NIPPON LIGHT METAL HOLDINGS COMPANY, LTD.

Financials Nippon Light Metal Holdings Company, Ltd.

Equities

5703

JP3700200003

Aluminum

Delayed Japan Exchange Other stock markets 10:30:00 2024-07-02 pm EDT			5-day change	1st Jan Change
1,813 ^JPY	+0.78%		+0.22%	+3.42%

2023	Nippon Light Metal Holdings Company, Ltd.(TSE:5703) dropped from S&P Japan 500	CI
2023	Nippon Light Metal Holdings Company, Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	104,647	136,984	106,030	90,536	112,675	111,432	-	-
Enterprise Value (EV) ¹	200,920	221,984	216,248	222,801	233,560	190,287	161,410	149,404
P/E ratio	14 x	40.7 x	6.33 x	12.6 x	12.5 x	8.64 x	7.45 x	6.94 x
Yield	5.33%	2.94%	4.96%	3.42%	2.75%	3.71%	3.98%	4.26%
Capitalization / Revenue	0.22 x	0.32 x	0.22 x	0.18 x	0.22 x	0.2 x	0.2 x	0.2 x
EV / Revenue	0.43 x	0.51 x	0.44 x	0.43 x	0.45 x	0.34 x	0.29 x	0.26 x
EV / EBITDA	4.59 x	5.12 x	5.12 x	8.17 x	6.03 x	4.53 x	3.57 x	3.21 x
EV / FCF	10.7 x	13.9 x	-13.1 x	-15.4 x	16.6 x	-136 x	38.4 x	21 x
FCF Yield	9.31%	7.21%	-7.65%	-6.48%	6.04%	-0.74%	2.6%	4.75%
Price to Book	0.56 x	0.72 x	0.52 x	0.44 x	0.51 x	0.48 x	0.46 x	0.44 x
Nbr of stocks (in thousands)	61,921	61,900	61,898	61,926	61,943	61,941	-	-
Reference price ²	1,690	2,213	1,713	1,462	1,819	1,799	1,799	1,799
Announcement Date	5/15/20	5/14/21	5/16/22	5/15/23	5/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	465,946	432,568	486,579	516,954	523,715	564,067	555,333	569,733
EBITDA ¹	43,745	43,351	42,261	27,271	38,714	42,041	45,205	46,521
EBIT ¹	24,607	24,194	22,198	7,539	18,189	20,333	23,500	25,835
Operating Margin	5.28%	5.59%	4.56%	1.46%	3.47%	3.6%	4.23%	4.53%
Earnings before Tax (EBT) ¹	12,475	7,830	25,299	10,742	16,475	19,400	22,367	24,133
Net income ¹	7,476	3,366	16,759	7,203	9,037	12,900	14,967	16,067
Net margin	1.6%	0.78%	3.44%	1.39%	1.73%	2.29%	2.7%	2.82%
EPS ²	120.7	54.37	270.8	116.3	145.9	208.3	241.6	259.4
Free Cash Flow ¹	18,698	16,009	-16,534	-14,428	14,110	-1,400	4,200	7,100
FCF margin	4.01%	3.7%	-3.4%	-2.79%	2.69%	-0.25%	0.76%	1.25%
FCF Conversion (EBITDA)	42.74%	36.93%	-	-	36.45%	-	9.29%	15.26%
FCF Conversion (Net income)	250.11%	475.61%	-	-	156.14%	-	28.06%	44.19%
Dividend per Share ²	90.00	65.00	85.00	50.00	50.00	66.67	71.67	76.67
Announcement Date	5/15/20	5/14/21	5/16/22	5/15/23	5/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	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 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	234,361	198,499	234,069	236,048	124,467	126,064	250,531	123,241	129,853	253,094	131,956	131,904	263,860	122,471	127,981	250,452	137,261	136,002	-	124,200	129,600	261,500	156,550	157,650	288,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,889	7,895	16,299	14,041	5,167	2,990	8,157	3,437	220	3,657	1,418	2,464	3,882	1,971	3,710	5,681	6,985	5,523	12,508	3,150	3,450	7,000	7,450	7,200	13,500
Operating Margin	5.5%	3.98%	6.96%	5.95%	4.15%	2.37%	3.26%	2.79%	0.17%	1.44%	1.07%	1.87%	1.47%	1.61%	2.9%	2.27%	5.09%	4.06%	-	2.54%	2.66%	2.68%	4.76%	4.57%	4.68%
Earnings before Tax (EBT)	-	7,660	-	15,737	7,028	-	-	4,142	-	5,207	724	-	-	2,942	-	4,893	6,641	-	-	-	-	-	-	-	-
Net income ¹	-	4,720	-	10,813	4,417	1,529	-	2,614	1,190	3,804	243	3,156	-	1,181	963	2,144	3,345	3,548	-	1,700	1,800	-	4,500	4,500	-
Net margin	-	2.38%	-	4.58%	3.55%	1.21%	-	2.12%	0.92%	1.5%	0.18%	2.39%	-	0.96%	0.75%	0.86%	2.44%	2.61%	-	1.37%	1.39%	-	2.87%	2.85%	-
EPS	-	76.23	-	174.7	71.36	-	-	42.23	-	61.44	3.920	-	-	19.07	-	34.62	54.00	-	-	-	-	-	-	-	-
Dividend per Share	-	-	65.00	40.00	-	-	45.00	-	-	40.00	-	-	-	-	-	10.00	-	-	40.00	-	-	-	-	-	-
Announcement Date	5/15/20	10/30/20	5/14/21	11/1/21	1/31/22	5/16/22	5/16/22	8/1/22	10/31/22	10/31/22	1/31/23	5/15/23	5/15/23	7/31/23	10/31/23	10/31/23	1/31/24	5/15/24	5/15/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	96,273	85,000	110,218	132,265	120,885	78,855	49,978	37,971
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.201 x	1.961 x	2.608 x	4.85 x	3.123 x	1.876 x	1.106 x	0.8162 x
Free Cash Flow ¹	18,698	16,009	-16,534	-14,428	14,110	-1,400	4,200	7,100
ROE (net income / shareholders' equity)	4%	1.8%	8.5%	3.5%	4.2%	5.73%	6.43%	6.54%
ROA (Net income/ Total Assets)	4.94%	4.92%	4.41%	1.67%	3.56%	3.5%	-	-
Assets ¹	151,480	68,424	379,927	430,441	253,878	368,571	-	-
Book Value Per Share ²	3,008	3,082	3,281	3,318	3,572	3,716	3,891	4,078
Cash Flow per Share ²	423.0	364.0	595.0	435.0	477.0	549.0	618.0	688.0
Capex ¹	29,978	25,933	23,222	18,253	23,900	29,250	29,250	29,250
Capex / Sales	6.43%	6%	4.77%	3.53%	4.56%	5.19%	5.27%	5.13%
Announcement Date	5/15/20	5/14/21	5/16/22	5/15/23	5/15/24	-	-	-

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 Light Metal Holdings Company, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,799 JPY

Average target price

2,057 JPY

Spread / Average Target

+14.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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