Financials Nissui Corporation

Equities

1332

JP3718800000

Food Processing

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
959.1 ^JPY	+0.78%		+0.95%	+26.35%

21/03	Nissui Merges Consolidated Subsidiaries, Rename Merged Entity	MT
20/03	Nissui to Merge Food Subsidiaries	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,62,921	1,48,726	1,65,526	1,70,558	1,69,000	2,98,118	-	-
Enterprise Value (EV) ¹	4,47,209	3,45,982	3,38,751	3,38,799	3,40,706	4,97,418	4,96,668	4,91,518
P/E ratio	17.1 x	10.1 x	11.5 x	9.87 x	7.96 x	12.6 x	12.1 x	11.1 x
Yield	0.95%	1.78%	1.79%	2.55%	3.31%	2.5%	2.64%	2.83%
Capitalization / Revenue	0.37 x	0.22 x	0.25 x	0.25 x	0.22 x	0.36 x	0.35 x	0.34 x
EV / Revenue	0.63 x	0.5 x	0.52 x	0.49 x	0.44 x	0.6 x	0.58 x	0.56 x
EV / EBITDA	11.1 x	8.13 x	8.93 x	7.2 x	7.55 x	9.71 x	8.74 x	8.17 x
EV / FCF	56.7 x	-40.4 x	12.1 x	28.6 x	-17.8 x	155 x	47.8 x	37.2 x
FCF Yield	1.76%	-2.48%	8.23%	3.5%	-5.63%	0.64%	2.09%	2.69%
Price to Book	1.8 x	0.97 x	0.98 x	0.9 x	0.78 x	1.23 x	1.15 x	1.07 x
Nbr of stocks (in thousands)	3,11,149	3,11,143	3,11,139	3,11,238	3,11,235	3,10,831	-	-
Reference price ²	845.0	478.0	532.0	548.0	543.0	959.1	959.1	959.1
Announcement Date	14/05/19	20/05/20	13/05/21	12/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,12,111	6,90,016	6,56,491	6,93,682	7,68,181	8,29,533	8,52,800	8,76,167
EBITDA ¹	40,216	42,547	37,950	47,042	45,100	51,231	56,816	60,151
EBIT ¹	21,685	22,834	18,079	27,076	24,488	29,300	33,233	36,000
Operating Margin	3.05%	3.31%	2.75%	3.9%	3.19%	3.53%	3.9%	4.11%
Earnings before Tax (EBT) ¹	24,605	22,662	22,561	27,154	29,293	33,550	35,750	38,600
Net income ¹	15,379	14,768	14,452	17,275	21,233	23,633	24,733	26,800
Net margin	2.16%	2.14%	2.2%	2.49%	2.76%	2.85%	2.9%	3.06%
EPS ²	49.41	47.47	46.45	55.51	68.22	75.93	79.50	86.13
Free Cash Flow ¹	7,890	-8,566	27,887	11,858	-19,175	3,200	10,383	13,216
FCF margin	1.11%	-1.24%	4.25%	1.71%	-2.5%	0.39%	1.22%	1.51%
FCF Conversion (EBITDA)	19.62%	-	73.48%	25.21%	-	6.25%	18.27%	21.97%
FCF Conversion (Net income)	51.3%	-	192.96%	68.64%	-	13.54%	41.98%	49.31%
Dividend per Share ²	8.000	8.500	9.500	14.00	18.00	24.00	25.33	27.17
Announcement Date	14/05/19	20/05/20	13/05/21	12/05/22	12/05/23	-	-	-

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	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	3,45,402	3,44,614	3,20,819	3,35,672	1,74,204	3,39,611	1,85,668	1,68,403	1,84,255	1,92,952	3,77,207	2,01,130	1,89,844	-	1,99,800	2,07,290	4,07,134	2,18,347	2,05,310
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,077	-	6,968	11,111	6,817	13,866	10,786	2,424	6,676	6,656	13,332	10,033	1,123	11,156	9,700	6,555	16,275	10,080	3,072
Operating Margin	3.21%	-	2.17%	3.31%	3.91%	4.08%	5.81%	1.44%	3.62%	3.45%	3.53%	4.99%	0.59%	-	4.85%	3.16%	4%	4.62%	1.5%
Earnings before Tax (EBT)	11,900	-	8,023	-	-	16,407	8,308	-	7,595	-	17,002	9,161	-	-	8,941	-	17,454	11,792	-
Net income ¹	7,829	-	5,034	9,418	6,221	11,407	5,194	674	4,233	7,514	11,747	6,842	2,644	-	5,981	-	11,685	8,608	3,507
Net margin	2.27%	-	1.57%	2.81%	3.57%	3.36%	2.8%	0.4%	2.3%	3.89%	3.11%	3.4%	1.39%	-	2.99%	-	2.87%	3.94%	1.71%
EPS ²	25.16	-	16.18	-	19.99	36.66	16.69	-	13.60	24.15	37.75	21.98	8.490	-	19.22	-	37.55	27.67	11.28
Dividend per Share	4.000	4.500	4.000	5.500	-	6.000	-	-	-	-	8.000	-	-	-	-	-	10.00	-	-
Announcement Date	05/11/19	20/05/20	05/11/20	13/05/21	05/11/21	05/11/21	04/02/22	12/05/22	04/08/22	02/11/22	02/11/22	03/02/23	12/05/23	12/05/23	04/08/23	06/11/23	06/11/23	06/02/24	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,84,288	1,97,256	1,73,225	1,68,241	1,71,706	1,99,300	1,98,550	1,93,400
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.582 x	4.636 x	4.565 x	3.576 x	3.807 x	3.89 x	3.495 x	3.215 x
Free Cash Flow ¹	7,890	-8,566	27,887	11,858	-19,175	3,200	10,383	13,216
ROE (net income / shareholders' equity)	10.8%	9.9%	9%	9.6%	10.4%	10.5%	10.1%	10.2%
ROA (Net income/ Total Assets)	5.27%	5.32%	4.71%	6.6%	5.27%	5.4%	6.1%	6.4%
Assets ¹	2,91,877	2,77,382	3,07,128	2,61,790	4,03,143	4,37,654	4,05,464	4,18,750
Book Value Per Share ²	470.0	492.0	545.0	610.0	697.0	778.0	835.0	896.0
Cash Flow per Share	108.0	110.0	110.0	119.0	134.0	-	-	-
Capex ¹	26,530	27,352	22,613	19,352	24,585	29,000	34,000	32,500
Capex / Sales	3.73%	3.96%	3.44%	2.79%	3.2%	3.5%	3.99%	3.71%
Announcement Date	14/05/19	20/05/20	13/05/21	12/05/22	12/05/23	-	-	-

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 Nissui Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

959.1 JPY

Average target price

1,080 JPY

Spread / Average Target

+12.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Seafood Product Preparation & Packaging

	1st Jan change	Capi.
NISSUI CORPORATION	+26.35%	1.95B
MOWI ASA	+5.44%	9.26B
SALMAR ASA	+16.22%	7.26B
LEROY SEAFOOD	+15.97%	2.65B
THAI UNION GROUP	-0.67%	1.77B
AUSTEVOLL SEAFOOD ASA	+20.03%	1.67B
DONGWON INDUSTRIES CO., LTD.	+10.81%	981M
ÍSFÉLAG HF.	-4.62%	898M
VINH HOAN CORPORATION	+21.77%	661M
ZHANJIANG GUOLIAN AQUATIC PRODUCTS CO., LTD.	-27.66%	510M

Seafood Product Preparation & Packaging