Financials Nissui Corporation

Equities

1332

JP3718800000

Food Processing

Market Closed - Japan Exchange Other stock markets 07:00:00 27/06/2024 BST			5-day change	1st Jan Change
861.9 ^JPY	-0.29%		+2.80%	+13.54%

05-14	Nissui Corporation Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2025	CI
05-14	Nissui Corporation Provides Dividend Guidance for the Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	262,921	148,726	165,526	170,558	169,000	267,904	-	-
Enterprise Value (EV) ¹	447,209	345,982	338,751	338,799	340,706	488,174	466,454	461,304
P/E ratio	17.1 x	10.1 x	11.5 x	9.87 x	7.96 x	12.5 x	10.9 x	10 x
Yield	0.95%	1.78%	1.79%	2.55%	3.31%	2.5%	2.93%	3.14%
Capitalization / Revenue	0.37 x	0.22 x	0.25 x	0.25 x	0.22 x	0.36 x	0.31 x	0.31 x
EV / Revenue	0.63 x	0.5 x	0.52 x	0.49 x	0.44 x	0.59 x	0.55 x	0.53 x
EV / EBITDA	11.1 x	8.13 x	8.93 x	7.2 x	7.55 x	9.3 x	8.21 x	7.67 x
EV / FCF	56.7 x	-40.4 x	12.1 x	28.6 x	-17.8 x	29.1 x	62.6 x	37.1 x
FCF Yield	1.76%	-2.48%	8.23%	3.5%	-5.63%	3.43%	1.6%	2.7%
Price to Book	1.8 x	0.97 x	0.98 x	0.9 x	0.78 x	1.2 x	1 x	0.96 x
Nbr of stocks (in thousands)	311,149	311,143	311,139	311,238	311,235	310,830	-	-
Reference price ²	845.0	478.0	532.0	548.0	543.0	864.4	864.4	864.4
Announcement Date	14/05/19	20/05/20	13/05/21	12/05/22	12/05/23	14/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	712,111	690,016	656,491	693,682	768,181	831,375	852,800	876,167
EBITDA ¹	40,216	42,547	37,950	47,042	45,100	52,497	56,816	60,151
EBIT ¹	21,685	22,834	18,079	27,076	24,488	29,663	33,233	36,000
Operating Margin	3.05%	3.31%	2.75%	3.9%	3.19%	3.57%	3.9%	4.11%
Earnings before Tax (EBT) ¹	24,605	22,662	22,561	27,154	29,293	34,850	35,750	38,600
Net income ¹	15,379	14,768	14,452	17,275	21,233	23,850	24,733	26,800
Net margin	2.16%	2.14%	2.2%	2.49%	2.76%	2.87%	2.9%	3.06%
EPS ²	49.41	47.47	46.45	55.51	68.22	76.67	79.50	86.13
Free Cash Flow ¹	7,890	-8,566	27,887	11,858	-19,175	16,764	7,450	12,450
FCF margin	1.11%	-1.24%	4.25%	1.71%	-2.5%	2.02%	0.87%	1.42%
FCF Conversion (EBITDA)	19.62%	-	73.48%	25.21%	-	31.93%	13.11%	20.7%
FCF Conversion (Net income)	51.3%	-	192.96%	68.64%	-	70.29%	30.12%	46.46%
Dividend per Share ²	8.000	8.500	9.500	14.00	18.00	24.00	25.33	27.17
Announcement Date	14/05/19	20/05/20	13/05/21	12/05/22	12/05/23	14/05/24	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	345,402	344,614	320,819	335,672	174,204	339,611	185,668	168,403	184,255	192,952	377,207	201,130	189,844	-	199,800	207,290	407,134	218,347	205,894
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,077	-	6,968	11,111	6,817	13,866	10,786	2,424	6,676	6,656	13,332	10,033	1,123	11,156	9,700	6,555	16,275	10,080	3,308
Operating Margin	3.21%	-	2.17%	3.31%	3.91%	4.08%	5.81%	1.44%	3.62%	3.45%	3.53%	4.99%	0.59%	-	4.85%	3.16%	4%	4.62%	1.61%
Earnings before Tax (EBT)	11,900	-	8,023	-	-	16,407	8,308	-	7,595	-	17,002	9,161	-	-	8,941	-	17,454	11,792	-
Net income ¹	7,829	-	5,034	9,418	6,221	11,407	5,194	674	4,233	7,514	11,747	6,842	2,644	-	5,981	-	11,685	8,608	3,557
Net margin	2.27%	-	1.57%	2.81%	3.57%	3.36%	2.8%	0.4%	2.3%	3.89%	3.11%	3.4%	1.39%	-	2.99%	-	2.87%	3.94%	1.73%
EPS ²	25.16	-	16.18	-	19.99	36.66	16.69	-	13.60	24.15	37.75	21.98	8.490	-	19.22	-	37.55	27.67	11.45
Dividend per Share	4.000	4.500	4.000	5.500	-	6.000	-	-	-	-	8.000	-	-	-	-	-	10.00	-	-
Announcement Date	05/11/19	20/05/20	05/11/20	13/05/21	05/11/21	05/11/21	04/02/22	12/05/22	04/08/22	02/11/22	02/11/22	03/02/23	12/05/23	12/05/23	04/08/23	06/11/23	06/11/23	06/02/24	14/05/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	184,288	197,256	173,225	168,241	171,706	189,745	198,550	193,400
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.582 x	4.636 x	4.565 x	3.576 x	3.807 x	3.614 x	3.495 x	3.215 x
Free Cash Flow ¹	7,890	-8,566	27,887	11,858	-19,175	16,764	7,450	12,450
ROE (net income / shareholders' equity)	10.8%	9.9%	9%	9.6%	10.4%	10.2%	9.87%	10.1%
ROA (Net income/ Total Assets)	5.27%	5.32%	4.71%	6.6%	5.27%	5.53%	6.1%	6.4%
Assets ¹	291,877	277,382	307,128	261,790	403,143	431,064	405,464	418,750
Book Value Per Share ²	470.0	492.0	545.0	610.0	697.0	802.0	868.0	896.0
Cash Flow per Share	108.0	110.0	110.0	119.0	134.0	148.0	-	-
Capex ¹	26,530	27,352	22,613	19,352	24,585	28,582	38,000	35,000
Capex / Sales	3.73%	3.96%	3.44%	2.79%	3.2%	3.44%	4.46%	3.99%
Announcement Date	14/05/19	20/05/20	13/05/21	12/05/22	12/05/23	14/05/24	-	-

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 Nissui Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

864.4 JPY

Average target price

1,080 JPY

Spread / Average Target

+24.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Seafood Product Preparation & Packaging

	1st Jan change	Capi.
NISSUI CORPORATION	+13.54%	1.67B
MOWI ASA	-1.92%	8.71B
SALMAR ASA	-1.00%	7.2B
LEROY SEAFOOD	+3.73%	2.42B
THAI UNION GROUP	+2.00%	1.77B
AUSTEVOLL SEAFOOD ASA	+11.26%	1.58B
ÍSFÉLAG HF.	-2.38%	917M
DONGWON INDUSTRIES CO., LTD.	+4.95%	904M
VINH HOAN CORPORATION	+16.29%	635M
ZHANJIANG GUOLIAN AQUATIC PRODUCTS CO., LTD.	-44.04%	408M

Seafood Product Preparation & Packaging