Stock 6098 RECRUIT HOLDINGS CO., LTD
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Financials Recruit Holdings Co., Ltd

Equities

6098

JP3970300004

Employment Services

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-05-31 am EDT 		5-day change 1st Jan Change
7,948 JPY +3.34% Intraday chart for Recruit Holdings Co., Ltd +1.40% +33.29%
May. 30 Morgan Stanley Adjusts Recruit Holdings’ Price Target to 9,000 Yen From 7,500 Yen, Keeps at Overweight MT
May. 17 Jefferies Adjusts Recruit Holdings’ Price Target to 9,200 Yen From 7,800 Yen, Keeps at Buy MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 5,281,348 4,609,566 8,826,247 8,846,811 5,771,525 12,234,881 - -
Enterprise Value (EV) 1 5,013,615 4,556,606 8,703,929 8,237,911 4,929,525 9,219,696 10,910,126 10,664,314
P/E ratio 30.3 x 25.8 x 67.7 x 29.8 x 21.7 x 29.7 x 33.8 x 29.2 x
Yield 0.89% 1.07% 0.37% 0.39% 0.6% 0.34% 0.32% 0.39%
Capitalization / Revenue 2.29 x 1.92 x 3.89 x 3.08 x 1.68 x 3.03 x 3.47 x 3.27 x
EV / Revenue 2.17 x 1.9 x 3.84 x 2.87 x 1.44 x 2.7 x 3.1 x 2.85 x
EV / EBITDA 17.1 x 14 x 36 x 17.2 x 9.04 x 15.4 x 17.2 x 15.3 x
EV / FCF 69.3 x 21.3 x 35.3 x 22.3 x 12.2 x 19.8 x 27.7 x 24.6 x
FCF Yield 1.44% 4.7% 2.83% 4.48% 8.23% 5.05% 3.6% 4.07%
Price to Book 5.47 x 4.66 x 8.09 x 6.39 x 3.54 x 5.18 x 5.74 x 5.16 x
Nbr of stocks (in thousands) 1,670,784 1,648,629 1,634,188 1,634,062 1,581,240 1,539,366 - -
Reference price 2 3,161 2,796 5,401 5,414 3,650 7,948 7,948 7,948
Announcement Date 5/14/19 5/27/20 5/17/21 5/16/22 5/15/23 5/15/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,310,756 2,399,465 2,269,346 2,871,705 3,429,519 3,416,492 3,523,055 3,741,395
EBITDA 1 293,243 325,159 241,658 479,370 545,043 598,397 634,343 697,592
EBIT 1 223,090 206,011 162,823 378,929 344,303 402,526 465,094 544,527
Operating Margin 9.65% 8.59% 7.17% 13.2% 10.04% 11.78% 13.2% 14.55%
Earnings before Tax (EBT) 1 239,814 226,149 168,502 382,749 367,767 426,241 474,297 546,357
Net income 1 174,280 179,880 131,393 296,833 269,799 353,654 359,239 417,724
Net margin 7.54% 7.5% 5.79% 10.34% 7.87% 10.35% 10.2% 11.16%
EPS 2 104.3 108.3 79.83 181.7 168.6 226.0 235.1 271.8
Free Cash Flow 1 72,341 214,332 246,224 368,872 405,517 465,433 393,284 434,056
FCF margin 3.13% 8.93% 10.85% 12.85% 11.82% 13.62% 11.16% 11.6%
FCF Conversion (EBITDA) 24.67% 65.92% 101.89% 76.95% 74.4% 77.78% 62% 62.22%
FCF Conversion (Net income) 41.51% 119.15% 187.4% 124.27% 150.3% 131.61% 109.48% 103.91%
Dividend per Share 2 28.00 30.00 20.00 21.00 22.00 23.00 25.35 31.22
Announcement Date 5/14/19 5/27/20 5/17/21 5/16/22 5/15/23 5/15/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2020 S2 2021 S1 2021 S2 2022 Q2 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 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 1,201,201 1,198,264 1,044,621 1,224,725 701,194 1,365,907 746,056 759,700 1,505,798 843,175 878,400 1,721,600 880,100 827,700 1,707,870 850,828 855,100 1,705,900 866,700 843,700 871,178 879,581 898,801 866,826
