Financials SENKO Group Holdings Co., Ltd. BOERSE MUENCHEN

Equities

7WE

JP3423800006

Air Freight & Logistics

Market Closed - BOERSE MUENCHEN Other stock markets 03:43:02 2024-07-04 pm EDT			5-day change	1st Jan Change
6.5 ^EUR	-0.76%		-1.50%	-7.75%

May. 15	SENKO Group Holdings Co., Ltd. agreed to acquire an unknown stake in Nanasai Co.,Ltd. from Wacoal Holdings Corp.	CI
May. 13	SENKO Group Holdings Co., Ltd. Provides Consolidated Earnings Guidance for the First Half Ending September 30, 2024, and the Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	127,346	155,301	130,146	141,011	172,908	166,157	-	-
Enterprise Value (EV) ¹	228,634	288,087	290,841	341,231	412,183	406,622	400,234	397,353
P/E ratio	10.5 x	11.2 x	8.63 x	9.18 x	10.8 x	9.21 x	8.22 x	7.54 x
Yield	3.1%	2.67%	3.79%	3.6%	3.31%	3.81%	4.36%	5.07%
Capitalization / Revenue	0.22 x	0.27 x	0.21 x	0.2 x	0.22 x	0.2 x	0.19 x	0.17 x
EV / Revenue	0.4 x	0.5 x	0.47 x	0.49 x	0.53 x	0.48 x	0.45 x	0.42 x
EV / EBITDA	6.31 x	7.4 x	6.52 x	7.11 x	7.32 x	6.21 x	5.82 x	5.26 x
EV / FCF	57.4 x	-19.9 x	-20.4 x	-73.8 x	-114 x	-70.4 x	-390 x	32.3 x
FCF Yield	1.74%	-5.02%	-4.9%	-1.36%	-0.88%	-1.42%	-0.26%	3.1%
Price to Book	1.02 x	1.15 x	0.91 x	0.88 x	0.96 x	0.88 x	0.81 x	0.79 x
Nbr of stocks (in thousands)	151,964	148,188	144,929	149,218	150,748	149,422	-	-
Reference price ²	838.0	1,048	898.0	945.0	1,147	1,112	1,112	1,112
Announcement Date	5/13/20	5/14/21	5/13/22	5/12/23	5/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	570,030	572,405	623,139	696,288	778,370	851,600	886,543	950,300
EBITDA ¹	36,221	38,939	44,588	47,964	56,346	65,431	68,781	75,503
EBIT ¹	20,656	21,520	24,771	25,535	29,906	33,573	36,797	41,016
Operating Margin	3.62%	3.76%	3.98%	3.67%	3.84%	3.94%	4.15%	4.32%
Earnings before Tax (EBT) ¹	19,648	22,602	24,778	25,736	28,796	32,400	35,594	39,767
Net income ¹	12,081	14,240	15,233	15,341	15,944	18,527	20,583	22,562
Net margin	2.12%	2.49%	2.44%	2.2%	2.05%	2.18%	2.32%	2.37%
EPS ²	79.51	93.81	104.1	102.9	106.2	120.7	135.3	147.5
Free Cash Flow ¹	3,986	-14,451	-14,256	-4,625	-3,614	-5,774	-1,025	12,300
FCF margin	0.7%	-2.52%	-2.29%	-0.66%	-0.46%	-0.68%	-0.12%	1.29%
FCF Conversion (EBITDA)	11%	-	-	-	-	-	-	16.29%
FCF Conversion (Net income)	32.99%	-	-	-	-	-	-	54.52%
Dividend per Share ²	26.00	28.00	34.00	34.00	38.00	42.40	48.43	56.40
Announcement Date	5/13/20	5/14/21	5/13/22	5/12/23	5/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	287,960	273,449	298,956	300,762	164,687	157,690	165,345	169,459	334,804	180,494	180,990	188,340	191,338	379,678	203,108	195,584	398,692	203,050	210,050	224,250	213,650
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	10,313	9,641	11,879	11,705	8,651	4,415	6,973	6,073	13,046	8,740	3,749	7,659	7,112	14,771	10,611	4,524	15,135	7,960	7,780	12,320	5,990
Operating Margin	3.58%	3.53%	3.97%	3.89%	5.25%	2.8%	4.22%	3.58%	3.9%	4.84%	2.07%	4.07%	3.72%	3.89%	5.22%	2.31%	3.8%	3.92%	3.7%	5.49%	2.8%
Earnings before Tax (EBT)	-	9,457	-	11,685	9,098	3,995	7,438	-	13,418	10,537	1,781	8,222	-	15,036	10,438	3,322	-	-	-	-	-
Net income ¹	5,650	5,726	-	6,955	5,701	2,577	4,363	3,620	7,983	6,964	394	4,571	4,286	8,857	6,295	792	-	4,700	4,700	7,400	1,000
Net margin	1.96%	2.09%	-	2.31%	3.46%	1.63%	2.64%	2.14%	2.38%	3.86%	0.22%	2.43%	2.24%	2.33%	3.1%	0.4%	-	2.31%	2.24%	3.3%	0.47%
EPS	-	37.67	-	47.20	39.16	17.73	29.29	24.28	53.57	46.71	2.620	30.62	28.58	59.20	41.89	-	-	-	-	-	-
Dividend per Share	-	13.00	-	17.00	-	-	-	-	17.00	-	-	-	-	19.00	-	-	-	-	-	-	-
Announcement Date	5/13/20	11/6/20	5/14/21	11/12/21	2/9/22	5/13/22	8/12/22	11/14/22	11/14/22	2/10/23	5/12/23	8/10/23	11/13/23	11/13/23	2/9/24	5/13/24	5/13/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	101,288	132,786	160,695	200,220	239,275	240,464	234,076	231,196
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.796 x	3.41 x	3.604 x	4.174 x	4.247 x	3.675 x	3.403 x	3.062 x
Free Cash Flow ¹	3,986	-14,451	-14,256	-4,625	-3,614	-5,774	-1,025	12,300
ROE (net income / shareholders' equity)	9.9%	11%	10.8%	10%	9.4%	10%	10.3%	10.5%
ROA (Net income/ Total Assets)	5.95%	5.61%	5.7%	4.92%	4.82%	3.35%	3.53%	3.87%
Assets ¹	202,903	253,860	267,202	311,600	331,124	552,466	582,468	582,894
Book Value Per Share ²	824.0	909.0	986.0	1,076	1,197	1,268	1,368	1,414
Cash Flow per Share ²	182.0	212.0	240.0	253.0	282.0	259.0	301.0	314.0
Capex ¹	27,112	40,174	40,792	55,040	54,828	50,267	44,460	41,667
Capex / Sales	4.76%	7.02%	6.55%	7.9%	7.04%	5.9%	5.01%	4.38%
Announcement Date	5/13/20	5/14/21	5/13/22	5/12/23	5/13/24	-	-	-

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 SENKO Group Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,112 JPY

Average target price

1,347 JPY

Spread / Average Target

+21.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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