Financials Nichiban Co., Ltd.

Equities

4218

JP3662400005

Business Support Supplies

Delayed Japan Exchange Other stock markets 00:34:45 2024-07-04 EDT			5-day change	1st Jan Change
1,896 ^JPY	+0.32%		-3.12%	+9.41%

2023	Tranche Update on Nichiban Co., Ltd.'s Equity Buyback Plan announced on December 8, 2023.	CI
2023	Nichiban Co., Ltd.'s Equity Buyback announced on December 8, 2023, has closed with 260,000 shares, representing 1.26% for ¥448.50 million.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	30,999	39,660	35,226	39,636	40,378	38,464	-	-
Enterprise Value (EV) ¹	21,608	28,726	24,035	28,641	29,735	38,464	38,464	38,464
P/E ratio	17.7 x	29.4 x	19.5 x	16.8 x	22.3 x	19.2 x	15.5 x	14.7 x
Yield	2.21%	1.57%	1.76%	1.82%	1.76%	1.85%	2.12%	2.38%
Capitalization / Revenue	0.7 x	0.96 x	0.82 x	0.87 x	0.86 x	0.78 x	0.75 x	0.74 x
EV / Revenue	0.7 x	0.96 x	0.82 x	0.87 x	0.86 x	0.78 x	0.75 x	0.74 x
EV / EBITDA	5.79 x	9.13 x	7.05 x	9.08 x	8.29 x	7.19 x	6.6 x	6.11 x
EV / FCF	7.17 x	13.9 x	21.3 x	108 x	-112 x	-25.6 x	35.8 x	17.2 x
FCF Yield	13.9%	7.21%	4.69%	0.93%	-0.89%	-3.9%	2.79%	5.81%
Price to Book	0.83 x	1.04 x	0.9 x	0.98 x	0.97 x	0.89 x	0.86 x	0.83 x
Nbr of stocks (in thousands)	20,721	20,721	20,721	20,612	20,352	20,352	-	-
Reference price ²	1,496	1,914	1,700	1,923	1,984	1,890	1,890	1,890
Announcement Date	5/15/20	5/14/21	5/13/22	5/12/23	5/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	44,063	41,528	43,134	45,560	46,859	49,000	51,500	52,250
EBITDA ¹	5,355	4,342	4,995	4,366	4,868	5,350	5,825	6,300
EBIT ¹	2,975	2,000	2,450	1,609	2,073	2,550	3,333	3,450
Operating Margin	6.75%	4.82%	5.68%	3.53%	4.42%	5.2%	6.47%	6.6%
Earnings before Tax (EBT) ¹	2,487	1,900	2,561	3,431	2,273	2,650	3,100	3,550
Net income ¹	1,751	1,350	1,809	2,371	1,827	2,000	2,483	2,625
Net margin	3.97%	3.25%	4.19%	5.2%	3.9%	4.08%	4.82%	5.02%
EPS ²	84.54	65.15	87.34	114.7	89.00	98.25	122.0	129.0
Free Cash Flow ¹	4,321	2,859	1,653	367	-359	-1,501	1,074	2,235
FCF margin	9.81%	6.88%	3.83%	0.81%	-0.77%	-3.06%	2.09%	4.28%
FCF Conversion (EBITDA)	80.69%	65.85%	33.09%	8.41%	-	-	18.44%	35.48%
FCF Conversion (Net income)	246.77%	211.78%	91.38%	15.48%	-	-	43.25%	85.14%
Dividend per Share ²	33.00	30.00	30.00	35.00	35.00	35.00	40.00	45.00
Announcement Date	5/15/20	5/14/21	5/13/22	5/12/23	5/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	21,778	19,678	20,543	11,590	11,001	22,591	10,442	11,089	21,531	12,551	11,478	24,029	10,916	22,458	13,046	11,355	24,401	11,400	12,100	23,500	13,400	12,100	25,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,345	877	1,222	873	355	1,228	201	303	504	940	165	1,105	346	529	1,182	362	1,544	450	450	900	1,170	430	1,600
Operating Margin	6.18%	4.46%	5.95%	7.53%	3.23%	5.44%	1.92%	2.73%	2.34%	7.49%	1.44%	4.6%	3.17%	2.36%	9.06%	3.19%	6.33%	3.95%	3.72%	3.83%	8.73%	3.55%	6.27%
Earnings before Tax (EBT) ¹	-	793	1,289	873	399	1,272	258	-	578	968	-	-	444	637	1,278	358	1,636	500	500	1,000	1,170	430	1,600
Net income ¹	779	522	884	635	290	925	143	228	371	706	1,294	2,000	281	432	959	436	1,395	300	300	600	1,000	350	1,350
Net margin	3.58%	2.65%	4.3%	5.48%	2.64%	4.09%	1.37%	2.06%	1.72%	5.63%	11.27%	8.32%	2.57%	1.92%	7.35%	3.84%	5.72%	2.63%	2.48%	2.55%	7.46%	2.89%	5.29%
EPS	-	25.23	42.67	30.64	-	-	6.900	-	17.93	34.12	-	-	13.65	20.98	46.63	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	5/15/20	11/9/20	11/8/21	2/8/22	5/13/22	5/13/22	8/8/22	11/8/22	11/8/22	2/8/23	5/12/23	5/12/23	8/8/23	11/8/23	2/8/24	5/13/24	5/13/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	9,391	10,934	11,191	10,995	10,643	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	4,321	2,859	1,653	367	-359	-1,501	1,074	2,235
ROE (net income / shareholders' equity)	4.8%	3.6%	4.7%	6%	4.4%	4.7%	5.35%	5.75%
ROA (Net income/ Total Assets)	5.15%	3.42%	4.07%	2.62%	3.21%	3.6%	4.1%	4.6%
Assets ¹	33,968	39,445	44,394	90,574	56,928	55,556	60,569	57,065
Book Value Per Share ²	1,796	1,838	1,880	1,970	2,049	2,112	2,192	2,281
Cash Flow per Share	199.0	178.0	210.0	248.0	225.0	-	-	-
Capex ¹	1,455	2,755	3,929	4,092	1,949	2,750	2,750	2,750
Capex / Sales	3.3%	6.63%	9.11%	8.98%	4.16%	5.61%	5.34%	5.26%
Announcement Date	5/15/20	5/14/21	5/13/22	5/12/23	5/13/24	-	-	-

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 Nichiban Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,890 JPY

Average target price

2,640 JPY

Spread / Average Target

+39.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Office Supplies