Financials ULS Group, Inc.

Equities

3798

JP3159910003

IT Services & Consulting

Market Closed - Japan Exchange Other stock markets 07:00:00 28/06/2024 BST			5-day change	1st Jan Change
5,010 ^JPY	+2.87%		+14.12%	+15.84%

05-07	UL Solutions Offers 'Durable' Growth, BofA Securities Says in Initiating Buy Coverage	MT
04-18	Ul Solutions Insider Bought Shares Worth $2,499,980, According to a Recent SEC Filing	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,935	14,108	17,772	24,862	18,155	27,561	-	-
Enterprise Value (EV) ¹	7,064	9,691	12,612	19,389	12,552	29,127	20,909	19,971
P/E ratio	15.7 x	19.1 x	19.9 x	24.9 x	14.7 x	20.4 x	17.4 x	14 x
Yield	1.31%	1.06%	1.01%	0.81%	1.36%	1.07%	1.14%	1.44%
Capitalization / Revenue	1.88 x	2.21 x	2.47 x	3.37 x	2.13 x	2.23 x	2.15 x	1.78 x
EV / Revenue	1.21 x	1.52 x	1.75 x	2.63 x	1.47 x	2.81 x	1.63 x	1.29 x
EV / EBITDA	-	-	8.61 x	11.7 x	6.98 x	15.8 x	8.36 x	6.48 x
EV / FCF	8.33 x	11.1 x	12.3 x	37.7 x	-	42.1 x	19.4 x	15.5 x
FCF Yield	12%	9.03%	8.16%	2.65%	-	2.38%	5.15%	6.45%
Price to Book	2.14 x	2.51 x	2.88 x	3.54 x	2.42 x	2.75 x	2.85 x	2.45 x
Nbr of stocks (in thousands)	5,740	5,740	5,598	5,599	5,493	5,501	-	-
Reference price ²	1,905	2,458	3,175	4,440	3,305	5,010	5,010	5,010
Announcement Date	10/05/19	08/05/20	14/05/21	13/05/22	12/05/23	10/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,830	6,387	7,191	7,367	8,515	10,382	12,831	15,468
EBITDA ¹	-	-	1,464	1,660	1,798	1,846	2,502	3,084
EBIT ¹	1,156	1,331	1,416	1,606	1,727	1,757	2,414	2,989
Operating Margin	19.83%	20.84%	19.69%	21.8%	20.28%	16.92%	18.81%	19.32%
Earnings before Tax (EBT) ¹	1,162	1,232	1,419	1,607	1,924	1,758	2,414	2,989
Net income ¹	697	738	891	998	1,233	1,131	1,588	1,966
Net margin	11.96%	11.55%	12.39%	13.55%	14.48%	10.89%	12.38%	12.71%
EPS ²	121.6	128.7	159.4	178.3	224.6	205.8	288.8	357.4
Free Cash Flow ¹	847.5	875.5	1,029	514.4	-	692	1,078	1,288
FCF margin	14.54%	13.71%	14.31%	6.98%	-	6.67%	8.4%	8.33%
FCF Conversion (EBITDA)	-	-	70.28%	31%	-	37.49%	43.06%	41.77%
FCF Conversion (Net income)	121.6%	118.63%	115.49%	51.54%	-	61.18%	67.83%	65.51%
Dividend per Share ²	25.00	26.00	32.00	36.00	45.00	45.00	57.00	72.00
Announcement Date	10/05/19	08/05/20	14/05/21	13/05/22	12/05/23	10/05/24	-	-

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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4
Net sales ¹	2,826	3,561	3,200	3,991	1,838	3,492	1,941	1,934	1,831	2,175	4,006	2,191	2,318	2,378	2,458	4,836	2,670	2,876	2,900	3,000	5,900	3,300	3,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	627	704	717	699	359	847	561	198	436	541	977	615	135	563	282	845	641	271	685	440	1,140	890	470
Operating Margin	22.19%	19.77%	22.41%	17.51%	19.53%	24.26%	28.9%	10.24%	23.81%	24.87%	24.39%	28.07%	5.82%	23.68%	11.47%	17.47%	24.01%	9.42%	23.62%	14.67%	19.32%	26.97%	13.43%
Earnings before Tax (EBT) ¹	630	-	717	-	359	848	561	198	633	-	1,172	616	-	563	282	845	643	270	700	440	1,140	890	470
Net income ¹	412	326	479	412	214	546	371	81	434	329	763	400	70	367	163	530	416	185	469	294	763	596	309
Net margin	14.58%	9.15%	14.97%	10.32%	11.64%	15.64%	19.11%	4.19%	23.7%	15.13%	19.05%	18.26%	3.02%	15.43%	6.63%	10.96%	15.58%	6.43%	16.17%	9.8%	12.93%	18.06%	8.83%
EPS	71.88	-	85.62	-	-	97.63	66.31	-	77.94	-	138.4	73.19	-	66.93	-	96.59	75.64	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	08/11/19	08/05/20	06/11/20	14/05/21	05/11/21	05/11/21	10/02/22	13/05/22	10/08/22	11/11/22	11/11/22	10/02/23	12/05/23	10/08/23	10/11/23	10/11/23	09/02/24	10/05/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	6,022	-	-
Net Cash position ¹	3,871	4,417	5,160	5,473	5,603	6,041	6,652	7,590
Leverage (Debt/EBITDA)	-	-	-	-	-	3.262 x	-	-
Free Cash Flow ¹	848	875	1,029	514	-	692	1,078	1,288
ROE (net income / shareholders' equity)	14.5%	13.8%	15.2%	15.1%	17%	14.2%	17.6%	18.8%
ROA (Net income/ Total Assets)	18.9%	19.6%	18.9%	19.2%	18.8%	17.1%	17.2%	18.8%
Assets ¹	3,684	3,766	4,721	5,209	6,550	6,618	9,262	10,485
Book Value Per Share ²	891.0	981.0	1,104	1,253	1,366	1,527	1,757	2,043
Cash Flow per Share	125.0	134.0	165.0	185.0	234.0	219.0	-	-
Capex ¹	35.1	8.2	57.5	54	150	64	90	104
Capex / Sales	0.6%	0.13%	0.8%	0.73%	1.77%	0.62%	0.7%	0.67%
Announcement Date	10/05/19	08/05/20	14/05/21	13/05/22	12/05/23	10/05/24	-	-

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 ULS Group, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5,010 JPY

Average target price

5,480 JPY

Spread / Average Target

+9.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Technology Consulting & Outsourcing Services

	1st Jan change	Capi.
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OTSUKA CORPORATION	+6.35%	7.29B
POSCO DX COMPANY LTD.	-48.32%	4.23B
NS SOLUTIONS CORPORATION	+19.04%	3.1B
NEC NETWORKS & SYSTEM INTEGRATION CORPORATION	+2.69%	2.26B
DHC SOFTWARE CO.,LTD.	-26.74%	1.99B
CHINA TRANSINFO TECHNOLOGY CO., LTD	-19.09%	1.96B

Technology Consulting & Outsourcing Services