Financials Nippon Television Holdings, Inc.

Equities

9404

JP3732200005

Broadcasting

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
2,120 ^JPY	+4.59%		+4.33%	+37.74%

May. 20	Nippon Television Repurchases 1.74 Billion Yen Worth of Shares	MT
May. 20	Tranche Update on Nippon Television Holdings, Inc.'s Equity Buyback Plan announced on February 1, 2024.	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	424,060	307,649	371,219	324,976	291,050	530,806	-	-
Enterprise Value (EV) ¹	344,149	198,120	212,254	263,796	200,514	586,189	342,671	307,361
P/E ratio	10.9 x	10.1 x	15.4 x	6.85 x	8.54 x	17 x	13.9 x	13.5 x
Yield	2.11%	2.9%	2.41%	2.9%	3.24%	1.72%	1.98%	1.95%
Capitalization / Revenue	1 x	0.72 x	0.95 x	0.8 x	0.7 x	1.38 x	1.24 x	1.19 x
EV / Revenue	0.81 x	0.46 x	0.54 x	0.65 x	0.48 x	1.38 x	0.8 x	0.69 x
EV / EBITDA	5.2 x	3.18 x	4.08 x	3.54 x	3.3 x	10.5 x	5.54 x	4.82 x
EV / FCF	36.2 x	11.2 x	5.23 x	-21.9 x	9.22 x	11.2 x	8.24 x	7.79 x
FCF Yield	2.76%	8.92%	19.1%	-4.56%	10.8%	8.9%	12.1%	12.8%
Price to Book	0.57 x	0.41 x	0.46 x	0.38 x	0.35 x	0.64 x	0.56 x	0.57 x
Nbr of stocks (in thousands)	255,458	255,310	255,309	255,083	255,083	250,321	-	-
Reference price ²	1,660	1,205	1,454	1,274	1,141	2,120	2,120	2,120
Announcement Date	5/16/19	5/14/20	5/13/21	5/12/22	5/11/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	424,945	426,599	391,335	406,395	413,979	423,523	428,393	445,782
EBITDA ¹	66,193	62,293	51,964	74,558	60,686	55,662	61,830	63,801
EBIT ¹	49,749	43,111	34,526	58,682	46,593	41,877	48,117	48,501
Operating Margin	11.71%	10.11%	8.82%	14.44%	11.25%	9.89%	11.23%	10.88%
Earnings before Tax (EBT) ¹	55,685	45,881	45,432	68,818	49,082	51,720	57,155	58,755
Net income ¹	38,739	30,555	24,042	47,431	34,081	34,660	38,420	39,283
Net margin	9.12%	7.16%	6.14%	11.67%	8.23%	8.18%	8.97%	8.81%
EPS ²	152.1	119.7	94.18	186.0	133.6	136.4	152.1	156.5
Free Cash Flow ¹	9,504	17,664	40,562	-12,031	21,737	52,162	41,577	39,475
FCF margin	2.24%	4.14%	10.37%	-2.96%	5.25%	12.32%	9.71%	8.86%
FCF Conversion (EBITDA)	14.36%	28.36%	78.06%	-	35.82%	93.71%	67.24%	61.87%
FCF Conversion (Net income)	24.53%	57.81%	168.71%	-	63.78%	150.5%	108.22%	100.49%
Dividend per Share ²	35.00	35.00	35.00	37.00	37.00	40.00	42.00	41.40
Announcement Date	5/16/19	5/14/20	5/13/21	5/12/22	5/11/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	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	209,584	217,015	174,478	97,121	194,950	106,247	105,198	100,453	98,988	199,441	106,192	108,346	98,010	97,990	196,000	110,219	117,304	100,550	102,110	112,345	114,192
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,000	11,700	7,900	18,500	-
EBIT ¹	17,125	25,986	9,119	10,933	24,341	20,494	13,847	11,727	7,647	19,374	16,116	11,103	10,344	6,452	16,796	14,266	10,815	10,550	7,820	14,090	11,900
Operating Margin	8.17%	11.97%	5.23%	11.26%	12.49%	19.29%	13.16%	11.67%	7.73%	9.71%	15.18%	10.25%	10.55%	6.58%	8.57%	12.94%	9.22%	10.49%	7.66%	12.54%	10.42%
Earnings before Tax (EBT) ¹	20,127	-	1,385	-	27,149	29,186	12,483	12,114	9,042	21,156	17,731	10,195	13,114	-	20,245	27,563	3,912	-	-	-	-
Net income ¹	13,639	16,916	-5,656	8,526	18,440	20,432	8,559	8,016	6,246	14,262	12,852	6,967	8,443	5,258	13,701	19,473	1,486	10,300	6,400	14,000	-
Net margin	6.51%	7.79%	-3.24%	8.78%	9.46%	19.23%	8.14%	7.98%	6.31%	7.15%	12.1%	6.43%	8.61%	5.37%	6.99%	17.67%	1.27%	10.24%	6.27%	12.46%	-
EPS	53.42	-	-22.15	-	72.29	80.10	-	31.43	-	55.91	50.39	-	33.10	-	53.75	76.62	-	-	-	-	-
Dividend per Share	10.00	-	10.00	-	10.00	-	-	-	-	10.00	-	-	-	-	10.00	-	-	-	-	-	-
Announcement Date	11/7/19	5/14/20	11/5/20	11/5/21	11/5/21	2/3/22	5/12/22	7/29/22	11/4/22	11/4/22	2/2/23	5/11/23	7/28/23	11/2/23	11/2/23	2/1/24	5/9/24	-	-	-	-

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	79,911	109,529	158,965	61,180	90,536	115,275	188,135	223,445
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,504	17,664	40,562	-12,031	21,737	52,162	41,577	39,475
ROE (net income / shareholders' equity)	5.4%	4.1%	3.1%	5.7%	4.1%	3.9%	4.28%	4.33%
ROA (Net income/ Total Assets)	6.27%	5.25%	4.37%	6.2%	4.94%	4.46%	3.3%	4.03%
Assets ¹	617,666	581,711	549,837	765,300	689,740	776,757	1,164,247	973,950
Book Value Per Share ²	2,903	2,921	3,195	3,312	3,280	3,646	3,773	3,728
Cash Flow per Share	217.0	195.0	162.0	248.0	189.0	191.0	-	-
Capex ¹	18,276	23,578	13,016	12,555	8,188	7,203	11,900	11,620
Capex / Sales	4.3%	5.53%	3.33%	3.09%	1.98%	1.7%	2.78%	2.61%
Announcement Date	5/16/19	5/14/20	5/13/21	5/12/22	5/11/23	5/9/24	-	-

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 Nippon Television Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,120 JPY

Average target price

2,152 JPY

Spread / Average Target

+1.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Television Broadcasting

	1st Jan change	Capi.
NIPPON TELEVISION HOLDINGS, INC.	+37.74%	3.38B
WARNER BROS. DISCOVERY, INC.	-27.59%	20.19B
FOX CORPORATION	+16.04%	15.48B
NEXSTAR MEDIA GROUP, INC.	+5.70%	5.44B
RTL GROUP S.A.	-12.04%	5.16B
SUN TV NETWORK LIMITED	-7.83%	3.1B
M6 MÉTROPOLE TÉLÉVISION	+8.19%	1.91B
ZEE ENTERTAINMENT ENTERPRISES LIMITED	-45.80%	1.71B
PT ELANG MAHKOTA TEKNOLOGI TBK	-28.14%	1.59B
NINE ENTERTAINMENT CO. HOLDINGS LIMITED	-30.45%	1.49B

Television Broadcasting