Financials Nippon Television Holdings, Inc.

Equities

9404

JP3732200005

Broadcasting

Delayed Japan Exchange Other stock markets 07:15:26 09/05/2024 am IST			5-day change	1st Jan Change
2,265 ^JPY	+2.14%		-1.22%	+47.16%

03/05	Nippon Television Holdings Repurchases 1.78 Billion Yen Shares in April	MT
03/04	Disappointing Uniqlo Owner's Sales, Wall Street Decline Drag Japanese Shares Lower	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,24,060	3,07,649	3,71,219	3,24,976	2,91,050	5,56,900	-	-
Enterprise Value (EV) ¹	3,44,149	1,98,120	2,12,254	2,63,796	2,00,514	4,41,625	4,10,925	3,81,575
P/E ratio	10.9 x	10.1 x	15.4 x	6.85 x	8.54 x	14.3 x	14.7 x	14.3 x
Yield	2.11%	2.9%	2.41%	2.9%	3.24%	1.8%	1.93%	1.91%
Capitalization / Revenue	1 x	0.72 x	0.95 x	0.8 x	0.7 x	1.34 x	1.28 x	1.26 x
EV / Revenue	0.81 x	0.46 x	0.54 x	0.65 x	0.48 x	1.06 x	0.95 x	0.86 x
EV / EBITDA	5.2 x	3.18 x	4.08 x	3.54 x	3.3 x	7.56 x	6.49 x	6.04 x
EV / FCF	36.2 x	11.2 x	5.23 x	-21.9 x	9.22 x	7.87 x	10.6 x	9.73 x
FCF Yield	2.76%	8.92%	19.1%	-4.56%	10.8%	12.7%	9.48%	10.3%
Price to Book	0.57 x	0.41 x	0.46 x	0.38 x	0.35 x	0.64 x	0.62 x	0.6 x
Nbr of stocks (in thousands)	2,55,458	2,55,310	2,55,309	2,55,083	2,55,083	2,51,139	-	-
Reference price ²	1,660	1,205	1,454	1,274	1,141	2,218	2,218	2,218
Announcement Date	16/05/19	14/05/20	13/05/21	12/05/22	11/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,24,945	4,26,599	3,91,335	4,06,395	4,13,979	4,16,839	4,33,628	4,43,742
EBITDA ¹	66,193	62,293	51,964	74,558	60,686	58,380	63,285	63,214
EBIT ¹	49,749	43,111	34,526	58,682	46,593	44,295	48,540	49,309
Operating Margin	11.71%	10.11%	8.82%	14.44%	11.25%	10.63%	11.19%	11.11%
Earnings before Tax (EBT) ¹	55,685	45,881	45,432	68,818	49,082	57,377	55,233	57,167
Net income ¹	38,739	30,555	24,042	47,431	34,081	39,367	38,102	39,121
Net margin	9.12%	7.16%	6.14%	11.67%	8.23%	9.44%	8.79%	8.82%
EPS ²	152.1	119.7	94.18	186.0	133.6	155.1	150.4	154.9
Free Cash Flow ¹	9,504	17,664	40,562	-12,031	21,737	56,103	38,937	39,197
FCF margin	2.24%	4.14%	10.37%	-2.96%	5.25%	13.46%	8.98%	8.83%
FCF Conversion (EBITDA)	14.36%	28.36%	78.06%	-	35.82%	96.1%	61.53%	62.01%
FCF Conversion (Net income)	24.53%	57.81%	168.71%	-	63.78%	142.51%	102.19%	100.2%
Dividend per Share ²	35.00	35.00	35.00	37.00	37.00	40.00	42.83	42.40
Announcement Date	16/05/19	14/05/20	13/05/21	12/05/22	11/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	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	2,09,584	2,17,015	1,74,478	97,121	1,94,950	1,06,247	1,05,198	1,00,453	98,988	1,99,441	1,06,192	1,08,346	98,010	97,990	1,96,000	1,10,219	1,11,000	1,00,150	1,01,760	1,12,545	1,08,790
