Financials BELLSYSTEM24 Holdings, Inc.

Equities

6183

JP3835760004

Business Support Services

Delayed Japan Exchange Other stock markets 10:27:58 25/06/2024 am IST			5-day change	1st Jan Change
1,610 ^JPY	+3.74%		+11.18%	-7.94%

08/05	Nudge Inc. announced that it has received ¥3 billion in funding from a group of investors	CI
11/01	BELLSYSTEM24's Net Income Down 22% in March-November 2023	MT

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	94,690	1,26,181	98,564	1,06,297	1,25,144	1,14,114	-	-
Enterprise Value (EV) ¹	1,55,101	1,83,805	1,51,820	1,54,120	1,74,165	1,60,014	1,55,414	1,50,014
P/E ratio	13.5 x	17.4 x	11 x	11.4 x	16.6 x	13.4 x	12 x	11.3 x
Yield	3.26%	2.45%	4.03%	4.15%	3.53%	4.02%	4.2%	4.57%
Capitalization / Revenue	0.75 x	0.93 x	0.67 x	0.68 x	0.84 x	0.73 x	0.69 x	0.66 x
EV / Revenue	1.22 x	1.35 x	1.04 x	0.99 x	1.17 x	1.02 x	0.94 x	0.87 x
EV / EBITDA	8.56 x	9.39 x	7.07 x	6.6 x	8.43 x	7.45 x	6.79 x	6.18 x
EV / FCF	10.5 x	14.2 x	10.9 x	9.42 x	15.1 x	10.9 x	8.93 x	8.04 x
FCF Yield	9.48%	7.03%	9.13%	10.6%	6.64%	9.19%	11.2%	12.4%
Price to Book	1.93 x	2.38 x	1.67 x	1.66 x	1.88 x	1.59 x	1.49 x	1.41 x
Nbr of stocks (in thousands)	73,517	73,489	73,555	73,562	73,527	73,527	-	-
Reference price ²	1,288	1,717	1,340	1,445	1,702	1,552	1,552	1,552
Announcement Date	08/04/20	07/04/21	06/04/22	12/04/23	10/04/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,26,663	1,35,735	1,46,479	1,56,054	1,48,717	1,56,624	1,65,736	1,72,000
EBITDA ¹	18,119	19,575	21,476	23,367	20,650	21,467	22,900	24,267
EBIT ¹	11,105	11,799	13,234	14,917	11,479	13,134	14,488	15,350
Operating Margin	8.77%	8.69%	9.03%	9.56%	7.72%	8.39%	8.74%	8.92%
Earnings before Tax (EBT) ¹	10,534	11,305	13,463	14,157	11,225	12,884	14,276	15,175
Net income ¹	7,006	7,252	8,943	9,330	7,545	8,506	9,502	10,125
Net margin	5.53%	5.34%	6.11%	5.98%	5.07%	5.43%	5.73%	5.89%
EPS ²	95.29	98.64	121.6	126.8	102.6	115.7	129.2	137.7
Free Cash Flow ¹	14,707	12,914	13,865	16,369	11,567	14,700	17,400	18,650
FCF margin	11.61%	9.51%	9.47%	10.49%	7.78%	9.39%	10.5%	10.84%
FCF Conversion (EBITDA)	81.17%	65.97%	64.56%	70.05%	56.01%	68.48%	75.98%	76.85%
FCF Conversion (Net income)	209.92%	178.08%	155.04%	175.44%	153.31%	172.82%	183.12%	184.2%
Dividend per Share ²	42.00	42.00	54.00	60.00	60.00	62.40	65.25	71.00
Announcement Date	08/04/20	07/04/21	06/04/22	12/04/23	10/04/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S2	2021 S1	2021 S2	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 S1	2025 Q3	2025 Q4
Net sales ¹	63,627	66,871	68,864	73,110	36,420	36,949	-	39,244	39,047	78,291	39,265	38,498	77,763	39,370	37,309	76,679	36,353	-	38,000	38,500	76,500	38,600	38,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,225	6,623	5,176	7,200	3,469	2,565	6,034	4,278	3,905	8,183	3,699	3,035	6,734	4,139	2,390	6,529	2,392	2,558	3,000	3,300	6,300	3,300	3,400
Operating Margin	8.21%	9.9%	7.52%	9.85%	9.52%	6.94%	-	10.9%	10%	10.45%	9.42%	7.88%	8.66%	10.51%	6.41%	8.51%	6.58%	-	7.89%	8.57%	8.24%	8.55%	8.76%
Earnings before Tax (EBT)	4,920	6,416	4,889	7,346	3,534	2,583	-	4,047	3,776	7,823	3,663	2,671	6,334	4,088	2,335	6,423	2,315	-	-	-	-	-	-
Net income	3,299	4,250	3,002	4,918	2,416	1,609	-	2,558	2,667	5,225	2,442	1,663	4,105	2,944	1,557	4,501	1,491	-	-	-	-	-	-
Net margin	5.18%	6.36%	4.36%	6.73%	6.63%	4.35%	-	6.52%	6.83%	6.67%	6.22%	4.32%	5.28%	7.48%	4.17%	5.87%	4.1%	-	-	-	-	-	-
EPS	-	57.82	-	66.93	32.84	21.88	-	34.78	36.26	71.04	33.18	-	-	40.02	-	61.20	20.29	-	-	-	-	-	-
Dividend per Share	-	21.00	-	24.00	-	-	-	-	-	30.00	-	-	-	-	-	30.00	-	-	-	-	-	-	-
Announcement Date	08/04/20	07/10/20	07/04/21	13/10/21	12/01/22	06/04/22	06/04/22	13/07/22	12/10/22	12/10/22	11/01/23	12/04/23	12/04/23	12/07/23	11/10/23	11/10/23	10/01/24	10/04/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	60,411	57,624	53,256	47,823	49,021	45,900	41,300	35,900
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.334 x	2.944 x	2.48 x	2.047 x	2.374 x	2.138 x	1.803 x	1.479 x
Free Cash Flow ¹	14,707	12,914	13,865	16,369	11,567	14,700	17,400	18,650
ROE (net income / shareholders' equity)	14.8%	14.2%	16%	15.1%	11.5%	12.3%	12.8%	12.9%
ROA (Net income/ Total Assets)	6.83%	4.25%	7.67%	7.99%	6.38%	5.7%	6.33%	5.77%
Assets ¹	1,02,505	1,70,698	1,16,645	1,16,835	1,18,204	1,49,228	1,50,229	1,75,578
Book Value Per Share ²	669.0	723.0	802.0	873.0	908.0	979.0	1,043	1,105
Cash Flow per Share	191.0	205.0	234.0	242.0	227.0	-	-	-
Capex ¹	2,010	1,972	2,089	1,992	2,020	2,000	2,000	2,000
Capex / Sales	1.59%	1.45%	1.43%	1.28%	1.36%	1.28%	1.21%	1.16%
Announcement Date	08/04/20	07/04/21	06/04/22	12/04/23	10/04/24	-	-	-

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 BELLSYSTEM24 Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,552 JPY

Average target price

1,878 JPY

Spread / Average Target

+20.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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