Financials West Holdings Corporation

Equities

1407

JP3154750008

Construction & Engineering

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,770 ^JPY	-1.60%		+3.51%	-10.21%

Apr. 12	West Holdings Corporation announces an Equity Buyback for 1,000,000 shares, representing 2.46% for ¥3,000 million.	CI
Apr. 12	West Holdings Corporation authorizes a Buyback Plan.	CI

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,686	90,794	199,558	180,359	115,111	112,628	-	-
Enterprise Value (EV) ¹	46,008	108,430	217,395	211,877	147,215	145,919	146,212	141,277
P/E ratio	8.39 x	20.7 x	30.7 x	42.4 x	19.1 x	13.5 x	10.4 x	8.9 x
Yield	3.71%	1.55%	1.02%	1.24%	1.94%	2.09%	2.42%	2.67%
Capitalization / Revenue	0.46 x	1.47 x	2.94 x	2.69 x	2.63 x	1.8 x	1.41 x	1.22 x
EV / Revenue	0.72 x	1.75 x	3.2 x	3.15 x	3.37 x	2.33 x	1.83 x	1.53 x
EV / EBITDA	-	-	18.7 x	23 x	13.8 x	10.2 x	7.99 x	6.68 x
EV / FCF	-5.83 x	514 x	199 x	-22.2 x	54.3 x	37 x	41.2 x	14.8 x
FCF Yield	-17.1%	0.19%	0.5%	-4.5%	1.84%	2.7%	2.43%	6.78%
Price to Book	1.69 x	4.46 x	7.88 x	6.55 x	3.67 x	3 x	2.46 x	2.03 x
Nbr of stocks (in thousands)	41,325	40,687	40,685	40,667	40,661	40,660	-	-
Reference price ²	718.3	2,232	4,905	4,435	2,831	2,770	2,770	2,770
Announcement Date	10/11/19	10/15/20	10/15/21	10/14/22	10/13/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	63,904	61,947	67,938	67,169	43,734	62,669	80,001	92,116
EBITDA ¹	-	-	11,596	9,202	10,667	14,363	18,304	21,140
EBIT ¹	5,864	7,180	10,148	7,770	8,499	12,307	15,900	18,537
Operating Margin	9.18%	11.59%	14.94%	11.57%	19.43%	19.64%	19.88%	20.12%
Earnings before Tax (EBT) ¹	5,350	6,598	9,472	5,764	8,198	12,140	16,448	18,686
Net income ¹	3,632	4,417	6,495	4,257	6,016	8,285	10,745	12,595
Net margin	5.68%	7.13%	9.56%	6.34%	13.76%	13.22%	13.43%	13.67%
EPS ²	85.58	107.7	159.7	104.7	148.0	204.7	265.6	311.3
Free Cash Flow ¹	-7,890	211	1,090	-9,532	2,713	3,947	3,550	9,577
FCF margin	-12.35%	0.34%	1.6%	-14.19%	6.2%	6.3%	4.44%	10.4%
FCF Conversion (EBITDA)	-	-	9.4%	-	25.43%	27.48%	19.39%	45.3%
FCF Conversion (Net income)	-	4.78%	16.78%	-	45.1%	47.64%	33.04%	76.04%
Dividend per Share ²	26.63	34.62	50.00	55.00	55.00	58.00	67.00	74.00
Announcement Date	10/11/19	10/15/20	10/15/21	10/14/22	10/13/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	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	2024 S2
Net sales ¹	28,250	33,697	26,409	41,529	14,523	20,048	34,571	13,733	18,865	32,598	6,305	8,496	14,801	11,460	17,473	28,933	8,867	11,048	19,915	16,975	25,150	44,946
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,688	4,492	3,358	6,790	483	2,233	2,716	-42	5,096	5,054	353	1,157	1,510	2,817	4,172	6,989	1,310	1,603	2,913	3,176	5,846	9,440
