MORITA HOLDINGS CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,834 JPY | -1.03% |
|
+4.09% | +18.02% |
| 30/04 | Morita Targeting Dividend-on-Equity Ratio of at least 2.5% | MT |
| 11/03 | Bank of Japan skips ETF buying, stoking policy speculation | RE |
Valuation
| Fiscal Period: March | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 91,108 | 82,330 | 75,383 | 81,195 | 54,509 | 58,263 |
| Enterprise Value (EV) 1 | 93,453 | 78,892 | 67,593 | 64,058 | 31,557 | 38,300 |
| P/E ratio | 15.9 x | 12.9 x | 10.8 x | 13 x | 10.5 x | 14.6 x |
| Yield | 1.29% | 1.87% | 2.29% | 2.13% | 3.24% | 3.23% |
| Capitalization / Revenue | 1.07 x | 0.9 x | 0.87 x | 0.96 x | 0.65 x | 0.72 x |
| EV / Revenue | 1.09 x | 0.86 x | 0.78 x | 0.76 x | 0.38 x | 0.47 x |
| EV / EBITDA | 8.5 x | 6.54 x | 5.93 x | 5.7 x | 3.02 x | 5.16 x |
| EV / FCF | 27.3 x | 9.91 x | 19.8 x | 6.61 x | 3.53 x | -18 x |
| FCF Yield | 3.67% | 10.1% | 5.04% | 15.1% | 28.3% | -5.56% |
| Price to Book | 1.48 x | 1.24 x | 1.07 x | 1.04 x | 0.67 x | 0.7 x |
| Nbr of stocks (in thousands) | 45,237 | 45,236 | 45,330 | 45,436 | 44,101 | 43,807 |
| Reference price 2 | 2,014 | 1,820 | 1,663 | 1,787 | 1,236 | 1,330 |
| Announcement Date | 22/06/18 | 21/06/19 | 25/06/20 | 22/06/21 | 28/06/22 | 23/06/23 |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 85,502 | 91,524 | 86,922 | 84,667 | 83,602 | 81,344 |
| EBITDA 1 | 10,996 | 12,071 | 11,395 | 11,234 | 10,461 | 7,423 |
| EBIT 1 | 8,452 | 9,485 | 8,856 | 8,855 | 8,116 | 5,008 |
| Operating Margin | 9.89% | 10.36% | 10.19% | 10.46% | 9.71% | 6.16% |
| Earnings before Tax (EBT) 1 | 8,950 | 9,973 | 10,536 | 9,410 | 8,401 | 6,144 |
| Net income 1 | 5,741 | 6,391 | 6,971 | 6,224 | 5,350 | 3,996 |
| Net margin | 6.71% | 6.98% | 8.02% | 7.35% | 6.4% | 4.91% |
| EPS 2 | 126.9 | 141.3 | 153.9 | 137.1 | 118.1 | 90.96 |
| Free Cash Flow 1 | 3,428 | 7,963 | 3,407 | 9,686 | 8,943 | -2,128 |
| FCF margin | 4.01% | 8.7% | 3.92% | 11.44% | 10.7% | -2.62% |
| FCF Conversion (EBITDA) | 31.18% | 65.97% | 29.9% | 86.22% | 85.49% | - |
| FCF Conversion (Net income) | 59.72% | 124.6% | 48.87% | 155.62% | 167.16% | - |
| Dividend per Share 2 | 26.00 | 34.00 | 38.00 | 38.00 | 40.00 | 43.00 |
| Announcement Date | 22/06/18 | 21/06/19 | 25/06/20 | 22/06/21 | 28/06/22 | 23/06/23 |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2022 S1 | 2022 Q3 | 2023 Q1 | 2023 S1 | 2023 Q3 | 2024 Q1 | 2024 S1 | 2024 Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 31,678 | 55,244 | 28,163 | 27,011 | 20,499 | 12,417 | 28,156 | 15,648 | 14,598 | 34,588 | 20,120 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 1,424 | 7,431 | 810 | 311 | 2,307 | -27 | 702 | 232 | 143 | 1,856 | 1,440 |
| Operating Margin | 4.5% | 13.45% | 2.88% | 1.15% | 11.25% | -0.22% | 2.49% | 1.48% | 0.98% | 5.37% | 7.16% |
| Earnings before Tax (EBT) 1 | 3,215 | - | 946 | 632 | 2,385 | 58 | 895 | 554 | 190 | 1,882 | 1,393 |
| Net income 1 | 2,065 | 4,906 | 504 | 262 | 1,641 | -124 | 363 | 264 | -44 | 893 | 822 |
| Net margin | 6.52% | 8.88% | 1.79% | 0.97% | 8.01% | -1% | 1.29% | 1.69% | -0.3% | 2.58% | 4.09% |
| EPS 2 | 45.63 | - | 11.11 | 5.760 | 36.06 | -2.830 | 8.250 | 6.010 | -1.030 | 20.38 | 18.71 |
| Dividend per Share | 19.00 | - | 19.00 | 19.00 | - | - | 20.00 | - | - | 24.00 | - |
| Announcement Date | 31/10/19 | 28/04/20 | 30/10/20 | 29/10/21 | 28/01/22 | 27/07/22 | 28/10/22 | 31/01/23 | 28/07/23 | 31/10/23 | 31/01/24 |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 2,345 | - | - | - | - | - |
| Net Cash position 1 | - | 3,438 | 7,790 | 17,137 | 22,952 | 19,963 |
| Leverage (Debt/EBITDA) | 0.2133 x | - | - | - | - | - |
| Free Cash Flow 1 | 3,428 | 7,963 | 3,407 | 9,686 | 8,943 | -2,128 |
| ROE (net income / shareholders' equity) | 9.83% | 10% | 10.2% | 8.44% | 6.74% | 4.85% |
| ROA (Net income/ Total Assets) | 4.78% | 5.11% | 4.75% | 4.65% | 4.1% | 2.51% |
| Assets 1 | 1,20,024 | 1,25,091 | 1,46,708 | 1,33,979 | 1,30,618 | 1,59,045 |
| Book Value Per Share 2 | 1,365 | 1,471 | 1,548 | 1,718 | 1,835 | 1,900 |
| Cash Flow per Share 2 | 204.0 | 295.0 | 347.0 | 513.0 | 664.0 | 456.0 |
| Capex 1 | 2,124 | 1,279 | 1,568 | 734 | 763 | 2,271 |
| Capex / Sales | 2.48% | 1.4% | 1.8% | 0.87% | 0.91% | 2.79% |
| Announcement Date | 22/06/18 | 21/06/19 | 25/06/20 | 22/06/21 | 28/06/22 | 23/06/23 |
1JPY in Million2JPY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| +18.02% | 513M | |
| +27.94% | 6.9B | |
| +4.52% | 3.8B | |
| +22.38% | 2.64B | |
| +32.13% | 2.6B | |
| +5.63% | 2.5B | |
| -10.66% | 1.02B | |
| +10.06% | 1.02B | |
| -26.90% | 694M | |
| -.--% | 657M |
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- Financials Morita Holdings Corporation
