Financials Seino Holdings Co., Ltd.

Equities

9076

JP3415400005

Air Freight & Logistics

Delayed Japan Exchange Other stock markets 11:30:00 26/06/2024 am IST			5-day change	1st Jan Change
2,152 ^JPY	+0.68%		+2.50%	+0.65%

18/06	Seino to Buy 70% Stake in Mitsubishi Electric's Logistics Unit	MT
18/06	Seino Holdings Co., Ltd. agreed to acquire 66.60% stake in Mitsubishi Electric Logistics Corporation from Mitsubishi Electric Corporation for ¥57.3 billion.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,00,489	2,35,151	2,81,280	2,03,372	2,64,960	3,59,316	-	-
Enterprise Value (EV) ¹	2,05,722	1,39,374	2,17,192	1,34,365	1,95,680	3,09,234	3,25,436	3,50,573
P/E ratio	14.1 x	9.2 x	17.3 x	11.8 x	13.9 x	25.3 x	19.4 x	15.9 x
Yield	2.17%	3.32%	1.75%	2.6%	3.84%	4.73%	4.78%	4.89%
Capitalization / Revenue	0.49 x	0.37 x	0.48 x	0.33 x	0.42 x	0.55 x	0.55 x	0.53 x
EV / Revenue	0.33 x	0.22 x	0.37 x	0.22 x	0.31 x	0.48 x	0.49 x	0.51 x
EV / EBITDA	4.1 x	2.81 x	4.84 x	2.74 x	3.91 x	6.86 x	6.19 x	6.25 x
EV / FCF	24 x	9.64 x	20.3 x	9.78 x	20.2 x	13.6 x	62.6 x	31.1 x
FCF Yield	4.16%	10.4%	4.94%	10.2%	4.95%	7.33%	1.6%	3.22%
Price to Book	0.72 x	0.54 x	0.67 x	0.47 x	0.6 x	0.83 x	0.84 x	0.82 x
Nbr of stocks (in thousands)	2,03,721	2,00,470	1,82,413	1,82,560	1,81,479	1,68,101	-	-
Reference price ²	1,475	1,173	1,542	1,114	1,460	2,138	2,138	2,138
Announcement Date	10/05/19	13/05/20	13/05/21	13/05/22	12/05/23	14/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,18,436	6,27,126	5,92,046	6,07,657	6,31,507	6,42,811	6,58,900	6,83,275
EBITDA ¹	50,209	49,636	44,912	49,034	50,055	45,093	52,538	56,083
EBIT ¹	31,209	29,439	24,560	27,545	28,501	23,403	27,870	32,508
Operating Margin	5.05%	4.69%	4.15%	4.53%	4.51%	3.64%	4.23%	4.76%
Earnings before Tax (EBT) ¹	33,463	39,637	27,621	28,345	31,351	25,617	29,525	34,550
Net income ¹	21,216	25,677	16,660	17,255	19,013	14,561	18,140	21,270
Net margin	3.43%	4.09%	2.81%	2.84%	3.01%	2.27%	2.75%	3.11%
EPS ²	104.8	127.6	89.31	94.59	104.9	83.72	110.2	134.5
Free Cash Flow ¹	8,567	14,451	10,719	13,733	9,685	22,669	5,200	11,274
FCF margin	1.39%	2.3%	1.81%	2.26%	1.53%	3.53%	0.79%	1.65%
FCF Conversion (EBITDA)	17.06%	29.11%	23.87%	28.01%	19.35%	50.27%	9.9%	20.1%
FCF Conversion (Net income)	40.38%	56.28%	64.34%	79.59%	50.94%	155.68%	28.67%	53.01%
Dividend per Share ²	32.00	39.00	27.00	29.00	56.00	100.0	102.2	104.6
Announcement Date	10/05/19	13/05/20	13/05/21	13/05/22	12/05/23	14/05/24	-	-

