Financials Nakanishi Inc.

Equities

7716

JP3642500007

Medical Equipment, Supplies & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-15 am EDT			5-day change	1st Jan Change
2,507 ^JPY	+0.72%		+5.25%	+5.74%

Mar. 29	Nakanishi to Sell 8.49 Million Yen Worth of Shares As Restricted Stock Compensation	MT
Mar. 19	Nakanishi to Cancel 841,200 Repurchased Shares on April 5	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	180,395	196,278	182,497	217,740	204,024	211,725	-	-
Enterprise Value (EV) ¹	151,119	162,707	145,191	182,041	183,047	194,687	191,055	186,220
P/E ratio	25.4 x	30.4 x	18.1 x	17.6 x	8.85 x	22.6 x	19.5 x	17.7 x
Yield	1.44%	1.32%	1.75%	1.8%	2.11%	2.01%	2.08%	2.31%
Capitalization / Revenue	5.09 x	5.94 x	4.07 x	4.47 x	3.42 x	2.81 x	2.61 x	2.45 x
EV / Revenue	4.27 x	4.92 x	3.24 x	3.74 x	3.07 x	2.58 x	2.36 x	2.15 x
EV / EBITDA	13.8 x	15.7 x	9.3 x	10.4 x	10.3 x	10.5 x	8.92 x	7.91 x
EV / FCF	27.5 x	20.3 x	15.2 x	49.1 x	71.4 x	84.1 x	25.4 x	20.5 x
FCF Yield	3.63%	4.93%	6.58%	2.04%	1.4%	1.19%	3.94%	4.88%
Price to Book	2.5 x	2.58 x	2.21 x	2.4 x	1.79 x	1.93 x	1.82 x	1.73 x
Nbr of stocks (in thousands)	86,645	86,657	86,165	85,154	86,050	84,454	-	-
Reference price ²	2,082	2,265	2,118	2,557	2,371	2,507	2,507	2,507
Announcement Date	2/7/20	2/12/21	2/9/22	2/9/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	35,418	33,055	44,857	48,671	59,692	75,401	81,059	86,573
EBITDA ¹	10,983	10,351	15,613	17,494	17,775	18,609	21,430	23,541
EBIT ¹	9,299	8,542	13,750	15,389	14,296	13,309	15,366	17,227
Operating Margin	26.26%	25.84%	30.65%	31.62%	23.95%	17.65%	18.96%	19.9%
Earnings before Tax (EBT) ¹	9,864	9,062	13,937	17,297	28,808	13,718	15,913	17,774
Net income ¹	7,102	6,455	10,102	12,471	22,835	9,474	10,987	12,285
Net margin	20.05%	19.53%	22.52%	25.62%	38.25%	12.57%	13.55%	14.19%
EPS ²	81.97	74.49	116.7	145.5	268.0	111.0	128.8	141.6
Free Cash Flow ¹	5,487	8,020	9,555	3,706	2,565	2,316	7,537	9,088
FCF margin	15.49%	24.26%	21.3%	7.61%	4.3%	3.07%	9.3%	10.5%
FCF Conversion (EBITDA)	49.96%	77.48%	61.2%	21.18%	14.43%	12.45%	35.17%	38.61%
FCF Conversion (Net income)	77.26%	124.24%	94.59%	29.72%	11.23%	24.44%	68.59%	73.98%
Dividend per Share ²	30.00	30.00	37.00	46.00	50.00	50.40	52.20	58.00
Announcement Date	2/7/20	2/12/21	2/9/22	2/9/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	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	2024 S2
Net sales ¹	18,164	13,689	19,366	23,014	10,455	11,388	21,843	11,981	12,481	24,462	11,638	12,571	24,209	13,615	14,644	28,259	12,958	18,475	18,159	19,400	37,900	19,150	20,550	37,700
