Financials Mizuho Financial Group, Inc.

Equities

8411

JP3885780001

Banks

Delayed Japan Exchange Other stock markets 09:21:12 30/04/2024 am IST			5-day change	1st Jan Change
3,037 ^JPY	+1.30%		+0.20%	+25.84%

24/04	Financial Partners to Secure Bank Loans of Up to 16 Billion Yen	MT
23/04	Mori Trust REIT to Borrow 2.5 Billion Yen to Repay Debt	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	43,43,879	31,34,588	40,53,890	39,71,753	47,59,372	75,99,375	-	-
Enterprise Value (EV) ¹	43,43,879	31,34,588	40,53,890	39,71,753	47,59,372	75,99,375	75,99,375	75,99,375
P/E ratio	45.1 x	6.99 x	8.61 x	7.49 x	8.57 x	11.3 x	10.6 x	9.95 x
Yield	4.38%	6.07%	4.69%	5.11%	4.53%	3.37%	3.74%	4.05%
Capitalization / Revenue	2.4 x	1.52 x	1.84 x	1.76 x	2.09 x	3.02 x	2.93 x	2.82 x
EV / Revenue	2.4 x	1.52 x	1.84 x	1.76 x	2.09 x	3.02 x	2.93 x	2.82 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.49 x	0.37 x	0.44 x	0.44 x	0.52 x	0.77 x	0.74 x	0.71 x
Nbr of stocks (in thousands)	25,35,831	25,36,075	25,35,266	25,34,622	25,34,277	25,34,815	-	-
Reference price ²	1,713	1,236	1,599	1,567	1,878	2,998	2,998	2,998
Announcement Date	15/05/19	15/05/20	14/05/21	13/05/22	15/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,12,737	20,62,219	21,98,693	22,52,469	22,78,405	25,17,034	25,91,761	26,92,478
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	3,93,389	6,61,982	7,97,731	8,51,259	8,05,296	9,42,633	10,03,139	10,89,843
Operating Margin	21.7%	32.1%	36.28%	37.79%	35.34%	37.45%	38.7%	40.48%
Earnings before Tax (EBT) ¹	1,16,259	6,18,717	6,52,163	6,03,872	7,78,964	9,64,834	9,94,861	10,74,117
Net income ¹	96,566	4,48,568	4,71,020	5,30,479	5,55,527	6,57,749	7,16,179	7,63,127
Net margin	5.33%	21.75%	21.42%	23.55%	24.38%	26.13%	27.63%	28.34%
EPS ²	38.00	176.8	185.8	209.3	219.2	265.0	282.8	301.4
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	75.00	75.00	75.00	80.00	85.00	100.9	112.0	121.5
Announcement Date	15/05/19	15/05/20	14/05/21	13/05/22	15/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2021 S2	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	2024 S2	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	19,87,425	15,76,761	6,21,932	5,81,722	11,08,822	5,86,580	5,57,067	5,91,900	5,61,884	-	5,90,116	5,34,505	6,14,200	6,98,720	-	6,85,280	6,25,412	-	6,35,773	6,73,251	6,51,522
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	2,44,274	4,38,574	2,42,126	1,70,559	2,36,100	2,04,700	-	2,35,425	1,29,096	2,31,000	3,05,060	-	2,81,840	2,02,749	-	2,35,188	2,71,133	2,53,509
Operating Margin	-	-	-	41.99%	39.55%	41.28%	30.62%	39.89%	36.43%	-	39.89%	24.15%	37.61%	43.66%	-	41.13%	32.42%	-	36.99%	40.27%	38.91%
Earnings before Tax (EBT) ¹	3,91,471	3,33,391	3,18,772	2,00,441	4,46,622	1,08,500	48,750	2,07,355	2,37,702	4,45,057	2,44,904	89,003	3,13,574	-	5,96,323	3,25,077	2,70,700	-	-	-	-
Net income ¹	2,87,668	2,15,523	-	1,35,116	3,85,657	92,943	51,879	1,59,294	1,74,670	3,33,964	2,09,313	12,250	2,45,192	1,70,561	4,15,753	2,26,567	24,217	2,64,200	1,86,614	1,78,521	1,92,359
Net margin	14.47%	13.67%	-	23.23%	34.78%	15.84%	9.31%	26.91%	31.09%	-	35.47%	2.29%	39.92%	24.41%	-	33.06%	3.87%	-	29.35%	26.52%	29.52%
EPS ²	113.4	84.99	-	53.31	152.1	36.70	20.45	62.85	68.92	131.8	82.59	4.800	96.75	67.28	164.0	89.38	8.665	-	69.42	72.32	73.30
Dividend per Share ²	37.50	37.50	37.50	40.00	40.00	-	40.00	-	-	42.50	-	42.50	-	50.00	50.00	-	50.00	-	-	-	-
Announcement Date	14/11/19	12/11/20	14/05/21	12/11/21	12/11/21	02/02/22	13/05/22	29/07/22	14/11/22	14/11/22	02/02/23	15/05/23	31/07/23	13/11/23	13/11/23	02/02/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	1.11%	5.1%	5.2%	5.7%	6.1%	7.42%	7.22%	7.4%
ROA (Net income/ Total Assets)	0.04%	0.31%	0.24%	0.24%	0.32%	0.3%	0.31%	0.32%
Assets ¹	24,14,15,000	14,60,75,290	19,33,26,219	21,91,88,084	17,28,35,231	22,22,12,653	22,77,70,620	23,93,29,924
Book Value Per Share ²	3,488	3,373	3,651	3,581	3,604	3,890	4,037	4,202
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	15/05/19	15/05/20	14/05/21	13/05/22	15/05/23	-	-	-

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 Mizuho Financial Group, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,998 JPY

Average target price

3,138 JPY

Spread / Average Target

+4.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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