Financials SBS Holdings, Inc.

Equities

2384

JP3163500006

Ground Freight & Logistics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-20 EDT			5-day change	1st Jan Change
2,625 ^JPY	-1.61%		-0.72%	+6.79%

05-31	Commerce Robotics Inc. announced that it has received ¥392.9 million in funding from Mobile Internet Capital Inc., Mitsubishi UFJ Capital Co., Ltd., transcosmos inc., SBS Holdings, Inc.	CI
05-08	SBS Transit Issues, Allots New Shares Pursuant to Vesting of Awards Scheme	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	75,384	103,742	129,678	110,454	97,625	105,966	-	-
Enterprise Value (EV) ¹	132,379	177,028	204,534	181,875	169,550	171,957	172,707	105,966
P/E ratio	12.4 x	15.2 x	12 x	9.41 x	9.71 x	9.9 x	8.87 x	8.88 x
Yield	1.58%	1.34%	1.68%	2.19%	2.64%	2.58%	2.79%	2.86%
Capitalization / Revenue	0.29 x	0.4 x	0.32 x	0.24 x	0.23 x	0.24 x	0.22 x	0.22 x
EV / Revenue	0.52 x	0.69 x	0.51 x	0.4 x	0.39 x	0.38 x	0.36 x	0.22 x
EV / EBITDA	7.7 x	9.85 x	6.64 x	5.69 x	5.53 x	5.09 x	4.63 x	-
EV / FCF	25.6 x	-13.4 x	39.9 x	40 x	53.6 x	21 x	24.3 x	8.58 x
FCF Yield	3.9%	-7.47%	2.51%	2.5%	1.86%	4.77%	4.12%	11.7%
Price to Book	1.67 x	2.04 x	2.14 x	1.57 x	1.23 x	1.22 x	1.09 x	0.98 x
Nbr of stocks (in thousands)	39,718	39,718	39,718	39,718	39,717	39,717	-	-
Reference price ²	1,898	2,612	3,265	2,781	2,458	2,668	2,668	2,668
Announcement Date	20-02-10	21-02-12	22-02-10	23-02-10	24-02-14	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	255,548	257,192	403,485	455,481	431,911	448,995	475,150	477,867
EBITDA ¹	17,183	17,977	30,820	31,973	30,674	33,765	37,265	-
EBIT ¹	10,176	10,960	20,706	21,844	19,719	21,208	23,150	23,567
Operating Margin	3.98%	4.26%	5.13%	4.8%	4.57%	4.72%	4.87%	4.93%
Earnings before Tax (EBT) ¹	9,900	11,266	20,115	21,737	18,497	21,158	22,730	23,025
Net income ¹	6,079	6,826	10,790	11,732	10,056	10,698	11,942	11,937
Net margin	2.38%	2.65%	2.67%	2.58%	2.33%	2.38%	2.51%	2.5%
EPS ²	153.1	171.9	271.7	295.4	253.2	269.4	300.7	300.6
Free Cash Flow ¹	5,162	-13,218	5,129	4,548	3,161	8,200	7,117	12,350
FCF margin	2.02%	-5.14%	1.27%	1%	0.73%	1.83%	1.5%	2.58%
FCF Conversion (EBITDA)	30.04%	-	16.64%	14.22%	10.31%	24.29%	19.1%	-
FCF Conversion (Net income)	84.92%	-	47.53%	38.77%	31.43%	76.65%	59.59%	103.46%
Dividend per Share ²	30.00	35.00	55.00	61.00	65.00	68.75	74.50	76.33
Announcement Date	20-02-10	21-02-12	22-02-10	23-02-10	24-02-14	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	129,139	202,244	103,724	107,799	109,053	216,852	113,292	125,337	119,069	103,597	222,666	102,396	106,849	-	113,814	105,758	108,415	117,745
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,243	13,969	3,147	4,884	3,459	8,343	4,619	8,882	10,600	3,642	14,242	2,565	2,912	5,477	8,110	3,200	3,400	5,315
Operating Margin	4.83%	6.91%	3.03%	4.53%	3.17%	3.85%	4.08%	7.09%	8.9%	3.52%	6.4%	2.5%	2.73%	-	7.13%	3.03%	3.14%	4.51%
Earnings before Tax (EBT)	6,653	13,634	-	6,227	-	5,127	4,582	-	10,718	-	14,517	2,751	-	-	8,002	-	-	-
Net income	4,131	7,809	-	3,170	-	1,895	2,487	-	6,811	-	8,186	1,198	672	-	4,885	-	-	-
Net margin	3.2%	3.86%	-	2.94%	-	0.87%	2.2%	-	5.72%	-	3.68%	1.17%	0.63%	-	4.29%	-	-	-
EPS	104.0	196.6	-	79.82	-	47.73	62.60	-	171.5	-	206.1	30.16	-	-	123.0	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	20-08-07	21-08-06	22-02-10	22-05-13	22-08-05	22-08-05	22-11-10	23-02-10	23-05-12	23-08-09	23-08-09	23-11-10	24-02-14	24-02-14	24-05-10	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	56,995	73,286	74,856	71,421	71,925	65,991	66,741	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.317 x	4.077 x	2.429 x	2.234 x	2.345 x	1.954 x	1.791 x	-
Free Cash Flow ¹	5,162	-13,218	5,129	4,548	3,161	8,200	7,117	12,350
ROE (net income / shareholders' equity)	14.3%	14.2%	19.4%	17.9%	13.4%	13.7%	13.7%	13.1%
ROA (Net income/ Total Assets)	5.77%	5.01%	7.71%	7.46%	6.6%	5.3%	5.03%	3.8%
Assets ¹	105,301	136,293	140,015	157,337	152,318	201,858	237,268	314,123
Book Value Per Share ²	1,136	1,278	1,528	1,772	2,004	2,186	2,442	2,733
Cash Flow per Share ²	329.0	349.0	507.0	550.0	511.0	656.0	726.0	-
Capex ¹	11,710	11,507	14,501	17,859	10,952	15,000	20,333	20,000
Capex / Sales	4.58%	4.47%	3.59%	3.92%	2.54%	3.34%	4.28%	4.19%
Announcement Date	20-02-10	21-02-12	22-02-10	23-02-10	24-02-14	-	-	-

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 SBS Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,668 JPY

Average target price

2,825 JPY

Spread / Average Target

+5.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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