Financials Yamada Holdings Co., Ltd.

Equities

9831

JP3939000000

Computer & Electronics Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
448.6 ^JPY	-0.31%		+1.82%	+2.33%

Apr. 15	GiftMall.Inc announced that it expects to receive ¥500 million in funding from Yamada Holdings Co., Ltd.	CI
2023	Yamada Holdings Co., Ltd. completed the acquisition of Seki Home K.K.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	444,074	379,476	488,547	317,692	327,323	309,778	-	-
Enterprise Value (EV) ¹	707,635	577,654	649,363	498,646	582,752	546,501	537,536	526,511
P/E ratio	30 x	15.2 x	9.5 x	6.23 x	11.3 x	11 x	9.65 x	8.92 x
Yield	2.38%	2.32%	3.02%	4.74%	2.63%	2.85%	3.28%	3.53%
Capitalization / Revenue	0.28 x	0.24 x	0.28 x	0.2 x	0.2 x	0.19 x	0.19 x	0.18 x
EV / Revenue	0.44 x	0.36 x	0.37 x	0.31 x	0.36 x	0.34 x	0.33 x	0.31 x
EV / EBITDA	15.1 x	9.77 x	5.7 x	5.58 x	8.42 x	8.21 x	7.4 x	7.11 x
EV / FCF	25.7 x	10.7 x	7.06 x	-422 x	31.4 x	25.9 x	25.3 x	22.1 x
FCF Yield	3.89%	9.38%	14.2%	-0.24%	3.18%	3.86%	3.95%	4.52%
Price to Book	0.75 x	0.6 x	0.75 x	0.48 x	0.53 x	0.54 x	0.51 x	0.49 x
Nbr of stocks (in thousands)	813,321	880,454	818,337	836,031	717,815	690,544	-	-
Reference price ²	546.0	431.0	597.0	380.0	456.0	448.6	448.6	448.6
Announcement Date	5/9/19	5/7/20	5/6/21	5/6/22	5/8/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,600,583	1,611,538	1,752,506	1,619,379	1,600,586	1,601,771	1,647,886	1,694,100
EBITDA ¹	46,789	59,103	113,931	89,389	69,191	66,600	72,600	74,075
EBIT ¹	27,864	38,326	92,078	65,703	44,066	43,629	47,271	50,717
Operating Margin	1.74%	2.38%	5.25%	4.06%	2.75%	2.72%	2.87%	2.99%
Earnings before Tax (EBT) ¹	25,097	38,406	77,513	69,531	43,584	44,567	49,100	52,175
Net income ¹	14,692	24,605	51,798	50,555	31,824	28,243	31,986	34,667
Net margin	0.92%	1.53%	2.96%	3.12%	1.99%	1.76%	1.94%	2.05%
EPS ²	18.18	28.38	62.82	60.96	40.25	40.86	46.51	50.30
Free Cash Flow ¹	27,554	54,199	91,914	-1,181	18,531	21,070	21,251	23,818
FCF margin	1.72%	3.36%	5.24%	-0.07%	1.16%	1.32%	1.29%	1.41%
FCF Conversion (EBITDA)	58.89%	91.7%	80.68%	-	26.78%	31.64%	29.27%	32.15%
FCF Conversion (Net income)	187.54%	220.28%	177.45%	-	58.23%	74.6%	66.44%	68.71%
Dividend per Share ²	13.00	10.00	18.00	18.00	12.00	12.80	14.71	15.83
Announcement Date	5/9/19	5/7/20	5/6/21	5/6/22	5/8/23	-	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	843,553	860,296	417,412	800,399	392,398	426,582	375,859	398,775	774,634	402,710	423,242	363,709	411,494	775,203	395,858	427,329	375,000	419,000	408,000	438,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	24,726	46,010	13,658	35,084	22,916	7,703	12,263	7,513	19,776	19,552	4,738	11,072	9,293	20,365	18,386	5,099	11,500	10,500	19,500	8,500
Operating Margin	2.93%	5.35%	3.27%	4.38%	5.84%	1.81%	3.26%	1.88%	2.55%	4.86%	1.12%	3.04%	2.26%	2.63%	4.64%	1.19%	3.07%	2.51%	4.78%	1.94%
Earnings before Tax (EBT)	23,733	31,097	-	36,175	27,992	-	14,471	-	21,084	20,571	-	16,035	-	22,885	18,417	-	-	-	-	-
Net income ¹	15,014	20,895	12,554	29,967	17,526	3,062	14,680	2,954	17,634	12,949	1,241	10,491	2,757	13,248	13,603	2,338	8,500	6,300	13,300	5,400
Net margin	1.78%	2.43%	3.01%	3.74%	4.47%	0.72%	3.91%	0.74%	2.28%	3.22%	0.29%	2.88%	0.67%	1.71%	3.44%	0.55%	2.27%	1.5%	3.26%	1.23%
EPS ²	17.59	25.16	15.19	36.43	21.00	3.530	17.21	3.900	21.11	16.54	2.600	15.10	4.030	19.13	19.68	-1.319	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13.00	-	-	-	15.00
Announcement Date	11/7/19	11/5/20	11/4/21	11/4/21	2/3/22	5/6/22	8/4/22	11/4/22	11/4/22	2/3/23	5/8/23	8/4/23	11/2/23	11/2/23	2/1/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	263,561	198,178	160,816	180,954	255,429	236,723	227,758	216,733
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.633 x	3.353 x	1.412 x	2.024 x	3.692 x	3.554 x	3.137 x	2.926 x
Free Cash Flow ¹	27,554	54,199	91,914	-1,181	18,531	21,070	21,251	23,819
ROE (net income / shareholders' equity)	2.5%	4%	8.1%	7.9%	5%	4.61%	5.2%	5.32%
ROA (Net income/ Total Assets)	3.13%	3.93%	8.18%	5.87%	3.94%	3%	3.74%	3.88%
Assets ¹	469,888	626,829	632,864	860,678	808,202	942,057	855,081	894,395
Book Value Per Share ²	724.0	721.0	792.0	786.0	854.0	838.0	880.0	913.0
Cash Flow per Share	41.60	52.30	88.90	89.50	71.40	-	-	-
Capex ¹	13,172	19,104	30,367	34,264	29,041	30,300	32,300	32,300
Capex / Sales	0.82%	1.19%	1.73%	2.12%	1.81%	1.89%	1.96%	1.91%
Announcement Date	5/9/19	5/7/20	5/6/21	5/6/22	5/8/23	-	-	-

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 Yamada Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

448.6 JPY

Average target price

500 JPY

Spread / Average Target

+11.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Consumer Electronics Retailers

	1st Jan change	Capi.
YAMADA HOLDINGS CO., LTD.	+2.33%	1.97B
SUNING.COM CO., LTD.	-14.12%	1.92B
K'S HOLDINGS CORPORATION	+14.42%	1.68B
AO WORLD PLC	+7.78%	761M
MIDWICH GROUP PLC	-3.20%	535M
ADITYA VISION LIMITED	+0.47%	537M
ELECTRA CONSUMER PRODUCTS (1970) LTD	+6.55%	478M
JOSHIN DENKI CO., LTD.	+3.62%	417M
KOJIMA CO.,LTD.	+1.02%	386M
E-LIFE CORPORATION	-0.59%	257M

Consumer Electronics Retailers