Financials SKY Perfect JSAT Holdings Inc.

Equities

9412

JP3396350005

Wireless Telecommunications Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-28 EDT			5-day change	1st Jan Change
868 ^JPY	+0.12%		+1.28%	+24.36%

06-25	SKY Perfect JSAT Holdings Inc. Announces Spaceport Engineering Division to Be Newly Established in the Space Engineering Group	CI
06-24	SKY Perfect JSAT Issues New Shares for Director and Executive Officers	MT

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	114,051	146,208	120,184	150,174	299,967	245,866	-	-
Enterprise Value (EV) ¹	172,891	186,972	119,621	115,813	251,455	202,820	198,832	189,555
P/E ratio	9.48 x	11 x	8.36 x	9.5 x	17.2 x	13.6 x	12.8 x	12.1 x
Yield	4.69%	3.66%	4.35%	3.87%	1.98%	2.53%	2.65%	2.76%
Capitalization / Revenue	0.82 x	1.05 x	1 x	1.24 x	2.46 x	1.99 x	1.96 x	1.93 x
EV / Revenue	1.24 x	1.34 x	1 x	0.96 x	2.06 x	1.64 x	1.59 x	1.49 x
EV / EBITDA	4.29 x	4.31 x	2.85 x	2.66 x	5.38 x	4.49 x	4.27 x	3.93 x
EV / FCF	18.9 x	4.16 x	4.16 x	2.83 x	9.68 x	15.4 x	10.9 x	8.85 x
FCF Yield	5.28%	24%	24.1%	35.3%	10.3%	6.47%	9.14%	11.3%
Price to Book	0.5 x	0.62 x	0.5 x	0.59 x	1.11 x	0.87 x	0.83 x	0.8 x
Nbr of stocks (in thousands)	297,008	297,171	290,300	290,471	283,255	283,255	-	-
Reference price ²	384.0	492.0	414.0	517.0	1,059	868.0	868.0	868.0
Announcement Date	20-06-25	21-04-28	22-04-28	23-04-28	24-04-26	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	139,541	139,572	119,632	121,139	121,872	123,640	125,440	127,540
EBITDA ¹	40,282	43,352	41,900	43,556	46,776	45,157	46,547	48,287
EBIT ¹	15,263	19,151	18,862	22,324	26,545	26,478	27,374	28,694
Operating Margin	10.94%	13.72%	15.77%	18.43%	21.78%	21.42%	21.82%	22.5%
Earnings before Tax (EBT) ¹	15,492	19,887	20,276	23,122	26,259	27,257	28,347	29,487
Net income ¹	12,027	13,345	14,579	15,810	17,739	17,988	19,068	19,964
Net margin	8.62%	9.56%	12.19%	13.05%	14.56%	14.55%	15.2%	15.65%
EPS ²	40.49	44.92	49.52	54.44	61.69	63.70	67.95	71.60
Free Cash Flow ¹	9,128	44,910	28,770	40,875	25,979	13,128	18,172	21,416
FCF margin	6.54%	32.18%	24.05%	33.74%	21.32%	10.62%	14.49%	16.79%
FCF Conversion (EBITDA)	22.66%	103.59%	68.66%	93.84%	55.54%	29.07%	39.04%	44.35%
FCF Conversion (Net income)	75.9%	336.53%	197.34%	258.54%	146.45%	72.98%	95.3%	107.28%
Dividend per Share ²	18.00	18.00	18.00	20.00	21.00	22.00	23.00	24.00
Announcement Date	20-06-25	21-04-28	22-04-28	23-04-28	24-04-26	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2021 S1	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	69,773	58,389	30,047	31,196	28,806	29,190	57,996	30,598	32,545	-	30,009	30,489	60,498	30,524	30,850	30,600	30,850	31,150	31,040
EBITDA ¹	-	-	-	-	10,890	10,871	-	10,874	10,921	-	11,885	11,416	-	12,248	11,227	11,850	11,550	11,550	10,207
EBIT ¹	11,116	10,853	5,403	2,606	5,551	5,596	11,147	5,567	5,610	-	6,919	6,482	13,401	7,140	6,004	6,900	6,750	6,850	5,978
Operating Margin	15.93%	18.59%	17.98%	8.35%	19.27%	19.17%	19.22%	18.19%	17.24%	-	23.06%	21.26%	22.15%	23.39%	19.46%	22.55%	21.88%	21.99%	19.26%
Earnings before Tax (EBT) ¹	11,787	11,422	6,104	-	5,924	5,537	11,461	5,416	6,245	-	7,279	5,718	12,997	7,094	6,168	7,330	6,870	7,020	6,037
Net income ¹	7,865	8,533	4,120	1,926	4,033	3,670	7,703	3,683	4,424	-	4,982	3,573	8,555	4,821	4,363	4,775	4,585	4,600	4,028
Net margin	11.27%	14.61%	13.71%	6.17%	14%	12.57%	13.28%	12.04%	13.59%	-	16.6%	11.72%	14.14%	15.79%	14.14%	15.6%	14.86%	14.77%	12.98%
EPS	26.48	28.75	14.04	-	13.89	-	26.53	12.68	-	-	17.15	-	29.47	16.82	-	-	-	-	-
Dividend per Share	9.000	9.000	-	-	-	-	9.000	-	-	21.00	-	-	10.00	-	-	-	-	-	-
Announcement Date	20-11-04	21-11-04	22-02-02	22-04-28	22-08-03	22-11-02	22-11-02	23-02-01	23-04-28	23-04-28	23-08-02	23-11-01	23-11-01	24-02-07	24-04-26	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	58,840	40,764	-	-	-	-	-	-
Net Cash position ¹	-	-	563	34,361	48,512	43,046	47,034	56,311
Leverage (Debt/EBITDA)	1.461 x	0.9403 x	-	-	-	-	-	-
Free Cash Flow ¹	9,128	44,910	28,770	40,875	25,979	13,128	18,172	21,417
ROE (net income / shareholders' equity)	5.4%	5.8%	6.1%	6.4%	6.7%	6.7%	6.8%	6.8%
ROA (Net income/ Total Assets)	3.19%	5.33%	5.32%	5.97%	6.74%	-	-	-
Assets ¹	377,235	250,496	274,154	264,893	263,020	-	-	-
Book Value Per Share ²	768.0	788.0	834.0	879.0	954.0	996.0	1,042	1,090
Cash Flow per Share	119.0	123.0	125.0	127.0	132.0	-	-	-
Capex ¹	19,751	13,038	7,512	16,755	16,425	18,463	17,350	15,000
Capex / Sales	14.15%	9.34%	6.28%	13.83%	13.48%	14.93%	13.83%	11.76%
Announcement Date	20-06-25	21-04-28	22-04-28	23-04-28	24-04-26	-	-	-

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 SKY Perfect JSAT Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

868 JPY

Average target price

1,125 JPY

Spread / Average Target

+29.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Satellite Service Operators

	1st Jan change	Capi.
SKY PERFECT JSAT HOLDINGS INC.	+24.36%	1.53B
COMCAST CORPORATION	-10.70%	154B
CHINA SATELLITE COMMUNICATIONS CO., LTD.	-18.60%	8.19B
ECHOSTAR CORPORATION	+7.48%	4.84B
IRIDIUM COMMUNICATIONS INC.	-35.33%	3.23B
SES S.A.	-19.09%	2.22B
GLOBALSTAR, INC.	-42.27%	2.11B
AST SPACEMOBILE, INC.	+92.54%	1.67B
AL YAH SATELLITE COMMUNICATION COMPANY	-23.75%	1.32B
THAICOM	-18.94%	319M

Satellite Service Operators