Financials Nippon Yusen Kabushiki Kaisha

Equities

9101

JP3753000003

Marine Freight & Logistics

Delayed Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
4,205 ^JPY	+2.34%		+1.25%	-3.80%

19/04	Nippon Yusen Kabushiki Kaisha Repurchases, Retires 49.17 Million Shares	MT
19/03	Transcript : Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd., Nippon Yusen Kabushiki Kaisha - Shareholder/Analyst Call

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,73,642	2,17,117	6,37,454	18,17,752	15,69,753	19,30,698	-	-
Enterprise Value (EV) ¹	12,19,741	10,66,165	14,81,083	23,93,032	20,59,026	25,60,622	26,00,269	26,85,238
P/E ratio	-6.15 x	6.97 x	4.58 x	1.8 x	1.55 x	8.86 x	8.17 x	9.69 x
Yield	1.23%	3.11%	5.3%	13.5%	16.8%	3.45%	3.74%	3.27%
Capitalization / Revenue	0.15 x	0.13 x	0.4 x	0.8 x	0.6 x	0.82 x	0.88 x	0.88 x
EV / Revenue	0.67 x	0.64 x	0.92 x	1.05 x	0.79 x	1.08 x	1.18 x	1.22 x
EV / EBITDA	12.1 x	7.47 x	8.69 x	6.46 x	4.93 x	7.76 x	7.7 x	7.99 x
EV / FCF	-14 x	-47.8 x	25.7 x	6.66 x	3.6 x	23.5 x	27.8 x	64.6 x
FCF Yield	-7.14%	-2.09%	3.89%	15%	27.8%	4.25%	3.59%	1.55%
Price to Book	0.56 x	0.47 x	1.02 x	1.06 x	0.63 x	0.79 x	0.73 x	0.69 x
Nbr of stocks (in thousands)	5,06,120	5,06,494	5,06,586	5,06,808	5,08,175	4,59,143	-	-
Reference price ²	540.7	428.7	1,258	3,587	3,089	4,205	4,205	4,205
Announcement Date	25/04/19	25/05/20	10/05/21	09/05/22	09/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,29,300	16,68,355	16,08,414	22,80,775	26,16,066	23,60,373	21,96,152	22,05,114
EBITDA ¹	1,00,798	1,42,753	1,70,340	3,70,535	4,18,008	3,29,792	3,37,690	3,35,979
EBIT ¹	11,085	38,696	71,537	2,68,939	2,96,350	1,92,643	1,79,779	1,69,444
Operating Margin	0.61%	2.32%	4.45%	11.79%	11.33%	8.16%	8.19%	7.68%
Earnings before Tax (EBT) ¹	-21,983	42,525	1,70,418	10,37,315	10,83,441	2,98,497	2,80,717	2,23,948
Net income ¹	-44,501	31,129	1,39,228	10,09,105	10,12,523	2,22,746	2,23,383	1,87,553
Net margin	-2.43%	1.87%	8.66%	44.24%	38.7%	9.44%	10.17%	8.51%
EPS ²	-87.93	61.46	274.8	1,991	1,994	474.7	515.0	433.9
Free Cash Flow ¹	-87,032	-22,301	57,558	3,59,191	5,71,889	1,08,951	93,404	41,588
FCF margin	-4.76%	-1.34%	3.58%	15.75%	21.86%	4.62%	4.25%	1.89%
FCF Conversion (EBITDA)	-	-	33.79%	96.94%	136.81%	33.04%	27.66%	12.38%
FCF Conversion (Net income)	-	-	41.34%	35.6%	56.48%	48.91%	41.81%	22.17%
Dividend per Share ²	6.667	13.33	66.67	483.3	520.0	145.0	157.1	137.4
Announcement Date	25/04/19	25/05/20	10/05/21	09/05/22	09/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	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
Net sales ¹	8,24,737	8,43,618	7,22,031	8,86,383	5,46,770	10,51,381	6,24,577	6,04,816	6,73,050	6,92,828	13,65,878	6,84,320	5,65,867	5,67,515	6,00,820	11,68,335	6,20,882	6,32,450
