Financials NITORI Holdings Co., Ltd.

Equities

9843

JP3756100008

Home Furnishings Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-05 am EDT			5-day change	1st Jan Change
16,500 ^JPY	+0.24%		-1.58%	-12.61%

Jun. 27	The same old winners
May. 15	Japanese shares rise on Sony, chip stocks boost; caution ahead of US data weighs	RE

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	1,638,875	2,417,263	1,734,476	1,800,278	2,667,081	1,860,174	-	-
Enterprise Value (EV) ¹	1,494,740	2,309,055	1,696,775	1,814,948	2,673,109	1,875,712	1,816,604	1,799,136
P/E ratio	22.9 x	26.2 x	17.9 x	18.9 x	30.8 x	20 x	18.8 x	17.6 x
Yield	0.74%	0.57%	0.91%	0.92%	0.62%	0.93%	0.98%	1.03%
Capitalization / Revenue	2.55 x	3.37 x	2.14 x	1.9 x	2.98 x	1.97 x	1.87 x	1.78 x
EV / Revenue	2.33 x	3.22 x	2.09 x	1.91 x	2.98 x	1.99 x	1.83 x	1.72 x
EV / EBITDA	12.1 x	14.8 x	10.5 x	10.9 x	17.3 x	11.7 x	10.4 x	9.68 x
EV / FCF	19 x	18 x	-49.3 x	-44.1 x	234 x	55 x	39.5 x	58.4 x
FCF Yield	5.27%	5.57%	-2.03%	-2.27%	0.43%	1.82%	2.53%	1.71%
Price to Book	2.93 x	3.76 x	2.37 x	2.2 x	2.98 x	1.92 x	1.76 x	1.61 x
Nbr of stocks (in thousands)	112,406	112,824	112,922	113,012	113,012	113,012	-	-
Reference price ²	14,580	21,425	15,360	15,930	23,600	16,460	16,460	16,460
Announcement Date	4/6/20	3/31/21	3/31/22	5/9/23	5/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	642,273	716,900	811,581	948,094	895,799	943,475	993,784	1,043,375
EBITDA ¹	124,039	155,518	162,055	166,262	154,836	160,538	175,313	185,829
EBIT ¹	107,478	137,687	138,270	140,076	127,725	133,590	142,201	150,925
Operating Margin	16.73%	19.21%	17.04%	14.77%	14.26%	14.16%	14.31%	14.47%
Earnings before Tax (EBT) ¹	105,069	130,696	141,779	138,913	123,904	137,182	145,481	154,050
Net income ¹	71,395	92,114	96,724	95,129	86,523	92,999	98,901	105,550
Net margin	11.12%	12.85%	11.92%	10.03%	9.66%	9.86%	9.95%	10.12%
EPS ²	635.4	817.0	856.7	841.9	765.6	822.9	875.1	934.0
Free Cash Flow ¹	78,834	128,556	-34,415	-41,140	11,447	34,083	46,025	30,800
FCF margin	12.27%	17.93%	-4.24%	-4.34%	1.28%	3.61%	4.63%	2.95%
FCF Conversion (EBITDA)	63.56%	82.66%	-	-	7.39%	21.23%	26.25%	16.57%
FCF Conversion (Net income)	110.42%	139.56%	-	-	13.23%	36.65%	46.54%	29.18%
Dividend per Share ²	108.0	123.0	140.0	146.0	147.0	153.5	160.5	168.9
Announcement Date	4/6/20	3/31/21	3/31/22	5/9/23	5/14/24	-	-	-

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 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	320,675	362,481	414,563	191,596	205,422	216,648	206,422	423,070	316,325	218,504	198,310	416,814	246,932	232,053	230,081	209,919	259,550	239,030	235,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	51,901	80,596	77,515	30,453	30,302	-	32,133	69,050	45,029	32,973	22,200	55,173	42,692	29,860	33,442	21,544	44,470	28,665	37,000
Operating Margin	16.18%	22.23%	18.7%	15.89%	14.75%	-	15.57%	16.32%	14.24%	15.09%	11.19%	13.24%	17.29%	12.87%	14.53%	10.26%	17.13%	11.99%	15.74%
Earnings before Tax (EBT)	-	73,647	78,959	31,495	-	-	-	-	-	33,180	-	56,594	44,179	-	-	-	-	-	-
Net income ¹	-	49,764	53,891	21,849	20,984	24,942	26,520	-	28,594	22,913	15,130	38,043	30,492	17,988	23,303	15,708	31,829	20,510	25,900
Net margin	-	13.73%	13%	11.4%	10.22%	11.51%	12.85%	-	9.04%	10.49%	7.63%	9.13%	12.35%	7.75%	10.13%	7.48%	12.26%	8.58%	11.02%
EPS ²	-	441.7	477.4	193.5	185.8	-	234.7	-	253.0	202.8	133.9	336.6	269.8	159.2	202.7	138.2	262.9	156.8	-
Dividend per Share ²	-	57.00	70.00	-	70.00	-	73.00	73.00	73.00	-	75.00	75.00	-	72.00	-	77.00	-	77.00	-
Announcement Date	4/6/20	10/2/20	9/30/21	12/24/21	3/31/22	7/1/22	9/30/22	9/30/22	5/9/23	8/8/23	11/10/23	11/10/23	2/8/24	5/14/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	14,670	6,028	15,538	-	-
Net Cash position ¹	144,135	108,208	37,701	-	-	-	43,570	61,039
Leverage (Debt/EBITDA)	-	-	-	0.0882 x	0.0389 x	0.0968 x	-	-
Free Cash Flow ¹	78,834	128,556	-34,415	-41,140	11,447	34,083	46,025	30,800
ROE (net income / shareholders' equity)	13.5%	15.3%	14.1%	12.3%	10.1%	10.2%	9.99%	9.77%
ROA (Net income/ Total Assets)	16.8%	17.2%	14.8%	8.98%	11.2%	9.04%	8.98%	9.35%
Assets ¹	424,546	535,776	651,507	1,058,801	775,329	1,029,102	1,101,730	1,128,424
Book Value Per Share ²	4,984	5,691	6,490	7,239	7,931	8,571	9,356	10,200
Cash Flow per Share ²	783.0	975.0	1,067	1,074	1,006	1,068	1,118	-
Capex ¹	17,482	22,323	101,454	117,328	132,146	126,300	104,250	92,583
Capex / Sales	2.72%	3.11%	12.5%	12.38%	14.75%	13.39%	10.49%	8.87%
Announcement Date	4/6/20	3/31/21	3/31/22	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 NITORI Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

16,460 JPY

Average target price

19,756 JPY

Spread / Average Target

+20.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Home Furnishings Retailers

	1st Jan change	Capi.
NITORI HOLDINGS CO., LTD.	-12.61%	11.54B
WILLIAMS-SONOMA, INC.	+39.23%	18.07B
DUNELM GROUP PLC	+0.27%	2.82B
ARHAUS, INC.	+34.18%	2.23B
LEON'S FURNITURE LIMITED	+27.53%	1.16B
NICK SCALI LIMITED	+7.39%	763M
TEMPLE & WEBSTER GROUP LTD	+4.93%	718M
BRISCOE GROUP LIMITED	-9.40%	552M
HAVERTY FURNITURE COMPANIES, INC.	-32.28%	390M
STANLEY LIFESTYLES LIMITED	0.00%	333M

Other Home Furnishings Retailers