Financials Seiko Group Corporation

Equities

8050

JP3414700009

Apparel & Accessories

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-26 EDT			5-day change	1st Jan Change
4,870 ^JPY	+1.04%		-3.94%	+80.77%

05-21	Seiko Group's Attributable Profit Soars Over 99% in Fiscal 2024	MT
05-14	Seiko Group Corporation Announces Year-End Dividend for the Fiscal Year Ended March 31, 2024, Payable on June 28, 2024; Provides Second Quarter-End and Year-End Dividend Guidance of the Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	108,604	71,921	77,386	94,614	119,482	196,484	-	-
Enterprise Value (EV) ¹	179,174	155,429	175,263	184,600	221,365	262,733	286,384	280,884
P/E ratio	11.7 x	21.2 x	22.3 x	14.7 x	23.8 x	17.1 x	16.3 x	14.6 x
Yield	2.85%	4.3%	2%	2.18%	2.59%	1.92%	1.87%	2.04%
Capitalization / Revenue	0.44 x	0.3 x	0.38 x	0.4 x	0.46 x	0.61 x	0.66 x	0.63 x
EV / Revenue	0.72 x	0.65 x	0.86 x	0.78 x	0.85 x	0.95 x	0.96 x	0.91 x
EV / EBITDA	9.75 x	9.45 x	13.6 x	9.39 x	9.38 x	9.37 x	8.84 x	8.52 x
EV / FCF	15.7 x	-19.5 x	-35.3 x	16.7 x	-35.3 x	12.1 x	35.1 x	21.8 x
FCF Yield	6.37%	-5.14%	-2.83%	5.98%	-2.83%	8.26%	2.85%	4.59%
Price to Book	0.99 x	0.7 x	0.69 x	0.79 x	0.92 x	1.14 x	1.25 x	1.17 x
Nbr of stocks (in thousands)	41,216	41,239	41,229	41,244	41,272	40,764	-	-
Reference price ²	2,635	1,744	1,877	2,294	2,895	4,820	4,820	4,820
Announcement Date	19-05-14	20-05-12	21-05-11	22-05-10	23-05-09	24-05-14	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	247,293	239,150	202,671	237,382	260,504	276,807	298,333	309,667
EBITDA ¹	18,374	16,449	12,884	19,649	23,592	28,038	32,400	32,950
EBIT ¹	9,394	6,134	2,194	8,770	11,233	14,737	17,833	19,467
Operating Margin	3.8%	2.56%	1.08%	3.69%	4.31%	5.32%	5.98%	6.29%
Earnings before Tax (EBT) ¹	11,774	6,201	6,424	8,876	9,642	15,123	18,000	19,500
Net income ¹	9,249	3,394	3,475	6,415	5,028	10,051	12,067	13,433
Net margin	3.74%	1.42%	1.71%	2.7%	1.93%	3.63%	4.04%	4.34%
EPS ²	224.4	82.36	84.30	155.6	121.9	244.3	296.0	329.5
Free Cash Flow ¹	11,415	-7,984	-4,964	11,040	-6,274	21,703	8,168	12,900
FCF margin	4.62%	-3.34%	-2.45%	4.65%	-2.41%	7.84%	2.74%	4.17%
FCF Conversion (EBITDA)	62.13%	-	-	56.19%	-	77.41%	25.21%	39.15%
FCF Conversion (Net income)	123.42%	-	-	172.1%	-	215.93%	67.69%	96.03%
Dividend per Share ²	75.00	75.00	37.50	50.00	75.00	80.00	90.00	98.33
Announcement Date	19-05-14	20-05-12	21-05-11	22-05-10	23-05-09	24-05-14	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	122,152	116,998	87,490	115,181	55,786	110,395	63,466	63,521	-	62,078	67,843	129,921	67,538	63,045	62,949	68,346	131,295	74,377	71,135	71,600	76,350	81,900	72,900
