Financials Meiji Holdings Co Ltd

Equities

2269

JP3918000005

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-28 am EDT			5-day change	1st Jan Change
3,478 ^JPY	-1.22%		+0.32%	+3.85%

May. 17	Meiji Holdings Declares Dividend	MT
May. 17	Meiji Holdings Resolves to Distribute Surplus Dividends for March 31, 2024, Payable on June 5, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,303,858	1,114,146	1,033,108	930,831	879,554	982,730	-	-
Enterprise Value (EV) ¹	1,394,887	1,183,464	1,094,555	944,688	880,405	945,058	947,930	943,197
P/E ratio	21.1 x	16.6 x	15.7 x	10.9 x	12.8 x	18.6 x	17.4 x	16.2 x
Yield	1.56%	1.95%	2.25%	2.57%	2.85%	2.81%	2.77%	2.86%
Capitalization / Revenue	1.04 x	0.89 x	0.87 x	0.92 x	0.83 x	0.85 x	0.86 x	0.85 x
EV / Revenue	1.11 x	0.94 x	0.92 x	0.93 x	0.83 x	0.85 x	0.83 x	0.81 x
EV / EBITDA	9.75 x	7.95 x	7.09 x	6.6 x	6.82 x	6.77 x	6.71 x	6.35 x
EV / FCF	30.9 x	25.8 x	18 x	9.46 x	18.3 x	20.8 x	20.9 x	20.7 x
FCF Yield	3.24%	3.88%	5.54%	10.6%	5.48%	4.81%	4.79%	4.82%
Price to Book	2.47 x	1.98 x	1.66 x	1.38 x	1.24 x	1.27 x	1.24 x	1.23 x
Nbr of stocks (in thousands)	290,068	290,142	290,199	281,643	278,781	279,105	-	-
Reference price ²	4,495	3,840	3,560	3,305	3,155	3,478	3,478	3,478
Announcement Date	5/13/19	5/22/20	5/18/21	5/12/22	5/11/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,254,380	1,252,706	1,191,765	1,013,092	1,062,157	1,105,494	1,138,232	1,158,164
EBITDA ¹	143,057	148,893	154,487	143,040	129,023	139,650	141,348	148,488
EBIT ¹	98,383	102,708	106,061	92,922	75,433	84,322	86,310	91,084
Operating Margin	7.84%	8.2%	8.9%	9.17%	7.1%	7.63%	7.58%	7.86%
Earnings before Tax (EBT) ¹	94,586	97,747	103,183	128,455	95,410	87,507	81,742	87,927
Net income ¹	61,868	67,313	65,655	87,497	69,424	50,675	55,557	59,229
Net margin	4.93%	5.37%	5.51%	8.64%	6.54%	4.58%	4.88%	5.11%
EPS ²	213.3	232.0	226.3	303.6	247.4	181.6	199.5	214.3
Free Cash Flow ¹	45,147	45,886	60,654	99,912	48,225	45,419	45,377	45,492
FCF margin	3.6%	3.66%	5.09%	9.86%	4.54%	4.11%	3.99%	3.93%
FCF Conversion (EBITDA)	31.56%	30.82%	39.26%	69.85%	37.38%	32.52%	32.1%	30.64%
FCF Conversion (Net income)	72.97%	68.17%	92.38%	114.19%	69.46%	89.63%	81.68%	76.81%
Dividend per Share ²	70.00	75.00	80.00	85.00	90.00	95.00	96.43	99.38
Announcement Date	5/13/19	5/22/20	5/18/21	5/12/22	5/11/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	618,077	-	584,976	606,789	264,791	500,712	269,247	243,133	512,380	247,131	270,389	517,520	280,563	264,074	544,637	262,734	283,313	546,047	286,956	272,491	559,447	-	-	-	-
