Financials Z Holdings Corporation

Equities

4689

JP3933800009

Internet Services

Market Closed - Japan Exchange 02:00:00 2024-05-31 am EDT 5-day change 1st Jan Change
372.9 JPY +5.01% Intraday chart for Z Holdings Corporation -2.13% -25.38%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,377,698 1,657,333 4,181,834 4,019,314 2,794,726 2,797,159 - -
Enterprise Value (EV) 1 1,046,126 1,863,669 4,505,671 4,558,294 3,056,674 2,907,330 3,210,676 2,918,570
P/E ratio 18.4 x 20.6 x 39.3 x 52.6 x 15.6 x 25.7 x 21.2 x 18.6 x
Yield 3.27% 2.55% 1.01% 1.08% 1.49% 1.43% 1.55% 1.74%
Capitalization / Revenue 1.44 x 1.57 x 3.47 x 2.56 x 1.67 x 1.6 x 1.42 x 1.3 x
EV / Revenue 1.1 x 1.77 x 3.74 x 2.91 x 1.83 x 1.6 x 1.62 x 1.36 x
EV / EBITDA 5.42 x 7.91 x 17.1 x 14 x 6.6 x 7.01 x 7.52 x 6.24 x
EV / FCF 9.67 x -7.17 x 23 x -121 x 7.4 x 59 x 19.3 x 14.7 x
FCF Yield 10.3% -13.9% 4.34% -0.82% 13.5% 1.69% 5.19% 6.79%
Price to Book 1.68 x 2.15 x 1.56 x 1.5 x 0.96 x 0.96 x 0.9 x 0.87 x
Nbr of stocks (in thousands) 5,083,758 4,762,452 7,595,050 7,493,129 7,496,584 7,501,097 - -
Reference price 2 271.0 348.0 550.6 536.4 372.8 372.9 372.9 372.9
Announcement Date 4/25/19 4/30/20 4/28/21 4/28/22 4/28/23 5/8/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 954,714 1,052,943 1,205,846 1,567,421 1,672,377 1,814,663 1,975,960 2,152,621
EBITDA 1 193,026 235,695 264,205 325,247 463,309 414,917 426,871 467,915
EBIT 1 140,528 152,276 162,125 189,503 314,533 208,191 235,520 268,655
Operating Margin 14.72% 14.46% 13.44% 12.09% 18.81% 11.47% 11.92% 12.48%
Earnings before Tax (EBT) 1 123,370 135,676 142,615 158,542 235,219 181,621 218,629 255,978
Net income 1 78,677 81,675 70,145 77,316 178,868 113,199 129,088 151,372
Net margin 8.24% 7.76% 5.82% 4.93% 10.7% 6.24% 6.53% 7.03%
EPS 2 14.74 16.88 14.02 10.20 23.87 15.10 17.59 20.03
Free Cash Flow 1 108,186 -259,756 195,572 -37,585 412,837 52,317 166,500 198,242
FCF margin 11.33% -24.67% 16.22% -2.4% 24.69% 2.87% 8.43% 9.21%
FCF Conversion (EBITDA) 56.05% - 74.02% - 89.11% 13.49% 39% 42.37%
FCF Conversion (Net income) 137.51% - 278.81% - 230.81% 39.41% 128.98% 130.96%
Dividend per Share 2 8.860 8.860 5.560 5.810 5.560 5.560 5.789 6.477
Announcement Date 4/25/19 4/30/20 4/28/21 4/28/22 4/28/23 5/8/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo 2020 S1 2021 S1 2022 Q2 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 1 484,100 557,223 377,610 750,962 409,174 407,285 390,565 394,344 784,909 453,687 433,781 - 430,523 441,276 871,799 475,041 467,823 457,636 468,230 508,715 483,579
EBITDA 1 - - 100,834 - 94,427 48,241 86,520 80,676 - 93,566 72,558 - 99,993 102,077 - 109,846 101,762 105,792 105,092 123,512 77,058
EBIT 1 75,600 98,237 64,084 115,469 61,046 12,988 49,721 49,757 99,478 190,782 24,273 - 59,397 56,731 116,128 58,152 33,911 63,163 62,432 70,204 49,999
Operating Margin 15.62% 17.63% 16.97% 15.38% 14.92% 3.19% 12.73% 12.62% 12.67% 42.05% 5.6% - 13.8% 12.86% 13.32% 12.24% 7.25% 13.8% 13.33% 13.8% 10.34%
Earnings before Tax (EBT) 1 75,586 86,748 54,277 106,060 30,152 22,330 45,221 42,462 87,683 141,606 5,930 - 73,198 50,222 123,420 46,759 11,442 63,615 57,193 61,981 39,298
Net income 1 51,100 45,837 27,609 54,226 12,595 10,495 25,232 15,075 40,307 139,844 -1,283 - 37,316 56,420 93,736 28,712 -9,249 35,334 44,784 33,552 11,917
Net margin 10.56% 8.23% 7.31% 7.22% 3.08% 2.58% 6.46% 3.82% 5.14% 30.82% -0.3% - 8.67% 12.79% 10.75% 6.04% -1.98% 7.72% 9.56% 6.6% 2.46%
EPS 2 10.41 9.620 3.640 7.140 1.660 1.400 3.370 2.010 5.380 18.66 -0.1700 - 4.980 7.520 12.50 3.830 -1.230 4.905 6.198 4.537 1.496
Dividend per Share 2 - - - - - - - - - - 5.560 5.560 - - - - 5.560 - - - 6.780
Announcement Date 11/1/19 10/30/20 11/2/21 11/2/21 2/2/22 4/28/22 8/3/22 11/2/22 11/2/22 2/2/23 4/28/23 4/28/23 8/3/23 11/7/23 11/7/23 2/6/24 5/8/24 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: Marzo 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 206,336 323,837 538,980 261,948 289,920 413,517 121,412
Net Cash position 1 331,572 - - - - - - -
Leverage (Debt/EBITDA) - 0.8754 x 1.226 x 1.657 x 0.5654 x 0.7475 x 0.9687 x 0.2595 x
Free Cash Flow 1 108,186 -259,756 195,572 -37,585 412,837 52,317 166,500 198,242
ROE (net income / shareholders' equity) 8.6% 10.3% 4.1% 2.9% 6.4% 3.8% 4.23% 4.93%
ROA (Net income/ Total Assets) 4.99% 4.26% 2.68% 2.3% 3% 2.06% 1.63% 1.8%
Assets 1 1,577,186 1,915,370 2,614,317 3,366,644 5,969,051 5,494,964 7,905,930 8,432,976
Book Value Per Share 2 161.0 162.0 353.0 358.0 389.0 405.0 413.0 427.0
Cash Flow per Share 2 24.60 34.10 34.40 28.10 43.70 36.80 -34.10 55.10
Capex 1 41,771 85,126 70,741 272,633 148,986 140,558 147,898 159,507
Capex / Sales 4.38% 8.08% 5.87% 17.39% 8.91% 7.7% 7.48% 7.41%
Announcement Date 4/25/19 4/30/20 4/28/21 4/28/22 4/28/23 5/8/24 - -
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

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
372.9 JPY
Average target price
489.3 JPY
Spread / Average Target
+31.21%
Consensus
1st Jan change Capi.
-25.38% 17.79B
-18.37% 34.09B
-24.02% 18.74B
-.--% 6.85B
-12.23% 242M
+11.36% 109M
-8.20% 69.3M
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