Financials Nihon M&A Center Holdings Inc.

Equities

2127

JP3689050007

Business Support Services

Market Closed - Japan Exchange Other stock markets 07:00:00 28/06/2024 BST			5-day change	1st Jan Change
831.4 ^JPY	-3.91%		+1.02%	+6.90%

04-30	Transcript : Nihon M&A Center Holdings Inc., Q4 2024 Earnings Call, Apr 30, 2024
04-30	Nihon M&A Center Holdings Inc. Provides Consolidated Earnings Guidance for the Period Ending September 2024 and Full Year Ending March 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	487,384	481,851	989,282	570,863	325,635	263,689	-	-
Enterprise Value (EV) ¹	474,689	460,372	946,918	523,560	280,060	275,600	228,537	224,579
P/E ratio	55 x	46.7 x	46.1 x	49.9 x	33.1 x	29.9 x	23 x	19.7 x
Yield	0.76%	0.88%	0.94%	1.04%	2.34%	2.33%	3.51%	3.38%
Capitalization / Revenue	17.1 x	15.1 x	28.4 x	14.1 x	7.88 x	7.09 x	5.43 x	4.83 x
EV / Revenue	16.7 x	14.4 x	27.2 x	13 x	6.78 x	6.24 x	4.7 x	4.11 x
EV / EBITDA	37.5 x	32.1 x	57.3 x	31.5 x	18 x	17 x	13.4 x	11.4 x
EV / FCF	69.3 x	45.4 x	83.3 x	48.3 x	67.4 x	-35.9 x	21.2 x	16.9 x
FCF Yield	1.44%	2.2%	1.2%	2.07%	1.48%	-2.79%	4.72%	5.93%
Price to Book	18 x	13.4 x	11.1 x	11.3 x	5.98 x	7.13 x	5.62 x	5.13 x
Nbr of stocks (in thousands)	321,706	326,126	330,532	330,552	330,930	317,163	-	-
Reference price ²	1,515	1,478	2,993	1,727	984.0	831.4	831.4	831.4
Announcement Date	26/04/19	15/05/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,463	32,009	34,795	40,401	41,315	44,136	48,581	54,631
EBITDA ¹	12,657	14,354	16,527	16,595	15,526	16,242	17,048	19,674
EBIT ¹	12,533	14,247	15,336	16,430	15,298	16,066	17,304	20,197
Operating Margin	44.03%	44.51%	44.08%	40.67%	37.03%	36.4%	35.62%	36.97%
Earnings before Tax (EBT) ¹	12,515	14,681	15,616	16,661	15,472	16,519	17,775	21,051
Net income ¹	8,867	10,273	10,678	11,437	9,842	10,727	11,606	13,525
Net margin	31.15%	32.09%	30.69%	28.31%	23.82%	24.3%	23.89%	24.76%
EPS ²	27.56	31.65	64.92	34.60	29.76	33.04	36.08	42.18
Free Cash Flow ¹	6,853	10,148	11,371	10,830	4,154	-7,677	10,790	13,307
FCF margin	24.08%	31.7%	32.68%	26.81%	10.05%	-17.39%	22.21%	24.36%
FCF Conversion (EBITDA)	54.15%	70.7%	68.8%	65.26%	26.76%	75.24%	63.29%	67.64%
FCF Conversion (Net income)	77.29%	98.78%	106.49%	94.69%	42.21%	114.7%	92.96%	98.39%
Dividend per Share ²	11.50	13.00	28.00	18.00	23.00	23.00	29.17	28.13
Announcement Date	26/04/19	15/05/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2021 S2	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	17,696	18,781	17,349	12,021	23,420	10,639	6,128	9,068	11,031	20,099	9,777	11,439	8,246	10,925	19,171	11,976	12,989	9,870	12,360	12,160	13,810
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,186	9,775	6,633	5,946	11,548	3,741	889	3,616	4,382	7,998	3,117	4,183	1,716	4,388	6,104	5,130	4,832	2,700	4,800	4,800	4,600
Operating Margin	51.91%	52.05%	38.23%	49.46%	49.31%	35.16%	14.51%	39.88%	39.72%	39.79%	31.88%	36.57%	20.81%	40.16%	31.84%	42.84%	37.2%	27.36%	38.83%	39.47%	33.31%
Earnings before Tax (EBT) ¹	9,244	9,901	6,787	-	11,543	3,851	-	3,579	-	7,972	3,073	-	1,640	4,469	6,109	5,568	4,842	-	-	-	-
Net income ¹	6,337	6,763	-	-	7,821	2,506	-	2,270	-	5,067	2,030	-	925	2,778	3,703	3,603	3,421	-	-	-	-
Net margin	35.81%	36.01%	-	-	33.39%	23.55%	-	25.03%	-	25.21%	20.76%	-	11.22%	25.43%	19.32%	30.09%	26.34%	-	-	-	-
EPS ²	19.57	20.65	-	12.30	23.66	7.580	2.830	6.870	8.430	15.33	6.130	8.300	2.820	8.530	11.35	11.09	10.60	5.960	10.59	10.59	9.740
Dividend per Share	5.500	6.500	-	-	9.000	-	-	-	-	11.00	-	-	-	-	11.00	-	-	-	-	-	-
Announcement Date	30/10/19	30/10/20	30/04/21	29/10/21	29/10/21	14/02/22	28/04/22	29/07/22	28/10/22	28/10/22	27/01/23	28/04/23	28/07/23	27/10/23	27/10/23	30/01/24	30/04/24	-	-	-	-

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	12,695	21,479	42,364	47,303	45,575	37,440	35,152	39,110
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,853	10,148	11,371	10,830	4,154	-7,677	10,790	13,307
ROE (net income / shareholders' equity)	36.1%	32.6%	26.6%	24%	18.7%	21.8%	25.4%	27.5%
ROA (Net income/ Total Assets)	37.2%	36.2%	33.1%	20.2%	15.8%	17.2%	19.6%	22.4%
Assets ¹	23,834	28,381	32,232	56,512	62,336	62,198	59,186	60,509
Book Value Per Share ²	84.40	110.0	269.0	154.0	164.0	138.0	148.0	162.0
Cash Flow per Share ²	28.00	32.00	65.60	35.00	30.40	33.50	34.20	41.30
Capex ¹	60	166	87.8	255	319	131	120	158
Capex / Sales	0.21%	0.52%	0.25%	0.63%	0.77%	0.3%	0.25%	0.29%
Announcement Date	26/04/19	15/05/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

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 Nihon M&A Center Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

831.4 JPY

Average target price

912.5 JPY

Spread / Average Target

+9.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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