Financials Hokuriku Electric Power Company

Equities

9505

JP3845400005

Electric Utilities

Market Closed - Japan Exchange Other stock markets 11:30:00 30/04/2024 am IST			5-day change	1st Jan Change
926.7 ^JPY	+3.46%		-2.92%	+26.32%

15/03	Japanese firms join forces to promote floating offshore wind power development	RE
10/01	Japan's Tohoku Electric to delay nuclear reactor restart on construction works	RE

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,81,225	1,58,046	1,58,041	1,10,854	1,23,789	1,86,972	-	-
Enterprise Value (EV) ¹	9,01,293	9,67,846	9,98,981	10,41,062	12,41,182	12,44,166	12,65,454	12,82,844
P/E ratio	71.9 x	11.8 x	23.1 x	-16.3 x	-1.4 x	4.41 x	9.08 x	8.59 x
Yield	-	1.32%	1.98%	1.88%	-	0.92%	1.67%	1.95%
Capitalization / Revenue	0.29 x	0.25 x	0.25 x	0.18 x	0.15 x	0.23 x	0.24 x	0.24 x
EV / Revenue	1.45 x	1.54 x	1.56 x	1.7 x	1.52 x	1.54 x	1.62 x	1.62 x
EV / EBITDA	10.6 x	11.9 x	13.8 x	26.7 x	-80.7 x	9.17 x	13.2 x	13.3 x
EV / FCF	-18.4 x	36.8 x	-36.1 x	-19.9 x	-6.89 x	37.8 x	116 x	-34.4 x
FCF Yield	-5.43%	2.72%	-2.77%	-5.04%	-14.5%	2.64%	0.86%	-2.91%
Price to Book	0.58 x	0.49 x	0.47 x	0.34 x	0.53 x	0.67 x	0.64 x	0.6 x
Nbr of stocks (in thousands)	2,08,785	2,08,779	2,08,773	2,08,765	2,08,750	2,08,744	-	-
Reference price ²	868.0	757.0	757.0	531.0	593.0	895.7	895.7	895.7
Announcement Date	25/04/19	30/04/20	28/04/21	27/04/22	27/04/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,22,930	6,28,039	6,39,445	6,13,756	8,17,601	8,08,250	7,80,050	7,89,825
EBITDA ¹	84,809	81,203	72,174	38,959	-15,388	1,35,750	95,850	96,250
EBIT ¹	12,824	29,461	17,828	-16,390	-73,791	94,267	35,950	37,575
Operating Margin	2.06%	4.69%	2.79%	-2.67%	-9.03%	11.66%	4.61%	4.76%
Earnings before Tax (EBT) ¹	6,656	22,100	12,531	-1,227	-93,737	69,300	35,150	38,350
Net income ¹	2,520	13,433	6,834	-6,805	-88,446	42,400	20,600	21,775
Net margin	0.4%	2.14%	1.07%	-1.11%	-10.82%	5.25%	2.64%	2.76%
EPS ²	12.07	64.34	32.73	-32.60	-423.7	203.1	98.68	104.3
Free Cash Flow ¹	-48,970	26,334	-27,650	-52,418	-1,80,170	32,900	10,900	-37,300
FCF margin	-7.86%	4.19%	-4.32%	-8.54%	-22.04%	4.07%	1.4%	-4.72%
FCF Conversion (EBITDA)	-	32.43%	-	-	-	24.24%	11.37%	-
FCF Conversion (Net income)	-	196.04%	-	-	-	77.59%	52.91%	-
Dividend per Share ²	-	10.00	15.00	10.00	-	8.250	15.00	17.50
Announcement Date	25/04/19	30/04/20	28/04/21	27/04/22	27/04/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S1	2021 S1	2022 Q2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	3,10,495	3,07,494	1,49,315	2,71,636	1,49,166	1,92,954	1,63,560	2,11,372	3,74,932	2,05,252	2,37,417	1,92,987	2,14,934	4,07,921	1,85,783	2,09,848	1,78,900	2,07,600	1,79,900	2,05,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	19,489	28,151	5,038	11,492	-15,421	-12,461	-12,213	-24,969	-37,182	-30,068	-6,541	41,859	33,153	75,012	15,497	6,296	23,900	19,200	-300	1,800
