Financials Nichirei Corporation

Equities

2871

JP3665200006

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-11 am EDT			5-day change	1st Jan Change
3,474 ^JPY	+0.81%		-0.52%	0.00%

May. 10	Nicherirei Foods' Product Named World's Largest Frozen Fried Rice Brand with 15 Billion Yen Annual Sales	MT
2023	FX, Sluggish Economies Roil Asian Stock Markets	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	407,008	379,665	306,757	344,486	529,154	443,704	-	-
Enterprise Value (EV) ¹	477,424	447,152	388,058	431,220	595,827	496,513	508,163	502,956
P/E ratio	20.8 x	17.9 x	13.4 x	16.1 x	21.6 x	16.7 x	15.3 x	14.2 x
Yield	1.37%	1.76%	2.11%	1.94%	1.79%	2.38%	2.51%	2.69%
Capitalization / Revenue	0.7 x	0.66 x	0.51 x	0.52 x	0.78 x	0.64 x	0.62 x	0.61 x
EV / Revenue	0.82 x	0.78 x	0.64 x	0.65 x	0.88 x	0.71 x	0.71 x	0.69 x
EV / EBITDA	9.67 x	8.5 x	7.39 x	7.82 x	9.75 x	7.58 x	7.3 x	6.88 x
EV / FCF	39.3 x	58.7 x	44.9 x	39.1 x	19.2 x	39.7 x	26.6 x	22.7 x
FCF Yield	2.55%	1.71%	2.23%	2.56%	5.22%	2.52%	3.76%	4.4%
Price to Book	2.21 x	1.87 x	1.45 x	1.53 x	2.09 x	1.72 x	1.64 x	1.54 x
Nbr of stocks (in thousands)	133,227	133,263	129,488	128,348	127,722	127,721	-	-
Reference price ²	3,055	2,849	2,369	2,684	4,143	3,474	3,474	3,474
Announcement Date	5/12/20	5/11/21	5/10/22	5/9/23	5/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	584,858	572,757	602,696	662,204	680,091	695,055	716,162	731,420
EBITDA ¹	49,390	52,618	52,499	55,133	61,130	65,467	69,654	73,097
EBIT ¹	31,035	32,949	31,410	32,935	36,911	39,807	42,703	45,289
Operating Margin	5.31%	5.75%	5.21%	4.97%	5.43%	5.73%	5.96%	6.19%
Earnings before Tax (EBT) ¹	29,792	31,603	35,107	32,987	37,160	39,974	43,208	45,811
Net income ¹	19,609	21,212	23,382	21,568	24,495	26,482	28,649	30,507
Net margin	3.35%	3.7%	3.88%	3.26%	3.6%	3.81%	4%	4.17%
EPS ²	147.2	159.2	176.7	167.1	191.8	208.1	227.7	244.3
Free Cash Flow ¹	12,154	7,624	8,644	11,021	31,105	12,498	19,092	22,113
FCF margin	2.08%	1.33%	1.43%	1.66%	4.57%	1.8%	2.67%	3.02%
FCF Conversion (EBITDA)	24.61%	14.49%	16.47%	19.99%	50.88%	19.09%	27.41%	30.25%
FCF Conversion (Net income)	61.98%	35.94%	36.97%	51.1%	126.99%	47.2%	66.64%	72.48%
Dividend per Share ²	42.00	50.00	50.00	52.00	74.00	82.80	87.14	93.50
Announcement Date	5/12/20	5/11/21	5/10/22	5/9/23	5/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	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 S1	2025 Q3	2025 Q4
Net sales ¹	-	281,762	290,995	294,578	159,196	148,922	156,057	165,779	321,836	179,271	161,097	340,368	163,965	168,246	332,211	182,198	165,682	165,500	170,500	335,900	183,600	169,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	16,745	16,204	16,020	9,724	5,666	6,677	8,032	14,709	10,579	7,647	18,226	7,924	9,474	17,398	12,388	7,125	8,800	10,200	19,000	12,900	8,100
Operating Margin	-	5.94%	5.57%	5.44%	6.11%	3.8%	4.28%	4.85%	4.57%	5.9%	4.75%	5.35%	4.83%	5.63%	5.24%	6.8%	4.3%	5.32%	5.98%	5.66%	7.03%	4.79%
Earnings before Tax (EBT)	-	16,491	-	16,983	10,443	7,681	6,731	-	14,926	10,723	-	-	7,945	-	17,950	12,444	-	-	-	-	-	-
Net income	-	10,875	10,337	11,115	7,039	5,228	4,251	5,547	9,798	7,028	4,742	-	4,964	6,726	11,690	8,394	4,411	-	-	-	-	-
Net margin	-	3.86%	3.55%	3.77%	4.42%	3.51%	2.72%	3.35%	3.04%	3.92%	2.94%	-	3.03%	4%	3.52%	4.61%	2.66%	-	-	-	-	-
EPS	-	81.62	-	83.40	53.07	-	32.83	42.84	75.67	54.36	37.11	-	38.88	-	91.55	65.71	34.54	-	-	-	-	-
Dividend per Share	21.00	22.00	28.00	25.00	-	-	-	-	26.00	-	-	-	-	-	37.00	-	-	-	-	-	-	-
Announcement Date	5/12/20	11/4/20	5/11/21	11/2/21	2/1/22	5/10/22	8/2/22	11/1/22	11/1/22	2/7/23	5/9/23	5/9/23	8/1/23	10/31/23	10/31/23	2/6/24	5/14/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	70,416	67,487	81,301	86,734	66,673	52,809	64,459	59,253
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.426 x	1.283 x	1.549 x	1.573 x	1.091 x	0.8067 x	0.9254 x	0.8106 x
Free Cash Flow ¹	12,154	7,624	8,644	11,021	31,105	12,498	19,092	22,113
ROE (net income / shareholders' equity)	10.9%	10.9%	11.3%	9.9%	10.3%	10.5%	11.1%	11.4%
ROA (Net income/ Total Assets)	8.28%	8.43%	7.6%	7.56%	8.12%	6.33%	6.77%	6.97%
Assets ¹	236,731	251,683	307,651	285,314	301,742	418,129	423,384	437,904
Book Value Per Share ²	1,385	1,526	1,631	1,758	1,984	2,022	2,112	2,250
Cash Flow per Share ²	285.0	307.0	336.0	339.0	381.0	417.0	441.0	466.0
Capex ¹	27,287	37,829	34,711	31,190	31,337	38,400	33,175	32,925
Capex / Sales	4.67%	6.6%	5.76%	4.71%	4.61%	5.52%	4.63%	4.5%
Announcement Date	5/12/20	5/11/21	5/10/22	5/9/23	5/14/24	-	-	-

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 Nichirei Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,474 JPY

Average target price

4,450 JPY

Spread / Average Target

+28.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
NICHIREI CORPORATION	0.00%	2.72B
NESTLÉ S.A.	-3.95%	272B
MONDELEZ INTERNATIONAL, INC.	-9.82%	88.44B
DANONE	-0.14%	40.51B
KRAFT HEINZ	-12.98%	38.76B
THE HERSHEY COMPANY	+0.19%	37.55B
GENERAL MILLS, INC.	-3.02%	34.97B
ARCHER-DANIELS-MIDLAND COMPANY	-11.04%	31.76B
NESTLÉ INDIA LIMITED	-2.52%	30.25B
ASSOCIATED BRITISH FOODS PLC	+4.18%	23.37B

Other Food Processing