Financials TV Asahi Holdings Corporation

Equities

9409

JP3429000007

Broadcasting

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,018 ^JPY	+0.30%		-1.75%	+25.58%

Feb. 02	Nikkei rises on Wall Street strength, corporate outlook	RE
2023	Japan broadcasters issue rare apologies for past silence over J-pop agency sex abuse	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	208,112	169,754	211,997	153,218	153,115	205,062	-	-
Enterprise Value (EV) ¹	178,204	130,220	175,597	86,398	76,632	123,288	126,333	128,051
P/E ratio	16.2 x	6.57 x	17 x	7.29 x	9.22 x	12.5 x	13 x	12.5 x
Yield	2.57%	2.45%	1.92%	3.32%	3.32%	2.97%	2.73%	2.64%
Capitalization / Revenue	0.69 x	0.58 x	0.8 x	0.51 x	0.5 x	0.67 x	0.66 x	0.65 x
EV / Revenue	0.59 x	0.44 x	0.66 x	0.29 x	0.25 x	0.4 x	0.41 x	0.41 x
EV / EBITDA	6.72 x	5.57 x	7 x	2.72 x	3.11 x	5.41 x	4.84 x	4.74 x
EV / FCF	31.5 x	18.4 x	16.9 x	2.29 x	-7.89 x	11.1 x	31.7 x	23.9 x
FCF Yield	3.18%	5.42%	5.9%	43.7%	-12.7%	9.03%	3.16%	4.18%
Price to Book	0.59 x	0.48 x	0.56 x	0.39 x	0.39 x	0.51 x	0.49 x	0.48 x
Nbr of stocks (in thousands)	107,164	104,016	101,873	101,604	101,603	101,616	-	-
Reference price ²	1,942	1,632	2,081	1,508	1,507	2,018	2,018	2,018
Announcement Date	5/9/19	5/14/20	5/11/21	5/11/22	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	301,744	293,638	264,557	298,276	304,566	305,736	309,760	315,150
EBITDA ¹	26,514	23,366	25,074	31,727	24,651	22,800	26,100	27,000
EBIT ¹	16,164	12,565	14,413	21,431	14,503	12,325	14,880	15,650
Operating Margin	5.36%	4.28%	5.45%	7.18%	4.76%	4.03%	4.8%	4.97%
Earnings before Tax (EBT) ¹	19,552	31,758	18,833	30,467	23,619	23,567	22,525	24,025
Net income ¹	12,879	26,398	12,600	20,999	16,603	15,578	15,728	16,375
Net margin	4.27%	8.99%	4.76%	7.04%	5.45%	5.1%	5.08%	5.2%
EPS ²	120.2	248.6	122.1	206.8	163.4	161.6	154.7	161.2
Free Cash Flow ¹	5,658	7,064	10,367	37,751	-9,709	11,132	3,990	5,353
FCF margin	1.88%	2.41%	3.92%	12.66%	-3.19%	3.64%	1.29%	1.7%
FCF Conversion (EBITDA)	21.34%	30.23%	41.35%	118.99%	-	48.83%	15.29%	19.83%
FCF Conversion (Net income)	43.93%	26.76%	82.28%	179.78%	-	71.46%	25.37%	32.69%
Dividend per Share ²	50.00	40.00	40.00	50.00	50.00	60.00	55.00	53.33
Announcement Date	5/9/19	5/14/20	5/11/21	5/11/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	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	145,416	148,222	118,026	71,942	143,618	78,605	76,053	72,152	72,623	144,775	81,392	78,399	71,589	75,240	146,829	80,801	78,067	72,100	76,700	80,200	81,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,274	7,291	2,317	1,191	8,403	7,950	5,078	5,313	2,027	7,340	5,883	1,280	3,707	629	4,336	4,913	2,330	2,970	-520	5,430	4,520
Operating Margin	3.63%	4.92%	1.96%	1.66%	5.85%	10.11%	6.68%	7.36%	2.79%	5.07%	7.23%	1.63%	5.18%	0.84%	2.95%	6.08%	2.98%	4.12%	-0.68%	6.77%	5.58%
Earnings before Tax (EBT) ¹	7,147	24,611	3,998	-	11,183	9,277	10,007	7,573	4,865	12,438	8,390	2,791	6,204	2,706	8,910	11,556	5,500	-	-	-	-
Net income ¹	4,537	21,861	2,837	2,226	7,673	6,445	6,881	5,253	4,053	9,306	6,002	1,295	4,295	2,318	6,613	8,138	3,000	-	-	-	-
Net margin	3.12%	14.75%	2.4%	3.09%	5.34%	8.2%	9.05%	7.28%	5.58%	6.43%	7.37%	1.65%	6%	3.08%	4.5%	10.07%	3.84%	-	-	-	-
EPS	42.34	-	27.29	-	75.59	63.47	-	51.71	-	91.60	59.07	-	42.27	-	65.09	80.09	-	-	-	-	-
Dividend per Share	20.00	-	20.00	-	20.00	-	-	-	-	20.00	-	-	-	-	20.00	-	-	-	-	-	-
Announcement Date	11/8/19	5/14/20	11/12/20	11/11/21	11/11/21	2/10/22	5/11/22	8/5/22	11/10/22	11/10/22	2/10/23	5/12/23	8/4/23	11/10/23	11/10/23	2/8/24	-	-	-	-	-

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	29,908	39,534	36,400	66,820	76,483	81,774	78,729	77,011
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,658	7,064	10,367	37,751	-9,709	11,133	3,990	5,353
ROE (net income / shareholders' equity)	3.8%	7.5%	3.5%	5.5%	4.2%	3.91%	3.75%	3.9%
ROA (Net income/ Total Assets)	4.3%	7.13%	3.9%	5.44%	4.66%	3.7%	3.65%	3.9%
Assets ¹	299,278	370,480	322,810	386,161	356,312	421,034	430,899	419,872
Book Value Per Share ²	3,265	3,380	3,694	3,858	3,870	3,994	4,088	4,197
Cash Flow per Share	217.0	350.0	225.0	308.0	263.0	-	-	-
Capex ¹	14,615	17,449	10,229	8,027	14,365	18,400	19,725	19,975
Capex / Sales	4.84%	5.94%	3.87%	2.69%	4.72%	6.02%	6.37%	6.34%
Announcement Date	5/9/19	5/14/20	5/11/21	5/11/22	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 TV Asahi Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,018 JPY

Average target price

2,022 JPY

Spread / Average Target

+0.20%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Television Broadcasting

	1st Jan change	Capi.
TV ASAHI HOLDINGS CORPORATION	+25.58%	1.3B
WARNER BROS. DISCOVERY, INC.	-28.73%	19.87B
FOX CORPORATION	+5.19%	14.26B
NEXSTAR MEDIA GROUP, INC.	+1.38%	5.31B
RTL GROUP S.A.	-16.62%	4.82B
NIPPON TELEVISION HOLDINGS, INC.	+45.47%	3.58B
SUN TV NETWORK LIMITED	-8.03%	3.14B
TEGNA INC.	-11.50%	2.38B
M6 MÉTROPOLE TÉLÉVISION	+12.83%	1.95B
ZEE ENTERTAINMENT ENTERPRISES LIMITED	-45.32%	1.68B

Television Broadcasting