EBITDA	-	-	-	-	-	-	-	26,833	-	30,995	38,397	-	35,186	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	47,573	-	50,401	55,660	31,709	50,330	28,680	13,912	-	18,044	25,149	43,193	21,546	10,694	32,240	19,497	24,946	44,443	25,269	14,610	39,879	-	-	-	-
Operating Margin	7.7%	-	8.62%	9.17%	11.98%	10.05%	10.65%	5.72%	-	7.3%	9.3%	8.35%	7.68%	4.05%	5.92%	7.42%	8.81%	8.14%	8.81%	5.36%	7.13%	-	-	-	-
Earnings before Tax (EBT)	47,205	-	47,158	56,025	-	55,241	29,641	-	-	23,158	-	48,303	20,698	26,409	47,107	22,630	25,423	48,053	25,977	-	-	-	-	-	-
Net income ¹	31,862	-	28,733	36,922	24,155	36,646	19,537	31,314	-	16,015	17,371	33,386	13,897	22,141	36,038	11,593	16,328	27,921	17,025	5,729	-	-	-	-	-
Net margin	5.16%	-	4.91%	6.08%	9.12%	7.32%	7.26%	12.88%	-	6.48%	6.42%	6.45%	4.95%	8.38%	6.62%	4.41%	5.76%	5.11%	5.93%	2.1%	-	-	-	-	-
EPS ²	109.8	-	99.02	-	83.22	126.3	67.64	109.7	-	56.86	61.66	118.5	49.60	79.27	128.9	41.59	58.54	100.1	61.00	20.51	-	-	-	-	-
Dividend per Share ²	35.00	40.00	37.50	42.50	40.00	40.00	-	-	45.00	-	-	42.50	-	-	47.50	-	47.50	47.50	-	47.50	-	50.00	50.00	52.50	52.50
Announcement Date	11/8/19	5/22/20	11/10/20	5/18/21	11/9/21	11/9/21	2/9/22	5/12/22	5/12/22	8/9/22	11/8/22	11/8/22	2/9/23	5/11/23	5/11/23	8/8/23	11/9/23	11/9/23	2/8/24	5/10/24	5/10/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	91,029	69,318	61,447	13,857	851	-	-	-
Net Cash position ¹	-	-	-	-	-	15,400	34,800	39,533
Leverage (Debt/EBITDA)	0.6363 x	0.4656 x	0.3977 x	0.0969 x	0.006596 x	-	-	-
Free Cash Flow ¹	45,147	45,886	60,654	99,912	48,225	45,419	45,377	45,492
ROE (net income / shareholders' equity)	12.2%	12.4%	11.1%	13.5%	10%	6.9%	7.42%	7.66%
ROA (Net income/ Total Assets)	10.3%	10.3%	10.7%	8.6%	6.58%	6.49%	4.3%	5%
Assets ¹	599,292	652,380	615,467	1,016,830	1,054,876	780,425	1,292,033	1,184,572
Book Value Per Share ²	1,818	1,940	2,141	2,391	2,554	2,675	2,814	2,836
Cash Flow per Share ²	362.0	391.0	393.0	477.0	438.0	380.0	263.0	414.0
Capex ¹	71,169	71,129	68,710	95,482	52,531	62,564	77,000	70,000
Capex / Sales	5.67%	5.68%	5.77%	9.42%	4.95%	5.66%	6.76%	6.04%
Announcement Date	5/13/19	5/22/20	5/18/21	5/12/22	5/11/23	5/10/24	-	-

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 Meiji Holdings Co Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,478 JPY

Average target price

3,650 JPY

Spread / Average Target

+4.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
MEIJI HOLDINGS CO LTD	+3.85%	6.27B
NESTLÉ S.A.	-5.47%	265B
MONDELEZ INTERNATIONAL, INC.	-5.70%	91.61B
KRAFT HEINZ	-3.06%	43.53B
DANONE	+0.31%	41.41B
THE HERSHEY COMPANY	+5.66%	39.84B
GENERAL MILLS, INC.	+4.85%	38.56B
ARCHER-DANIELS-MIDLAND COMPANY	-16.24%	29.91B
NESTLÉ INDIA LIMITED	-7.82%	28.53B
ASSOCIATED BRITISH FOODS PLC	+13.69%	25.94B

Other Food Processing