Financials Hokuriku Electric Power Company

Equities

9505

JP3845400005

Electric Utilities

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-30 EDT			5-day change	1st Jan Change
926.7 ^JPY	+3.46%		-3.00%	+26.32%

03-15	Japanese firms join forces to promote floating offshore wind power development	RE
01-10	Japan's Tohoku Electric to delay nuclear reactor restart on construction works	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	181,225	158,046	158,041	110,854	123,789	193,444	-	-
Enterprise Value (EV) ¹	901,293	967,846	998,981	1,041,062	1,241,182	167,768	1,271,925	1,289,315
P/E ratio	71.9 x	11.8 x	23.1 x	-16.3 x	-1.4 x	2.95 x	9.39 x	8.88 x
Yield	-	1.32%	1.98%	1.88%	-	0.93%	1.62%	1.89%
Capitalization / Revenue	0.29 x	0.25 x	0.25 x	0.18 x	0.15 x	0.21 x	0.25 x	0.24 x
EV / Revenue	1.45 x	1.54 x	1.56 x	1.7 x	1.52 x	0.21 x	1.63 x	1.63 x
EV / EBITDA	10.6 x	11.9 x	13.8 x	26.7 x	-80.7 x	9.21 x	13.3 x	13.4 x
EV / FCF	-18.4 x	36.8 x	-36.1 x	-19.9 x	-6.89 x	38 x	117 x	-34.6 x
FCF Yield	-5.43%	2.72%	-2.77%	-5.04%	-14.5%	2.63%	0.86%	-2.89%
Price to Book	0.58 x	0.49 x	0.47 x	0.34 x	0.53 x	0.54 x	0.67 x	0.62 x
Nbr of stocks (in thousands)	208,785	208,779	208,773	208,765	208,750	208,744	-	-
Reference price ²	868.0	757.0	757.0	531.0	593.0	926.7	926.7	926.7
Announcement Date	19-04-25	20-04-30	21-04-28	22-04-27	23-04-27	24-04-30	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	622,930	628,039	639,445	613,756	817,601	808,238	780,050	789,825
EBITDA ¹	84,809	81,203	72,174	38,959	-15,388	135,750	95,850	96,250
EBIT ¹	12,824	29,461	17,828	-16,390	-73,791	114,911	35,950	37,575
Operating Margin	2.06%	4.69%	2.79%	-2.67%	-9.03%	14.22%	4.61%	4.76%
Earnings before Tax (EBT) ¹	6,656	22,100	12,531	-1,227	-93,737	63,061	35,150	38,350
Net income ¹	2,520	13,433	6,834	-6,805	-88,446	56,811	20,600	21,775
Net margin	0.4%	2.14%	1.07%	-1.11%	-10.82%	7.03%	2.64%	2.76%
EPS ²	12.07	64.34	32.73	-32.60	-423.7	272.2	98.68	104.3
Free Cash Flow ¹	-48,970	26,334	-27,650	-52,418	-180,170	32,900	10,900	-37,300
FCF margin	-7.86%	4.19%	-4.32%	-8.54%	-22.04%	4.07%	1.4%	-4.72%
FCF Conversion (EBITDA)	-	32.43%	-	-	-	24.24%	11.37%	-
FCF Conversion (Net income)	-	196.04%	-	-	-	77.59%	52.91%	-
Dividend per Share ²	-	10.00	15.00	10.00	-	7.500	15.00	17.50
Announcement Date	19-04-25	20-04-30	21-04-28	22-04-27	23-04-27	24-04-30	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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	310,495	307,494	149,315	271,636	149,166	192,954	163,560	211,372	374,932	205,252	237,417	192,987	214,934	407,921	185,783	214,534	178,900	207,600	179,900	205,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	19,489	28,151	5,038	11,492	-15,421	-12,461	-12,213	-24,969	-37,182	-30,068	-6,541	41,859	33,153	75,012	15,497	24,402	23,900	19,200	-300	1,800
Operating Margin	6.28%	9.15%	3.37%	4.23%	-10.34%	-6.46%	-7.47%	-11.81%	-9.92%	-14.65%	-2.76%	21.69%	15.42%	18.39%	8.34%	11.37%	13.36%	9.25%	-0.17%	0.87%
Earnings before Tax (EBT)	16,478	25,121	3,834	9,177	-15,348	4,944	-12,395	-25,305	-37,700	-37,270	-18,767	40,994	29,301	70,295	15,277	-	-	-	-	-
Net income ¹	10,742	17,218	1,725	5,608	-11,686	-727	-9,286	-28,883	-38,169	-37,585	-12,692	30,413	20,775	51,188	9,161	-3,538	16,100	10,500	-	1,600
Net margin	3.46%	5.6%	1.16%	2.06%	-7.83%	-0.38%	-5.68%	-13.66%	-10.18%	-18.31%	-5.35%	15.76%	9.67%	12.55%	4.93%	-1.65%	9%	5.06%	-	0.78%
EPS ²	51.45	82.48	8.260	26.86	-55.98	-3.480	-44.49	-138.4	-182.8	-180.0	-60.80	145.7	99.52	245.2	43.88	-16.94	77.10	50.30	0.1000	7.600
Dividend per Share	-	5.000	-	7.500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	19-10-31	20-10-29	21-10-28	21-10-28	22-01-31	22-04-27	22-07-29	22-10-27	22-10-27	23-01-30	23-04-27	23-07-28	23-10-31	23-10-31	24-01-31	24-04-30	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	720,068	809,800	840,940	930,208	1,117,393	1,057,194	1,078,481	1,095,872
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.49 x	9.973 x	11.65 x	23.88 x	-72.61 x	7.788 x	11.25 x	11.39 x
Free Cash Flow ¹	-48,970	26,334	-27,650	-52,418	-180,170	32,900	10,900	-37,300
ROE (net income / shareholders' equity)	0.8%	4.2%	2.1%	-2.1%	-31.7%	21%	7.17%	7.27%
ROA (Net income/ Total Assets)	0.42%	1.47%	0.77%	-1.08%	-5.42%	5.9%	1.1%	1.3%
Assets ¹	598,561	915,167	881,920	628,173	1,633,285	963,444	1,872,727	1,675,000
Book Value Per Share ²	1,501	1,542	1,622	1,556	1,119	1,475	1,392	1,485
Cash Flow per Share	357.0	312.0	293.0	231.0	-144.0	559.0	-	-
Capex ¹	102,988	79,933	84,289	90,622	83,125	94,000	87,400	109,900
Capex / Sales	16.53%	12.73%	13.18%	14.77%	10.17%	11.63%	11.2%	13.91%
Announcement Date	19-04-25	20-04-30	21-04-28	22-04-27	23-04-27	24-04-30	-	-

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 Hokuriku Electric Power Company

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

926.7 JPY

Average target price

734.1 JPY

Spread / Average Target

-20.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
HOKURIKU ELECTRIC POWER COMPANY	+26.32%	1.19B
NEXTERA ENERGY	+10.81%	139B
SOUTHERN COMPANY	+5.76%	81.36B
IBERDROLA, S.A.	-3.03%	78.57B
DUKE ENERGY CORPORATION	+1.36%	76.17B
ENEL S.P.A.	-8.16%	67.47B
CONSTELLATION ENERGY CORPORATION	+60.27%	59.43B
AMERICAN ELECTRIC POWER COMPANY, INC.	+7.11%	45.64B
GE VERNOVA INC.	0.00%	43.26B
DOMINION ENERGY, INC.	+8.86%	42.83B

Other Electric Utilities