Financials Sohgo Security Services Co.,Ltd.

Equities

2331

JP3431900004

Business Support Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
868.7 ^JPY	+0.40%		+4.24%	+7.09%

Apr. 02	Sohgo Security Services Co.,Ltd. Announces Personnel Changes	CI
Mar. 05	Sohgo Security Services Co.,Ltd. Announces Establishment of New HA Sales Office	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	487,955	532,497	529,459	404,940	360,902	434,896	-	-
Enterprise Value (EV) ¹	481,106	526,760	538,008	387,461	354,828	367,596	348,196	326,596
P/E ratio	21.9 x	22 x	21.2 x	14 x	15.1 x	16.6 x	15.7 x	14.8 x
Yield	1.37%	1.33%	1.38%	2.05%	2.41%	2.01%	2.08%	2.2%
Capitalization / Revenue	1.1 x	1.16 x	1.13 x	0.83 x	0.73 x	0.84 x	0.8 x	0.78 x
EV / Revenue	1.08 x	1.14 x	1.14 x	0.79 x	0.72 x	0.71 x	0.64 x	0.59 x
EV / EBITDA	9.79 x	9.85 x	9.7 x	6.23 x	6.14 x	6.13 x	5.52 x	4.91 x
EV / FCF	34.7 x	25.7 x	31.5 x	13.5 x	51.7 x	12.2 x	11.2 x	9.98 x
FCF Yield	2.88%	3.89%	3.17%	7.39%	1.93%	8.17%	8.93%	10%
Price to Book	2.09 x	2.17 x	1.91 x	1.35 x	1.15 x	1.3 x	1.23 x	1.15 x
Nbr of stocks (in thousands)	506,177	506,176	506,175	506,175	506,174	500,628	-	-
Reference price ²	964.0	1,052	1,046	800.0	713.0	868.7	868.7	868.7
Announcement Date	5/10/19	5/12/20	5/11/21	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	443,535	460,118	469,920	489,000	492,226	520,178	540,748	555,903
EBITDA ¹	49,148	53,478	55,462	62,153	57,762	59,985	63,129	66,479
EBIT ¹	32,280	36,795	37,182	42,800	36,993	39,690	42,162	44,737
Operating Margin	7.28%	8%	7.91%	8.75%	7.52%	7.63%	7.8%	8.05%
Earnings before Tax (EBT) ¹	34,474	38,360	38,862	45,700	39,823	42,333	44,767	47,400
Net income ¹	22,269	24,163	25,014	28,900	23,950	26,323	27,762	29,437
Net margin	5.02%	5.25%	5.32%	5.91%	4.87%	5.06%	5.13%	5.3%
EPS ²	44.00	47.74	49.42	57.22	47.32	52.42	55.39	58.74
Free Cash Flow ¹	13,860	20,501	17,070	28,643	6,864	30,040	31,105	32,730
FCF margin	3.12%	4.46%	3.63%	5.86%	1.39%	5.77%	5.75%	5.89%
FCF Conversion (EBITDA)	28.2%	38.34%	30.78%	46.08%	11.88%	50.08%	49.27%	49.23%
FCF Conversion (Net income)	62.24%	84.84%	68.24%	99.11%	28.66%	114.12%	112.04%	111.19%
Dividend per Share ²	13.20	14.00	14.40	16.40	17.20	17.43	18.07	19.15
Announcement Date	5/10/19	5/12/20	5/11/21	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	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	225,204	234,914	225,889	244,031	128,278	245,290	118,400	125,300	243,700	114,008	122,045	236,053	121,700	134,473	256,173	121,500	124,700	246,300	132,600	139,707	126,506	132,088	135,070	144,738
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	16,222	20,573	15,837	21,345	15,071	24,830	9,800	8,100	17,900	7,182	8,036	15,218	9,400	12,375	21,775	8,600	9,100	17,800	9,100	13,142	8,932	9,584	9,942	14,541
Operating Margin	7.2%	8.76%	7.01%	8.75%	11.75%	10.12%	8.28%	6.46%	7.35%	6.3%	6.58%	6.45%	7.72%	9.2%	8.5%	7.08%	7.3%	7.23%	6.86%	9.41%	7.06%	7.26%	7.36%	10.05%
Earnings before Tax (EBT) ¹	17,147	21,213	16,579	-	15,688	25,730	11,376	-	-	7,852	8,673	16,525	9,985	13,313	23,298	9,100	10,282	19,382	10,489	14,302	10,278	10,782	10,896	16,695
Net income ¹	10,574	13,589	9,960	15,054	9,999	16,097	7,000	5,800	-	4,454	5,307	9,761	6,000	8,189	14,189	5,100	6,600	11,800	6,500	8,172	5,890	6,300	6,537	9,943
Net margin	4.7%	5.78%	4.41%	6.17%	7.79%	6.56%	5.91%	4.63%	-	3.91%	4.35%	4.14%	4.93%	6.09%	5.54%	4.2%	5.29%	4.79%	4.9%	5.85%	4.66%	4.77%	4.84%	6.87%
EPS	20.89	-	19.68	-	19.75	31.80	13.91	11.51	-	8.800	10.49	19.29	11.90	-	-	10.26	-	23.46	13.16	-	-	-	-	-
Dividend per Share	6.900	-	7.000	-	-	7.600	-	-	-	-	-	8.600	-	-	-	-	-	8.700	-	-	-	-	-	-
Announcement Date	10/31/19	5/12/20	10/30/20	5/11/21	10/29/21	10/29/21	1/28/22	5/13/22	5/13/22	7/29/22	10/28/22	10/28/22	1/31/23	5/12/23	5/12/23	7/28/23	10/31/23	10/31/23	1/31/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	8,549	-	-	-	-	-
Net Cash position ¹	6,849	5,737	-	17,479	6,074	67,300	86,700	108,300
Leverage (Debt/EBITDA)	-	-	0.1541 x	-	-	-	-	-
Free Cash Flow ¹	13,860	20,501	17,070	28,643	6,864	30,040	31,105	32,730
ROE (net income / shareholders' equity)	9.9%	10.1%	9.6%	10%	7.8%	8.19%	8.16%	8.16%
ROA (Net income/ Total Assets)	8.39%	9.27%	8.62%	9.24%	7.81%	6.5%	6.7%	6.85%
Assets ¹	265,300	260,681	290,335	312,813	306,754	404,974	414,353	429,732
Book Value Per Share ²	460.0	485.0	548.0	593.0	622.0	666.0	708.0	754.0
Cash Flow per Share ²	73.80	77.20	80.70	90.50	82.70	90.80	96.30	101.0
Capex ¹	11,360	11,031	11,937	13,109	15,166	18,333	19,167	19,667
Capex / Sales	2.56%	2.4%	2.54%	2.68%	3.08%	3.52%	3.54%	3.54%
Announcement Date	5/10/19	5/12/20	5/11/21	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 Sohgo Security Services Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

868.7 JPY

Average target price

890 JPY

Spread / Average Target

+2.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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