NS SOLUTIONS CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5,050 JPY | -0.39% |
|
-2.32% | +10.38% |
| 30/04 | NS Solutions Initiates 2 Billion Yen Share Buyback | MT |
| 30/04 | NS Solutions Lifts Year-End Dividend Forecast as Fiscal 2023 Results Exceed Expectations; Shares Up 3% | MT |
Valuation
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,75,567 | 2,40,829 | 3,09,921 | 3,36,721 | 3,23,896 | 4,62,037 | - | - |
| Enterprise Value (EV) 1 | 2,26,927 | 1,86,591 | 2,32,400 | 2,43,592 | 2,47,602 | 4,51,973 | 3,59,116 | 3,40,903 |
| P/E ratio | 16.7 x | 13 x | 18.9 x | 16.9 x | 14.7 x | 18.6 x | 18.6 x | 17.6 x |
| Yield | 1.84% | 2.47% | 1.5% | 1.79% | 2.12% | 1.6% | 1.74% | 1.84% |
| Capitalization / Revenue | 1.08 x | 0.88 x | 1.23 x | 1.25 x | 1.11 x | 1.46 x | 1.43 x | 1.36 x |
| EV / Revenue | 0.89 x | 0.68 x | 0.92 x | 0.9 x | 0.85 x | 1.46 x | 1.11 x | 1.01 x |
| EV / EBITDA | 7.32 x | 5.48 x | 7.46 x | 6.8 x | 5.58 x | 7.94 x | 7.26 x | 6.54 x |
| EV / FCF | 13.3 x | 11.4 x | 8.31 x | 10.2 x | 12.1 x | 10.3 x | 11.9 x | 10.6 x |
| FCF Yield | 7.53% | 8.78% | 12% | 9.76% | 8.24% | 9.66% | 8.41% | 9.42% |
| Price to Book | 1.95 x | 1.61 x | 1.79 x | 1.71 x | 1.62 x | 1.91 x | 1.98 x | 1.82 x |
| Nbr of stocks (in thousands) | 92,225 | 91,500 | 88,297 | 91,500 | 91,496 | 91,492 | - | - |
| Reference price 2 | 2,988 | 2,632 | 3,510 | 3,680 | 3,540 | 5,050 | 5,050 | 5,050 |
| Announcement Date | 26/04/19 | 28/04/20 | 28/04/21 | 28/04/22 | 28/04/23 | 26/04/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,55,116 | 2,74,843 | 2,51,992 | 2,70,332 | 2,91,688 | 3,10,632 | 3,23,006 | 3,38,520 |
| EBITDA 1 | 30,999 | 34,057 | 31,159 | 35,803 | 44,358 | 46,900 | 49,451 | 52,162 |
| EBIT 1 | 25,385 | 28,387 | 24,549 | 29,815 | 31,738 | 35,001 | 36,412 | 38,467 |
| Operating Margin | 9.95% | 10.33% | 9.74% | 11.03% | 10.88% | 11.27% | 11.27% | 11.36% |
| Earnings before Tax (EBT) 1 | 25,815 | 28,663 | 25,318 | 30,109 | 32,101 | 35,437 | 36,862 | 39,188 |
| Net income 1 | 16,713 | 18,552 | 16,982 | 19,977 | 22,000 | 24,241 | 24,874 | 26,370 |
| Net margin | 6.55% | 6.75% | 6.74% | 7.39% | 7.54% | 7.8% | 7.7% | 7.79% |
| EPS 2 | 178.4 | 202.8 | 185.6 | 218.3 | 240.5 | 265.0 | 271.2 | 287.0 |
| Free Cash Flow 1 | 17,078 | 16,391 | 27,958 | 23,773 | 20,397 | 36,005 | 30,198 | 32,098 |
| FCF margin | 6.69% | 5.96% | 11.09% | 8.79% | 6.99% | 11.69% | 9.35% | 9.48% |
| FCF Conversion (EBITDA) | 55.09% | 48.13% | 89.73% | 66.4% | 45.98% | 76.77% | 61.07% | 61.53% |
| FCF Conversion (Net income) | 102.18% | 88.35% | 164.63% | 119% | 92.71% | 154.52% | 121.4% | 121.72% |
| Dividend per Share 2 | 55.00 | 65.00 | 52.50 | 66.00 | 75.00 | 80.88 | 87.64 | 92.78 |
| Announcement Date | 26/04/19 | 28/04/20 | 28/04/21 | 28/04/22 | 28/04/23 | 26/04/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 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 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,36,759 | 1,38,084 | 1,19,068 | 1,32,924 | 65,268 | 1,30,787 | 64,831 | 74,714 | 1,39,545 | 65,100 | 69,600 | 1,34,685 | 72,095 | 84,908 | 1,57,003 | 68,800 | 76,000 | 1,44,800 | 75,345 | 90,487 | 72,000 | 80,200 | 80,000 | 87,800 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 14,190 | 14,197 | 11,149 | 13,400 | 6,640 | 13,782 | 7,854 | 8,179 | 16,033 | 6,500 | 7,500 | 14,004 | 8,319 | 9,415 | 17,734 | 6,600 | 8,100 | 14,600 | 8,653 | 11,748 | 7,000 | 8,500 | 9,500 | 11,000 |
