Financials Nissin Foods Holdings Co.,Ltd.

Equities

2897

JP3675600005

Food Processing

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
4,210 ^JPY	-0.21%		+1.54%	-14.45%

24/04	Investor group urges Toyo Suisan to focus on instant noodles, exit legacy business	RE
08/04	How food companies like Coke and Kraft-Heinz are targeting low-income Americans	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,91,593	9,37,500	8,55,252	8,80,534	12,29,334	12,80,084	-	-
Enterprise Value (EV) ¹	7,68,635	9,25,598	8,12,888	8,23,444	11,78,166	12,31,920	12,26,987	12,00,851
P/E ratio	40.9 x	32 x	20.9 x	24.9 x	27.5 x	22.6 x	20.9 x	19.9 x
Yield	1.45%	1.22%	1.46%	1.52%	1.15%	1.62%	1.75%	1.88%
Capitalization / Revenue	1.76 x	2 x	1.69 x	1.55 x	1.84 x	1.76 x	1.68 x	1.61 x
EV / Revenue	1.7 x	1.97 x	1.61 x	1.45 x	1.76 x	1.69 x	1.61 x	1.51 x
EV / EBITDA	15.6 x	13.9 x	10 x	11 x	13.9 x	11.3 x	10.4 x	9.62 x
EV / FCF	-45.5 x	54.1 x	21 x	33.4 x	36 x	86.2 x	28.3 x	25.6 x
FCF Yield	-2.2%	1.85%	4.76%	2.99%	2.78%	1.16%	3.53%	3.9%
Price to Book	2.42 x	2.86 x	2.23 x	2.15 x	2.86 x	2.73 x	2.51 x	2.33 x
Nbr of stocks (in thousands)	3,12,471	3,12,500	3,12,516	3,08,238	3,04,040	3,04,058	-	-
Reference price ²	2,533	3,000	2,737	2,857	4,043	4,210	4,210	4,210
Announcement Date	09/05/19	11/05/20	11/05/21	13/05/22	10/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,50,984	4,68,879	5,06,107	5,69,722	6,69,248	7,29,348	7,63,670	7,93,218
EBITDA ¹	49,271	66,443	80,895	74,854	84,834	1,09,358	1,17,851	1,24,773
EBIT ¹	28,967	41,252	55,532	46,614	55,636	78,614	85,674	90,045
Operating Margin	6.42%	8.8%	10.97%	8.18%	8.31%	10.78%	11.22%	11.35%
Earnings before Tax (EBT) ¹	31,166	42,650	56,233	49,182	57,950	80,679	87,612	91,980
Net income ¹	19,356	29,316	40,828	35,412	44,760	56,571	61,371	64,240
Net margin	4.29%	6.25%	8.07%	6.22%	6.69%	7.76%	8.04%	8.1%
EPS ²	61.95	93.82	130.6	114.5	146.9	186.0	201.8	211.6
Free Cash Flow ¹	-16,900	17,120	38,682	24,627	32,700	14,284	43,287	46,821
FCF margin	-3.75%	3.65%	7.64%	4.32%	4.89%	1.96%	5.67%	5.9%
FCF Conversion (EBITDA)	-	25.77%	47.82%	32.9%	38.55%	13.06%	36.73%	37.52%
FCF Conversion (Net income)	-	58.4%	94.74%	69.54%	73.06%	25.25%	70.53%	72.88%
Dividend per Share ²	36.67	36.67	40.00	43.33	46.67	68.17	73.48	79.28
Announcement Date	09/05/19	11/05/20	11/05/21	13/05/22	10/05/23	-	-	-

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	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2025 S2	2026 S1	2026 S2
Net sales ¹	2,21,361	2,47,518	2,41,131	2,64,976	1,42,500	2,75,000	1,49,758	1,44,964	-	1,49,263	1,67,691	3,16,954	1,84,513	1,67,781	-	1,66,470	1,83,900	3,50,370	1,98,551	1,83,617	-	1,76,500	1,93,600	2,08,400	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	21,089	-	28,994	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	19,721	21,531	31,840	23,692	13,600	26,800	15,752	4,062	-	13,256	13,775	27,032	21,675	6,929	-	20,879	24,023	44,903	23,656	10,200	-	22,200	27,300	26,100	-	-	-	-
Operating Margin	8.91%	8.7%	13.2%	8.94%	9.54%	9.75%	10.52%	2.8%	-	8.88%	8.21%	8.53%	11.75%	4.13%	-	12.54%	13.06%	12.82%	11.91%	5.55%	-	12.58%	14.1%	12.52%	-	-	-	-
Earnings before Tax (EBT)	20,427	-	32,148	24,085	13,865	27,868	16,754	4,560	-	13,991	14,067	28,059	22,524	7,367	-	21,960	24,515	46,476	24,425	-	-	-	-	-	-	-	-	-
Net income ¹	13,469	-	21,973	18,855	9,200	17,122	13,625	4,687	-	7,530	9,852	17,382	17,541	9,837	-	14,031	17,979	32,010	17,040	9,195	-	-	-	-	-	-	-	-
Net margin	6.08%	-	9.11%	7.12%	6.46%	6.23%	9.1%	3.23%	-	5.04%	5.88%	5.48%	9.51%	5.86%	-	8.43%	9.78%	9.14%	8.58%	5.01%	-	-	-	-	-	-	-	-
EPS ²	43.10	-	70.31	-	29.81	55.15	44.12	15.23	-	24.61	32.37	56.96	57.69	32.29	-	46.15	59.13	105.3	56.04	32.35	-	51.29	63.54	60.89	-	-	-	-
Dividend per Share ²	18.33	18.33	18.33	21.67	23.33	23.33	-	-	20.00	-	-	21.67	-	-	25.00	-	26.67	26.67	-	33.33	43.30	-	35.00	-	35.00	45.00	33.33	47.00
Announcement Date	07/11/19	11/05/20	06/11/20	11/05/21	05/11/21	05/11/21	03/02/22	13/05/22	13/05/22	04/08/22	10/11/22	10/11/22	06/02/23	10/05/23	10/05/23	03/08/23	09/11/23	09/11/23	13/02/24	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	22,958	11,902	42,364	57,090	51,168	48,164	53,097	79,233
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-16,900	17,120	38,682	24,627	32,700	14,284	43,287	46,821
ROE (net income / shareholders' equity)	5.9%	9%	11.5%	8.95%	10.7%	12.5%	12.5%	12.1%
ROA (Net income/ Total Assets)	5.54%	7.52%	9.07%	5.26%	8.33%	7.7%	7.65%	7.48%
Assets ¹	3,49,560	3,89,803	4,50,206	6,73,475	5,37,505	7,34,684	8,02,234	8,59,393
Book Value Per Share ²	1,046	1,050	1,229	1,327	1,416	1,542	1,674	1,804
Cash Flow per Share ²	127.0	174.0	212.0	206.0	243.0	281.0	305.0	323.0
Capex ¹	57,640	39,799	34,032	28,309	32,535	67,483	54,624	55,196
Capex / Sales	12.78%	8.49%	6.72%	4.97%	4.86%	9.25%	7.15%	6.96%
Announcement Date	09/05/19	11/05/20	11/05/21	13/05/22	10/05/23	-	-	-

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 Nissin Foods Holdings Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,210 JPY

Average target price

5,555 JPY

Spread / Average Target

+31.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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