EBITDA	-	-	-	-	4,628	-	5,809	5,101	-	6,021	8,975	-	6,404	2,109	5,918	8,635	-	-	-	-	-	-	-
EBIT ¹	7,016	-882	-1,511	3,705	1,941	3,453	3,039	2,278	-	3,105	5,742	8,847	3,599	-1,213	2,823	5,337	8,160	5,983	594	3,750	6,200	7,200	950
Operating Margin	5.74%	-0.75%	-1.73%	3.22%	3.48%	3.13%	4.79%	3.59%	-	5%	8.46%	6.81%	5.33%	-1.92%	4.48%	7.81%	6.22%	8.04%	0.84%	5.24%	8.12%	8.79%	1.3%
Earnings before Tax (EBT)	7,827	-1,626	3,469	2,955	1,355	2,707	3,641	2,528	6,169	3,947	5,503	9,450	3,040	-2,848	3,732	5,396	9,128	5,434	-	-	-	-	-
Net income	5,407	-2,013	2,107	1,368	1,140	1,193	2,717	2,505	-	1,707	3,585	5,292	2,812	-3,076	2,411	3,870	6,281	4,362	-	-	-	-	-
Net margin	4.43%	-1.72%	2.41%	1.19%	2.04%	1.08%	4.28%	3.94%	-	2.75%	5.28%	4.07%	4.16%	-4.88%	3.83%	5.66%	4.78%	5.86%	-	-	-	-	-
EPS	131.2	-	51.11	33.19	27.63	28.93	65.88	60.75	-	41.40	86.89	128.3	68.14	-74.57	58.43	93.70	152.1	105.8	-	-	-	-	-
Dividend per Share	37.50	37.50	12.50	25.00	25.00	25.00	-	25.00	-	-	37.50	37.50	-	37.50	-	37.50	37.50	-	-	-	-	-	-
Announcement Date	19-11-12	20-05-12	20-11-10	21-05-11	21-11-09	21-11-09	22-02-08	22-05-10	22-05-10	22-08-09	22-11-08	22-11-08	23-02-14	23-05-09	23-08-08	23-11-14	23-11-14	24-02-14	24-05-14	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	70,570	83,508	97,877	89,986	101,883	92,744	89,900	84,400
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.841 x	5.077 x	7.597 x	4.58 x	4.319 x	3.308 x	2.775 x	2.561 x
Free Cash Flow ¹	11,415	-7,984	-4,964	11,040	-6,274	21,703	8,168	12,900
ROE (net income / shareholders' equity)	8.7%	3.2%	3.2%	5.5%	4%	7.2%	7.95%	8.2%
ROA (Net income/ Total Assets)	3.74%	2.32%	0.2%	3.07%	3.27%	4.34%	3.2%	3.4%
Assets ¹	247,488	146,107	1,700,847	208,864	153,863	231,506	377,083	395,098
Book Value Per Share ²	2,650	2,500	2,709	2,911	3,145	3,658	3,871	4,120
Cash Flow per Share	442.0	333.0	344.0	419.0	421.0	568.0	-	-
Capex ¹	6,341	8,852	17,735	8,797	12,182	11,023	12,000	12,500
Capex / Sales	2.56%	3.7%	8.75%	3.71%	4.68%	3.98%	4.02%	4.04%
Announcement Date	19-05-14	20-05-12	21-05-11	22-05-10	23-05-09	24-05-14	-	-

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 Seiko Group Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,820 JPY

Average target price

5,333 JPY

Spread / Average Target

+10.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Watches

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FIYTA PRECISION TECHNOLOGY CO., LTD.	-20.62%	465M
KDDL LIMITED	-3.36%	412M
TIMEX GROUP INDIA LIMITED	-7.75%	190M
TIME WATCH INVESTMENTS LIMITED	-5.38%	121M
ERNEST BOREL HOLDINGS LIMITED	0.00%	87.65M
FOSSIL GROUP, INC.	+7.53%	83.11M

Watches