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,263	2,392	6,150	7,646	3,467	2,637	6,104	3,886	4,243	8,129	3,765	3,495	7,260	4,041	4,206	8,247	3,580	2,469	4,035	3,585	7,100	3,585	3,915	6,900
Operating Margin	28.97%	17.47%	31.76%	33.22%	33.16%	23.16%	27.94%	32.43%	34%	33.23%	32.35%	27.8%	29.99%	29.68%	28.72%	29.18%	27.63%	13.36%	22.22%	18.48%	18.73%	18.72%	19.05%	18.3%
Earnings before Tax (EBT) ¹	5,655	2,490	6,572	7,440	3,843	-	-	4,406	5,116	9,522	4,871	2,904	7,775	4,595	6,554	11,149	15,715	-	5,070	3,650	7,200	3,400	3,800	7,200
Net income ¹	4,077	1,858	4,597	5,366	2,730	2,006	4,736	3,142	3,608	6,750	3,458	2,263	5,721	3,305	4,798	8,103	14,281	451	3,376	2,500	4,800	2,300	2,600	4,900
Net margin	22.45%	13.57%	23.74%	23.32%	26.11%	17.62%	21.68%	26.22%	28.91%	27.59%	29.71%	18%	23.63%	24.27%	32.76%	28.67%	110.21%	2.44%	18.59%	12.89%	12.66%	12.01%	12.65%	13%
EPS	-	21.45	-	61.93	31.52	-	-	36.50	-	78.52	40.40	-	-	38.83	-	95.28	167.7	-	39.68	-	-	-	-	-
Dividend per Share	-	15.00	-	17.00	-	-	-	-	-	22.00	-	-	-	-	-	24.00	-	-	-	-	-	-	-	-
Announcement Date	2/7/20	8/4/20	2/12/21	8/6/21	11/12/21	2/9/22	2/9/22	5/12/22	8/9/22	8/9/22	11/11/22	2/9/23	2/9/23	5/12/23	8/7/23	8/7/23	11/10/23	2/13/24	5/10/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	29,275	33,571	37,306	35,699	20,977	17,038	20,670	25,505
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,487	8,020	9,555	3,706	2,565	2,316	7,537	9,088
ROE (net income / shareholders' equity)	10.2%	8.7%	12.7%	14.4%	22.4%	8.4%	9.08%	9.81%
ROA (Net income/ Total Assets)	13%	10.8%	15.8%	17.9%	14.2%	7.64%	9.03%	9.75%
Assets ¹	54,473	59,861	64,058	69,477	160,862	124,054	121,718	125,951
Book Value Per Share ²	834.0	878.0	960.0	1,066	1,323	1,297	1,380	1,452
Cash Flow per Share ²	101.0	94.80	138.0	169.0	302.0	55.40	175.0	197.0
Capex ¹	1,534	1,163	2,415	4,058	5,984	6,812	5,880	5,857
Capex / Sales	4.33%	3.52%	5.38%	8.34%	10.02%	9.03%	7.25%	6.77%
Announcement Date	2/7/20	2/12/21	2/9/22	2/9/23	2/13/24	-	-	-

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 Nakanishi Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,507 JPY

Average target price

3,320 JPY

Spread / Average Target

+32.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Supplies

	1st Jan change	Capi.
NAKANISHI INC.	+5.74%	1.34B
SHANDONG WEIGAO GROUP MEDICAL POLYMER COMPANY LIMITED	-29.43%	3.14B
WINNER MEDICAL CO., LTD.	-18.39%	2.47B
INTCO MEDICAL TECHNOLOGY CO., LTD.	+12.41%	2.35B
HARTALEGA HOLDINGS	+41.48%	2.14B
HARBIN FUERJIA TECHNOLOGY CO., LTD.	-1.23%	2.03B
TOP GLOVE CORPORATION BHD.	+40.00%	1.63B
KOSSAN RUBBER INDUSTRIES	+48.11%	1.29B
KANGJI MEDICAL HOLDINGS LIMITED	+9.30%	1.19B
GVS S.P.A.	+14.26%	1.12B

Medical Supplies