| Operating Margin | 10.38% | 10.28% | 9.36% | 10.08% | 10.17% | 10.54% | 12.11% | 10.95% | 11.49% | 9.98% | 10.78% | 10.4% | 11.54% | 11.09% | 11.3% | 9.59% | 10.66% | 10.08% | 11.48% | 12.98% | 9.72% | 10.6% | 11.88% | 12.53% |
| Earnings before Tax (EBT) 1 | 14,073 | 14,590 | 11,965 | - | 6,769 | 14,291 | 8,022 | 7,796 | 15,818 | 6,700 | 7,600 | 14,236 | 8,352 | 9,513 | 17,865 | 6,900 | 8,100 | 15,000 | 8,694 | 11,743 | 7,250 | 8,550 | 9,600 | 11,100 |
| Net income 1 | 8,727 | 9,825 | 7,921 | 9,061 | 4,597 | 9,230 | 5,566 | 5,181 | 10,747 | 4,400 | 5,000 | 9,397 | 5,702 | 6,901 | 12,603 | 4,000 | 5,500 | 9,500 | 5,983 | 8,758 | 4,250 | 5,800 | 6,600 | 8,150 |
| Net margin | 6.38% | 7.12% | 6.65% | 6.82% | 7.04% | 7.06% | 8.59% | 6.93% | 7.7% | 6.76% | 7.18% | 6.98% | 7.91% | 8.13% | 8.03% | 5.81% | 7.24% | 6.56% | 7.94% | 9.68% | 5.9% | 7.23% | 8.25% | 9.28% |
| EPS 2 | 95.39 | 107.4 | 86.57 | - | 50.24 | 100.9 | 60.83 | 56.62 | 117.4 | 47.57 | 55.14 | 102.7 | 62.32 | 75.43 | - | 43.97 | 59.87 | 103.8 | 65.40 | 95.72 | - | - | - | - |
| Dividend per Share | 32.50 | - | 25.00 | - | - | 30.00 | - | - | - | - | - | 35.00 | - | - | - | - | - | 40.00 | - | - | - | - | - | - |
| Announcement Date | 29/10/19 | 28/04/20 | 27/10/20 | 28/04/21 | 29/10/21 | 29/10/21 | 01/02/22 | 28/04/22 | 28/04/22 | 02/08/22 | 27/10/22 | 27/10/22 | 03/02/23 | 28/04/23 | 28/04/23 | 28/07/23 | 27/10/23 | 27/10/23 | 02/02/24 | 26/04/24 | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 48,640 | 54,238 | 77,521 | 93,129 | 76,294 | 89,448 | 1,02,921 | 1,21,134 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 17,078 | 16,391 | 27,958 | 23,773 | 20,397 | 36,005 | 30,198 | 32,098 |
| ROE (net income / shareholders' equity) | 12.1% | 12.8% | 10.3% | 10.6% | 11% | 11.1% | 10.9% | 10.8% |
| ROA (Net income/ Total Assets) | 11.3% | 11.9% | 9.79% | 10.8% | 10.4% | 10.2% | 10.6% | 8.1% |
| Assets 1 | 1,47,399 | 1,55,249 | 1,73,423 | 1,84,466 | 2,11,323 | 2,37,555 | 2,34,663 | 3,25,626 |
| Book Value Per Share 2 | 1,535 | 1,633 | 1,965 | 2,150 | 2,192 | 2,589 | 2,552 | 2,773 |
| Cash Flow per Share 2 | 230.0 | 260.0 | 253.0 | 279.0 | 378.0 | 397.0 | 377.0 | 391.0 |
| Capex 1 | 2,612 | 5,577 | 3,644 | 5,337 | 6,132 | 4,400 | 4,747 | 4,827 |
| Capex / Sales | 1.02% | 2.03% | 1.45% | 1.97% | 2.1% | 1.43% | 1.47% | 1.43% |
| Announcement Date | 26/04/19 | 28/04/20 | 28/04/21 | 28/04/22 | 28/04/23 | 26/04/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
D
Sell
Buy
Mean consensus
HOLD
Number of Analysts
9
Last Close Price
5,050
JPY
Average target price
4,707
JPY
Spread / Average Target
-6.80%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +10.38% | 2.94B | |
| +1.24% | 15.14B | |
| -5.82% | 8.95B | |
| +2.03% | 7.03B | |
| +3.18% | 4.9B | |
| -45.08% | 4.47B | |
| +5.84% | 2.43B | |
| -11.35% | 2.42B | |
| -12.49% | 2.13B | |
| -1.03% | 1.21B |
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