Financials Hazama Ando Corporation

Equities

1719

JP3767810009

Construction & Engineering

Market Closed - Japan Exchange Other stock markets 07:00:00 10/05/2024 BST			5-day change	1st Jan Change
1,157 ^JPY	+0.52%		-1.28%	+3.67%

02-12	Hazama Ando’s Profit Down 41% in Fiscal Q1-Q3	MT
02-08	Hazama Ando Corporation Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	147,627	132,997	159,224	153,022	135,705	181,211	-	-
Enterprise Value (EV) ¹	40,597	42,820	55,181	111,657	84,222	138,807	135,567	133,357
P/E ratio	16.4 x	8.16 x	9.45 x	9.15 x	9.1 x	13.3 x	11.5 x	12.1 x
Yield	4.05%	4.35%	3.53%	4.42%	4.67%	4.61%	4.67%	5.36%
Capitalization / Revenue	0.41 x	0.35 x	0.45 x	0.45 x	0.36 x	0.47 x	0.46 x	0.44 x
EV / Revenue	0.11 x	0.11 x	0.16 x	0.33 x	0.23 x	0.36 x	0.34 x	0.32 x
EV / EBITDA	1.59 x	1.62 x	1.87 x	3.85 x	3.84 x	5.82 x	5.36 x	5.93 x
EV / FCF	10.7 x	-5.95 x	2.15 x	-2.75 x	3.06 x	6.71 x	6.78 x	-
FCF Yield	9.38%	-16.8%	46.6%	-36.4%	32.7%	14.9%	14.8%	-
Price to Book	1.11 x	0.98 x	1.09 x	1.08 x	0.95 x	1.23 x	1.16 x	1.19 x
Nbr of stocks (in thousands)	199,227	193,029	187,544	169,272	158,533	156,622	-	-
Reference price ²	741.0	689.0	849.0	904.0	856.0	1,157	1,157	1,157
Announcement Date	13/05/19	13/05/20	12/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	359,971	378,135	352,000	340,293	372,146	384,400	394,533	416,450
EBITDA ¹	25,486	26,513	29,437	29,010	21,953	23,850	25,300	22,500
EBIT ¹	23,692	24,699	27,357	26,600	19,853	19,400	23,033	22,250
Operating Margin	6.58%	6.53%	7.77%	7.82%	5.33%	5.05%	5.84%	5.34%
Earnings before Tax (EBT) ¹	13,016	24,454	25,087	25,390	22,299	24,100	25,100	-
Net income ¹	8,862	16,803	17,189	17,671	15,187	13,533	15,500	15,000
Net margin	2.46%	4.44%	4.88%	5.19%	4.08%	3.52%	3.93%	3.6%
EPS ²	45.21	84.42	89.80	98.84	94.02	86.85	101.0	95.80
Free Cash Flow ¹	3,808	-7,196	25,711	-40,635	27,532	20,700	20,000	-
FCF margin	1.06%	-1.9%	7.3%	-11.94%	7.4%	5.39%	5.07%	-
FCF Conversion (EBITDA)	14.94%	-	87.34%	-	125.41%	86.79%	79.05%	-
FCF Conversion (Net income)	42.97%	-	149.58%	-	181.29%	152.96%	129.03%	-
Dividend per Share ²	30.00	30.00	30.00	40.00	40.00	53.33	54.00	62.00
Announcement Date	13/05/19	13/05/20	12/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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	2024 S2
Net sales ¹	176,209	201,926	181,000	171,000	85,174	158,902	86,243	95,148	181,391	72,444	91,859	164,303	94,735	113,108	207,843	81,794	97,944	179,738	100,188	112,074	212,262
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,820	12,879	13,858	13,499	7,474	12,440	6,541	7,619	14,160	1,908	6,038	7,946	5,591	6,316	11,907	2,720	2,510	5,230	4,684	5,586	10,270
Operating Margin	6.71%	6.38%	7.66%	7.89%	8.77%	7.83%	7.58%	8.01%	7.81%	2.63%	6.57%	4.84%	5.9%	5.58%	5.73%	3.33%	2.56%	2.91%	4.68%	4.98%	4.84%
Earnings before Tax (EBT)	11,330	-	12,620	12,467	-	11,923	6,878	6,589	13,467	4,902	6,443	11,345	5,050	-	-	3,002	-	5,517	4,199	-	-
Net income ¹	7,678	9,125	8,558	8,631	5,110	8,105	4,965	4,601	9,566	3,245	4,419	7,664	3,448	4,075	7,523	1,952	1,715	3,667	2,842	5,491	8,333
Net margin	4.36%	4.52%	4.73%	5.05%	6%	5.1%	5.76%	4.84%	5.27%	4.48%	4.81%	4.66%	3.64%	3.6%	3.62%	2.39%	1.75%	2.04%	2.84%	4.9%	3.93%
EPS	38.44	-	44.34	-	28.07	44.30	27.76	-	-	19.48	-	46.52	21.62	25.88	-	12.48	10.95	23.43	18.15	-	-
Dividend per Share	15.00	-	15.00	-	-	20.00	-	-	-	-	-	20.00	-	-	-	-	-	30.00	-	-	-
Announcement Date	11/11/19	13/05/20	10/11/20	12/05/21	11/11/21	11/11/21	08/02/22	13/05/22	13/05/22	09/08/22	08/11/22	08/11/22	14/02/23	12/05/23	12/05/23	08/08/23	09/11/23	09/11/23	08/02/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	107,030	90,177	104,043	41,365	51,483	42,404	45,645	47,855
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,808	-7,196	25,711	-40,635	27,532	20,700	20,000	-
ROE (net income / shareholders' equity)	7%	12.5%	12.2%	12.3%	10.8%	10%	10.5%	9.5%
ROA (Net income/ Total Assets)	6.62%	6.96%	7.62%	8.14%	6.39%	7.8%	8%	-
Assets ¹	133,833	241,514	225,520	217,123	237,528	173,504	193,750	-
Book Value Per Share ²	665.0	705.0	782.0	834.0	898.0	942.0	997.0	971.0
Cash Flow per Share	54.40	93.50	101.0	112.0	107.0	-	-	-
Capex ¹	2,092	4,094	3,443	3,184	3,805	3,000	3,250	3,000
Capex / Sales	0.58%	1.08%	0.98%	0.94%	1.02%	0.78%	0.82%	0.72%
Announcement Date	13/05/19	13/05/20	12/05/21	13/05/22	12/05/23	-	-	-

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 Hazama Ando Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,157 JPY

Average target price

1,015 JPY

Spread / Average Target

-12.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

	1st Jan change	Capi.
HAZAMA ANDO CORPORATION	+3.67%	1.16B
VINCI	+1.67%	70.75B
LARSEN & TOUBRO LIMITED	-7.25%	53.96B
QUANTA SERVICES, INC.	+25.13%	39.55B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+13.93%	31.18B
FERROVIAL SE	+4.85%	27.96B
CHINA RAILWAY GROUP LIMITED	+17.96%	20.94B
WSP GLOBAL INC.	+16.91%	19.65B
EMCOR GROUP, INC.	+77.13%	17.97B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+32.47%	17.38B

Other Construction & Engineering