Financials Benesse Holdings, Inc.

Equities

9783

JP3835620000

Miscellaneous Educational Service Providers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-16 am EDT			5-day change	1st Jan Change
2,592 ^JPY	+0.04%		+0.08%	-0.58%

May. 17	Benesse Holdings, Inc.(TSE:9783) dropped from FTSE All-World Index	CI
May. 16	Benesse Holdings to Delist from Tokyo Stock Exchange on May 17	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	276,940	265,074	224,381	216,636	187,096	249,989	-
Enterprise Value (EV) ¹	251,045	230,185	201,525	208,339	191,330	249,554	249,989
P/E ratio	56.5 x	42.1 x	71.9 x	204 x	16.5 x	38.7 x	19.3 x
Yield	1.74%	1.82%	2.15%	2.23%	3.09%	1.16%	2.7%
Capitalization / Revenue	0.63 x	0.59 x	0.52 x	0.5 x	0.45 x	0.61 x	0.58 x
EV / Revenue	0.63 x	0.59 x	0.52 x	0.5 x	0.45 x	0.61 x	0.58 x
EV / EBITDA	7.64 x	6.42 x	6.99 x	5.54 x	4.67 x	6.11 x	5.63 x
EV / FCF	-16.7 x	13.7 x	36.5 x	-9.46 x	59 x	26.6 x	8.28 x
FCF Yield	-5.97%	7.29%	2.74%	-10.6%	1.7%	3.76%	12.1%
Price to Book	1.64 x	1.57 x	1.32 x	1.45 x	1.21 x	1.57 x	1.5 x
Nbr of stocks (in thousands)	96,327	96,356	96,384	96,411	96,441	96,446	-
Reference price ²	2,875	2,751	2,328	2,247	1,940	2,592	2,592
Announcement Date	5/10/19	5/25/20	5/11/21	5/12/22	5/12/23	5/15/24	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	439,431	448,577	427,531	431,943	411,876	410,815	430,260
EBITDA ¹	36,259	41,261	32,114	39,111	40,052	40,930	44,410
EBIT ¹	16,245	21,266	13,089	20,167	20,620	20,232	24,980
Operating Margin	3.7%	4.74%	3.06%	4.67%	5.01%	4.92%	5.81%
Earnings before Tax (EBT)	12,084	16,228	6,557	5,721	14,709	11,361	-
Net income ¹	4,902	6,289	3,122	1,064	11,353	6,442	12,940
Net margin	1.12%	1.4%	0.73%	0.25%	2.76%	1.57%	3.01%
EPS ²	50.89	65.28	32.40	11.04	117.7	66.78	134.2
Free Cash Flow ¹	-16,542	19,318	6,145	-22,894	3,173	9,399	30,210
FCF margin	-3.76%	4.31%	1.44%	-5.3%	0.77%	2.22%	7.02%
FCF Conversion (EBITDA)	-	46.82%	19.13%	-	7.92%	22.96%	68.03%
FCF Conversion (Net income)	-	307.17%	196.83%	-	27.95%	78.32%	233.46%
Dividend per Share ²	50.00	50.00	50.00	50.00	60.00	30.00	70.00
Announcement Date	5/10/19	5/25/20	5/11/21	5/12/22	5/12/23	5/15/24	-

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	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	224,727	223,850	208,946	218,585	111,944	217,405	111,073	103,465	214,538	100,622	101,307	201,929	106,990	102,957	100,452	103,054	203,506	103,740	103,569
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,647	6,619	8,200	4,889	13,993	12,972	10,271	-3,076	7,195	37	10,591	10,628	10,355	-363	852	10,614	11,466	8,986	-220
Operating Margin	6.52%	2.96%	3.92%	2.24%	12.5%	5.97%	9.25%	-2.97%	3.35%	0.04%	10.45%	5.26%	9.68%	-0.35%	0.85%	10.3%	5.63%	8.66%	-0.21%
Earnings before Tax (EBT)	12,637	3,591	3,424	3,133	13,196	10,761	9,038	-14,078	-5,040	-1,401	9,413	8,012	9,006	-2,309	-642	9,172	8,530	6,810	-
Net income	8,378	-2,089	2,274	848	8,612	5,580	3,721	-8,237	-4,516	-2,323	7,771	5,448	6,550	-645	-1,615	7,238	5,623	4,463	-3,644
Net margin	3.73%	-0.93%	1.09%	0.39%	7.69%	2.57%	3.35%	-7.96%	-2.1%	-2.31%	7.67%	2.7%	6.12%	-0.63%	-1.61%	7.02%	2.76%	4.3%	-3.52%
EPS	86.97	-	23.61	-	-	57.89	38.60	-	-	-24.10	-	56.50	67.93	-6.700	-16.75	-	58.30	46.26	-
Dividend per Share	25.00	-	25.00	-	-	25.00	-	-	-	-	-	30.00	-	-	-	-	30.00	-	-
Announcement Date	11/5/19	5/25/20	11/6/20	5/11/21	11/5/21	11/5/21	2/7/22	5/12/22	5/12/22	8/5/22	11/9/22	11/9/22	2/8/23	5/12/23	8/4/23	11/10/23	11/10/23	2/9/24	5/15/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	4,234	-	-
Net Cash position	25,895	34,889	22,856	8,297	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	0.1057 x	-	-
Free Cash Flow ¹	-16,542	19,318	6,145	-22,894	3,173	9,399	30,210
ROE (net income / shareholders' equity)	2.9%	3.7%	1.8%	0.7%	7.5%	4.1%	7.9%
ROA (Net income/ Total Assets)	2.43%	3.28%	1.75%	2.85%	2.94%	2.88%	2.4%
Assets ¹	201,989	191,779	178,589	37,389	386,442	223,612	539,167
Book Value Per Share ²	1,758	1,754	1,761	1,548	1,600	1,643	1,731
Cash Flow per Share	259.0	273.0	230.0	208.0	319.0	266.0	-
Capex ¹	31,582	22,660	29,243	23,562	24,405	15,000	-
Capex / Sales	7.19%	5.05%	6.84%	5.45%	5.93%	3.55%	-
Announcement Date	5/10/19	5/25/20	5/11/21	5/12/22	5/12/23	5/15/24	-

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 Benesse Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,592 JPY

Average target price

2,000 JPY

Spread / Average Target

-22.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Miscellaneous Educational Service Providers

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TAL EDUCATION GROUP	-0.08%	8.06B
GRAND CANYON EDUCATION, INC.	+11.85%	4.33B
STRIDE, INC.	+17.99%	2.98B
STRATEGIC EDUCATION, INC.	+27.70%	2.87B
LAUREATE EDUCATION, INC.	+19.47%	2.54B
ADTALEM GLOBAL EDUCATION INC.	+11.06%	2.46B
GAOTU TECHEDU INC.	+125.97%	2.11B
PERDOCEO EDUCATION CORPORATION	+33.43%	1.54B

Miscellaneous Educational Service Providers