Financials TV TOKYO Holdings Corporation

Equities

9413

JP3547060008

Broadcasting

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-02 EDT			5-day change	1st Jan Change
3,090 ^JPY	+1.81%		+6.26%	+3.17%

2023	Dag Inc. announced that it has received funding from TV TOKYO Holdings Corporation	CI
2023	Tranche Update on TV TOKYO Holdings Corporation's Equity Buyback Plan announced on August 2, 2023.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	65,803	67,980	67,475	54,563	67,654	83,611	-	-
Enterprise Value (EV) ¹	41,796	41,012	41,549	21,640	32,419	48,796	45,721	41,773
P/E ratio	20.3 x	26.2 x	26.2 x	9.26 x	10.1 x	11.7 x	11.9 x	11.2 x
Yield	1.72%	1.66%	1.68%	3.02%	3.23%	2.59%	2.64%	2.9%
Capitalization / Revenue	0.44 x	0.47 x	0.49 x	0.37 x	0.45 x	0.54 x	0.53 x	0.52 x
EV / Revenue	0.28 x	0.28 x	0.3 x	0.15 x	0.21 x	0.31 x	0.29 x	0.26 x
EV / EBITDA	4.29 x	4.4 x	4.35 x	1.7 x	2.43 x	3.83 x	3.26 x	2.83 x
EV / FCF	9.38 x	6.83 x	21.8 x	1.78 x	11.6 x	19.5 x	6.85 x	5.78 x
FCF Yield	10.7%	14.6%	4.59%	56.1%	8.64%	5.12%	14.6%	17.3%
Price to Book	0.79 x	0.83 x	0.78 x	0.62 x	0.72 x	0.85 x	0.82 x	0.78 x
Nbr of stocks (in thousands)	28,278	28,278	28,280	27,419	27,346	27,059	-	-
Reference price ²	2,327	2,404	2,386	1,990	2,474	3,090	3,090	3,090
Announcement Date	19-05-14	20-05-14	21-05-13	22-05-12	23-05-11	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	149,229	145,173	139,084	148,070	150,963	154,952	159,216	161,485
EBITDA ¹	9,748	9,329	9,559	12,720	13,334	12,750	14,014	14,751
EBIT ¹	5,947	5,128	5,228	8,584	9,229	8,859	9,714	10,351
Operating Margin	3.99%	3.53%	3.76%	5.8%	6.11%	5.72%	6.1%	6.41%
Earnings before Tax (EBT) ¹	6,040	5,135	4,720	9,228	9,729	10,300	10,150	10,950
Net income ¹	3,234	2,590	2,575	6,024	6,724	6,896	6,990	7,438
Net margin	2.17%	1.78%	1.85%	4.07%	4.45%	4.45%	4.39%	4.61%
EPS ²	114.4	91.61	91.12	214.9	244.1	264.2	259.3	276.0
Free Cash Flow ¹	4,455	6,003	1,906	12,150	2,801	2,498	6,677	7,223
FCF margin	2.99%	4.14%	1.37%	8.21%	1.86%	1.61%	4.19%	4.47%
FCF Conversion (EBITDA)	45.7%	64.35%	19.94%	95.52%	21.01%	19.59%	47.65%	48.97%
FCF Conversion (Net income)	137.76%	231.78%	74.02%	201.69%	41.66%	36.23%	95.52%	97.11%
Dividend per Share ²	40.00	40.00	40.00	60.00	80.00	80.00	81.67	89.67
Announcement Date	19-05-14	20-05-14	21-05-13	22-05-12	23-05-11	-	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	71,557	64,332	36,275	70,863	39,020	38,187	36,598	34,722	71,320	39,444	40,199	34,928	36,029	70,957	39,096	42,516	35,700	38,000	39,200	42,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,430	2,009	1,946	4,508	3,144	932	2,977	1,760	4,737	3,401	1,091	1,085	1,662	2,747	3,007	2,957	2,200	1,400	2,500	3,300
Operating Margin	2%	3.12%	5.36%	6.36%	8.06%	2.44%	8.13%	5.07%	6.64%	8.62%	2.71%	3.11%	4.61%	3.87%	7.69%	6.95%	6.16%	3.68%	6.38%	7.8%
Earnings before Tax (EBT) ¹	1,288	2,017	-	4,787	3,406	1,035	3,044	1,871	4,915	3,168	1,646	2,687	1,697	4,384	3,161	2,800	-	-	-	-
Net income ¹	386	1,056	-	3,037	2,269	718	2,029	1,263	3,292	2,088	1,344	1,881	1,101	2,982	2,171	1,900	-	-	-	-
Net margin	0.54%	1.64%	-	4.29%	5.81%	1.88%	5.54%	3.64%	4.62%	5.29%	3.34%	5.39%	3.06%	4.2%	5.55%	4.47%	-	-	-	-
EPS	13.65	37.36	-	108.2	80.81	-	73.30	-	119.2	75.80	-	69.11	-	109.8	80.16	-	-	-	-	-
Dividend per Share	15.00	15.00	-	15.00	-	-	-	-	15.00	-	-	-	-	15.00	-	-	-	-	-	-
Announcement Date	19-10-30	20-11-05	21-11-04	21-11-04	22-02-08	22-05-12	22-08-03	22-11-02	22-11-02	23-02-07	23-05-11	23-08-02	23-11-09	23-11-09	24-02-07	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	24,007	26,968	25,926	32,923	35,235	34,815	37,890	41,838
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	4,455	6,003	1,906	12,150	2,801	2,498	6,677	7,223
ROE (net income / shareholders' equity)	3.9%	3.1%	3.06%	6.9%	7.4%	7.5%	7.03%	7.13%
ROA (Net income/ Total Assets)	4.46%	4.07%	2.04%	6.99%	6.85%	5.75%	5.85%	6.1%
Assets ¹	72,520	63,558	126,455	86,210	98,232	119,925	119,493	121,929
Book Value Per Share ²	2,937	2,911	3,066	3,230	3,414	3,618	3,775	3,950
Cash Flow per Share	249.0	240.0	244.0	362.0	393.0	-	-	-
Capex ¹	4,491	2,798	1,660	2,112	3,391	5,367	3,733	3,567
Capex / Sales	3.01%	1.93%	1.19%	1.43%	2.25%	3.46%	2.34%	2.21%
Announcement Date	19-05-14	20-05-14	21-05-13	22-05-12	23-05-11	-	-	-

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 TV TOKYO Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,090 JPY

Average target price

3,563 JPY

Spread / Average Target

+15.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Television Broadcasting

	1st Jan change	Capi.
TV TOKYO HOLDINGS CORPORATION	+3.17%	547M
WARNER BROS. DISCOVERY, INC.	-33.04%	19.53B
FOX CORPORATION	+8.22%	14.65B
NEXSTAR MEDIA GROUP, INC.	+6.26%	5.49B
RTL GROUP S.A.	-15.33%	4.93B
NIPPON TELEVISION HOLDINGS, INC.	+48.98%	3.77B
SUN TV NETWORK LIMITED	-7.90%	3.1B
TEGNA INC.	-7.39%	2.5B
ZEE ENTERTAINMENT ENTERPRISES LIMITED	-47.91%	1.65B
NINE ENTERTAINMENT CO. HOLDINGS LIMITED	-27.48%	1.55B

Television Broadcasting