Financials DCM Holdings Co., Ltd.

Equities

3050

JP3548660004

Home Improvement Products & Services Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 EDT			5-day change	1st Jan Change
1,450 ^JPY	+1.33%		+4.17%	+12.14%

04-10	DCM Shriram's Fenesta Crosses INR10 Billion in Order Bookings in Fiscal 2024	MT
03-28	DCM Shriram Industries Board Declares Interim Dividend for Fiscal 2024; Shares Climb 3%	MT

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	145,554	130,514	161,612	165,113	156,701	194,019	-	-
Enterprise Value (EV) ¹	276,159	232,365	224,391	250,524	289,403	192,866	194,019	194,019
P/E ratio	12 x	9.52 x	8.27 x	8.84 x	9.17 x	9.04 x	10.1 x	9.37 x
Yield	2.49%	2.85%	3.04%	2.96%	3.49%	2.91%	3.45%	3.76%
Capitalization / Revenue	0.33 x	0.3 x	0.34 x	0.37 x	0.33 x	0.39 x	0.35 x	0.34 x
EV / Revenue	0.33 x	0.3 x	0.34 x	0.37 x	0.33 x	0.39 x	0.35 x	0.34 x
EV / EBITDA	4.37 x	3.99 x	3.82 x	3.82 x	3.67 x	4.69 x	3.72 x	3.58 x
EV / FCF	10,113,559 x	5,345,664 x	5,526,913 x	-	59,878,054 x	9,512,506 x	8,739,599 x	7,919,147 x
FCF Yield	0%	0%	0%	-	0%	0%	0%	0%
Price to Book	0.77 x	0.67 x	0.69 x	0.69 x	0.66 x	0.77 x	0.74 x	0.69 x
Nbr of stocks (in thousands)	134,275	132,771	153,478	148,083	136,618	133,806	-	-
Reference price ²	1,084	983.0	1,053	1,115	1,147	1,450	1,450	1,450
Announcement Date	19-04-12	20-04-10	21-04-09	22-04-12	23-04-11	24-04-12	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	445,758	437,371	471,192	444,750	476,821	488,613	559,750	565,750
EBITDA ¹	33,272	32,713	42,257	43,177	42,726	41,400	52,100	54,200
EBIT ¹	21,013	20,832	30,254	30,649	30,068	28,685	33,750	35,250
Operating Margin	4.71%	4.76%	6.42%	6.89%	6.31%	5.87%	6.03%	6.23%
Earnings before Tax (EBT) ¹	18,415	20,414	27,166	27,742	28,646	30,077	30,300	31,150
Net income ¹	12,246	13,783	18,594	18,809	18,135	21,446	19,200	20,700
Net margin	2.75%	3.15%	3.95%	4.23%	3.8%	4.39%	3.43%	3.66%
EPS ²	90.06	103.3	127.3	126.2	125.0	159.5	143.5	154.8
Free Cash Flow	14,392	24,415	29,241	-	2,617	20,275	22,200	24,500
FCF margin	3.23%	5.58%	6.21%	-	0.55%	4.15%	3.97%	4.33%
FCF Conversion (EBITDA)	43.26%	74.63%	69.2%	-	6.13%	-	42.61%	45.2%
FCF Conversion (Net income)	117.52%	177.14%	157.26%	-	14.43%	94.54%	115.62%	118.36%
Dividend per Share ²	27.00	28.00	32.00	33.00	40.00	42.00	50.00	54.50
Announcement Date	19-04-12	20-04-10	21-04-09	22-04-12	23-04-11	24-04-12	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	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	227,867	253,019	115,704	235,039	107,065	102,646	114,024	124,808	238,832	118,232	119,757	123,879	123,217	247,096	113,718	127,799	144,700	147,000	141,400	130,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,678	22,300	9,389	19,769	6,198	4,682	9,834	9,135	18,969	6,140	4,959	9,225	8,593	17,818	5,808	5,059	10,000	11,000	7,100	5,400
Operating Margin	5.56%	8.81%	8.11%	8.41%	5.79%	4.56%	8.62%	7.32%	7.94%	5.19%	4.14%	7.45%	6.97%	7.21%	5.11%	3.96%	6.91%	7.48%	5.02%	4.14%
Earnings before Tax (EBT)	12,279	21,980	-	19,396	5,991	-	10,019	-	18,877	5,629	-	8,950	-	16,988	12,926	-	-	-	-	-
Net income ¹	8,486	15,136	5,915	13,494	3,968	1,347	6,506	5,618	12,124	3,499	2,512	5,665	5,067	10,732	10,823	-109	6,300	6,800	4,400	1,600
Net margin	3.72%	5.98%	5.11%	5.74%	3.71%	1.31%	5.71%	4.5%	5.08%	2.96%	2.1%	4.57%	4.11%	4.34%	9.52%	-0.09%	4.35%	4.63%	3.11%	1.23%
EPS	63.48	108.4	-	90.15	26.79	-	44.06	-	82.64	24.27	-	41.41	-	79.38	80.65	-	-	-	-	-
Dividend per Share	14.00	16.00	-	16.00	-	-	-	-	20.00	-	-	-	-	20.00	-	-	-	-	-	-
Announcement Date	19-09-27	20-09-29	21-09-29	21-09-29	21-12-28	22-04-12	22-06-30	22-09-29	22-09-29	22-12-28	23-04-11	23-06-30	23-09-29	23-09-29	23-12-27	24-04-12	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	130,605	101,851	62,779	85,411	132,702	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.925 x	3.113 x	1.486 x	1.978 x	3.106 x	-	-	-
Free Cash Flow	14,392	24,415	29,241	-	2,617	20,275	22,200	24,500
ROE (net income / shareholders' equity)	6.6%	7.1%	8.6%	7.9%	7.5%	8.7%	7.4%	7.55%
ROA (Net income/ Total Assets)	4.86%	4.73%	4.02%	6.45%	6.12%	4.81%	5.1%	5.05%
Assets ¹	251,878	291,473	462,791	291,593	296,095	445,431	376,471	409,901
Book Value Per Share ²	1,410	1,467	1,532	1,624	1,738	1,878	1,971	2,104
Cash Flow per Share	180.0	192.0	208.0	210.0	212.0	259.0	-	-
Capex ¹	10,682	12,334	15,763	5,999	12,997	11,826	15,000	17,750
Capex / Sales	2.4%	2.82%	3.35%	1.35%	2.73%	2.42%	2.68%	3.14%
Announcement Date	19-04-12	20-04-10	21-04-09	22-04-12	23-04-11	24-04-12	-	-

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 DCM Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,450 JPY

Average target price

1,600 JPY

Spread / Average Target

+10.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Home Improvement Products & Services Retailers

	1st Jan change	Capi.
DCM HOLDINGS CO., LTD.	+12.14%	1.23B
THE HOME DEPOT, INC.	-2.81%	332B
LOWE'S COMPANIES, INC.	+3.77%	132B
KINGFISHER PLC	+2.30%	5.73B
HOME PRODUCT CENTER	-12.82%	3.62B
MR D.I.Y. GROUP (M)	+8.28%	3.05B
SIAM GLOBAL HOUSE	-3.26%	2.21B
HILLMAN SOLUTIONS CORP.	+6.73%	1.98B
HORNBACH BAUMARKT AG	+7.82%	1.73B
RED STAR MACALLINE GROUP CORPORATION LTD.	-26.85%	1.66B

Other Home Improvement Products & Services Retailers