnings before Tax (EBT)	38,112	-	62,388	-	28,967	60,274	58,832	-	35,698	-	78,088	81,738	-	18,832	20,468	39,300	34,557	-	-	-	-	-	-
Net income ¹	21,945	-	37,293	-	19,173	39,825	40,155	26,753	23,436	28,508	51,944	56,036	18,531	11,899	13,377	25,276	23,072	13,152	-	-	-	-	-
Net margin	3.73%	-	5.87%	-	5.07%	5.49%	9.11%	6.34%	6.06%	7.82%	6.91%	15.38%	5.81%	3.74%	4.12%	3.93%	6.56%	4.21%	-	-	-	-	-
EPS ²	34.55	-	58.71	-	30.18	62.69	63.22	42.11	36.89	44.88	81.77	88.33	29.46	18.90	21.34	40.24	36.84	20.70	-	-	-	-	-
Dividend per Share	11.00	-	18.00	-	20.00	20.00	-	30.00	-	25.00	25.00	-	-	-	-	26.00	-	-	-	-	-	-	-
Announcement Date	10/31/19	4/30/20	10/30/20	4/30/21	10/29/21	10/29/21	1/28/22	4/28/22	7/29/22	10/28/22	10/28/22	1/27/23	4/28/23	7/28/23	10/27/23	10/27/23	1/26/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	26,504	63,086	54,604	47,893	-	-	-	-
Net Cash position ¹	-	-	-	-	81,012	83,786	81,127	97,872
Leverage (Debt/EBITDA)	0.2901 x	0.6408 x	0.428 x	0.2574 x	-	-	-	-
Free Cash Flow ¹	12,978	-7,900	49,032	36,552	137,357	38,580	16,300	40,669
ROE (net income / shareholders' equity)	12.7%	12.8%	19%	23.9%	24.1%	10.9%	12.2%	12.9%
ROA (Net income/ Total Assets)	10.1%	10.5%	13.3%	18.7%	15.1%	7.39%	8.47%	9.12%
Assets ¹	428,286	450,719	560,251	570,009	837,690	829,510	856,066	882,739
Book Value Per Share ²	560.0	604.0	627.0	781.0	879.0	924.0	988.0	1,064
Cash Flow per Share ²	100.0	111.0	158.0	216.0	251.0	156.0	166.0	185.0
Capex ¹	73,780	53,400	72,262	69,917	49,128	60,000	81,250	61,250
Capex / Sales	6.6%	4.55%	5.51%	4.4%	3.42%	4.6%	5.97%	4.35%
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	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 SG Holdings Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,821 JPY

Average target price

2,219 JPY

Spread / Average Target

+21.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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