Financials Open Up Group Inc.

Equities

2154

JP3635580008

Employment Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-11 am EDT			5-day change	1st Jan Change
1,941 ^JPY	-2.80%		-5.59%	-17.37%

May. 10	Open Up Group Inc. Announces Dividend for the Second Quarter End and Provides Guidance for the Fiscal Year Ending June 2024	CI
Apr. 30	Open Up Group Inc. completed the acquisition of UT Construction Co., Ltd and UT Technology Co., Ltd from UT Group Co.,Ltd..	CI

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	64,849	40,242	116,021	132,396	181,497	168,499	-	-
Enterprise Value (EV) ¹	57,701	40,242	106,620	121,839	165,737	149,082	143,543	135,086
P/E ratio	17.5 x	30 x	26.8 x	19.1 x	19.2 x	16.5 x	15.1 x	13.6 x
Yield	2.29%	4.26%	3.45%	3%	2.38%	3.35%	3.43%	3.77%
Capitalization / Revenue	0.79 x	0.49 x	1.22 x	0.89 x	1.12 x	0.97 x	0.87 x	0.8 x
EV / Revenue	0.71 x	0.49 x	1.12 x	0.82 x	1.03 x	0.85 x	0.74 x	0.65 x
EV / EBITDA	8.54 x	6.85 x	-	17.3 x	11 x	10.2 x	9.21 x	7.81 x
EV / FCF	19.1 x	13 x	49.4 x	12.2 x	11.1 x	21.5 x	17.6 x	14.5 x
FCF Yield	5.25%	7.7%	2.03%	8.17%	8.98%	4.65%	5.67%	6.9%
Price to Book	4.2 x	2.75 x	1.21 x	2.09 x	2.79 x	2.45 x	2.29 x	2.08 x
Nbr of stocks (in thousands)	42,385	42,810	90,997	88,323	86,551	86,810	-	-
Reference price ²	1,530	940.0	1,275	1,499	2,097	1,941	1,941	1,941
Announcement Date	8/9/19	8/7/20	8/6/21	8/5/22	8/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	81,596	81,755	95,110	148,573	161,689	174,578	193,360	209,319
EBITDA ¹	6,756	5,875	-	7,027	15,002	14,582	15,579	17,299
EBIT ¹	5,719	4,666	3,356	10,103	12,760	14,027	16,087	17,956
Operating Margin	7.01%	5.71%	3.53%	6.8%	7.89%	8.03%	8.32%	8.58%
Earnings before Tax (EBT) ¹	5,602	3,267	5,041	10,238	13,103	13,936	15,925	17,897
Net income ¹	3,706	1,335	2,611	6,975	9,533	10,518	11,079	12,226
Net margin	4.54%	1.63%	2.75%	4.69%	5.9%	6.02%	5.73%	5.84%
EPS ²	87.47	31.34	47.65	78.30	109.1	117.3	128.6	142.4
Free Cash Flow ¹	3,028	3,098	2,160	9,959	14,889	6,935	8,137	9,323
FCF margin	3.71%	3.79%	2.27%	6.7%	9.21%	3.97%	4.21%	4.45%
FCF Conversion (EBITDA)	44.82%	52.73%	-	141.72%	99.25%	47.56%	52.23%	53.89%
FCF Conversion (Net income)	81.71%	232.06%	82.73%	142.78%	156.18%	65.94%	73.45%	76.26%
Dividend per Share ²	35.00	40.00	44.00	45.00	50.00	65.00	66.50	73.25
Announcement Date	8/9/19	8/7/20	8/6/21	8/5/22	8/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	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	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	40,889	40,866	37,563	57,547	37,915	82,515	36,228	37,877	74,105	38,993	41,350	80,343	39,578	41,768	81,346	43,996	41,057	85,053	41,615	46,733	86,447	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,741	1,925	2,300	1,056	2,101	3,125	1,759	433	2,192	3,337	4,305	7,642	3,644	1,474	5,118	3,316	4,595	7,911	3,737	3,661	-	-	-	-	-
Operating Margin	6.7%	4.71%	6.12%	1.84%	5.54%	3.79%	4.86%	1.14%	2.96%	8.56%	10.41%	9.51%	9.21%	3.53%	6.29%	7.54%	11.19%	9.3%	8.98%	7.83%	-	-	-	-	-
Earnings before Tax (EBT)	2,719	-	2,771	2,270	2,655	4,163	1,760	-	-	3,320	4,287	7,607	3,750	1,746	5,496	3,318	4,550	7,868	3,871	-	-	-	-	-	-
Net income ¹	1,648	-313	1,796	815	1,541	2,384	836	617	1,453	2,122	3,142	5,264	2,557	1,712	4,269	2,276	3,075	5,351	2,867	2,101	-	-	-	-	-
Net margin	4.03%	-0.77%	4.78%	1.42%	4.06%	2.89%	2.31%	1.63%	1.96%	5.44%	7.6%	6.55%	6.46%	4.1%	5.25%	5.17%	7.49%	6.29%	6.89%	4.5%	-	-	-	-	-
EPS ²	38.86	-	41.89	-	17.22	26.54	9.520	7.020	-	24.02	35.73	59.75	29.51	19.87	-	26.30	35.50	61.80	33.06	24.27	-	-	-	-	-
Dividend per Share	15.00	-	17.00	-	17.00	17.00	-	28.00	-	-	17.00	17.00	-	33.00	-	-	20.00	20.00	-	-	-	-	20.00	-	40.00
Announcement Date	2/14/20	8/7/20	2/10/21	8/6/21	2/10/22	2/10/22	5/13/22	8/5/22	8/5/22	11/4/22	2/10/23	2/10/23	5/12/23	8/10/23	8/10/23	11/10/23	2/9/24	2/9/24	5/10/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	7,148	-	9,401	10,557	15,760	19,417	24,956	33,413
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,028	3,098	2,160	9,959	14,889	6,935	8,137	9,323
ROE (net income / shareholders' equity)	25.5%	8.9%	4.7%	10.9%	14.9%	15.4%	15.6%	16.2%
ROA (Net income/ Total Assets)	18.9%	15.2%	6.13%	9.06%	-	-	-	-
Assets ¹	19,613	8,805	42,618	76,949	-	-	-	-
Book Value Per Share ²	364.0	342.0	1,057	716.0	751.0	793.0	846.0	933.0
Cash Flow per Share	94.10	42.20	67.90	112.0	135.0	-	-	-
Capex ¹	353	241	183	967	709	2,400	2,400	2,400
Capex / Sales	0.43%	0.29%	0.19%	0.65%	0.44%	1.37%	1.24%	1.15%
Announcement Date	8/9/19	8/7/20	8/6/21	8/5/22	8/10/23	-	-	-

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 Open Up Group Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,941 JPY

Average target price

2,300 JPY

Spread / Average Target

+18.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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