Financials Itoham Yonekyu Holdings Inc.

Equities

2296

JP3144500000

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-17 am EDT			5-day change	1st Jan Change
4,240 ^JPY	+0.59%		-1.74%	+9.99%

May. 03	Itohem Yonekyu’s Profit Down 8% in Fiscal 2024	MT
Apr. 05	Itoham Yonekyu Repurchase 1.3 Billion Yen Worth Of Shares in March	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	203,799	187,635	213,407	189,441	199,515	240,471	-	-
Enterprise Value (EV) ¹	230,998	198,516	202,037	179,300	222,450	227,632	261,121	268,421
P/E ratio	19.2 x	16.5 x	10.6 x	9.93 x	11.9 x	14.7 x	14.7 x	13.3 x
Yield	2.47%	2.67%	2.88%	3.54%	3.43%	3.12%	3.42%	3.38%
Capitalization / Revenue	0.24 x	0.22 x	0.25 x	0.22 x	0.22 x	0.24 x	0.25 x	0.25 x
EV / Revenue	0.27 x	0.23 x	0.24 x	0.21 x	0.24 x	0.24 x	0.27 x	0.28 x
EV / EBITDA	8.83 x	6.66 x	5.46 x	4.98 x	6.32 x	6.54 x	6.8 x	6.68 x
EV / FCF	-42.3 x	9.05 x	6.9 x	24.8 x	-11.7 x	104 x	51.2 x	-74.6 x
FCF Yield	-2.36%	11%	14.5%	4.03%	-8.53%	0.96%	1.95%	-1.34%
Price to Book	0.91 x	0.82 x	0.86 x	0.72 x	0.74 x	0.8 x	0.82 x	0.8 x
Nbr of stocks (in thousands)	59,158	58,912	58,548	58,379	57,004	56,715	-	-
Reference price ²	3,445	3,185	3,645	3,245	3,500	4,240	4,240	4,240
Announcement Date	5/10/19	5/8/20	5/10/21	5/9/22	5/9/23	5/2/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	850,721	852,450	842,675	854,300	922,682	955,580	976,350	973,967
EBITDA ¹	26,159	29,790	37,020	36,000	35,181	34,829	38,400	40,167
EBIT ¹	14,494	17,266	24,018	24,600	22,994	22,336	25,100	25,600
Operating Margin	1.7%	2.03%	2.85%	2.88%	2.49%	2.34%	2.57%	2.63%
Earnings before Tax (EBT) ¹	16,304	17,280	29,113	28,200	24,964	22,513	24,600	26,600
Net income ¹	10,588	11,439	20,204	19,100	16,975	15,553	16,350	17,933
Net margin	1.24%	1.34%	2.4%	2.24%	1.84%	1.63%	1.67%	1.84%
EPS ²	179.1	193.6	343.0	326.7	294.0	273.2	288.3	317.9
Free Cash Flow ¹	-5,463	21,932	29,264	7,222	-18,979	2,600	5,100	-3,600
FCF margin	-0.64%	2.57%	3.47%	0.85%	-2.06%	0.28%	0.52%	-0.37%
FCF Conversion (EBITDA)	-	73.62%	79.05%	20.06%	-	7.23%	13.28%	-
FCF Conversion (Net income)	-	191.73%	144.84%	37.81%	-	15.57%	31.19%	-
Dividend per Share ²	85.00	85.00	105.0	115.0	120.0	125.0	145.0	143.3
Announcement Date	5/10/19	5/8/20	5/10/21	5/9/22	5/9/23	5/2/24	-	-

