Financials NITORI Holdings Co., Ltd.

Equities

9843

JP3756100008

Home Furnishings Retailers

Delayed Japan Exchange Other stock markets 09:11:47 02/05/2024 am IST			5-day change	1st Jan Change
20,930 ^JPY	+1.11%		-1.69%	+10.88%

13/03	Nitori Holdings Co., Ltd. Announces the Launch of Its First Nitori Store in the Philippines	CI
08/02	Nitori Holdings Co., Ltd. Reports Earnings Results for the Nine Months Ended December 31, 2023	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	16,04,284	16,38,875	24,17,263	17,34,476	18,00,278	23,39,346	-	-
Enterprise Value (EV) ¹	15,10,606	14,94,740	23,09,055	16,96,775	18,14,948	22,73,422	22,64,401	22,20,178
P/E ratio	23.5 x	22.9 x	26.2 x	17.9 x	18.9 x	25.1 x	22.8 x	21.4 x
Yield	0.68%	0.74%	0.57%	0.91%	0.92%	0.72%	0.76%	0.79%
Capitalization / Revenue	2.64 x	2.55 x	3.37 x	2.14 x	1.9 x	2.6 x	2.44 x	2.32 x
EV / Revenue	2.48 x	2.33 x	3.22 x	2.09 x	1.91 x	2.52 x	2.36 x	2.2 x
EV / EBITDA	13.1 x	12.1 x	14.8 x	10.5 x	10.9 x	14 x	12.7 x	11.8 x
EV / FCF	29.5 x	19 x	18 x	-49.3 x	-44.1 x	62.5 x	59 x	47.8 x
FCF Yield	3.39%	5.27%	5.57%	-2.03%	-2.27%	1.6%	1.69%	2.09%
Price to Book	3.21 x	2.93 x	3.76 x	2.37 x	2.2 x	2.62 x	2.39 x	2.19 x
Nbr of stocks (in thousands)	1,12,188	1,12,406	1,12,824	1,12,922	1,13,012	1,13,012	-	-
Reference price ²	14,300	14,580	21,425	15,360	15,930	20,700	20,700	20,700
Announcement Date	08/04/19	06/04/20	31/03/21	31/03/22	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	6,08,131	6,42,273	7,16,900	8,11,581	9,48,094	9,01,244	9,57,865	10,10,471
EBITDA ¹	1,14,997	1,24,039	1,55,518	1,62,055	1,66,262	1,62,112	1,77,933	1,88,864
EBIT ¹	1,00,779	1,07,478	1,37,687	1,38,270	1,40,076	1,35,590	1,49,400	1,59,112
Operating Margin	16.57%	16.73%	19.21%	17.04%	14.77%	15.04%	15.6%	15.75%
Earnings before Tax (EBT) ¹	1,00,490	1,05,069	1,30,696	1,41,779	1,38,913	1,38,676	1,50,072	1,59,857
Net income ¹	68,180	71,395	92,114	96,724	95,129	93,217	1,02,559	1,09,456
Net margin	11.21%	11.12%	12.85%	11.92%	10.03%	10.34%	10.71%	10.83%
EPS ²	608.0	635.4	817.0	856.7	841.9	823.9	906.4	967.3
Free Cash Flow ¹	51,240	78,834	1,28,556	-34,415	-41,140	36,355	38,366	46,433
FCF margin	8.43%	12.27%	17.93%	-4.24%	-4.34%	4.03%	4.01%	4.6%
FCF Conversion (EBITDA)	44.56%	63.56%	82.66%	-	-	22.43%	21.56%	24.59%
FCF Conversion (Net income)	75.15%	110.42%	139.56%	-	-	39%	37.41%	42.42%
Dividend per Share ²	97.00	108.0	123.0	140.0	146.0	149.9	157.4	164.2
Announcement Date	08/04/19	06/04/20	31/03/21	31/03/22	09/05/23	-	-	-

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 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	3,21,598	3,20,675	3,62,481	1,99,102	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	2,37,975	2,33,550	2,09,750	2,59,250	2,46,500
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	31,251	-	-	-	-
EBIT ¹	55,577	51,901	80,596	34,727	77,515	30,453	30,302	-	32,133	69,050	45,029	32,973	22,200	55,173	42,692	37,698	41,000	28,000	45,500	42,500
Operating Margin	17.28%	16.18%	22.23%	17.44%	18.7%	15.89%	14.75%	-	15.57%	16.32%	14.24%	15.09%	11.19%	13.24%	17.29%	15.84%	17.56%	13.35%	17.55%	17.24%
Earnings before Tax (EBT)	54,864	-	73,647	-	78,959	31,495	-	-	-	-	-	33,180	-	56,594	44,179	-	-	-	-	-
Net income ¹	36,847	-	49,764	24,783	53,891	21,849	20,984	24,942	26,520	-	28,594	22,913	15,130	38,043	30,492	25,872	27,100	19,250	31,850	26,750
Net margin	11.46%	-	13.73%	12.45%	13%	11.4%	10.22%	11.51%	12.85%	-	9.04%	10.49%	7.63%	9.13%	12.35%	10.87%	11.6%	9.18%	12.29%	10.85%
EPS ²	328.1	-	441.7	219.5	477.4	193.5	185.8	-	234.7	-	253.0	202.8	133.9	336.6	269.8	205.0	-	-	-	-
Dividend per Share ²	54.00	-	57.00	70.00	70.00	-	70.00	-	73.00	73.00	73.00	-	75.00	75.00	-	75.00	-	77.00	-	77.00
Announcement Date	02/10/19	06/04/20	02/10/20	30/09/21	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	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	14,670	-	-	-
Net Cash position ¹	93,678	1,44,135	1,08,208	37,701	-	65,924	74,945	1,19,168
Leverage (Debt/EBITDA)	-	-	-	-	0.0882 x	-	-	-
Free Cash Flow ¹	51,240	78,834	1,28,556	-34,415	-41,140	36,355	38,367	46,433
ROE (net income / shareholders' equity)	14.5%	13.5%	15.3%	14.1%	12.3%	11%	11.1%	10.8%
ROA (Net income/ Total Assets)	17.6%	16.8%	17.2%	14.8%	8.98%	9.22%	9.47%	9.47%
Assets ¹	3,86,968	4,24,546	5,35,776	6,51,507	10,58,801	10,10,926	10,82,498	11,55,701
Book Value Per Share ²	4,453	4,984	5,691	6,490	7,239	7,889	8,646	9,458
Cash Flow per Share ²	735.0	783.0	975.0	1,067	1,074	1,358	1,068	1,118
Capex ¹	32,237	17,482	22,323	1,01,454	1,17,328	1,00,786	88,929	91,250
Capex / Sales	5.3%	2.72%	3.11%	12.5%	12.38%	11.18%	9.28%	9.03%
Announcement Date	08/04/19	06/04/20	31/03/21	31/03/22	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 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

20,700 JPY

Average target price

21,931 JPY

Spread / Average Target

+5.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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