Financials House Foods Group Inc.

Equities

2810

JP3765400001

Food Processing

Market Closed - Japan Exchange Other stock markets 07:00:00 01/05/2024 BST			5-day change	1st Jan Change
3,126 ^JPY	+0.61%		+0.45%	+0.35%

02-06	House Foods' Nine-Month Attributable Profit, Net Sales Rise on Broad-Based Growth	MT
2023	House Foods Group Completes Tender Offer for Own Shares	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	457,241	355,141	366,724	288,187	274,084	304,930	-	-
Enterprise Value (EV) ¹	395,222	283,230	283,711	213,039	213,984	248,163	241,263	234,863
P/E ratio	33.1 x	31 x	42 x	20.7 x	20.1 x	17.1 x	21.1 x	19.5 x
Yield	0.99%	1.3%	1.26%	1.59%	1.64%	1.48%	1.58%	1.67%
Capitalization / Revenue	1.54 x	1.21 x	1.29 x	1.14 x	1 x	1.01 x	0.96 x	0.92 x
EV / Revenue	1.33 x	0.96 x	1 x	0.84 x	0.78 x	0.82 x	0.76 x	0.71 x
EV / EBITDA	13.1 x	8.77 x	9.3 x	7.05 x	7.49 x	7.24 x	6.57 x	6.06 x
EV / FCF	42.9 x	44.3 x	24.5 x	37.1 x	-108 x	95.8 x	26.2 x	19.8 x
FCF Yield	2.33%	2.26%	4.09%	2.7%	-0.93%	1.04%	3.81%	5.04%
Price to Book	1.81 x	1.43 x	1.42 x	1.07 x	1.01 x	1.05 x	1.02 x	0.98 x
Nbr of stocks (in thousands)	102,751	100,749	100,748	99,581	97,539	97,546	-	-
Reference price ²	4,450	3,525	3,640	2,894	2,810	3,107	3,107	3,107
Announcement Date	13/05/19	12/05/20	11/05/21	11/05/22	10/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	296,695	293,682	283,754	253,386	275,060	300,916	317,490	332,590
EBITDA ¹	30,241	32,284	30,502	30,213	28,563	34,279	36,725	38,772
EBIT ¹	17,559	19,005	19,397	19,227	16,631	19,854	21,800	23,296
Operating Margin	5.92%	6.47%	6.84%	7.59%	6.05%	6.6%	6.87%	7%
Earnings before Tax (EBT) ¹	22,297	20,682	12,049	23,369	21,273	28,939	24,101	25,696
Net income ¹	13,767	11,458	8,733	13,956	13,703	17,730	14,323	15,294
Net margin	4.64%	3.9%	3.08%	5.51%	4.98%	5.89%	4.51%	4.6%
EPS ²	134.3	113.7	86.68	139.8	140.0	181.9	147.4	159.0
Free Cash Flow ¹	9,209	6,393	11,602	5,742	-1,984	2,590	9,202	11,847
FCF margin	3.1%	2.18%	4.09%	2.27%	-0.72%	0.86%	2.9%	3.56%
FCF Conversion (EBITDA)	30.45%	19.8%	38.04%	19.01%	-	7.56%	25.06%	30.56%
FCF Conversion (Net income)	66.89%	55.8%	132.85%	41.14%	-	14.61%	64.25%	77.46%
Dividend per Share ²	44.00	46.00	46.00	46.00	46.00	46.00	49.00	51.75
Announcement Date	13/05/19	12/05/20	11/05/21	11/05/22	10/05/23	-	-	-

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	144,634	140,090	62,491	124,127	67,794	61,465	66,324	67,507	133,831	71,988	69,241	70,453	72,371	142,824	82,873	75,402	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,113	9,877	3,341	9,032	7,855	2,340	4,970	2,662	7,632	6,692	2,307	4,914	3,153	8,067	8,603	3,254	-	-	-	-
Operating Margin	6.3%	7.05%	5.35%	7.28%	11.59%	3.81%	7.49%	3.94%	5.7%	9.3%	3.33%	6.97%	4.36%	5.65%	10.38%	4.32%	-	-	-	-
Earnings before Tax (EBT)	9,353	-462	-	12,219	9,245	-	6,265	-	9,441	9,139	-	12,241	-	17,066	8,787	-	-	-	-	-
Net income ¹	5,207	971	-	7,211	6,149	596	3,597	1,896	5,493	6,113	2,097	7,978	2,847	10,825	5,537	1,288	-	-	-	-
Net margin	3.6%	0.69%	-	5.81%	9.07%	0.97%	5.42%	2.81%	4.1%	8.49%	3.03%	11.32%	3.93%	7.58%	6.68%	1.71%	-	-	-	-
EPS ²	51.68	9.630	-	72.00	61.65	6.100	36.43	19.45	55.88	62.51	21.56	81.79	29.19	111.0	57.00	13.20	-	-	-	-
Dividend per Share ²	23.00	23.00	-	23.00	-	-	-	-	23.00	-	-	-	23.00	23.00	-	23.00	-	24.00	-	24.00
Announcement Date	01/11/19	30/10/20	05/11/21	05/11/21	03/02/22	11/05/22	01/08/22	08/11/22	08/11/22	03/02/23	10/05/23	02/08/23	07/11/23	07/11/23	05/02/24	-	-	-	-	-

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	62,019	71,911	83,013	75,148	60,100	56,767	63,667	70,067
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,209	6,393	11,602	5,742	-1,984	2,590	9,202	11,847
ROE (net income / shareholders' equity)	5.5%	4.6%	3.4%	5.3%	5.1%	6.13%	5.28%	5.46%
ROA (Net income/ Total Assets)	5.09%	5.63%	5.38%	5.62%	4.69%	5.3%	5.65%	5.8%
Assets ¹	270,665	203,359	162,222	248,127	292,315	334,524	253,500	263,694
Book Value Per Share ²	2,454	2,469	2,562	2,701	2,792	2,954	3,053	3,159
Cash Flow per Share ²	225.0	212.0	186.0	249.0	258.0	315.0	291.0	310.0
Capex ¹	11,704	17,825	11,579	12,888	15,586	22,667	16,667	15,667
Capex / Sales	3.94%	6.07%	4.08%	5.09%	5.67%	7.53%	5.25%	4.71%
Announcement Date	13/05/19	12/05/20	11/05/21	11/05/22	10/05/23	-	-	-

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 House Foods Group Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,107 JPY

Average target price

3,415 JPY

Spread / Average Target

+9.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Food Ingredients

	1st Jan change	Capi.
HOUSE FOODS GROUP INC.	+0.35%	1.92B
FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD.	+3.45%	30.12B
INTERNATIONAL FLAVORS & FRAGRANCES INC.	+4.92%	21.61B
KIKKOMAN CORPORATION	+10.17%	11.41B
LANCASTER COLONY CORPORATION	+13.04%	5.25B
MEIHUA HOLDINGS GROUP CO.,LTD	+16.44%	4.38B
ANGEL YEAST CO., LTD	-15.24%	3.53B
TATE & LYLE PLC	-0.76%	3.28B
JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO.,LTD	+4.98%	3.13B
KEWPIE CORPORATION	+28.15%	2.81B

Food Ingredients