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	15,836	22,860	16,690	54,847	64,933	1,17,933	80,059	70,946	89,174	74,162	1,63,336	86,067	46,946	47,103	51,683	98,786	45,484	61,100
Operating Margin	1.92%	2.71%	2.31%	6.19%	11.88%	11.22%	12.82%	11.73%	13.25%	10.7%	11.96%	12.58%	8.3%	8.3%	8.6%	8.46%	7.33%	9.66%
Earnings before Tax (EBT)	19,648	22,877	29,916	-	2,73,112	4,33,004	2,95,184	-	3,65,049	-	7,50,627	2,35,000	-	93,536	84,107	1,77,643	53,982	-
Net income	11,123	-	22,180	-	2,60,226	4,11,319	2,80,897	3,16,888	3,43,377	3,62,681	7,06,058	2,14,313	92,151	73,490	39,900	1,13,390	40,184	-
Net margin	1.35%	-	3.07%	-	47.59%	39.12%	44.97%	52.39%	51.02%	52.35%	51.69%	31.32%	16.28%	12.95%	6.64%	9.71%	6.47%	-
EPS	21.96	-	43.79	-	513.5	811.7	554.3	625.3	677.2	713.8	1,391	421.6	181.1	144.6	80.37	225.0	84.90	-
Dividend per Share	6.667	-	6.667	-	66.67	66.67	-	416.7	-	350.0	350.0	-	-	-	-	60.00	-	-
Announcement Date	31/10/19	25/05/20	05/11/20	10/05/21	04/11/21	04/11/21	03/02/22	09/05/22	03/08/22	04/11/22	04/11/22	03/02/23	09/05/23	03/08/23	06/11/23	06/11/23	05/02/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,46,099	8,49,048	8,43,629	5,75,280	4,89,273	6,29,925	6,69,572	7,54,541
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.386 x	5.948 x	4.953 x	1.553 x	1.17 x	1.91 x	1.983 x	2.246 x
Free Cash Flow ¹	-87,032	-22,301	57,558	3,59,191	5,71,889	1,08,951	93,404	41,589
ROE (net income / shareholders' equity)	-8.6%	6.6%	25.6%	86%	48.3%	8.95%	9.06%	7.02%
ROA (Net income/ Total Assets)	-0.1%	2.26%	10.6%	38.5%	32.4%	6.01%	6.62%	4.78%
Assets ¹	4,41,74,112	13,76,744	13,12,114	26,18,192	31,27,929	37,09,346	33,75,217	39,21,505
Book Value Per Share ²	963.0	913.0	1,234	3,381	4,878	5,356	5,780	6,051
Cash Flow per Share ²	89.30	267.0	470.0	2,192	2,233	930.0	896.0	869.0
Capex ¹	1,70,776	1,39,232	1,01,778	2,05,140	1,98,865	2,39,374	3,01,967	3,26,967
Capex / Sales	9.34%	8.35%	6.33%	8.99%	7.6%	10.14%	13.75%	14.83%
Announcement Date	25/04/19	25/05/20	10/05/21	09/05/22	09/05/23	-	-	-

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 Yusen Kabushiki Kaisha

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

4,205 JPY

Average target price

4,233 JPY

Spread / Average Target

+0.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
NIPPON YUSEN KABUSHIKI KAISHA	-3.80%	12.27B
HAPAG-LLOYD AG	+28.30%	31.49B
COSCO SHIPPING HOLDINGS CO., LTD.	+21.40%	23.83B
AP MOLLER MAERSK	-13.67%	23.03B
MITSUI O.S.K. LINES LTD	+4.34%	10.85B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+45.92%	9.64B
KAWASAKI KISEN KAISHA, LTD.	+3.71%	9.39B
ADNOC LOGISTICS & SERVICES PLC	+3.13%	7.96B
HMM CO.,LTD	-22.98%	7.55B
SITC INTERNATIONAL HOLDINGS COMPANY LIMITED	+30.42%	5.97B

Other Marine Freight & Logistics