Financials House Foods Group Inc.

Equities

2810

JP3765400001

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-28 EDT			5-day change	1st Jan Change
2,846 ^JPY	-1.15%		-0.84%	-8.64%

06-17	House Foods Group Completes Acquisition of Shares Via Tender Offer	MT
06-14	Tranche Update on House Foods Group Inc.'s Equity Buyback Plan announced on May 16, 2024.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	457,241	355,141	366,724	288,187	274,084	269,310	-	-
Enterprise Value (EV) ¹	395,222	283,230	283,711	213,039	213,984	228,957	193,310	196,910
P/E ratio	33.1 x	31 x	42 x	20.7 x	20.1 x	17.1 x	19.9 x	17.9 x
Yield	0.99%	1.3%	1.26%	1.59%	1.64%	1.52%	1.76%	1.82%
Capitalization / Revenue	1.54 x	1.21 x	1.29 x	1.14 x	1 x	1.01 x	0.85 x	0.8 x
EV / Revenue	1.33 x	0.96 x	1 x	0.84 x	0.78 x	0.76 x	0.61 x	0.58 x
EV / EBITDA	13.1 x	8.77 x	9.3 x	7.05 x	7.49 x	6.92 x	5.2 x	5.07 x
EV / FCF	42.9 x	44.3 x	24.5 x	37.1 x	-108 x	21.9 x	-	19.6 x
FCF Yield	2.33%	2.26%	4.09%	2.7%	-0.93%	4.56%	-	5.09%
Price to Book	1.81 x	1.43 x	1.42 x	1.07 x	1.01 x	1.03 x	0.93 x	0.9 x
Nbr of stocks (in thousands)	102,751	100,749	100,748	99,581	97,539	94,628	-	-
Reference price ²	4,450	3,525	3,640	2,894	2,810	2,846	2,846	2,846
Announcement Date	19-05-13	20-05-12	21-05-11	22-05-11	23-05-10	24-05-09	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	296,695	293,682	283,754	253,386	275,060	299,600	316,950	338,387
EBITDA ¹	30,241	32,284	30,502	30,213	28,563	33,093	37,200	38,829
EBIT ¹	17,559	19,005	19,397	19,227	16,631	19,470	21,567	23,362
Operating Margin	5.92%	6.47%	6.84%	7.59%	6.05%	6.5%	6.8%	6.9%
Earnings before Tax (EBT) ¹	22,297	20,682	12,049	23,369	21,273	27,276	23,452	25,544
Net income ¹	13,767	11,458	8,733	13,956	13,703	17,580	13,950	15,326
Net margin	4.64%	3.9%	3.08%	5.51%	4.98%	5.87%	4.4%	4.53%
EPS ²	134.3	113.7	86.68	139.8	140.0	180.5	143.0	158.8
Free Cash Flow ¹	9,209	6,393	11,602	5,742	-1,984	10,450	-	10,021
FCF margin	3.1%	2.18%	4.09%	2.27%	-0.72%	3.49%	-	2.96%
FCF Conversion (EBITDA)	30.45%	19.8%	38.04%	19.01%	-	31.58%	-	25.81%
FCF Conversion (Net income)	66.89%	55.8%	132.85%	41.14%	-	59.44%	-	65.39%
Dividend per Share ²	44.00	46.00	46.00	46.00	46.00	47.00	50.00	51.67
Announcement Date	19-05-13	20-05-12	21-05-11	22-05-11	23-05-10	24-05-09	-	-

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	144,634	140,090	62,491	124,127	67,794	61,465	66,324	67,507	133,831	71,988	69,241	70,453	72,371	142,824	82,873	73,903	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,113	9,877	3,341	9,032	7,855	2,340	4,970	2,662	7,632	6,692	2,307	4,914	3,153	8,067	8,603	2,800	-	-	-	-
Operating Margin	6.3%	7.05%	5.35%	7.28%	11.59%	3.81%	7.49%	3.94%	5.7%	9.3%	3.33%	6.97%	4.36%	5.65%	10.38%	3.79%	-	-	-	-
Earnings before Tax (EBT)	9,353	-462	-	12,219	9,245	-	6,265	-	9,441	9,139	-	12,241	-	17,066	8,787	-	-	-	-	-
Net income ¹	5,207	971	-	7,211	6,149	596	3,597	1,896	5,493	6,113	2,097	7,978	2,847	10,825	5,537	1,218	-	-	-	-
Net margin	3.6%	0.69%	-	5.81%	9.07%	0.97%	5.42%	2.81%	4.1%	8.49%	3.03%	11.32%	3.93%	7.58%	6.68%	1.65%	-	-	-	-
EPS ²	51.68	9.630	-	72.00	61.65	6.100	36.43	19.45	55.88	62.51	21.56	81.79	29.19	111.0	57.00	12.55	-	-	-	-
Dividend per Share ²	23.00	23.00	-	23.00	-	-	-	-	23.00	-	-	-	23.00	23.00	-	24.00	-	24.00	-	24.00
Announcement Date	19-11-01	20-10-30	21-11-05	21-11-05	22-02-03	22-05-11	22-08-01	22-11-08	22-11-08	23-02-03	23-05-10	23-08-02	23-11-07	23-11-07	24-02-05	24-05-09	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	62,019	71,911	83,013	75,148	60,100	73,047	76,000	72,400
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,209	6,393	11,602	5,742	-1,984	10,450	-	10,021
ROE (net income / shareholders' equity)	5.5%	4.6%	3.4%	5.3%	5.1%	6.2%	4.95%	5.44%
ROA (Net income/ Total Assets)	5.09%	5.63%	5.38%	5.62%	4.69%	5.09%	5.5%	5.8%
Assets ¹	270,665	203,359	162,222	248,127	292,315	345,319	253,636	264,236
Book Value Per Share ²	2,454	2,469	2,562	2,701	2,792	3,016	3,077	3,168
Cash Flow per Share ²	225.0	212.0	186.0	249.0	258.0	311.0	286.0	307.0
Capex ¹	11,704	17,825	11,579	12,888	15,586	15,121	17,000	15,000
Capex / Sales	3.94%	6.07%	4.08%	5.09%	5.67%	5.05%	5.36%	4.43%
Announcement Date	19-05-13	20-05-12	21-05-11	22-05-11	23-05-10	24-05-09	-	-

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 House Foods Group Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,846 JPY

Average target price

3,453 JPY

Spread / Average Target

+21.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Food Ingredients

	1st Jan change	Capi.
HOUSE FOODS GROUP INC.	-8.64%	1.7B
FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD.	-9.17%	26.65B
KIKKOMAN CORPORATION	+7.92%	11.1B
LANCASTER COLONY CORPORATION	+13.57%	5.17B
MEIHUA HOLDINGS GROUP CO.,LTD	+4.92%	3.96B
ANGEL YEAST CO., LTD	-20.61%	3.29B
TATE & LYLE PLC	-9.26%	3.06B
KEWPIE CORPORATION	+28.76%	2.77B
JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO.,LTD	-19.25%	2.43B
QIANHE CONDIMENT AND FOOD CO., LTD.	-17.75%	1.93B

Food Ingredients