Financials Ship Healthcare Holdings, Inc.

Equities

3360

JP3274150006

Medical Equipment, Supplies & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,314 ^JPY	+2.03%		+7.50%	-3.90%

2023	Ship Healthcare Holdings, Inc. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI
2023	Ship Healthcare Holdings, Inc. Provides Consolidated Earnings Guidance for the Second Quarter and Full-Year Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	216,479	209,807	293,430	187,568	229,932	218,279	-	-
Enterprise Value (EV) ¹	214,900	193,557	284,484	174,979	223,031	192,617	184,160	174,985
P/E ratio	20 x	17.8 x	23.9 x	15.4 x	19.1 x	16.7 x	14.5 x	13.7 x
Yield	1.54%	1.69%	1.29%	2.06%	1.72%	2.07%	2.2%	2.33%
Capitalization / Revenue	0.49 x	0.43 x	0.59 x	0.36 x	0.4 x	0.35 x	0.33 x	0.32 x
EV / Revenue	0.48 x	0.4 x	0.57 x	0.34 x	0.39 x	0.31 x	0.28 x	0.25 x
EV / EBITDA	9.67 x	8.23 x	10.6 x	6.73 x	7.8 x	6 x	5.44 x	4.89 x
EV / FCF	30.8 x	10.3 x	589 x	20.4 x	30.4 x	9.26 x	10.3 x	9.46 x
FCF Yield	3.24%	9.74%	0.17%	4.89%	3.29%	10.8%	9.7%	10.6%
Price to Book	2.27 x	2.06 x	2.63 x	1.59 x	1.8 x	1.59 x	1.47 x	1.37 x
Nbr of stocks (in thousands)	95,260	94,828	94,350	94,350	94,350	94,350	-	-
Reference price ²	2,272	2,212	3,110	1,988	2,437	2,314	2,314	2,314
Announcement Date	5/10/19	5/12/20	5/11/21	5/10/22	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	444,048	484,395	497,156	514,353	572,285	623,300	657,050	687,100
EBITDA ¹	22,223	23,531	26,927	25,993	28,594	32,084	33,834	35,768
EBIT ¹	17,952	18,794	21,800	20,505	21,144	24,775	26,462	28,128
Operating Margin	4.04%	3.88%	4.38%	3.99%	3.69%	3.97%	4.03%	4.09%
Earnings before Tax (EBT) ¹	18,490	19,870	21,235	20,804	20,665	22,633	26,667	28,367
Net income ¹	11,236	11,803	12,280	12,172	12,063	13,332	15,400	16,350
Net margin	2.53%	2.44%	2.47%	2.37%	2.11%	2.14%	2.34%	2.38%
EPS ²	113.9	124.0	130.0	129.0	127.8	138.1	159.6	169.5
Free Cash Flow ¹	6,973	18,845	483	8,558	7,331	20,802	17,867	18,501
FCF margin	1.57%	3.89%	0.1%	1.66%	1.28%	3.34%	2.72%	2.69%
FCF Conversion (EBITDA)	31.38%	80.09%	1.79%	32.92%	25.64%	64.84%	52.81%	51.72%
FCF Conversion (Net income)	62.06%	159.66%	3.93%	70.31%	60.77%	156.02%	116.02%	113.16%
Dividend per Share ²	35.00	37.50	40.00	41.00	42.00	48.00	51.00	54.00
Announcement Date	5/10/19	5/12/20	5/11/21	5/10/22	5/12/23	-	-	-

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	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	242,232	220,731	276,425	120,448	234,663	128,491	151,199	279,690	121,214	142,306	263,520	143,600	165,165	146,467	150,304	296,771	156,286	167,972	150,553	160,666	165,453	179,860
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	10,081	7,832	13,968	4,487	7,593	4,766	8,146	12,912	2,830	5,141	7,971	5,445	7,728	3,842	5,396	9,238	5,892	9,666	3,856	5,866	6,354	10,524
Operating Margin	4.16%	3.55%	5.05%	3.73%	3.24%	3.71%	5.39%	4.62%	2.33%	3.61%	3.02%	3.79%	4.68%	2.62%	3.59%	3.11%	3.77%	5.75%	2.56%	3.65%	3.84%	5.85%
Earnings before Tax (EBT) ¹	10,997	8,098	13,137	4,318	7,376	4,996	8,432	13,428	2,903	4,640	7,543	5,390	7,732	4,558	2,834	7,392	5,665	9,943	3,968	5,878	6,416	10,587
Net income ¹	6,693	4,711	7,569	2,516	4,118	2,865	5,189	8,054	1,585	2,558	4,143	3,307	4,613	2,998	688	3,686	3,538	6,298	2,699	3,178	3,608	6,313
Net margin	2.76%	2.13%	2.74%	2.09%	1.75%	2.23%	3.43%	2.88%	1.31%	1.8%	1.57%	2.3%	2.79%	2.05%	0.46%	1.24%	2.26%	3.75%	1.79%	1.98%	2.18%	3.51%
EPS ²	70.27	49.82	-	26.66	43.65	30.36	55.00	-	16.80	-	43.92	35.04	-	31.78	7.290	39.07	37.50	66.52	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	41.00	-	-	-	-	-	-	-	-	-	-	48.00	-	-	-	50.00
Announcement Date	11/8/19	11/10/20	5/11/21	11/9/21	11/9/21	2/8/22	5/10/22	5/10/22	8/9/22	11/8/22	11/8/22	2/7/23	5/12/23	8/8/23	11/10/23	11/10/23	2/9/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,579	16,250	8,946	12,589	6,901	25,662	34,120	43,294
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,973	18,845	483	8,558	7,331	20,802	17,867	18,501
ROE (net income / shareholders' equity)	11.5%	12%	11.5%	10.6%	9.8%	10.7%	10.9%	10.8%
ROA (Net income/ Total Assets)	6.34%	6.56%	6.76%	6.36%	5.75%	5%	5.4%	5.45%
Assets ¹	177,237	180,052	181,531	191,432	209,875	266,650	285,185	300,000
Book Value Per Share ²	1,002	1,073	1,181	1,254	1,357	1,458	1,571	1,692
Cash Flow per Share ²	143.0	157.0	164.0	167.0	183.0	250.0	247.0	254.0
Capex ¹	3,561	5,165	4,951	3,235	4,034	4,050	4,525	4,650
Capex / Sales	0.8%	1.07%	1%	0.63%	0.7%	0.65%	0.69%	0.68%
Announcement Date	5/10/19	5/12/20	5/11/21	5/10/22	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 Ship Healthcare Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,314 JPY

Average target price

2,755 JPY

Spread / Average Target

+19.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Equipment Wholesale

	1st Jan change	Capi.
SHIP HEALTHCARE HOLDINGS, INC.	-3.90%	1.39B
HENRY SCHEIN, INC.	-3.41%	9.4B
OWENS & MINOR, INC.	+30.20%	1.92B
AS ONE CORPORATION	-7.38%	1.18B
GKHT MEDICAL TECHNOLOGY CO., LTD.	-18.42%	857M
TOKAI CORP.	+0.48%	470M
EXCELSIOR MEDICAL CO., LTD.	+3.62%	437M
GAUSH MEDITECH LTD	-49.68%	360M
COWEALTH MEDICAL CHINA CO.,LTD.	-24.72%	333M
WIN-PARTNERS CO., LTD.	-2.42%	212M

Medical Equipment Wholesale