Financials NITORI Holdings Co., Ltd.

Equities

9843

JP3756100008

Home Furnishings Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-10 am EDT			5-day change	1st Jan Change
17,105 ^JPY	-0.93%		-1.53%	-9.40%

May. 15	Japanese shares rise on Sony, chip stocks boost; caution ahead of US data weighs	RE
Mar. 13	Nitori Holdings Co., Ltd. Announces the Launch of Its First Nitori Store in the Philippines	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,604,284	1,638,875	2,417,263	1,734,476	1,800,278	1,933,068	-	-
Enterprise Value (EV) ¹	1,510,606	1,494,740	2,309,055	1,696,775	1,814,948	2,667,081	1,859,194	1,850,403
P/E ratio	23.5 x	22.9 x	26.2 x	17.9 x	18.9 x	30.8 x	20.2 x	19 x
Yield	0.68%	0.74%	0.57%	0.91%	0.92%	0.62%	0.9%	0.95%
Capitalization / Revenue	2.64 x	2.55 x	3.37 x	2.14 x	1.9 x	2.98 x	2.03 x	1.92 x
EV / Revenue	2.48 x	2.33 x	3.22 x	2.09 x	1.91 x	2.98 x	1.95 x	1.84 x
EV / EBITDA	13.1 x	12.1 x	14.8 x	10.5 x	10.9 x	17.2 x	11.1 x	10.2 x
EV / FCF	29.5 x	19 x	18 x	-49.3 x	-44.1 x	233 x	59 x	36 x
FCF Yield	3.39%	5.27%	5.57%	-2.03%	-2.27%	0.43%	1.69%	2.78%
Price to Book	3.21 x	2.93 x	3.76 x	2.37 x	2.2 x	2.98 x	2.01 x	1.84 x
Nbr of stocks (in thousands)	112,188	112,406	112,824	112,922	113,012	113,012	-	-
Reference price ²	14,300	14,580	21,425	15,360	15,930	17,265	17,265	17,265
Announcement Date	4/8/19	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: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	608,131	642,273	716,900	811,581	948,094	895,799	952,605	1,004,374
EBITDA ¹	114,997	124,039	155,518	162,055	166,262	154,836	167,013	181,424
EBIT ¹	100,779	107,478	137,687	138,270	140,076	127,725	138,800	148,081
Operating Margin	16.57%	16.73%	19.21%	17.04%	14.77%	14.26%	14.57%	14.74%
Earnings before Tax (EBT) ¹	100,490	105,069	130,696	141,779	138,913	123,904	141,468	150,624
Net income ¹	68,180	71,395	92,114	96,724	95,129	86,523	96,652	102,996
Net margin	11.21%	11.12%	12.85%	11.92%	10.03%	9.66%	10.15%	10.25%
EPS ²	608.0	635.4	817.0	856.7	841.9	765.6	853.2	909.3
Free Cash Flow ¹	51,240	78,834	128,556	-34,415	-41,140	11,447	31,489	51,400
FCF margin	8.43%	12.27%	17.93%	-4.24%	-4.34%	1.28%	3.31%	5.12%
FCF Conversion (EBITDA)	44.56%	63.56%	82.66%	-	-	7.39%	18.85%	28.33%
FCF Conversion (Net income)	75.15%	110.42%	139.56%	-	-	13.23%	32.58%	49.9%
Dividend per Share ²	97.00	108.0	123.0	140.0	146.0	147.0	155.0	164.0
Announcement Date	4/8/19	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 S1	2020 S2	2021 S1	2022 Q2	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
Net sales ¹	321,598	320,675	362,481	199,102	414,563	191,596	205,422	216,648	206,422	423,070	316,325	218,504	198,310	416,814	246,932	232,053	230,351	216,258	263,266	240,565
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	55,577	51,901	80,596	34,727	77,515	30,453	30,302	-	32,133	69,050	45,029	32,973	22,200	55,173	42,692	29,860	33,561	24,653	46,139	31,187
Operating Margin	17.28%	16.18%	22.23%	17.44%	18.7%	15.89%	14.75%	-	15.57%	16.32%	14.24%	15.09%	11.19%	13.24%	17.29%	12.87%	14.57%	11.4%	17.53%	12.96%
Earnings before Tax (EBT)	54,864	-	73,647	-	78,959	31,495	-	-	-	-	-	33,180	-	56,594	44,179	-	-	-	-	-
Net income ¹	36,847	-	49,764	24,783	53,891	21,849	20,984	24,942	26,520	-	28,594	22,913	15,130	38,043	30,492	17,988	23,433	17,662	33,186	20,544
Net margin	11.46%	-	13.73%	12.45%	13%	11.4%	10.22%	11.51%	12.85%	-	9.04%	10.49%	7.63%	9.13%	12.35%	7.75%	10.17%	8.17%	12.61%	8.54%
EPS ²	328.1	-	441.7	219.5	477.4	193.5	185.8	-	234.7	-	253.0	202.8	133.9	336.6	269.8	159.2	201.5	164.4	286.9	180.4
Dividend per Share ²	54.00	-	57.00	70.00	70.00	-	70.00	-	73.00	73.00	73.00	-	75.00	75.00	-	75.00	-	77.00	-	77.00
Announcement Date	10/2/19	4/6/20	10/2/20	9/30/21	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	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	14,670	-	-	-
Net Cash position ¹	93,678	144,135	108,208	37,701	-	65,924	73,874	82,665
Leverage (Debt/EBITDA)	-	-	-	-	0.0882 x	-	-	-
Free Cash Flow ¹	51,240	78,834	128,556	-34,415	-41,140	11,447	31,489	51,400
ROE (net income / shareholders' equity)	14.5%	13.5%	15.3%	14.1%	12.3%	10.1%	10.4%	10.2%
ROA (Net income/ Total Assets)	17.6%	16.8%	17.2%	14.8%	8.98%	11.2%	8.7%	8.64%
Assets ¹	386,968	424,546	535,776	651,507	1,058,801	775,329	1,111,576	1,192,395
Book Value Per Share ²	4,453	4,984	5,691	6,490	7,239	7,931	8,600	9,399
Cash Flow per Share ²	735.0	783.0	975.0	1,067	1,074	1,006	1,068	1,118
Capex ¹	32,237	17,482	22,323	101,454	117,328	132,146	106,214	102,583
Capex / Sales	5.3%	2.72%	3.11%	12.5%	12.38%	14.75%	11.15%	10.21%
Announcement Date	4/8/19	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

17,265 JPY

Average target price

20,428 JPY

Spread / Average Target

+18.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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