Financials Valor Holdings Co., Ltd.

Equities

9956

JP3778400006

Food Retail & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,411 ^JPY	+0.63%		-0.04%	-1.23%

Feb. 09	Valor Holdings Co.,Ltd. Provides Consolidated Earnings Guidance for the Full Year Ending March 31, 2024	CI
Feb. 09	Valor Holdings Co., Ltd. Announces Dividend Forecast for the Year Ending March 31, 2024	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	140,806	103,254	133,543	113,579	103,444	129,146	-	-
Enterprise Value (EV) ¹	219,027	203,437	224,500	215,773	200,741	129,146	129,146	129,146
P/E ratio	17.5 x	15.9 x	10.6 x	12.6 x	13.6 x	12.3 x	11.4 x	10.7 x
Yield	1.79%	2.7%	2.17%	2.65%	3.01%	2.49%	2.65%	2.75%
Capitalization / Revenue	0.25 x	0.15 x	0.18 x	0.16 x	0.14 x	0.16 x	0.16 x	0.15 x
EV / Revenue	0.25 x	0.15 x	0.18 x	0.16 x	0.14 x	0.16 x	0.16 x	0.15 x
EV / EBITDA	4.76 x	3.08 x	3.01 x	2.7 x	2.49 x	3.12 x	3.1 x	3.04 x
EV / FCF	-33.1 x	16.8 x	8.63 x	-48 x	9.84 x	17.6 x	26.5 x	22.7 x
FCF Yield	-3.02%	5.95%	11.6%	-2.08%	10.2%	5.68%	3.77%	4.41%
Price to Book	1.16 x	0.79 x	0.93 x	0.76 x	0.68 x	0.81 x	0.78 x	0.74 x
Nbr of stocks (in thousands)	52,500	53,694	53,696	53,702	53,709	53,566	-	-
Reference price ²	2,682	1,923	2,487	2,115	1,926	2,411	2,411	2,411
Announcement Date	5/9/19	5/22/20	5/12/21	5/12/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	565,931	678,096	730,168	732,519	759,977	799,467	819,667	839,567
EBITDA ¹	29,605	33,571	44,316	42,085	41,464	41,350	41,700	42,500
EBIT ¹	14,210	15,515	25,648	21,205	20,062	22,350	23,467	24,600
Operating Margin	2.51%	2.29%	3.51%	2.89%	2.64%	2.8%	2.86%	2.93%
Earnings before Tax (EBT) ¹	12,922	12,863	24,544	20,657	17,331	21,775	23,125	24,275
Net income ¹	7,910	6,477	12,592	9,014	7,603	10,477	11,377	12,060
Net margin	1.4%	0.96%	1.72%	1.23%	1%	1.31%	1.39%	1.44%
EPS ²	153.1	120.6	234.5	167.9	141.6	195.6	212.4	225.2
Free Cash Flow ¹	-4,252	6,143	15,478	-2,368	10,512	7,331	4,866	5,694
FCF margin	-0.75%	0.91%	2.12%	-0.32%	1.38%	0.92%	0.59%	0.68%
FCF Conversion (EBITDA)	-	18.3%	34.93%	-	25.35%	17.73%	11.67%	13.4%
FCF Conversion (Net income)	-	94.84%	122.92%	-	138.26%	69.97%	42.77%	47.21%
Dividend per Share ²	48.00	52.00	54.00	56.00	58.00	60.00	64.00	66.33
Announcement Date	5/9/19	5/22/20	5/12/21	5/12/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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
Net sales ¹	336,735	367,523	183,333	365,934	169,399	197,186	186,630	188,031	374,661	199,891	185,425	196,270	202,870	399,140	211,435	189,362
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,436	16,326	6,004	12,458	6,009	2,738	5,301	4,266	9,567	6,840	3,655	5,622	5,520	11,142	7,220	4,089
Operating Margin	2.21%	4.44%	3.27%	3.4%	3.55%	1.39%	2.84%	2.27%	2.55%	3.42%	1.97%	2.86%	2.72%	2.79%	3.41%	2.16%
Earnings before Tax (EBT)	7,391	16,866	-	13,613	6,145	-	5,771	-	10,997	7,183	-	6,620	-	12,511	7,602	-
Net income ¹	3,797	8,794	2,308	6,104	2,725	185	3,096	2,640	5,736	4,276	-2,409	3,453	3,174	6,627	4,561	-1,088
Net margin	1.13%	2.39%	1.26%	1.67%	1.61%	0.09%	1.66%	1.4%	1.53%	2.14%	-1.3%	1.76%	1.56%	1.66%	2.16%	-0.57%
EPS	70.71	163.8	-	113.7	50.74	-	57.66	49.15	106.8	79.62	-	64.48	-	123.8	85.15	-
Dividend per Share	24.00	25.00	-	26.00	-	-	-	-	27.00	-	-	-	-	28.00	-	-
Announcement Date	11/7/19	11/11/20	11/11/21	11/11/21	2/10/22	5/12/22	8/10/22	11/11/22	11/11/22	2/10/23	5/12/23	8/10/23	11/10/23	11/10/23	2/9/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	78,221	100,183	90,957	102,194	97,297	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.642 x	2.984 x	2.052 x	2.428 x	2.347 x	-	-	-
Free Cash Flow ¹	-4,252	6,143	15,478	-2,368	10,512	7,331	4,866	5,694
ROE (net income / shareholders' equity)	6.7%	5.1%	9.2%	6.2%	5%	6.5%	6.7%	6.7%
ROA (Net income/ Total Assets)	5.36%	4.46%	6.51%	5.93%	5.57%	6.1%	6.2%	6.3%
Assets ¹	147,445	145,221	193,529	152,130	136,476	171,749	183,495	191,429
Book Value Per Share ²	2,321	2,435	2,661	2,767	2,852	2,980	3,109	3,253
Cash Flow per Share	446.0	450.0	574.0	545.0	527.0	-	-	-
Capex ¹	22,494	24,728	28,660	29,025	25,658	25,403	25,500	26,500
Capex / Sales	3.97%	3.65%	3.93%	3.96%	3.38%	3.18%	3.11%	3.16%
Announcement Date	5/9/19	5/22/20	5/12/21	5/12/22	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 Valor Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,411 JPY

Average target price

2,640 JPY

Spread / Average Target

+9.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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