Financials SFP Holdings Co., Ltd.

Equities

3198

JP3162250009

Restaurants & Bars

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
2,026 ^JPY	+0.60%		+4.54%	-4.39%

2023	Tranche Update on SFP Holdings Co., Ltd.'s Equity Buyback Plan announced on July 20, 2023.	CI
2023	SFP Holdings Co., Ltd.'s Equity Buyback announced on July 20, 2023, has closed with 3,300,000 shares, representing 12.8% for ¥5,940 million.	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,221	45,080	35,984	34,685	44,356	46,169	-	-
Enterprise Value (EV) ¹	42,037	38,393	34,524	29,675	35,722	45,577	46,169	46,169
P/E ratio	25.3 x	30.8 x	-6.37 x	19.9 x	80.7 x	28.2 x	26.5 x	22.7 x
Yield	1.36%	0.74%	-	0.74%	1.16%	1.15%	1.28%	1.28%
Capitalization / Revenue	1.3 x	1.12 x	2.06 x	3.33 x	1.94 x	1.57 x	1.53 x	1.43 x
EV / Revenue	1.3 x	1.12 x	2.06 x	3.33 x	1.94 x	1.57 x	1.53 x	1.43 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	12.6 x	21 x	-6.84 x	9.77 x	10.7 x	39.4 x	-	-
FCF Yield	7.91%	4.76%	-14.6%	10.2%	9.31%	2.54%	-	-
Price to Book	3.16 x	2.75 x	3.35 x	2.79 x	3.54 x	5.89 x	-	-
Nbr of stocks (in thousands)	25,730	25,775	25,776	25,788	25,788	22,788	-	-
Reference price ²	1,913	1,749	1,396	1,345	1,720	2,026	2,026	2,026
Announcement Date	12/04/19	14/04/20	14/04/21	14/04/22	14/04/23	12/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	37,751	40,216	17,428	10,404	22,913	29,079	30,200	32,300
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	2,907	2,549	-5,339	-7,919	-754	2,026	2,400	2,700
Operating Margin	7.7%	6.34%	-30.63%	-76.11%	-3.29%	6.97%	7.95%	8.36%
Earnings before Tax (EBT)	3,003	2,312	-5,695	1,897	727	1,780	-	-
Net income ¹	1,955	1,461	-5,650	1,745	549	1,731	1,740	2,030
Net margin	5.18%	3.63%	-32.42%	16.77%	2.4%	5.95%	5.76%	6.28%
EPS ²	75.68	56.74	-219.2	67.70	21.32	71.00	76.40	89.10
Free Cash Flow ¹	3,895	2,146	-5,260	3,551	4,131	1,173	-	-
FCF margin	10.32%	5.34%	-30.18%	34.13%	18.03%	4.09%	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	199.21%	146.92%	-	203.51%	752.52%	76.17%	-	-
Dividend per Share ²	26.00	13.00	-	10.00	20.00	23.00	26.00	26.00
Announcement Date	12/04/19	14/04/20	14/04/21	14/04/22	14/04/23	12/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2021 S1	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	20,080	7,834	1,097	3,326	3,136	3,942	4,626	5,503	10,129	6,023	6,761	7,156	7,130	14,286	7,024	7,769	7,470	7,360	7,380	7,990
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,486	-2,997	-2,826	-5,109	-1,546	-1,264	-603	-345	-948	-74	268	592	417	1,009	291	726	600	530	440	830
Operating Margin	7.4%	-38.26%	-257.61%	-153.61%	-49.3%	-32.06%	-13.04%	-6.27%	-9.36%	-1.23%	3.96%	8.27%	5.85%	7.06%	4.14%	9.34%	8.03%	7.2%	5.96%	10.39%
Earnings before Tax (EBT)	1,477	-3,295	-	1,192	1,625	-	1,389	-	1,080	4	-	657	-	928	229	-	-	-	-	-
Net income ¹	954	-2,294	1,040	893	1,291	-439	1,122	-321	801	-35	-217	489	-	652	195	884	420	350	280	690
Net margin	4.75%	-29.28%	94.8%	26.85%	41.17%	-11.14%	24.25%	-5.83%	7.91%	-0.58%	-3.21%	6.83%	-	4.56%	2.78%	11.38%	5.62%	4.76%	3.79%	8.64%
EPS	37.09	-89.01	-	34.64	50.08	-	43.51	-	31.09	-1.370	-	18.99	-	25.30	8.700	-	-	-	-	-
Dividend per Share	13.00	-	-	-	-	-	-	-	10.00	-	-	-	-	11.00	-	-	-	-	-	-
Announcement Date	11/10/19	14/10/20	14/10/21	14/10/21	14/01/22	14/04/22	14/07/22	14/10/22	14/10/22	13/01/23	14/04/23	14/07/23	13/10/23	13/10/23	12/01/24	12/04/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	7,184	6,687	1,460	5,010	8,634	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,895	2,146	-5,260	3,551	4,131	1,173	-	-
ROE (net income / shareholders' equity)	10.7%	9.2%	-41.7%	15.1%	4.4%	17.1%	-	22.5%
ROA (Net income/ Total Assets)	13.2%	12.8%	-	10.8%	9.4%	14.5%	-	-
Assets ¹	14,792	11,421	-	16,099	5,839	11,952	-	-
Book Value Per Share	605.0	635.0	417.0	482.0	486.0	340.0	-	-
Cash Flow per Share	124.0	108.0	-179.0	95.90	44.90	96.30	-	-
Capex ¹	696	721	436	-	184	750	434	1,000
Capex / Sales	1.84%	1.79%	2.5%	-	0.8%	2.61%	1.44%	3.1%
Announcement Date	12/04/19	14/04/20	14/04/21	14/04/22	14/04/23	12/04/24	-	-

¹JPY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for SFP Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,026 JPY

Average target price

2,700 JPY

Spread / Average Target

+33.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Quick Service Restaurants

	1st Jan change	Capi.
SFP HOLDINGS CO., LTD.	-4.39%	293M
MCDONALD'S CORPORATION	-7.94%	197B
CHIPOTLE MEXICAN GRILL, INC.	+40.26%	87.54B
YUM! BRANDS, INC.	+9.07%	39.89B
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP	-5.41%	23.95B
RESTAURANT BRANDS INTERNATIONAL INC.	-5.77%	23.36B
YUM CHINA HOLDINGS, INC.	-5.43%	15.49B
WINGSTOP INC.	+50.09%	11.24B
AMERICANA RESTAURANTS INTERNATIONAL PLC	+5.43%	7.5B
MCDONALD'S HOLDINGS COMPANY (JAPAN), LTD.	+12.44%	5.8B

Quick Service Restaurants