Operating Margin	6.28%	9.15%	3.37%	4.23%	-10.34%	-6.46%	-7.47%	-11.81%	-9.92%	-14.65%	-2.76%	21.69%	15.42%	18.39%	8.34%	3%	13.36%	9.25%	-0.17%	0.87%
Earnings before Tax (EBT)	16,478	25,121	3,834	9,177	-15,348	4,944	-12,395	-25,305	-37,700	-37,270	-18,767	40,994	29,301	70,295	15,277	-	-	-	-	-
Net income ¹	10,742	17,218	1,725	5,608	-11,686	-727	-9,286	-28,883	-38,169	-37,585	-12,692	30,413	20,775	51,188	9,161	-16,349	16,100	10,500	-	1,600
Net margin	3.46%	5.6%	1.16%	2.06%	-7.83%	-0.38%	-5.68%	-13.66%	-10.18%	-18.31%	-5.35%	15.76%	9.67%	12.55%	4.93%	-7.79%	9%	5.06%	-	0.78%
EPS ²	51.45	82.48	8.260	26.86	-55.98	-3.480	-44.49	-138.4	-182.8	-180.0	-60.80	145.7	99.52	245.2	43.88	13.50	77.10	50.30	0.1000	7.600
Dividend per Share	-	5.000	-	7.500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	31/10/19	29/10/20	28/10/21	28/10/21	31/01/22	27/04/22	29/07/22	27/10/22	27/10/22	30/01/23	27/04/23	28/07/23	31/10/23	31/10/23	31/01/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,20,068	8,09,800	8,40,940	9,30,208	11,17,393	10,57,194	10,78,481	10,95,872
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.49 x	9.973 x	11.65 x	23.88 x	-72.61 x	7.788 x	11.25 x	11.39 x
Free Cash Flow ¹	-48,970	26,334	-27,650	-52,418	-1,80,170	32,900	10,900	-37,300
ROE (net income / shareholders' equity)	0.8%	4.2%	2.1%	-2.1%	-31.7%	18.5%	7.17%	7.27%
ROA (Net income/ Total Assets)	0.42%	1.47%	0.77%	-1.08%	-5.42%	3.25%	1.1%	1.3%
Assets ¹	5,98,561	9,15,167	8,81,920	6,28,173	16,33,285	13,04,615	18,72,727	16,75,000
Book Value Per Share ²	1,501	1,542	1,622	1,556	1,119	1,338	1,392	1,485
Cash Flow per Share	357.0	312.0	293.0	231.0	-144.0	-	-	-
Capex ¹	1,02,988	79,933	84,289	90,622	83,125	94,000	87,400	1,09,900
Capex / Sales	16.53%	12.73%	13.18%	14.77%	10.17%	11.63%	11.2%	13.91%
Announcement Date	25/04/19	30/04/20	28/04/21	27/04/22	27/04/23	-	-	-

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 Hokuriku Electric Power Company

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

895.7 JPY

Average target price

734.1 JPY

Spread / Average Target

-18.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
HOKURIKU ELECTRIC POWER COMPANY	+26.32%	1.19B
NEXTERA ENERGY	+11.00%	139B
IBERDROLA, S.A.	-2.36%	78.57B
DUKE ENERGY CORPORATION	+1.74%	76.17B
ENEL S.P.A.	-7.46%	67.47B
CONSTELLATION ENERGY CORPORATION	+61.36%	59.43B
AMERICAN ELECTRIC POWER COMPANY, INC.	+6.71%	45.64B
DOMINION ENERGY, INC.	+8.81%	42.83B
GE VERNOVA INC.	0.00%	43.26B
EXELON CORPORATION	+5.07%	37.71B

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