Financials Zensho Holdings Co., Ltd.

Equities

7550

JP3429300001

Restaurants & Bars

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
6,145 ^JPY	+1.55%		+3.64%	-16.84%

Mar. 28	Zensho Holdings Co., Ltd.(TSE:7550) added to S&P Japan Mid Cap 100	CI
2023	Zensho Holdings Seeks M&A	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	374,782	317,384	430,695	435,226	597,077	962,707	-	-
Enterprise Value (EV) ¹	530,160	489,998	621,420	622,868	785,262	1,074,207	1,066,207	1,057,807
P/E ratio	37.7 x	25.7 x	191 x	31.4 x	45 x	34.9 x	29.8 x	25.1 x
Yield	0.7%	0.97%	0.71%	0.77%	0.61%	0.8%	0.86%	0.9%
Capitalization / Revenue	0.62 x	0.5 x	0.72 x	0.66 x	0.77 x	1 x	0.92 x	0.88 x
EV / Revenue	0.87 x	0.78 x	1.04 x	0.95 x	1.01 x	1.12 x	1.01 x	0.97 x
EV / EBITDA	13.1 x	11 x	16.9 x	15.9 x	14.6 x	13.1 x	11.6 x	10.9 x
EV / FCF	315 x	-304 x	101 x	44.9 x	43.9 x	-13.5 x	32.8 x	26 x
FCF Yield	0.32%	-0.33%	0.99%	2.23%	2.28%	-7.38%	3.04%	3.85%
Price to Book	5.17 x	3.66 x	5.05 x	4.21 x	5.15 x	5.51 x	4.85 x	4.3 x
Nbr of stocks (in thousands)	146,171	153,995	152,135	152,124	152,122	156,665	-	-
Reference price ²	2,564	2,061	2,831	2,861	3,925	6,145	6,145	6,145
Announcement Date	5/14/19	5/14/20	5/14/21	5/13/22	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	607,679	630,435	595,048	658,503	779,964	957,933	1,051,667	1,093,433
EBITDA ¹	40,564	44,676	36,863	39,115	53,753	82,250	91,750	96,850
EBIT ¹	18,834	20,918	12,088	9,232	21,734	48,800	56,167	64,633
Operating Margin	3.1%	3.32%	2.03%	1.4%	2.79%	5.09%	5.34%	5.91%
Earnings before Tax (EBT)	18,470	15,650	5,437	26,280	23,488	-	-	-
Net income ¹	9,924	11,978	2,259	13,869	13,265	27,267	32,300	38,333
Net margin	1.63%	1.9%	0.38%	2.11%	1.7%	2.85%	3.07%	3.51%
EPS ²	67.93	80.31	14.82	91.17	87.30	176.3	206.5	245.0
Free Cash Flow ¹	1,681	-1,613	6,167	13,880	17,878	-79,300	32,460	40,735
FCF margin	0.28%	-0.26%	1.04%	2.11%	2.29%	-8.28%	3.09%	3.73%
FCF Conversion (EBITDA)	4.14%	-	16.73%	35.49%	33.26%	-	35.38%	42.06%
FCF Conversion (Net income)	16.94%	-	273%	100.08%	134.78%	-	100.5%	106.27%
Dividend per Share ²	18.00	20.00	20.00	22.00	24.00	49.33	53.00	55.33
Announcement Date	5/14/19	5/14/20	5/14/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart	2020 S1	2020 S2	2021 S1	2021 S2	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	319,853	310,582	287,975	307,073	164,357	316,964	176,207	165,332	341,539	178,398	197,326	375,724	203,515	200,725	404,240	214,368	238,242	452,610	254,193	257,097
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,392	7,526	-524	12,612	5,762	8,637	2,213	-1,618	595	2,661	5,489	8,150	6,452	7,132	13,584	9,578	15,817	25,395	10,916	12,489
Operating Margin	4.19%	2.42%	-0.18%	4.11%	3.51%	2.72%	1.26%	-0.98%	0.17%	1.49%	2.78%	2.17%	3.17%	3.55%	3.36%	4.47%	6.64%	5.61%	4.29%	4.86%
Earnings before Tax (EBT)	11,726	3,924	-1,187	6,624	8,695	11,668	11,391	3,221	14,612	7,073	5,145	12,218	6,424	4,846	11,270	8,996	14,504	23,500	9,207	-
Net income ¹	7,614	4,364	-1,912	4,171	5,200	6,432	7,096	341	7,437	4,428	2,930	7,358	3,774	2,133	5,907	6,675	9,039	15,714	4,977	7,809
Net margin	2.38%	1.41%	-0.66%	1.36%	3.16%	2.03%	4.03%	0.21%	2.18%	2.48%	1.48%	1.96%	1.85%	1.06%	1.46%	3.11%	3.79%	3.47%	1.96%	3.04%
EPS	51.83	-	-12.51	-	-	42.29	46.64	-	-	29.11	-	48.39	24.86	-	-	43.97	-	103.6	30.02	-
Dividend per Share	10.00	-	10.00	-	-	11.00	-	-	-	-	-	12.00	-	-	-	-	-	25.00	-	-
Announcement Date	11/7/19	5/14/20	11/13/20	5/14/21	11/12/21	11/12/21	2/8/22	5/13/22	5/13/22	8/10/22	11/11/22	11/11/22	2/10/23	5/12/23	5/12/23	8/10/23	11/10/23	11/10/23	2/9/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	155,378	172,614	190,725	187,642	188,185	111,500	103,500	95,100
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.83 x	3.864 x	5.174 x	4.797 x	3.501 x	1.356 x	1.128 x	0.9819 x
Free Cash Flow ¹	1,681	-1,613	6,167	13,880	17,878	-79,300	32,460	40,735
ROE (net income / shareholders' equity)	14.2%	15.1%	2.6%	14.7%	12.1%	19.9%	18.5%	17.2%
ROA (Net income/ Total Assets)	5.4%	5.35%	3.21%	5.62%	6.26%	4.7%	5%	5.2%
Assets ¹	183,796	223,766	70,449	246,937	211,801	580,142	646,000	737,179
Book Value Per Share ²	496.0	563.0	561.0	679.0	762.0	1,114	1,266	1,428
Cash Flow per Share	207.0	228.0	177.0	277.0	288.0	-	-	-
Capex ¹	21,570	23,980	20,286	27,513	45,838	186,904	40,910	42,190
Capex / Sales	3.55%	3.8%	3.41%	4.18%	5.88%	19.51%	3.89%	3.86%
Announcement Date	5/14/19	5/14/20	5/14/21	5/13/22	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 Zensho Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

6,145 JPY

Average target price

7,633 JPY

Spread / Average Target

+24.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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