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,000	11,700	7,900	18,500	-
EBIT ¹	17,125	25,986	9,119	10,933	24,341	20,494	13,847	11,727	7,647	19,374	16,116	11,103	10,344	6,452	16,796	14,266	11,328	9,750	7,120	14,490	12,440
Operating Margin	8.17%	11.97%	5.23%	11.26%	12.49%	19.29%	13.16%	11.67%	7.73%	9.71%	15.18%	10.25%	10.55%	6.58%	8.57%	12.94%	10.2%	9.74%	7%	12.87%	11.43%
Earnings before Tax (EBT) ¹	20,127	-	1,385	-	27,149	29,186	12,483	12,114	9,042	21,156	17,731	10,195	13,114	-	20,245	27,563	13,255	-	-	-	-
Net income ¹	13,639	16,916	-5,656	8,526	18,440	20,432	8,559	8,016	6,246	14,262	12,852	6,967	8,443	5,258	13,701	19,473	9,128	10,300	6,400	14,000	-
Net margin	6.51%	7.79%	-3.24%	8.78%	9.46%	19.23%	8.14%	7.98%	6.31%	7.15%	12.1%	6.43%	8.61%	5.37%	6.99%	17.67%	8.22%	10.28%	6.29%	12.44%	-
EPS	53.42	-	-22.15	-	72.29	80.10	-	31.43	-	55.91	50.39	-	33.10	-	53.75	76.62	-	-	-	-	-
Dividend per Share	10.00	-	10.00	-	10.00	-	-	-	-	10.00	-	-	-	-	10.00	-	-	-	-	-	-
Announcement Date	07/11/19	14/05/20	05/11/20	05/11/21	05/11/21	03/02/22	12/05/22	29/07/22	04/11/22	04/11/22	02/02/23	11/05/23	28/07/23	02/11/23	02/11/23	01/02/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	79,911	1,09,529	1,58,965	61,180	90,536	1,15,275	1,45,975	1,75,325
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,504	17,664	40,562	-12,031	21,737	56,103	38,937	39,197
ROE (net income / shareholders' equity)	5.4%	4.1%	3.1%	5.7%	4.1%	4.6%	4.23%	4.3%
ROA (Net income/ Total Assets)	6.27%	5.25%	4.37%	6.2%	4.94%	4.27%	4%	4.1%
Assets ¹	6,17,666	5,81,711	5,49,837	7,65,300	6,89,740	9,22,659	9,52,546	9,54,161
Book Value Per Share ²	2,903	2,921	3,195	3,312	3,280	3,445	3,555	3,671
Cash Flow per Share	217.0	195.0	162.0	248.0	189.0	-	-	-
Capex ¹	18,276	23,578	13,016	12,555	8,188	7,000	9,000	11,600
Capex / Sales	4.3%	5.53%	3.33%	3.09%	1.98%	1.68%	2.08%	2.61%
Announcement Date	16/05/19	14/05/20	13/05/21	12/05/22	11/05/23	-	-	-

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 Nippon Television Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,218 JPY

Average target price

2,133 JPY

Spread / Average Target

-3.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Television Broadcasting

	1st Jan change	Capi.
NIPPON TELEVISION HOLDINGS, INC.	+47.16%	3.7B
WARNER BROS. DISCOVERY, INC.	-31.72%	19.04B
FOX CORPORATION	+11.76%	14.77B
NEXSTAR MEDIA GROUP, INC.	+7.25%	5.48B
RTL GROUP S.A.	-14.76%	4.91B
SUN TV NETWORK LIMITED	-8.80%	2.99B
TEGNA INC.	-4.05%	2.58B
M6 MÉTROPOLE TÉLÉVISION	+2.16%	1.78B
PT ELANG MAHKOTA TEKNOLOGI TBK	-29.49%	1.67B
NINE ENTERTAINMENT CO. HOLDINGS LIMITED	-24.01%	1.59B

Television Broadcasting