Financials Nakanishi Inc.

Equities

7716

JP3642500007

Medical Equipment, Supplies & Distribution

Delayed Japan Exchange Other stock markets 07:00:00 27/06/2024 BST			5-day change	1st Jan Change
2,540 ^JPY	+1.56%		+2.25%	+7.13%

05-10	Nakanishi Inc. Expects Dividend for Year Ending December 31, 2024	CI
05-10	Nakanishi Inc. Provides Dividend Guidance for Period of Second Quarter of Year Ending December 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	180,395	196,278	182,497	217,740	204,024	213,414	-	-
Enterprise Value (EV) ¹	151,119	162,707	145,191	182,041	183,047	196,589	194,645	190,714
P/E ratio	25.4 x	30.4 x	18.1 x	17.6 x	8.85 x	21.1 x	19.4 x	17.6 x
Yield	1.44%	1.32%	1.75%	1.8%	2.11%	2.07%	2.16%	2.26%
Capitalization / Revenue	5.09 x	5.94 x	4.07 x	4.47 x	3.42 x	2.79 x	2.62 x	2.45 x
EV / Revenue	4.27 x	4.92 x	3.24 x	3.74 x	3.07 x	2.57 x	2.39 x	2.19 x
EV / EBITDA	13.8 x	15.7 x	9.3 x	10.4 x	10.3 x	10 x	9 x	8.15 x
EV / FCF	27.5 x	20.3 x	15.2 x	49.1 x	71.4 x	43.3 x	23.6 x	20.3 x
FCF Yield	3.63%	4.93%	6.58%	2.04%	1.4%	2.31%	4.24%	4.92%
Price to Book	2.5 x	2.58 x	2.21 x	2.4 x	1.79 x	1.85 x	1.77 x	1.68 x
Nbr of stocks (in thousands)	86,645	86,657	86,165	85,154	86,050	84,454	-	-
Reference price ²	2,082	2,265	2,118	2,557	2,371	2,527	2,527	2,527
Announcement Date	07/02/20	12/02/21	09/02/22	09/02/23	13/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	35,418	33,055	44,857	48,671	59,692	76,456	81,487	87,053
EBITDA ¹	10,983	10,351	15,613	17,494	17,775	19,565	21,630	23,401
EBIT ¹	9,299	8,542	13,750	15,389	14,296	13,976	15,564	17,190
Operating Margin	26.26%	25.84%	30.65%	31.62%	23.95%	18.28%	19.1%	19.75%
Earnings before Tax (EBT) ¹	9,864	9,062	13,937	17,297	28,808	14,848	16,003	17,629
Net income ¹	7,102	6,455	10,102	12,471	22,835	10,151	11,100	12,219
Net margin	20.05%	19.53%	22.52%	25.62%	38.25%	13.28%	13.62%	14.04%
EPS ²	81.97	74.49	116.7	145.5	268.0	119.6	130.5	143.7
Free Cash Flow ¹	5,487	8,020	9,555	3,706	2,565	4,535	8,252	9,379
FCF margin	15.49%	24.26%	21.3%	7.61%	4.3%	5.93%	10.13%	10.77%
FCF Conversion (EBITDA)	49.96%	77.48%	61.2%	21.18%	14.43%	23.18%	38.15%	40.08%
FCF Conversion (Net income)	77.26%	124.24%	94.59%	29.72%	11.23%	44.68%	74.35%	76.76%
Dividend per Share ²	30.00	30.00	37.00	46.00	50.00	52.40	54.60	57.20
Announcement Date	07/02/20	12/02/21	09/02/22	09/02/23	13/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	18,164	13,689	19,366	23,014	11,388	21,843	11,981	12,481	24,462	11,638	12,571	24,209	13,615	14,644	28,259	12,958	18,475	18,159	19,362	37,300	19,200	20,221	38,700	19,252	20,278
