Financials Benesse Holdings, Inc.

Equities

9783

JP3835620000

Miscellaneous Educational Service Providers

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
2,590 ^JPY	+0.02%		+0.02%	-0.63%

10/04	Benesse Holdings to Delist from Tokyo Stock Exchange After Shareholder Vote	MT
10/04	Benesse Holdings to Cancel 6.2 Million Shares	MT

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,76,940	2,65,074	2,24,381	2,16,636	1,87,096	2,49,934	-	-
Enterprise Value (EV) ¹	2,51,045	2,30,185	2,01,525	2,08,339	1,91,330	2,49,934	2,49,934	2,49,934
P/E ratio	56.5 x	42.1 x	71.9 x	204 x	16.5 x	20.8 x	18.5 x	16.4 x
Yield	1.74%	1.82%	2.15%	2.23%	3.09%	2.32%	2.51%	2.51%
Capitalization / Revenue	0.63 x	0.59 x	0.52 x	0.5 x	0.45 x	0.59 x	0.58 x	0.57 x
EV / Revenue	0.63 x	0.59 x	0.52 x	0.5 x	0.45 x	0.59 x	0.58 x	0.57 x
EV / EBITDA	7.64 x	6.42 x	6.99 x	5.54 x	4.67 x	6.11 x	5.63 x	-
EV / FCF	-16.7 x	13.7 x	36.5 x	-9.46 x	59 x	26.6 x	12.1 x	20.1 x
FCF Yield	-5.97%	7.29%	2.74%	-10.6%	1.7%	3.76%	8.28%	4.98%
Price to Book	1.64 x	1.57 x	1.32 x	1.45 x	1.21 x	1.56 x	1.49 x	1.4 x
Nbr of stocks (in thousands)	96,327	96,356	96,384	96,411	96,441	96,481	-	-
Reference price ²	2,875	2,751	2,328	2,247	1,940	2,590	2,590	2,590
Announcement Date	10/05/19	25/05/20	11/05/21	12/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,39,431	4,48,577	4,27,531	4,31,943	4,11,876	4,22,480	4,30,630	4,37,000
EBITDA ¹	36,259	41,261	32,114	39,111	40,052	40,930	44,410	-
EBIT ¹	16,245	21,266	13,089	20,167	20,620	21,500	25,490	28,000
Operating Margin	3.7%	4.74%	3.06%	4.67%	5.01%	5.09%	5.92%	6.41%
Earnings before Tax (EBT)	12,084	16,228	6,557	5,721	14,709	-	-	-
Net income ¹	4,902	6,289	3,122	1,064	11,353	12,000	13,470	15,200
Net margin	1.12%	1.4%	0.73%	0.25%	2.76%	2.84%	3.13%	3.48%
EPS ²	50.89	65.28	32.40	11.04	117.7	124.4	139.7	157.6
Free Cash Flow ¹	-16,542	19,318	6,145	-22,894	3,173	9,399	20,684	12,443
FCF margin	-3.76%	4.31%	1.44%	-5.3%	0.77%	2.22%	4.8%	2.85%
FCF Conversion (EBITDA)	-	46.82%	19.13%	-	7.92%	22.96%	46.57%	-
FCF Conversion (Net income)	-	307.17%	196.83%	-	27.95%	78.32%	153.55%	81.86%
Dividend per Share ²	50.00	50.00	50.00	50.00	60.00	60.00	65.00	65.00
Announcement Date	10/05/19	25/05/20	11/05/21	12/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	2,24,727	2,23,850	2,08,946	2,18,585	1,11,944	2,17,405	1,11,073	1,03,465	2,14,538	1,00,622	1,01,307	2,01,929	1,06,990	1,02,957	1,00,452	1,03,054	2,03,506	1,03,740	1,09,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,647	6,619	8,200	4,889	13,993	12,972	10,271	-3,076	7,195	37	10,591	10,628	10,355	-363	852	10,614	11,466	8,986	600
Operating Margin	6.52%	2.96%	3.92%	2.24%	12.5%	5.97%	9.25%	-2.97%	3.35%	0.04%	10.45%	5.26%	9.68%	-0.35%	0.85%	10.3%	5.63%	8.66%	0.55%
Earnings before Tax (EBT)	12,637	3,591	3,424	3,133	13,196	10,761	9,038	-14,078	-5,040	-1,401	9,413	8,012	9,006	-2,309	-642	9,172	8,530	6,810	-
Net income	8,378	-2,089	2,274	848	8,612	5,580	3,721	-8,237	-4,516	-2,323	7,771	5,448	6,550	-645	-1,615	7,238	5,623	4,463	-
Net margin	3.73%	-0.93%	1.09%	0.39%	7.69%	2.57%	3.35%	-7.96%	-2.1%	-2.31%	7.67%	2.7%	6.12%	-0.63%	-1.61%	7.02%	2.76%	4.3%	-
EPS	86.97	-	23.61	-	-	57.89	38.60	-	-	-24.10	-	56.50	67.93	-6.700	-16.75	-	58.30	46.26	-
Dividend per Share	25.00	-	25.00	-	-	25.00	-	-	-	-	-	30.00	-	-	-	-	30.00	-	-
Announcement Date	05/11/19	25/05/20	06/11/20	11/05/21	05/11/21	05/11/21	07/02/22	12/05/22	12/05/22	05/08/22	09/11/22	09/11/22	08/02/23	12/05/23	04/08/23	10/11/23	10/11/23	09/02/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	4,234	-	-	-
Net Cash position	25,895	34,889	22,856	8,297	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	0.1057 x	-	-	-
Free Cash Flow ¹	-16,542	19,318	6,145	-22,894	3,173	9,399	20,684	12,443
ROE (net income / shareholders' equity)	2.9%	3.7%	1.8%	0.7%	7.5%	7.6%	8.2%	8.7%
ROA (Net income/ Total Assets)	2.43%	3.28%	1.75%	2.85%	2.94%	2.7%	3.05%	4%
Assets ¹	2,01,989	1,91,779	1,78,589	37,389	3,86,442	4,44,444	4,41,639	3,80,000
Book Value Per Share ²	1,758	1,754	1,761	1,548	1,600	1,664	1,743	1,852
Cash Flow per Share	259.0	273.0	230.0	208.0	319.0	-	-	-
Capex ¹	31,582	22,660	29,243	23,562	24,405	15,000	15,000	15,000
Capex / Sales	7.19%	5.05%	6.84%	5.45%	5.93%	3.55%	3.48%	3.43%
Announcement Date	10/05/19	25/05/20	11/05/21	12/05/22	12/05/23	-	-	-

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 Benesse Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,590 JPY

Average target price

2,000 JPY

Spread / Average Target

-22.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Miscellaneous Educational Service Providers

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GRAND CANYON EDUCATION, INC.	-0.05%	3.93B
STRATEGIC EDUCATION, INC.	+31.06%	2.95B
STRIDE, INC.	+12.99%	2.85B
LAUREATE EDUCATION, INC.	+7.95%	2.33B
ADTALEM GLOBAL EDUCATION INC.	-15.73%	1.95B
GAOTU TECHEDU INC.	+85.08%	1.73B
TIANLI INTERNATIONAL HOLDINGS LIMITED	+47.99%	1.29B

Miscellaneous Educational Service Providers