Financials Hokuetsu Corporation

Equities

3865

JP3841800000

Paper Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 EDT			5-day change	1st Jan Change
1,340 ^JPY	-0.07%		+3.88%	-5.43%

05-10	Hokuetsu Corporation(TSE:3865) added to S&P Japan 500	CI
05-08	Oasis Provides Information to the Shareholders of Hokuetsu Corporation	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	122,299	68,034	86,980	116,797	149,069	225,314	-	-
Enterprise Value (EV) ¹	219,171	151,737	172,572	184,045	236,136	225,314	225,314	225,314
P/E ratio	13.4 x	9.3 x	6.14 x	5.51 x	17.9 x	15.7 x	14.5 x	14.1 x
Yield	1.85%	2.97%	2.7%	3.45%	2.03%	1.34%	1.49%	1.64%
Capitalization / Revenue	0.44 x	0.26 x	0.39 x	0.45 x	0.49 x	0.75 x	0.74 x	0.74 x
EV / Revenue	0.44 x	0.26 x	0.39 x	0.45 x	0.49 x	0.75 x	0.74 x	0.74 x
EV / EBITDA	4.29 x	2.29 x	5.33 x	3.47 x	5.12 x	8.34 x	8.05 x	7.85 x
EV / FCF	22.1 x	2.86 x	9.04 x	6.3 x	-13.5 x	22.8 x	16.1 x	15.5 x
FCF Yield	4.53%	34.9%	11.1%	15.9%	-7.38%	4.39%	6.21%	6.44%
Price to Book	0.64 x	0.38 x	0.45 x	0.54 x	0.66 x	0.95 x	0.91 x	0.87 x
Nbr of stocks (in thousands)	189,024	168,401	167,916	168,053	168,060	168,145	-	-
Reference price ²	647.0	404.0	518.0	695.0	887.0	1,340	1,340	1,340
Announcement Date	19-05-17	20-05-15	21-05-14	22-05-13	23-05-12	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	275,807	264,618	222,454	261,616	301,204	302,200	303,800	304,500
EBITDA ¹	28,520	29,658	16,307	33,668	29,142	27,000	28,000	28,700
EBIT ¹	10,130	11,208	1,701	20,455	17,288	14,500	15,500	16,200
Operating Margin	3.67%	4.24%	0.76%	7.82%	5.74%	4.8%	5.1%	5.32%
Earnings before Tax (EBT) ¹	12,703	12,711	13,331	27,358	13,757	18,700	20,200	20,900
Net income ¹	9,155	8,072	14,172	21,206	8,325	14,300	15,500	16,000
Net margin	3.32%	3.05%	6.37%	8.11%	2.76%	4.73%	5.1%	5.25%
EPS ²	48.44	43.45	84.40	126.2	49.54	85.10	92.20	95.20
Free Cash Flow ¹	5,537	23,775	9,625	18,538	-11,007	9,900	14,000	14,500
FCF margin	2.01%	8.98%	4.33%	7.09%	-3.65%	3.28%	4.61%	4.76%
FCF Conversion (EBITDA)	19.41%	80.16%	59.02%	55.06%	-	36.67%	50%	50.52%
FCF Conversion (Net income)	60.48%	294.54%	67.92%	87.42%	-	69.23%	90.32%	90.62%
Dividend per Share ²	12.00	12.00	14.00	24.00	18.00	18.00	20.00	22.00
Announcement Date	19-05-17	20-05-15	21-05-14	22-05-13	23-05-12	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	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
Net sales ¹	136,714	127,904	103,304	64,104	126,390	67,594	67,632	135,226	65,843	70,344	136,187	79,515	85,502	75,273	74,901	150,174	75,150	75,900
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,301	3,907	-3,253	6,086	10,801	5,672	3,982	9,654	3,658	339	3,997	5,607	7,684	7,168	4,926	12,094	-1,206	1,900
Operating Margin	5.34%	3.05%	-3.15%	9.49%	8.55%	8.39%	5.89%	7.14%	5.56%	0.48%	2.93%	7.05%	8.99%	9.52%	6.58%	8.05%	-1.6%	2.5%
Earnings before Tax (EBT)	8,508	-	-1,906	-	21,035	8,061	-	-	5,759	-	4,335	4,274	-	8,488	-	12,892	-1,490	-
Net income	6,544	1,528	1,859	8,620	16,119	6,461	-1,374	5,087	3,690	-	1,959	1,964	-	6,323	-	9,403	-2,116	-
Net margin	4.79%	1.19%	1.8%	13.45%	12.75%	9.56%	-2.03%	3.76%	5.6%	-	1.44%	2.47%	-	8.4%	-	6.26%	-2.82%	-
EPS	34.62	8.830	11.07	51.31	95.96	38.44	-8.180	30.26	21.96	-	11.66	11.69	-	37.62	-	55.94	-12.59	-
Dividend per Share	6.000	-	7.000	-	7.000	-	-	-	-	-	9.000	-	-	-	-	9.000	-	-
Announcement Date	19-11-13	20-05-15	20-11-13	21-11-12	21-11-12	22-02-10	22-05-13	22-05-13	22-08-12	22-11-11	22-11-11	23-02-14	23-05-12	23-08-10	23-11-10	23-11-10	24-02-13	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	96,872	83,703	85,592	67,248	87,067	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.397 x	2.822 x	5.249 x	1.997 x	2.988 x	-	-	-
Free Cash Flow ¹	5,537	23,775	9,625	18,538	-11,007	9,900	14,000	14,500
ROE (net income / shareholders' equity)	4.8%	4.3%	7.6%	10.3%	3.8%	6.2%	6.4%	6.3%
ROA (Net income/ Total Assets)	3.54%	4.39%	2.76%	7.98%	3%	-	-	-
Assets ¹	258,621	183,805	514,095	265,859	277,742	-	-	-
Book Value Per Share ²	1,016	1,073	1,159	1,287	1,340	1,404	1,476	1,547
Cash Flow per Share	146.0	143.0	171.0	205.0	120.0	-	-	-
Capex ¹	16,089	16,230	14,135	13,461	12,531	16,000	14,000	14,000
Capex / Sales	5.83%	6.13%	6.35%	5.15%	4.16%	5.29%	4.61%	4.6%
Announcement Date	19-05-17	20-05-15	21-05-14	22-05-13	23-05-12	-	-	-

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 Hokuetsu Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,340 JPY

Average target price

810 JPY

Spread / Average Target

-39.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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