Financials Nitori Holdings Co., Ltd. OTC Markets

Equities

NCLTY

US65479L1089

Home Furnishings Retailers

Market Closed - OTC Markets Other stock markets 01:29:27 29/06/2024 am IST			5-day change	1st Jan Change
10.55 ^USD	+1.93%		+0.29%	-21.03%

27/06	The same old winners
15/05	Japanese shares rise on Sony, chip stocks boost; caution ahead of US data weighs	RE

Valuation

Fiscal Period: Maart	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	16,38,875	24,17,263	17,34,476	18,00,278	26,67,081	19,20,071	-	-
Enterprise Value (EV) ¹	14,94,740	23,09,055	16,96,775	18,14,948	26,73,109	19,24,264	18,94,109	18,56,825
P/E ratio	22.9 x	26.2 x	17.9 x	18.9 x	30.8 x	20.1 x	18.8 x	17.8 x
Yield	0.74%	0.57%	0.91%	0.92%	0.62%	0.9%	0.96%	1.02%
Capitalization / Revenue	2.55 x	3.37 x	2.14 x	1.9 x	2.98 x	2.02 x	1.92 x	1.83 x
EV / Revenue	2.33 x	3.22 x	2.09 x	1.91 x	2.98 x	2.03 x	1.89 x	1.77 x
EV / EBITDA	12.1 x	14.8 x	10.5 x	10.9 x	17.3 x	11.7 x	10.5 x	9.81 x
EV / FCF	19 x	18 x	-49.3 x	-44.1 x	234 x	56.5 x	41.2 x	60.3 x
FCF Yield	5.27%	5.57%	-2.03%	-2.27%	0.43%	1.77%	2.43%	1.66%
Price to Book	2.93 x	3.76 x	2.37 x	2.2 x	2.98 x	1.98 x	1.81 x	1.66 x
Nbr of stocks (in thousands)	1,12,406	1,12,824	1,12,922	1,13,012	1,13,012	1,13,012	-	-
Reference price ²	14,580	21,425	15,360	15,930	23,600	16,990	16,990	16,990
Announcement Date	06/04/20	31/03/21	31/03/22	09/05/23	14/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	6,42,273	7,16,900	8,11,581	9,48,094	8,95,799	9,49,405	10,00,274	10,49,638
EBITDA ¹	1,24,039	1,55,518	1,62,055	1,66,262	1,54,836	1,65,113	1,79,624	1,89,371
EBIT ¹	1,07,478	1,37,687	1,38,270	1,40,076	1,27,725	1,37,300	1,46,481	1,54,588
Operating Margin	16.73%	19.21%	17.04%	14.77%	14.26%	14.46%	14.64%	14.73%
Earnings before Tax (EBT) ¹	1,05,069	1,30,696	1,41,779	1,38,913	1,23,904	1,39,611	1,48,624	1,58,217
Net income ¹	71,395	92,114	96,724	95,129	86,523	95,862	1,02,146	1,07,675
Net margin	11.12%	12.85%	11.92%	10.03%	9.66%	10.1%	10.21%	10.26%
EPS ²	635.4	817.0	856.7	841.9	765.6	846.2	901.8	952.8
Free Cash Flow ¹	78,834	1,28,556	-34,415	-41,140	11,447	34,083	46,024	30,800
FCF margin	12.27%	17.93%	-4.24%	-4.34%	1.28%	3.59%	4.6%	2.93%
FCF Conversion (EBITDA)	63.56%	82.66%	-	-	7.39%	20.64%	25.62%	16.26%
FCF Conversion (Net income)	110.42%	139.56%	-	-	13.23%	35.55%	45.06%	28.6%
Dividend per Share ²	108.0	123.0	140.0	146.0	147.0	153.5	162.5	172.6
Announcement Date	06/04/20	31/03/21	31/03/22	09/05/23	14/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	3,20,675	3,62,481	4,14,563	1,91,596	2,05,422	2,16,648	2,06,422	4,23,070	3,16,325	2,18,504	1,98,310	4,16,814	2,46,932	2,32,053	2,30,351	2,16,258	2,63,266	2,40,565	2,35,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	51,901	80,596	77,515	30,453	30,302	-	32,133	69,050	45,029	32,973	22,200	55,173	42,692	29,860	33,561	24,653	46,139	31,187	37,000
Operating Margin	16.18%	22.23%	18.7%	15.89%	14.75%	-	15.57%	16.32%	14.24%	15.09%	11.19%	13.24%	17.29%	12.87%	14.57%	11.4%	17.53%	12.96%	15.74%
Earnings before Tax (EBT)	-	73,647	78,959	31,495	-	-	-	-	-	33,180	-	56,594	44,179	-	-	-	-	-	-
Net income ¹	-	49,764	53,891	21,849	20,984	24,942	26,520	-	28,594	22,913	15,130	38,043	30,492	17,988	23,433	17,662	33,186	20,544	25,900
Net margin	-	13.73%	13%	11.4%	10.22%	11.51%	12.85%	-	9.04%	10.49%	7.63%	9.13%	12.35%	7.75%	10.17%	8.17%	12.61%	8.54%	11.02%
EPS ²	-	441.7	477.4	193.5	185.8	-	234.7	-	253.0	202.8	133.9	336.6	269.8	159.2	201.5	164.4	286.9	180.4	-
Dividend per Share ²	-	57.00	70.00	-	70.00	-	73.00	73.00	73.00	-	75.00	75.00	-	72.00	-	77.00	-	77.00	-
Announcement Date	06/04/20	02/10/20	30/09/21	24/12/21	31/03/22	01/07/22	30/09/22	30/09/22	09/05/23	08/08/23	10/11/23	10/11/23	08/02/24	14/05/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	14,670	6,028	4,193	-	-
Net Cash position ¹	1,44,135	1,08,208	37,701	-	-	-	25,961	63,246
Leverage (Debt/EBITDA)	-	-	-	0.0882 x	0.0389 x	0.0254 x	-	-
Free Cash Flow ¹	78,834	1,28,556	-34,415	-41,140	11,447	34,083	46,025	30,800
ROE (net income / shareholders' equity)	13.5%	15.3%	14.1%	12.3%	10.1%	10.3%	10.1%	9.79%
ROA (Net income/ Total Assets)	16.8%	17.2%	14.8%	8.98%	11.2%	9.04%	8.97%	9.35%
Assets ¹	4,24,546	5,35,776	6,51,507	10,58,801	7,75,329	10,60,884	11,38,727	11,51,143
Book Value Per Share ²	4,984	5,691	6,490	7,239	7,931	8,580	9,373	10,223
Cash Flow per Share ²	783.0	975.0	1,067	1,074	1,006	1,068	1,118	-
Capex ¹	17,482	22,323	1,01,454	1,17,328	1,32,146	1,12,357	1,04,250	92,583
Capex / Sales	2.72%	3.11%	12.5%	12.38%	14.75%	11.83%	10.42%	8.82%
Announcement Date	06/04/20	31/03/21	31/03/22	09/05/23	14/05/24	-	-	-

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 Nitori Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

16,990 JPY

Average target price

20,428 JPY

Spread / Average Target

+20.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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