EBITDA 1 - - - 118,236 140,682 - 134,838 78,100 213,011 152,336 145,300 297,600 138,200 76,700 - 165,900 162,200 328,100 158,200 111,900 171,846 174,016 165,163 148,484
EBIT 1 142,659 63,352 74,729 88,094 118,210 222,928 110,657 45,300 156,001 119,371 108,500 227,900 96,800 19,400 116,403 121,654 116,100 237,800 108,900 55,700 114,358 129,920 124,468 106,711
Operating Margin 11.88% 5.29% 7.15% 7.19% 16.86% 16.32% 14.83% 5.96% 10.36% 14.16% 12.35% 13.24% 11% 2.34% 6.82% 14.3% 13.58% 13.94% 12.56% 6.6% 13.13% 14.77% 13.85% 12.31%
Earnings before Tax (EBT) 1 157,834 68,315 78,490 90,012 118,436 223,843 112,663 46,242 158,906 120,060 110,300 230,300 105,600 31,600 137,467 130,263 130,784 261,047 120,985 44,200 119,096 137,853 128,636 110,376
Net income 1 114,148 65,732 62,533 68,860 87,305 165,169 83,252 48,400 131,664 84,472 85,200 169,700 77,800 22,100 100,099 98,060 115,000 213,000 106,300 34,200 104,194 110,367 101,698 87,198
Net margin 9.5% 5.49% 5.99% 5.62% 12.45% 12.09% 11.16% 6.37% 8.74% 10.02% 9.7% 9.86% 8.84% 2.67% 5.86% 11.53% 13.45% 12.49% 12.26% 4.05% 11.96% 12.55% 11.31% 10.06%
EPS 2 68.32 - 37.92 - 53.42 101.1 50.95 29.67 - 52.48 52.96 105.4 48.61 14.54 - 62.04 73.46 135.4 68.03 22.08 55.45 68.45 66.51 48.19
Dividend per Share 15.00 - 9.500 - 10.50 10.50 - 10.50 - - 11.00 11.00 - 11.00 - - 11.50 11.50 - - - - - -
Announcement Date 11/13/19 5/27/20 11/16/20 5/17/21 11/15/21 11/15/21 2/14/22 5/16/22 5/16/22 8/12/22 11/14/22 11/14/22 2/13/23 5/15/23 5/15/23 8/10/23 11/8/23 11/8/23 2/9/24 5/15/24 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 267,733 52,960 122,318 608,900 842,000 1,135,400 1,324,755 1,570,567
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 72,341 214,332 246,224 368,872 405,517 465,433 393,284 434,056
ROE (net income / shareholders' equity) 19.3% 18.4% 12.6% 24.2% 18% 19.5% 16.9% 18.9%
ROA (Net income/ Total Assets) 14.4% 12.1% 8.03% 16.6% 14.1% 14.4% 11% 12.1%
Assets 1 1,207,467 1,490,549 1,635,777 1,791,533 1,913,567 2,463,362 3,253,677 3,448,951
Book Value Per Share 2 578.0 600.0 668.0 847.0 1,030 1,295 1,385 1,541
Cash Flow per Share 2 147.0 178.0 153.0 257.0 245.0 301.0 290.0 339.0
Capex 1 75,765 83,259 58,314 64,385 76,756 69,929 75,072 77,491
Capex / Sales 3.28% 3.47% 2.57% 2.24% 2.24% 2.05% 2.13% 2.07%
Announcement Date 5/14/19 5/27/20 5/17/21 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 Recruit Holdings Co., Ltd

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
7,948 JPY
Average target price
7,749 JPY
Spread / Average Target
-2.51%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Outsourcing & Staffing Services
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