Stock 2412 BENEFIT ONE INC.
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Financials Benefit One Inc.

Equities

2412

JP3835630009

Employment Services

Market Closed - Japan Exchange
Other stock markets
 07:00:00 02/05/2024 BST 		5-day change 1st Jan Change
2,164 JPY +0.05% Intraday chart for Benefit One Inc. -0.05% +1.98%
04-17 Dai-ichi Life CEO expects unsolicited takeovers to become common practice in Japan RE
04-15 Pasona Group Swings to Nine-Month Loss on Lower Net Sales, Increased Spending MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 350,801 224,367 467,697 412,159 297,145 342,894 - -
Enterprise Value (EV) 1 333,974 216,361 450,520 403,910 295,898 341,120 337,841 333,206
P/E ratio 67.8 x 40 x 69.1 x 46.1 x 38.8 x 40.6 x 40.8 x 30.5 x
Yield 1.15% 1.77% 1.02% 1.39% 1.92% 1.66% 1.71% 1.85%
Capitalization / Revenue 10.2 x 6.02 x 12.4 x 10.7 x 7.01 x 7.28 x 6.52 x 5.53 x
EV / Revenue 9.69 x 5.81 x 11.9 x 10.5 x 6.98 x 7.24 x 6.42 x 5.37 x
EV / EBITDA 39.4 x 23.5 x 42.7 x 29 x 23.8 x 25.9 x 22.2 x 19.6 x
EV / FCF 66.5 x 34.8 x 45.8 x -96.9 x 913 x 54.7 x 36.3 x 30.4 x
FCF Yield 1.5% 2.87% 2.18% -1.03% 0.11% 1.83% 2.75% 3.29%
Price to Book 17.7 x 13.5 x 23.5 x 16.5 x 12 x 12.5 x 10.9 x 9.48 x
Nbr of stocks (in thousands) 161,511 159,125 159,135 159,135 158,393 158,417 - -
Reference price 2 2,172 1,410 2,939 2,590 1,876 2,164 2,164 2,164
Announcement Date 08/05/19 13/05/20 12/05/21 10/05/22 11/05/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 34,461 37,271 37,841 38,362 42,376 47,102 52,602 61,999
EBITDA 1 8,467 9,221 10,560 13,907 12,452 13,184 15,192 17,010
EBIT 1 7,641 8,394 9,774 12,770 10,484 11,993 12,230 15,990
Operating Margin 22.17% 22.52% 25.83% 33.29% 24.74% 25.46% 23.25% 25.79%
Earnings before Tax (EBT) 1 7,613 8,228 9,852 12,848 11,290 12,133 14,231 16,130
Net income 1 5,176 5,641 6,766 8,949 7,655 8,452 8,412 11,236
Net margin 15.02% 15.14% 17.88% 23.33% 18.06% 17.94% 15.99% 18.12%
EPS 2 32.05 35.24 42.52 56.24 48.29 53.32 53.07 70.88
Free Cash Flow 1 5,021 6,211 9,841 -4,167 324 6,234 9,302 10,976
FCF margin 14.57% 16.66% 26.01% -10.86% 0.76% 13.23% 17.68% 17.7%
FCF Conversion (EBITDA) 59.3% 67.36% 93.19% - 2.6% 47.28% 61.23% 64.52%
FCF Conversion (Net income) 97.01% 110.1% 145.45% - 4.23% 73.75% 110.59% 97.68%
Dividend per Share 2 25.00 25.00 30.00 36.00 36.00 36.00 37.00 40.00
Announcement Date 08/05/19 13/05/20 12/05/21 10/05/22 11/05/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2020 S2 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
Net sales 1 17,957 19,314 17,190 10,265 18,748 8,320 11,294 19,614 10,583 9,651 20,234 10,788 11,354 22,142 9,571 9,161 18,732 9,644
EBITDA - - - - - - - - - - - - - - - - - -
EBIT 1 3,763 4,631 4,454 4,044 6,890 2,648 3,232 5,880 2,899 1,929 4,828 3,007 2,649 5,656 1,936 1,610 3,546 2,274
Operating Margin 20.96% 23.98% 25.91% 39.4% 36.75% 31.83% 28.62% 29.98% 27.39% 19.99% 23.86% 27.87% 23.33% 25.54% 20.23% 17.57% 18.93% 23.58%
Earnings before Tax (EBT) 1 3,795 4,433 4,487 4,010 6,909 2,665 3,274 5,939 2,943 - 5,535 3,078 - - 1,961 1,654 3,615 2,249
Net income 1 2,603 3,038 3,071 2,775 4,826 1,837 2,286 4,123 1,999 1,752 3,751 2,082 1,822 3,904 1,310 1,104 2,414 1,509
Net margin 14.5% 15.73% 17.87% 27.03% 25.74% 22.08% 20.24% 21.02% 18.89% 18.15% 18.54% 19.3% 16.05% 17.63% 13.69% 12.05% 12.89% 15.65%
EPS 2 16.18 - 19.30 - 30.33 11.54 - - 12.58 - 23.65 13.14 - - 8.280 - 15.24 9.530
Dividend per Share - - - - - - - - - - - - - - - - - -
Announcement Date 31/10/19 13/05/20 05/11/20 04/11/21 04/11/21 01/02/22 10/05/22 10/05/22 28/07/22 09/11/22 09/11/22 31/01/23 11/05/23 11/05/23 31/07/23 14/11/23 14/11/23 31/01/24
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 16,827 8,006 17,177 8,249 1,247 1,774 5,053 9,688
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 5,021 6,211 9,841 -4,167 324 6,234 9,302 10,976
ROE (net income / shareholders' equity) 28% 31% 37.1% 40% 30.8% 32.3% 33.6% 33.1%
ROA (Net income/ Total Assets) 23.7% 26.2% 29.8% 27.2% 18.9% 15.1% 16.7% 17.5%
Assets 1 21,830 21,565 22,683 32,869 40,586 55,949 50,365 64,043
Book Value Per Share 2 123.0 104.0 125.0 157.0 157.0 173.0 198.0 228.0
Cash Flow per Share 2 37.20 40.40 47.40 62.90 58.90 51.50 65.20 75.10
Capex 1 607 735 1,119 3,670 3,667 1,937 1,037 933
Capex / Sales 1.76% 1.97% 2.96% 9.57% 8.65% 4.11% 1.97% 1.51%
Announcement Date 08/05/19 13/05/20 12/05/21 10/05/22 11/05/23 - - -
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 Benefit One Inc.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
2,164 JPY
Average target price
1,800 JPY
Spread / Average Target
-16.84%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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