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,263	2,392	6,150	7,646	2,637	6,104	3,886	4,243	8,129	3,765	3,495	7,260	4,041	4,206	8,247	3,580	2,469	4,035	3,634	7,700	3,735	3,965	7,300	-	-
Operating Margin	28.97%	17.47%	31.76%	33.22%	23.16%	27.94%	32.43%	34%	33.23%	32.35%	27.8%	29.99%	29.68%	28.72%	29.18%	27.63%	13.36%	22.22%	18.77%	20.64%	19.45%	19.61%	18.86%	-	-
Earnings before Tax (EBT) ¹	5,655	2,490	6,572	7,440	-	-	4,406	5,116	9,522	4,871	2,904	7,775	4,595	6,554	11,149	15,715	-	5,070	3,660	8,750	3,650	3,800	7,450	-	-
Net income ¹	4,077	1,858	4,597	5,366	2,006	4,736	3,142	3,608	6,750	3,458	2,263	5,721	3,305	4,798	8,103	14,281	451	3,376	2,424	5,800	2,300	2,600	4,900	-	-
Net margin	22.45%	13.57%	23.74%	23.32%	17.62%	21.68%	26.22%	28.91%	27.59%	29.71%	18%	23.63%	24.27%	32.76%	28.67%	110.21%	2.44%	18.59%	12.52%	15.55%	11.98%	12.86%	12.66%	-	-
EPS	-	21.45	-	61.93	-	-	36.50	-	78.52	40.40	-	-	38.83	-	95.28	167.7	-	39.68	-	-	-	-	-	-	-
Dividend per Share	-	15.00	-	17.00	-	-	-	-	22.00	-	-	-	-	-	24.00	-	-	-	-	-	-	-	-	-	-
Announcement Date	07/02/20	04/08/20	12/02/21	06/08/21	09/02/22	09/02/22	12/05/22	09/08/22	09/08/22	11/11/22	09/02/23	09/02/23	12/05/23	07/08/23	07/08/23	10/11/23	13/02/24	10/05/24	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	29,275	33,571	37,306	35,699	20,977	16,826	18,769	22,700
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,487	8,020	9,555	3,706	2,565	4,535	8,253	9,379
ROE (net income / shareholders' equity)	10.2%	8.7%	12.7%	14.4%	22.4%	8.86%	9.22%	9.66%
ROA (Net income/ Total Assets)	13%	10.8%	15.8%	17.9%	14.2%	8.49%	8.7%	9.09%
Assets ¹	54,473	59,861	64,058	69,477	160,862	119,513	127,654	134,424
Book Value Per Share ²	834.0	878.0	960.0	1,066	1,323	1,367	1,430	1,506
Cash Flow per Share ²	101.0	94.80	138.0	169.0	302.0	102.0	169.0	184.0
Capex ¹	1,534	1,163	2,415	4,058	5,984	7,962	6,044	5,806
Capex / Sales	4.33%	3.52%	5.38%	8.34%	10.02%	10.41%	7.42%	6.67%
Announcement Date	07/02/20	12/02/21	09/02/22	09/02/23	13/02/24	-	-	-

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 Nakanishi Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,527 JPY

Average target price

3,160 JPY

Spread / Average Target

+25.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Supplies

	1st Jan change	Capi.
NAKANISHI INC.	+7.13%	1.33B
COLOPLAST A/S	+9.95%	27.33B
HARTALEGA HOLDINGS	+21.48%	2.38B
INTCO MEDICAL TECHNOLOGY CO., LTD.	+13.31%	2.36B
SHANDONG WEIGAO GROUP MEDICAL POLYMER COMPANY LIMITED	-48.88%	2.28B
WINNER MEDICAL CO., LTD.	-30.74%	2.07B
TOP GLOVE CORPORATION BHD.	+21.11%	1.85B
HARBIN FUERJIA TECHNOLOGY CO., LTD.	-15.10%	1.79B
GVS S.P.A.	+16.77%	1.22B
KOSSAN RUBBER INDUSTRIES	+27.03%	1.27B

Medical Supplies