Financials USS Co., Ltd.

Equities

4732

JP3944130008

Internet Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,214 ^JPY	-0.41%		+2.45%	-14.39%

Mar. 29	Green Waters Co. Ltd. announced that it has received funding from GENZ Co., Ltd, USS Co., Ltd.	CI
Feb. 06	USS Co., Ltd. Reports Earnings Results for the Nine Months Ended December 31, 2023	CI

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	521,378	370,799	539,438	506,991	561,272	583,126	-	-
Enterprise Value (EV) ¹	473,137	317,129	471,841	427,437	467,999	482,558	465,186	450,602
P/E ratio	20.4 x	18 x	134 x	17.2 x	18.7 x	17.9 x	17.6 x	17.7 x
Yield	2.45%	3.73%	2.56%	3.22%	2.94%	3.07%	3.12%	3.11%
Capitalization / Revenue	6.52 x	4.75 x	7.2 x	6.22 x	6.32 x	6.05 x	6.02 x	5.95 x
EV / Revenue	5.92 x	4.06 x	6.3 x	5.25 x	5.27 x	5.01 x	4.8 x	4.59 x
EV / EBITDA	11.1 x	7.36 x	10.9 x	9.06 x	9.54 x	9.23 x	8.7 x	8.49 x
EV / FCF	16.3 x	15.4 x	14.6 x	12.1 x	16.8 x	13.5 x	12.9 x	12.9 x
FCF Yield	6.14%	6.48%	6.83%	8.26%	5.95%	7.39%	7.75%	7.75%
Price to Book	2.86 x	2.04 x	3.15 x	2.81 x	2.94 x	2.89 x	2.68 x	2.54 x
Nbr of stocks (in thousands)	507,671	499,057	498,557	492,464	489,126	480,335	-	-
Reference price ²	1,027	743.0	1,082	1,030	1,148	1,214	1,214	1,214
Announcement Date	5/13/19	5/12/20	5/11/21	5/10/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	79,908	78,143	74,874	81,482	88,778	96,365	96,935	98,087
EBITDA ¹	42,495	43,091	43,340	47,203	49,071	52,277	53,447	53,085
EBIT ¹	37,123	36,009	36,227	41,574	43,778	47,682	48,660	48,423
Operating Margin	46.46%	46.08%	48.38%	51.02%	49.31%	49.48%	50.2%	49.37%
Earnings before Tax (EBT) ¹	38,330	32,736	15,220	43,874	44,501	48,115	49,620	48,270
Net income ¹	25,543	20,634	4,022	29,745	30,008	32,590	33,222	33,006
Net margin	31.97%	26.41%	5.37%	36.5%	33.8%	33.82%	34.27%	33.65%
EPS ²	50.27	41.22	8.065	59.90	61.34	67.78	69.15	68.66
Free Cash Flow ¹	29,047	20,551	32,213	35,291	27,833	35,676	36,058	34,941
FCF margin	36.35%	26.3%	43.02%	43.31%	31.35%	37.02%	37.2%	35.62%
FCF Conversion (EBITDA)	68.35%	47.69%	74.33%	74.76%	56.72%	68.25%	67.47%	65.82%
FCF Conversion (Net income)	113.72%	99.6%	800.92%	118.65%	92.75%	109.47%	108.54%	105.86%
Dividend per Share ²	25.20	27.70	27.75	33.10	33.75	37.25	37.86	37.77
Announcement Date	5/13/19	5/12/20	5/11/21	5/10/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	2020 S1	2021 S1	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
Net sales ¹	38,792	34,277	19,414	39,784	19,839	21,859	41,698	21,136	21,293	42,429	21,979	24,370	46,349	23,929	24,164	48,093	23,421	24,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	17,907	15,901	9,922	20,570	9,892	11,112	21,004	10,820	10,400	21,220	10,613	11,945	22,558	11,971	11,808	23,779	11,965	12,000
Operating Margin	46.16%	46.39%	51.11%	51.7%	49.86%	50.83%	50.37%	51.19%	48.84%	50.01%	48.29%	49.02%	48.67%	50.03%	48.87%	49.44%	51.09%	48.98%
Earnings before Tax (EBT)	18,205	16,291	10,111	20,957	11,748	11,169	22,917	11,005	10,618	21,623	10,757	12,121	22,878	12,138	11,990	24,128	12,143	-
Net income ¹	12,232	10,945	6,875	14,223	7,995	7,527	15,522	7,437	7,177	14,614	7,257	8,137	15,394	8,102	8,062	16,164	8,301	7,800
Net margin	31.53%	31.93%	35.41%	35.75%	40.3%	34.43%	37.22%	35.19%	33.71%	34.44%	33.02%	33.39%	33.21%	33.86%	33.36%	33.61%	35.44%	31.84%
EPS	24.38	21.94	13.78	28.52	16.08	-	-	15.20	14.68	29.87	14.84	-	-	16.64	-	33.42	17.29	-
Dividend per Share	12.80	13.88	-	14.60	-	-	-	-	-	16.85	-	-	-	-	-	17.35	-	-
Announcement Date	11/11/19	11/9/20	11/8/21	11/8/21	2/7/22	5/10/22	5/10/22	8/2/22	11/8/22	11/8/22	2/7/23	5/9/23	5/9/23	8/8/23	11/7/23	11/7/23	2/6/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	48,241	53,670	67,597	79,554	93,273	100,568	117,940	132,525
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	29,047	20,551	32,213	35,291	27,833	35,677	36,059	34,941
ROE (net income / shareholders' equity)	14.5%	11.3%	2.3%	16.9%	16.2%	16.7%	15.9%	14.9%
ROA (Net income/ Total Assets)	16.7%	16.2%	17.2%	19.3%	18.9%	16.3%	15.8%	17.5%
Assets ¹	152,793	126,984	23,364	154,451	159,077	200,557	210,269	188,604
Book Value Per Share ²	359.0	365.0	344.0	367.0	390.0	420.0	452.0	478.0
Cash Flow per Share ²	60.80	51.40	18.80	70.20	71.10	75.70	77.20	77.70
Capex ¹	3,847	6,694	6,194	2,137	4,407	3,400	3,467	3,491
Capex / Sales	4.81%	8.57%	8.27%	2.62%	4.96%	3.53%	3.58%	3.56%
Announcement Date	5/13/19	5/12/20	5/11/21	5/10/22	5/9/23	-	-	-

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 USS Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,214 JPY

Average target price

1,362 JPY

Spread / Average Target

+12.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector E-commerce & Auction Services

	1st Jan change	Capi.
USS CO., LTD.	-14.39%	3.7B
ALIBABA GROUP HOLDING LIMITED	-2.53%	184B
PDD HOLDINGS INC.	-11.62%	180B
SHOPIFY INC.	-8.43%	91.88B
MEITUAN INC.	+41.15%	91.6B
MERCADOLIBRE, INC.	-10.53%	71.28B
EBAY INC.	+19.26%	26.35B
RAKUTEN GROUP, INC.	+17.48%	10.05B
VIPSHOP HOLDINGS LIMITED	-11.43%	8.53B
GLOBAL-E ONLINE LTD.	-15.19%	5.59B

E-commerce & Auction Services