Financials Yamada Holdings Co., Ltd. Deutsche Boerse AG

Equities

YME

JP3939000000

Computer & Electronics Retailers

Delayed Deutsche Boerse AG Other stock markets 11:35:28 27/06/2024 am IST			5-day change	1st Jan Change
2.48 ^EUR	0.00%		0.00%	-8.82%

15/04	GiftMall.Inc announced that it expects to receive ¥500 million in funding from Yamada Holdings Co., Ltd.	CI
2023	Yamada Holdings Co., Ltd. completed the acquisition of Seki Home K.K.	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,44,074	3,79,476	4,88,547	3,17,692	3,27,323	2,98,006	-	-
Enterprise Value (EV) ¹	7,07,635	5,77,654	6,49,363	4,98,646	5,82,752	5,48,772	5,51,721	5,34,752
P/E ratio	30 x	15.2 x	9.5 x	6.23 x	11.3 x	12.7 x	10.6 x	9.37 x
Yield	2.38%	2.32%	3.02%	4.74%	2.63%	2.95%	3.13%	3.44%
Capitalization / Revenue	0.28 x	0.24 x	0.28 x	0.2 x	0.2 x	0.19 x	0.18 x	0.18 x
EV / Revenue	0.44 x	0.36 x	0.37 x	0.31 x	0.36 x	0.34 x	0.34 x	0.32 x
EV / EBITDA	15.1 x	9.77 x	5.7 x	5.58 x	8.42 x	8.18 x	7.81 x	7.18 x
EV / FCF	25.7 x	10.7 x	7.06 x	-422 x	31.4 x	24.8 x	13.6 x	17.7 x
FCF Yield	3.89%	9.38%	14.2%	-0.24%	3.18%	4.04%	7.37%	5.64%
Price to Book	0.75 x	0.6 x	0.75 x	0.48 x	0.53 x	0.49 x	0.5 x	0.47 x
Nbr of stocks (in thousands)	8,13,321	8,80,454	8,18,337	8,36,031	7,17,815	6,90,789	-	-
Reference price ²	546.0	431.0	597.0	380.0	456.0	431.4	431.4	431.4
Announcement Date	09/05/19	07/05/20	06/05/21	06/05/22	08/05/23	07/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,00,583	16,11,538	17,52,506	16,19,379	16,00,586	15,92,009	16,39,143	16,70,886
EBITDA ¹	46,789	59,103	1,13,931	89,389	69,191	67,064	70,680	74,467
EBIT ¹	27,864	38,326	92,078	65,703	44,066	41,489	46,614	48,886
Operating Margin	1.74%	2.38%	5.25%	4.06%	2.75%	2.61%	2.84%	2.93%
Earnings before Tax (EBT) ¹	25,097	38,406	77,513	69,531	43,584	39,234	46,580	49,560
Net income ¹	14,692	24,605	51,798	50,555	31,824	24,055	28,040	31,614
Net margin	0.92%	1.53%	2.96%	3.12%	1.99%	1.51%	1.71%	1.89%
EPS ²	18.18	28.38	62.82	60.96	40.25	34.78	40.59	46.04
Free Cash Flow ¹	27,554	54,199	91,914	-1,181	18,531	22,151	40,650	30,158
FCF margin	1.72%	3.36%	5.24%	-0.07%	1.16%	1.39%	2.48%	1.8%
FCF Conversion (EBITDA)	58.89%	91.7%	80.68%	-	26.78%	33.03%	57.51%	40.5%
FCF Conversion (Net income)	187.54%	220.28%	177.45%	-	58.23%	92.08%	144.97%	95.39%
Dividend per Share ²	13.00	10.00	18.00	18.00	12.00	13.00	13.50	14.86
Announcement Date	09/05/19	07/05/20	06/05/21	06/05/22	08/05/23	07/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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	8,43,553	8,60,296	4,17,412	8,00,399	3,92,398	4,26,582	3,75,859	3,98,775	7,74,634	4,02,710	4,23,242	3,63,709	4,11,494	7,75,203	3,95,858	4,20,948	3,74,360	4,18,467	4,10,198	4,36,276
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	24,726	46,010	13,658	35,084	22,916	7,703	12,263	7,513	19,776	19,552	4,738	11,072	9,293	20,365	18,386	2,738	12,334	10,158	20,502	5,006
Operating Margin	2.93%	5.35%	3.27%	4.38%	5.84%	1.81%	3.26%	1.88%	2.55%	4.86%	1.12%	3.04%	2.26%	2.63%	4.64%	0.65%	3.29%	2.43%	5%	1.15%
Earnings before Tax (EBT)	23,733	31,097	-	36,175	27,992	-	14,471	-	21,084	20,571	-	16,035	-	22,885	18,417	-	-	-	-	-
Net income ¹	15,014	20,895	12,554	29,967	17,526	3,062	14,680	2,954	17,634	12,949	1,241	10,491	2,757	13,248	13,603	-2,796	9,022	4,917	13,948	718.8
Net margin	1.78%	2.43%	3.01%	3.74%	4.47%	0.72%	3.91%	0.74%	2.28%	3.22%	0.29%	2.88%	0.67%	1.71%	3.44%	-0.66%	2.41%	1.18%	3.4%	0.16%
EPS ²	17.59	25.16	15.19	36.43	21.00	3.530	17.21	3.900	21.11	16.54	2.600	15.10	4.030	19.13	19.68	-4.030	14.56	7.885	21.61	1.356
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13.00	-	-	-	15.00
Announcement Date	07/11/19	05/11/20	04/11/21	04/11/21	03/02/22	06/05/22	04/08/22	04/11/22	04/11/22	03/02/23	08/05/23	04/08/23	02/11/23	02/11/23	01/02/24	07/05/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,63,561	1,98,178	1,60,816	1,80,954	2,55,429	2,44,104	2,53,714	2,36,745
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.633 x	3.353 x	1.412 x	2.024 x	3.692 x	3.64 x	3.59 x	3.179 x
Free Cash Flow ¹	27,554	54,199	91,914	-1,181	18,531	22,151	40,650	30,158
ROE (net income / shareholders' equity)	2.5%	4%	8.1%	7.9%	5%	3.9%	4.48%	5%
ROA (Net income/ Total Assets)	3.13%	3.93%	8.18%	5.87%	3.94%	3.67%	2.91%	3.36%
Assets ¹	4,69,888	6,26,829	6,32,864	8,60,678	8,08,202	6,54,645	9,64,459	9,41,742
Book Value Per Share ²	724.0	721.0	792.0	786.0	854.0	892.0	854.0	920.0
Cash Flow per Share	41.60	52.30	88.90	89.50	71.40	71.80	-	-
Capex ¹	13,172	19,104	30,367	34,264	29,041	32,408	25,533	27,200
Capex / Sales	0.82%	1.19%	1.73%	2.12%	1.81%	2.04%	1.56%	1.63%
Announcement Date	09/05/19	07/05/20	06/05/21	06/05/22	08/05/23	07/05/24	-	-

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 Yamada Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

431.4 JPY

Average target price

484.3 JPY

Spread / Average Target

+12.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Consumer Electronics Retailers