Financials Sankyo Co., Ltd.

Equities

6417

JP3326410002

Casinos & Gaming

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
1,535 ^JPY	-5.89%		-5.42%	-6.66%

May. 09	Sankyo Co., Ltd. sDividend for the Year Ending March 31, 2024, Payable on June 28, 2024; Provides Earnings Guidance for the Year Ended March 31, 2025	CI
May. 09	Sankyo Co., Ltd. Provides Earnings Guidance for the Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	342,561	192,382	179,456	198,524	321,092	336,702	-	-
Enterprise Value (EV) ¹	72,748	-30,458	-44,415	-34,488	53,483	367,192	336,702	336,702
P/E ratio	25.6 x	17.1 x	31.2 x	11.1 x	6.85 x	8.21 x	6.52 x	6.21 x
Yield	3.55%	4.77%	5.11%	2.95%	2.71%	4.78%	5.8%	5.6%
Capitalization / Revenue	3.87 x	2.45 x	3.09 x	2.34 x	2.04 x	1.84 x	1.7 x	1.56 x
EV / Revenue	3.87 x	2.45 x	3.09 x	2.34 x	2.04 x	1.84 x	1.7 x	1.56 x
EV / EBITDA	14 x	12 x	20 x	8.46 x	5.32 x	4.43 x	4.22 x	4.11 x
EV / FCF	23.9 x	11.9 x	20.3 x	6.29 x	7.69 x	6.24 x	5.83 x	5.78 x
FCF Yield	4.19%	8.39%	4.93%	15.9%	13%	16%	17.1%	17.3%
Price to Book	1.02 x	0.72 x	0.67 x	0.74 x	1.04 x	1.47 x	1.1 x	0.97 x
Nbr of stocks (in thousands)	405,878	305,853	305,926	292,376	290,318	219,350	-	-
Reference price ²	844.0	629.0	586.6	679.0	1,106	1,535	1,535	1,535
Announcement Date	5/9/19	5/12/20	5/13/21	5/12/22	5/11/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	88,558	78,416	58,129	84,857	157,296	199,099	198,400	215,350
EBITDA ¹	24,430	16,072	8,985	23,470	60,370	75,956	79,801	81,878
EBIT ¹	21,286	12,551	6,587	21,357	58,532	72,495	69,500	78,000
Operating Margin	24.04%	16.01%	11.33%	25.17%	37.21%	36.41%	35.03%	36.22%
Earnings before Tax (EBT)	18,340	14,449	7,727	25,523	66,259	75,276	-	-
Net income ¹	13,384	13,045	5,749	18,466	46,893	53,791	48,500	56,000
Net margin	15.11%	16.64%	9.89%	21.76%	29.81%	27.02%	24.45%	26%
EPS ²	32.98	36.69	18.79	61.01	161.5	203.8	235.3	247.1
Free Cash Flow ¹	14,343	16,140	8,853	31,584	41,758	53,920	57,730	58,299
FCF margin	16.2%	20.58%	15.23%	37.22%	26.55%	26.88%	29.1%	27.07%
FCF Conversion (EBITDA)	58.71%	100.42%	98.53%	134.57%	69.17%	70.99%	72.34%	71.2%
FCF Conversion (Net income)	107.17%	123.73%	153.99%	171.04%	89.05%	102.68%	119.03%	104.11%
Dividend per Share ²	30.00	30.00	30.00	20.00	30.00	80.00	89.00	86.00
Announcement Date	5/9/19	5/12/20	5/13/21	5/12/22	5/11/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	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	33,493	25,332	17,129	28,061	42,283	14,513	27,763	42,200	69,963	58,102	29,231	50,777	65,413	116,190	54,398	28,511	38,250	56,100	68,000	43,250
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,077	1,084	2,146	2,914	17,119	1,324	9,455	16,960	26,415	21,624	10,493	19,188	26,272	45,460	19,804	7,231	13,000	23,300	29,300	9,400
Operating Margin	9.19%	4.28%	12.53%	10.38%	40.49%	9.12%	34.06%	40.19%	37.76%	37.22%	35.9%	37.79%	40.16%	39.13%	36.41%	25.36%	33.99%	41.53%	43.09%	21.73%
Earnings before Tax (EBT)	3,530	1,857	-	6,080	17,427	-	11,131	-	30,138	24,605	-	19,909	-	46,290	21,688	-	-	-	-	-
Net income ¹	2,183	1,407	3,631	4,575	12,374	1,517	7,931	13,375	21,306	17,364	8,223	14,080	18,707	32,787	15,457	5,547	9,300	16,600	20,800	6,800
Net margin	6.52%	5.55%	21.2%	16.3%	29.26%	10.45%	28.57%	31.69%	30.45%	29.89%	28.13%	27.73%	28.6%	28.22%	28.41%	19.46%	24.31%	29.59%	30.59%	15.72%
EPS	5.386	4.602	-	14.94	40.54	-	27.31	-	73.37	59.81	-	48.48	-	113.1	61.32	-	-	-	-	-
Dividend per Share	15.00	15.00	-	10.00	-	-	-	-	12.00	-	-	-	-	30.00	-	-	-	-	-	-
Announcement Date	11/7/19	11/9/20	11/8/21	11/8/21	2/8/22	5/12/22	8/4/22	11/7/22	11/7/22	2/8/23	5/11/23	8/7/23	11/7/23	11/7/23	2/7/24	5/9/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	269,813	222,840	223,871	233,012	267,609	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	14,343	16,140	8,853	31,584	41,758	53,920	57,730	58,299
ROE (net income / shareholders' equity)	4%	4.3%	2.1%	6.9%	16.3%	19.3%	20%	12.8%
ROA (Net income/ Total Assets)	5.6%	3.72%	2.43%	7.4%	17.6%	22.2%	22.9%	11%
Assets ¹	238,834	350,817	236,983	249,448	266,767	241,850	211,790	511,416
Book Value Per Share ²	828.0	876.0	873.0	922.0	1,062	1,139	1,398	1,576
Cash Flow per Share	40.50	46.50	26.60	68.00	168.0	215.0	-	-
Capex ¹	2,485	2,831	1,710	1,875	2,881	4,100	3,518	3,800
Capex / Sales	2.81%	3.61%	2.94%	2.21%	1.83%	2.04%	1.77%	1.76%
Announcement Date	5/9/19	5/12/20	5/13/21	5/12/22	5/11/23	5/9/24	-	-

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 Sankyo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,535 JPY

Average target price

1,928 JPY

Spread / Average Target

+25.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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