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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	3,15,342	3,11,784	2,79,884	3,12,162	1,46,450	2,94,954	1,58,671	-	1,52,529	1,53,837	3,06,366	1,66,448	1,58,693	1,59,242	1,56,268	3,15,510	1,71,257	1,56,044	1,64,300	1,59,900	1,76,300	1,56,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	16,158	13,281	9,085	15,475	5,690	12,646	9,767	5,132	7,264	7,219	14,483	10,025	3,993	6,160	5,158	11,318	9,241	2,844	6,300	5,500	11,000	4,200
Operating Margin	5.12%	4.26%	3.25%	4.96%	3.89%	4.29%	6.16%	-	4.76%	4.69%	4.73%	6.02%	2.52%	3.87%	3.3%	3.59%	5.4%	1.82%	3.83%	3.44%	6.24%	2.69%
Earnings before Tax (EBT)	33,171	-	10,629	-	-	14,008	10,472	-	8,554	-	16,057	11,163	-	6,879	-	11,848	9,214	-	-	-	-	-
Net income	21,161	-	6,488	-	-	8,670	6,635	-	5,448	-	9,915	7,168	-	4,429	-	7,441	5,720	-	-	-	-	-
Net margin	6.71%	-	2.32%	-	-	2.94%	4.18%	-	3.57%	-	3.24%	4.31%	-	2.78%	-	2.36%	3.34%	-	-	-	-	-
EPS	103.9	-	34.14	-	-	47.50	36.35	-	30.09	-	54.73	39.54	-	24.39	-	41.72	33.19	-	-	-	-	-
Dividend per Share	11.00	-	11.00	-	-	11.00	-	-	-	-	11.00	-	-	-	-	43.00	-	-	-	-	-	-
Announcement Date	08/11/19	13/05/20	13/11/20	13/05/21	12/11/21	12/11/21	10/02/22	13/05/22	10/08/22	11/11/22	11/11/22	10/02/23	12/05/23	10/08/23	10/11/23	10/11/23	09/02/24	14/05/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	94,767	95,777	64,088	69,007	69,280	46,130	33,880	8,743
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,567	14,451	10,719	13,733	9,685	22,669	5,200	11,275
ROE (net income / shareholders' equity)	5.2%	6.1%	3.9%	4.1%	4.3%	3.3%	4.25%	5.23%
ROA (Net income/ Total Assets)	5.23%	4.75%	4.17%	4.46%	4.71%	3.52%	3.38%	3.27%
Assets ¹	4,05,988	5,40,389	3,99,073	3,86,929	4,04,002	4,14,140	5,37,224	6,49,869
Book Value Per Share ²	2,058	2,161	2,298	2,375	2,450	2,560	2,541	2,622
Cash Flow per Share ²	199.0	228.0	198.0	212.0	224.0	208.0	247.0	-
Capex ¹	39,441	35,517	40,580	33,768	27,978	25,772	35,000	35,000
Capex / Sales	6.38%	5.66%	6.85%	5.56%	4.43%	4.01%	5.31%	5.12%
Announcement Date	10/05/19	13/05/20	13/05/21	13/05/22	12/05/23	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 Seino Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,138 JPY

Average target price

2,243 JPY

Spread / Average Target

+4.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Logistics Operators

	1st Jan change	Capi.
SEINO HOLDINGS CO., LTD.	+0.65%	2.25B
KUEHNE UND NAGEL INTERNATIONAL AG	-9.21%	34.09B
DSV A/S	-6.33%	32.54B
PANALPINA WELTTRANSPORT (HOLDING) AG	-1.52%	6.34B
HYUNDAI GLOVIS CO., LTD.	+14.36%	6.12B
COMPAGNIE DU CAMBODGE	+7.69%	4.07B
NIPPON EXPRESS HOLDINGS INC.	-6.44%	4.11B
LOGISTA HOLDINGS	+11.44%	3.83B
AGILITY GLOBAL PLC	0.00%	3.32B
JIAYOU INTERNATIONAL LOGISTICS CO.,LTD	+57.48%	2.39B

Integrated Logistics Operators