Financials Nippon Television Holdings, Inc.

Equities

9404

JP3732200005

Broadcasting

Delayed Japan Exchange Other stock markets 01:03:37 2024-07-16 am EDT			5-day change	1st Jan Change
2,480 ^JPY	+0.55%		+3.03%	+61.12%

May. 20	Nippon Television Repurchases 1.74 Billion Yen Worth of Shares	MT
May. 20	Tranche Update on Nippon Television Holdings, Inc.'s Equity Buyback Plan announced on February 1, 2024.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	307,649	371,219	324,976	291,050	586,189	617,595	-	-
Enterprise Value (EV) ¹	198,120	212,254	263,796	200,514	428,623	429,460	394,150	382,481
P/E ratio	10.1 x	15.4 x	6.85 x	8.54 x	17 x	15.6 x	15 x	14.5 x
Yield	2.9%	2.41%	2.9%	3.24%	1.72%	1.72%	1.7%	1.73%
Capitalization / Revenue	0.72 x	0.95 x	0.8 x	0.7 x	1.38 x	1.42 x	1.38 x	1.35 x
EV / Revenue	0.46 x	0.54 x	0.65 x	0.48 x	1.01 x	0.98 x	0.88 x	0.83 x
EV / EBITDA	3.18 x	4.08 x	3.54 x	3.3 x	7.7 x	6.86 x	6.27 x	5.94 x
EV / FCF	11.2 x	5.23 x	-21.9 x	9.22 x	8.22 x	10.3 x	9.98 x	17 x
FCF Yield	8.92%	19.1%	-4.56%	10.8%	12.2%	9.68%	10%	5.89%
Price to Book	0.41 x	0.46 x	0.38 x	0.35 x	0.64 x	0.65 x	0.65 x	0.62 x
Nbr of stocks (in thousands)	255,310	255,309	255,083	255,083	252,722	250,393	-	-
Reference price ²	1,205	1,454	1,274	1,141	2,320	2,466	2,466	2,466
Announcement Date	5/14/20	5/13/21	5/12/22	5/11/23	5/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	426,599	391,335	406,395	413,979	423,523	436,162	447,122	458,750
EBITDA ¹	62,293	51,964	74,558	60,686	55,662	62,625	62,868	64,380
EBIT ¹	43,111	34,526	58,682	46,593	41,877	47,617	47,841	48,140
Operating Margin	10.11%	8.82%	14.44%	11.25%	9.89%	10.92%	10.7%	10.49%
Earnings before Tax (EBT) ¹	45,881	45,432	68,818	49,082	51,720	63,355	64,805	66,605
Net income ¹	30,555	24,042	47,431	34,081	34,660	39,820	40,923	41,752
Net margin	7.16%	6.14%	11.67%	8.23%	8.18%	9.13%	9.15%	9.1%
EPS ²	119.7	94.18	186.0	133.6	136.4	158.0	164.5	170.5
Free Cash Flow ¹	17,664	40,562	-12,031	21,737	52,162	41,577	39,475	22,538
FCF margin	4.14%	10.37%	-2.96%	5.25%	12.32%	9.53%	8.83%	4.91%
FCF Conversion (EBITDA)	28.36%	78.06%	-	35.82%	93.71%	66.39%	62.79%	35.01%
FCF Conversion (Net income)	57.81%	168.71%	-	63.78%	150.5%	104.41%	96.46%	53.98%
Dividend per Share ²	35.00	35.00	37.00	37.00	40.00	42.50	42.00	42.75
Announcement Date	5/14/20	5/13/21	5/12/22	5/11/23	5/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	217,015	174,478	194,950	106,247	105,198	100,453	98,988	199,441	106,192	108,346	98,010	97,990	196,000	110,219	117,304	103,300	104,307	114,130	117,496
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14,475	11,700	7,900	18,500	-
EBIT ¹	25,986	9,119	24,341	20,494	13,847	11,727	7,647	19,374	16,116	11,103	10,344	6,452	16,796	14,266	10,815	11,475	7,710	14,645	11,300
Operating Margin	11.97%	5.23%	12.49%	19.29%	13.16%	11.67%	7.73%	9.71%	15.18%	10.25%	10.55%	6.58%	8.57%	12.94%	9.22%	11.11%	7.39%	12.83%	9.62%
Earnings before Tax (EBT) ¹	-	1,385	27,149	29,186	12,483	12,114	9,042	21,156	17,731	10,195	13,114	-	20,245	27,563	3,912	15,300	8,700	17,400	26,900
Net income ¹	16,916	-5,656	18,440	20,432	8,559	8,016	6,246	14,262	12,852	6,967	8,443	5,258	13,701	19,473	1,486	10,350	6,150	12,950	18,200
Net margin	7.79%	-3.24%	9.46%	19.23%	8.14%	7.98%	6.31%	7.15%	12.1%	6.43%	8.61%	5.37%	6.99%	17.67%	1.27%	10.02%	5.9%	11.35%	15.49%
EPS	-	-22.15	72.29	80.10	-	31.43	-	55.91	50.39	-	33.10	-	53.75	76.62	-	-	-	-	-
Dividend per Share	-	10.00	10.00	-	-	-	-	10.00	-	-	-	-	10.00	-	-	-	-	-	-
Announcement Date	5/14/20	11/5/20	11/5/21	2/3/22	5/12/22	7/29/22	11/4/22	11/4/22	2/2/23	5/11/23	7/28/23	11/2/23	11/2/23	2/1/24	5/9/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	109,529	158,965	61,180	90,536	157,566	188,135	223,445	235,114
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	17,664	40,562	-12,031	21,737	52,162	41,577	39,475	22,538
ROE (net income / shareholders' equity)	4.1%	3.1%	5.7%	4.1%	3.9%	4.48%	4.53%	4.27%
ROA (Net income/ Total Assets)	5.25%	4.37%	6.2%	4.94%	4.46%	3.77%	3.87%	3.87%
Assets ¹	581,711	549,837	765,300	689,740	776,757	1,057,172	1,058,342	1,079,805
Book Value Per Share ²	2,921	3,195	3,312	3,280	3,646	3,779	3,780	3,955
Cash Flow per Share	195.0	162.0	248.0	189.0	191.0	-	-	-
Capex ¹	23,578	13,016	12,555	8,188	7,203	9,580	11,620	26,333
Capex / Sales	5.53%	3.33%	3.09%	1.98%	1.7%	2.2%	2.6%	5.74%
Announcement Date	5/14/20	5/13/21	5/12/22	5/11/23	5/9/24	-	-	-

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 Television Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,466 JPY

Average target price

2,243 JPY

Spread / Average Target

-9.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Television Broadcasting

	1st Jan change	Capi.
NIPPON TELEVISION HOLDINGS, INC.	+61.68%	3.91B
WARNER BROS. DISCOVERY, INC.	-34.97%	18.13B
FOX CORPORATION	+21.30%	16.12B
NEXSTAR MEDIA GROUP, INC.	+10.47%	5.71B
RTL GROUP S.A.	-13.90%	5.05B
SUN TV NETWORK LIMITED	+14.48%	3.81B
TEGNA INC.	+1.11%	2.54B
ZEE ENTERTAINMENT ENTERPRISES LIMITED	-41.70%	1.79B
M6 MÉTROPOLE TÉLÉVISION	0.00%	1.76B
PT ELANG MAHKOTA TEKNOLOGI TBK	-25.08%	1.64B

Television Broadcasting