Financials Sato Holdings Corporation OTC Markets

Equities

SATOF

JP3321400008

Office Equipment

Delayed OTC Markets Other stock markets 09:58:31 06/01/2023 pm IST			5-day change	1st Jan Change
14.33 ^USD	+3.28%		-.--%	-.--%

28/05	Sato's Full-Year Profit Declines 15%	MT
20/05	SATO and EM Microelectronic Reshape the Possible with the Synergy of RAIN and NFC Technologies	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	71,255	96,832	57,884	70,900	74,473	66,134	-	-
Enterprise Value (EV) ¹	65,807	79,142	43,761	64,494	61,542	47,834	42,234	37,334
P/E ratio	-37.9 x	7.47 x	15.2 x	17.3 x	20.9 x	9.96 x	8.83 x	8.15 x
Yield	3.3%	2.43%	4.07%	3.29%	3.18%	3.48%	3.53%	3.7%
Capitalization / Revenue	0.61 x	0.89 x	0.46 x	0.5 x	0.52 x	0.44 x	0.42 x	0.41 x
EV / Revenue	0.57 x	0.73 x	0.35 x	0.45 x	0.43 x	0.32 x	0.27 x	0.23 x
EV / EBITDA	4.92 x	7.79 x	4.03 x	4.62 x	3.98 x	2.88 x	2.37 x	1.96 x
EV / FCF	11.7 x	13.9 x	-100 x	8.62 x	21.3 x	7.25 x	5.21 x	4.85 x
FCF Yield	8.52%	7.21%	-1%	11.6%	4.69%	13.8%	19.2%	20.6%
Price to Book	1.49 x	1.66 x	0.92 x	1.08 x	1.04 x	0.85 x	0.83 x	0.78 x
Nbr of stocks (in thousands)	33,579	33,587	33,673	32,389	32,408	31,122	-	-
Reference price ²	2,122	2,883	1,719	2,189	2,298	2,125	2,125	2,125
Announcement Date	15/05/20	11/05/21	10/05/22	15/05/23	15/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,16,372	1,09,052	1,24,783	1,42,824	1,43,446	1,51,533	1,56,533	1,62,467
EBITDA ¹	13,376	10,162	10,861	13,961	15,456	16,600	17,800	19,000
EBIT ¹	7,461	5,847	6,404	8,841	10,383	10,867	12,033	13,100
Operating Margin	6.41%	5.36%	5.13%	6.19%	7.24%	7.17%	7.69%	8.06%
Earnings before Tax (EBT) ¹	636	14,457	5,963	7,147	5,662	10,900	11,650	12,550
Net income ¹	-1,882	12,959	3,794	4,184	3,565	7,067	8,000	8,667
Net margin	-1.62%	11.88%	3.04%	2.93%	2.49%	4.66%	5.11%	5.33%
EPS ²	-56.06	385.9	112.7	126.7	110.0	213.4	240.8	260.8
Free Cash Flow ¹	5,610	5,704	-436	7,480	2,884	6,600	8,100	7,700
FCF margin	4.82%	5.23%	-0.35%	5.24%	2.01%	4.36%	5.17%	4.74%
FCF Conversion (EBITDA)	41.94%	56.13%	-	53.58%	18.66%	39.76%	45.51%	40.53%
FCF Conversion (Net income)	-	44.02%	-	178.78%	80.9%	93.4%	101.25%	88.85%
Dividend per Share ²	70.00	70.00	70.00	72.00	73.00	74.00	75.00	78.67
Announcement Date	15/05/20	11/05/21	10/05/22	15/05/23	15/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	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 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	58,497	49,872	60,261	32,126	32,395	64,522	33,686	36,777	70,463	37,871	34,489	72,361	33,989	35,797	69,786	37,629	36,031	73,660	35,170	37,380	72,550	39,170	38,880	78,050
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,919	1,470	2,779	1,963	1,660	3,625	824	2,952	3,776	3,305	1,760	5,065	2,160	2,460	4,620	3,467	2,296	5,763	2,250	2,500	4,750	3,150	2,600	5,750
Operating Margin	6.7%	2.95%	4.61%	6.11%	5.12%	5.62%	2.45%	8.03%	5.36%	8.73%	5.1%	7%	6.35%	6.87%	6.62%	9.21%	6.37%	7.82%	6.4%	6.69%	6.55%	8.04%	6.69%	7.37%
Earnings before Tax (EBT)	-	465	2,619	1,903	-	-	2,047	-	4,961	2,627	-	-	2,084	-	3,379	3,442	-	-	-	-	-	-	-	-
Net income	-4,762	3,249	1,848	1,104	-	-	1,195	-	3,229	1,887	-932	-	1,304	-	1,991	2,815	-	-	-	-	-	-	-	-
Net margin	-8.14%	6.51%	3.07%	3.44%	-	-	3.55%	-	4.58%	4.98%	-2.7%	-	3.84%	-	2.85%	7.48%	-	-	-	-	-	-	-	-
EPS	-	96.77	54.97	32.77	-	-	35.66	-	96.70	57.34	-	-	40.28	-	61.47	86.87	-	-	-	-	-	-	-	-
Dividend per Share	-	35.00	35.00	-	-	-	-	-	36.00	-	-	-	-	-	36.00	-	-	-	-	-	-	-	-	-
Announcement Date	15/05/20	10/11/20	10/11/21	08/02/22	10/05/22	10/05/22	05/08/22	09/11/22	09/11/22	10/02/23	15/05/23	15/05/23	08/08/23	09/11/23	09/11/23	09/02/24	15/05/24	15/05/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	5,448	17,690	14,123	6,406	12,931	18,300	23,900	28,800
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,610	5,704	-436	7,480	2,884	6,600	8,100	7,700
ROE (net income / shareholders' equity)	-3.6%	24.4%	6.3%	6.5%	5.2%	9.95%	9.85%	9.95%
ROA (Net income/ Total Assets)	6.24%	5.2%	5.28%	7.47%	7.02%	5.8%	6%	6.3%
Assets ¹	-30,176	2,49,344	71,820	56,029	50,787	1,21,839	1,33,333	1,37,566
Book Value Per Share ²	1,423	1,735	1,875	2,021	2,199	2,500	2,559	2,741
Cash Flow per Share	94.20	508.0	238.0	274.0	262.0	-	-	-
Capex ¹	5,649	5,916	6,658	6,830	9,679	8,000	7,500	7,600
Capex / Sales	4.85%	5.42%	5.34%	4.78%	6.75%	5.28%	4.79%	4.68%
Announcement Date	15/05/20	11/05/21	10/05/22	15/05/23	15/05/24	-	-	-

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 Sato Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,125 JPY

Average target price

2,300 JPY

Spread / Average Target

+8.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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