Operating Margin	9.52%	13.33%	12.72%	16.35%	3.33%	11.14%	7.86%	-0.31%	27.01%	15.5%	5.6%	13.62%	10.2%	24.58%	23.88%	24.16%	14.77%	14.51%	14.63%	18.71%	23.24%	21%
Earnings before Tax (EBT)	2,464	-	2,976	6,496	338	2,103	2,441	-1,701	5,024	3,323	203	1,265	1,468	2,780	3,950	6,730	1,111	-	2,555	-	-	-
Net income ¹	1,650	-	1,991	4,504	234	1,453	1,687	-1,175	3,745	2,570	177	875	1,052	1,925	3,039	4,964	820	1,044	1,864	2,658	3,992	6,650
Net margin	5.84%	-	7.54%	10.85%	1.61%	7.25%	4.88%	-8.56%	19.85%	7.88%	2.81%	10.3%	7.11%	16.8%	17.39%	17.16%	9.25%	9.45%	9.36%	15.66%	15.87%	14.8%
EPS ²	39.93	-	48.96	96.05	5.760	35.74	41.50	-28.91	92.12	63.21	4.360	21.52	25.88	47.33	74.76	122.1	20.17	25.67	45.84	54.89	96.02	-
Dividend per Share	-	-	-	50.00	-	-	-	-	-	55.00	-	-	-	-	-	55.00	-	-	-	-	-	-
Announcement Date	4/13/20	10/15/20	4/14/21	10/15/21	1/14/22	4/14/22	4/14/22	7/15/22	10/14/22	10/14/22	1/13/23	4/14/23	4/14/23	7/14/23	10/13/23	10/13/23	1/12/24	4/12/24	4/12/24	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	16,322	17,636	17,837	31,518	32,104	33,292	33,585	28,649
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	1.538 x	3.425 x	3.01 x	2.318 x	1.835 x	1.355 x
Free Cash Flow ¹	-7,890	211	1,090	-9,532	2,713	3,947	3,550	9,577
ROE (net income / shareholders' equity)	21.7%	23.3%	28.5%	16.1%	20.4%	23.5%	27.3%	26.8%
ROA (Net income/ Total Assets)	6.94%	8.04%	10.7%	7.34%	7.08%	7.2%	8.9%	9.3%
Assets ¹	52,320	54,907	60,445	57,990	84,980	115,067	120,730	135,428
Book Value Per Share ²	425.0	500.0	623.0	677.0	772.0	922.0	1,126	1,368
Cash Flow per Share	122.0	146.0	195.0	140.0	201.0	-	-	-
Capex ¹	454	1,122	3,256	3,267	4,732	4,000	2,850	2,900
Capex / Sales	0.71%	1.81%	4.79%	4.86%	10.82%	6.38%	3.56%	3.15%
Announcement Date	10/11/19	10/15/20	10/15/21	10/14/22	10/13/23	-	-	-

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 West Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,770 JPY

Average target price

4,190 JPY

Spread / Average Target

+51.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electric Construction

	1st Jan change	Capi.
WEST HOLDINGS CORPORATION	-10.21%	715M
CHINA ENERGY ENGINEERING CORPORATION LIMITED	+1.28%	10.87B
STERLING AND WILSON RENEWABLE ENERGY LIMITED	+57.87%	1.91B
CADELER A/S	+11.25%	1.66B
THYSSENKRUPP NUCERA AG & CO. KGAA	-35.28%	1.61B
XINTE ENERGY CO., LTD.	-22.12%	1.56B
TAIWAN COGENERATION CORPORATION	+18.88%	1.07B
FUJIAN YONGFU POWER ENGINEERING CO.,LTD.	-13.62%	599M
SUWEN ELECTRIC ENERGY TECHNOLOGY CO.,LTD.	-47.02%	497M
SHANGHAI NENGHUI TECHNOLOGY CO.,LTD.	-25.92%	415M

Electric Construction