Financials Sotetsu Holdings, Inc.

Equities

9003

JP3316400005

Passenger Transportation, Ground & Sea

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 EDT			5-day change	1st Jan Change
2,516 ^JPY	-0.26%		+0.74%	-8.11%

03-29	Change Holdings' Unit to Transfer All Shares Of New Co. to Sotetsu Holdings Following Split	MT
02-06	Sotetsu's Profit Up 155% in Fiscal Q1-Q3	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	333,637	271,701	242,892	224,468	222,210	246,500	-	-
Enterprise Value (EV) ¹	628,545	573,570	578,098	569,306	575,376	658,650	615,223	601,657
P/E ratio	18.2 x	18.6 x	-18.6 x	121 x	31.8 x	16.7 x	12.2 x	11.5 x
Yield	1.47%	1.8%	0.4%	0.87%	1.1%	1.82%	2.58%	2.58%
Capitalization / Revenue	1.28 x	1.02 x	1.1 x	1.04 x	0.89 x	1 x	0.86 x	0.84 x
EV / Revenue	2.41 x	2.16 x	2.61 x	2.63 x	2.3 x	2.44 x	2.15 x	2.05 x
EV / EBITDA	12.8 x	12.3 x	32.6 x	22 x	15.6 x	12.5 x	11.1 x	10.5 x
EV / FCF	-81.4 x	329 x	-38.4 x	-100 x	207 x	-19 x	35.3 x	30.2 x
FCF Yield	-1.23%	0.3%	-2.6%	-1%	0.48%	-5.27%	2.84%	3.31%
Price to Book	2.25 x	1.79 x	1.74 x	1.61 x	1.53 x	1.64 x	1.41 x	1.3 x
Nbr of stocks (in thousands)	97,984	97,981	97,980	97,978	97,976	97,973	-	-
Reference price ²	3,405	2,773	2,479	2,291	2,268	2,516	2,516	2,516
Announcement Date	19-04-25	20-04-27	21-04-28	22-04-26	23-04-27	24-04-26	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	260,502	265,100	221,136	216,684	249,667	270,039	286,200	293,000
EBITDA ¹	49,181	46,707	17,716	25,841	36,805	52,821	55,300	57,100
EBIT ¹	31,622	26,423	-3,148	3,998	14,348	28,965	31,500	33,300
Operating Margin	12.14%	9.97%	-1.42%	1.85%	5.75%	10.73%	11.01%	11.37%
Earnings before Tax (EBT)	28,512	23,054	-12,057	3,665	11,729	24,818	-	-
Net income ¹	18,341	14,631	-13,057	1,855	6,980	16,080	20,200	21,500
Net margin	7.04%	5.52%	-5.9%	0.86%	2.8%	5.95%	7.06%	7.34%
EPS ²	187.2	149.3	-133.3	18.94	71.25	164.1	206.2	219.4
Free Cash Flow ¹	-7,717	1,745	-15,059	-5,673	2,774	-34,694	17,447	19,935
FCF margin	-2.96%	0.66%	-6.81%	-2.62%	1.11%	-12.85%	6.1%	6.8%
FCF Conversion (EBITDA)	-	3.74%	-	-	7.54%	-	31.55%	34.91%
FCF Conversion (Net income)	-	11.93%	-	-	39.74%	-	86.37%	92.72%
Dividend per Share ²	50.00	50.00	10.00	20.00	25.00	50.00	65.00	65.00
Announcement Date	19-04-25	20-04-27	21-04-28	22-04-26	23-04-27	24-04-26	-	-

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
Net sales ¹	139,111	108,704	53,805	104,334	55,589	56,761	53,936	61,162	115,098	62,790	71,779	61,693	62,657	124,350	66,808	78,881
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	18,036	-2,242	633	1,006	2,271	721	2,574	1,955	4,529	5,423	4,396	6,708	6,373	13,081	8,298	7,586
Operating Margin	12.97%	-2.06%	1.18%	0.96%	4.09%	1.27%	4.77%	3.2%	3.93%	8.64%	6.12%	10.87%	10.17%	10.52%	12.42%	9.62%
Earnings before Tax (EBT)	16,825	-3,737	-	434	2,283	-	2,562	-	3,688	4,737	-	6,853	-	12,528	7,458	-
Net income	10,617	-3,383	-	30	1,361	-	1,948	-	2,396	3,086	-	5,098	-	8,947	5,005	-
Net margin	7.63%	-3.11%	-	0.03%	2.45%	-	3.61%	-	2.08%	4.91%	-	8.26%	-	7.2%	7.49%	-
EPS	108.4	-34.53	-	0.3100	13.89	-	19.89	-	24.46	31.50	-	52.04	-	91.32	51.09	-
Dividend per Share	25.00	-	-	-	-	-	-	-	10.00	-	-	-	-	20.00	-	-
Announcement Date	19-11-01	20-10-29	21-11-04	21-11-04	22-02-03	22-04-26	22-07-28	22-11-02	22-11-02	23-02-02	23-04-27	23-07-27	23-11-02	23-11-02	24-02-02	24-04-26

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	294,908	301,869	335,206	344,838	353,166	389,321	368,723	355,157
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.996 x	6.463 x	18.92 x	13.34 x	9.596 x	7.371 x	6.668 x	6.22 x
Free Cash Flow ¹	-7,717	1,745	-15,059	-5,673	2,774	-34,694	17,447	19,935
ROE (net income / shareholders' equity)	12.8%	9.7%	-9%	1.3%	4.9%	10.4%	12.1%	11.8%
ROA (Net income/ Total Assets)	4.88%	3.88%	-0.74%	0.53%	2%	3.96%	4.3%	4.6%
Assets ¹	376,135	377,201	1,771,113	349,947	348,140	405,748	469,767	467,391
Book Value Per Share ²	1,513	1,551	1,421	1,425	1,487	1,681	1,782	1,936
Cash Flow per Share ²	366.0	354.0	79.70	240.0	298.0	408.0	535.0	561.0
Capex ¹	30,214	32,577	26,896	29,983	39,083	55,249	35,000	35,000
Capex / Sales	11.6%	12.29%	12.16%	13.84%	15.65%	20.46%	12.23%	11.95%
Announcement Date	19-04-25	20-04-27	21-04-28	22-04-26	23-04-27	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 Sotetsu Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,516 JPY

Average target price

2,900 JPY

Spread / Average Target

+15.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Passenger Transportation, Ground & Sea

	1st Jan change	Capi.
SOTETSU HOLDINGS, INC.	-8.11%	1.58B
CENTRAL JAPAN RAILWAY COMPANY	-3.99%	21.72B
WEST JAPAN RAILWAY COMPANY	+6.14%	9.76B
INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED	+12.17%	9.53B
TOKYU CORPORATION	+8.54%	7.18B
HANKYU HANSHIN HOLDINGS, INC.	-9.78%	6.25B
KEISEI ELECTRIC RAILWAY CO., LTD	-11.63%	6.14B
KINTETSU GROUP HOLDINGS CO.,LTD.	-13.33%	4.73B
ODAKYU ELECTRIC RAILWAY CO., LTD.	-17.83%	4.06B
SEIBU HOLDINGS INC.	+4.75%	3.96B

Other Passenger Transportation, Ground & Sea