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	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	432,400	-	414,623	-	215,155	417,762	237,938	198,600	-	212,325	235,675	448,004	253,600	221,086	-	227,558	242,583	470,141	258,100	227,360	485,439	233,094	248,602	264,024	230,680
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,371	-	12,625	-	6,926	14,480	8,620	1,500	-	7,114	7,986	15,138	8,800	-923	-	5,311	5,269	10,580	10,100	1,609	11,756	4,950	5,384	10,774	3,992
Operating Margin	2.17%	-	3.04%	-	3.22%	3.47%	3.62%	0.76%	-	3.35%	3.39%	3.38%	3.47%	-0.42%	-	2.33%	2.17%	2.25%	3.91%	0.71%	2.42%	2.12%	2.17%	4.08%	1.73%
Earnings before Tax (EBT)	10,365	-	16,010	-	8,421	16,888	9,939	1,373	-	7,643	-	16,038	9,780	-	-	5,326	-	11,673	11,186	-	-	-	-	-	-
Net income ¹	6,927	-	10,946	-	5,902	11,810	6,690	600	-	5,129	5,771	10,905	6,849	-779	-	3,357	4,232	7,589	7,800	187	-	2,800	3,100	8,100	2,000
Net margin	1.6%	-	2.64%	-	2.74%	2.83%	2.81%	0.3%	-	2.42%	2.45%	2.43%	2.7%	-0.35%	-	1.48%	1.74%	1.61%	3.02%	0.08%	-	1.2%	1.25%	3.07%	0.87%
EPS ²	117.2	-	185.8	-	-	201.6	115.6	-	-	88.00	99.60	187.6	118.9	-	-	58.95	74.30	133.2	136.6	3.440	-	49.37	54.66	142.8	35.26
Dividend per Share ²	-	85.00	-	105.0	-	-	-	-	115.0	-	-	-	-	-	120.0	-	-	-	-	125.0	-	-	70.00	-	75.00
Announcement Date	11/6/19	5/8/20	11/6/20	5/10/21	11/5/21	11/5/21	2/8/22	5/9/22	5/9/22	8/3/22	11/8/22	11/8/22	2/3/23	5/9/23	5/9/23	8/3/23	11/2/23	11/2/23	2/6/24	5/2/24	5/2/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	27,199	10,881	-	-	22,935	29,500	20,650	27,950
Net Cash position ¹	-	-	11,370	10,141	-	-	-	-
Leverage (Debt/EBITDA)	1.04 x	0.3653 x	-	-	0.6519 x	0.8202 x	0.5378 x	0.6959 x
Free Cash Flow ¹	-5,463	21,932	29,264	7,222	-18,979	2,600	5,100	-3,600
ROE (net income / shareholders' equity)	4.8%	5.1%	8.5%	7.5%	6.4%	5.6%	6.3%	6.56%
ROA (Net income/ Total Assets)	4.06%	4.99%	6.89%	7.09%	6.13%	5.79%	3.6%	3.8%
Assets ¹	260,692	229,207	293,149	269,578	276,970	268,615	454,167	471,930
Book Value Per Share ²	3,771	3,866	4,218	4,488	4,717	5,018	5,162	5,282
Cash Flow per Share	346.0	379.0	539.0	523.0	505.0	493.0	-	-
Capex ¹	20,577	9,915	11,598	11,719	17,412	19,309	20,400	27,500
Capex / Sales	2.42%	1.16%	1.38%	1.37%	1.89%	2.02%	2.09%	2.82%
Announcement Date	5/10/19	5/8/20	5/10/21	5/9/22	5/9/23	5/2/24	-	-

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 Itoham Yonekyu Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,215 JPY

Average target price

4,300 JPY

Spread / Average Target

+2.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Animal Slaughtering & Processing

	1st Jan change	Capi.
ITOHAM YONEKYU HOLDINGS INC.	+9.99%	1.54B
TYSON FOODS, INC.	+13.15%	21.69B
HORMEL FOODS CORPORATION	+11.94%	19.77B
JBS S.A.	+14.29%	12.31B
HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO.,LTD.	-4.72%	12.21B
WH GROUP LIMITED	+11.71%	10.06B
PILGRIM'S PRIDE CORPORATION	+34.13%	8.93B
BRF S.A.	+40.70%	6.22B
LDC	+6.43%	2.82B
MAPLE LEAF FOODS INC.	-5.82%	2.15B

Animal Slaughtering & Processing