Financials Universal Entertainment Corporation

Equities

6425

JP3126130008

Hotels, Motels & Cruise Lines

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,682 ^JPY	+3.13%		+3.83%	-26.87%

Apr. 26	Universal Entertainment Corporation Announces Representative Director and Executive Changes	CI
Mar. 19	Philippines sees up to $6 bln of investments in casino sector in next 5 years	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	290,362	184,412	189,138	184,257	178,213	130,328	-	-
Enterprise Value (EV) ¹	394,961	305,128	329,750	319,711	308,840	163,328	118,328	71,328
P/E ratio	-56.1 x	-9.61 x	-9.93 x	16 x	6.27 x	7.03 x	4.95 x	4.26 x
Yield	1.35%	-	-	-	1.74%	2.38%	2.38%	2.38%
Capitalization / Revenue	2.32 x	2.03 x	2.09 x	1.31 x	1 x	0.67 x	0.58 x	0.53 x
EV / Revenue	3.16 x	3.36 x	3.65 x	2.27 x	1.73 x	0.83 x	0.52 x	0.29 x
EV / EBITDA	22.6 x	14.7 x	16.1 x	10.4 x	6.47 x	2.91 x	1.99 x	1.13 x
EV / FCF	70.9 x	-44.2 x	-49.4 x	18.9 x	13.2 x	4.16 x	2.39 x	1.37 x
FCF Yield	1.41%	-2.26%	-2.03%	5.29%	7.59%	24.1%	41.8%	72.8%
Price to Book	0.78 x	0.52 x	0.56 x	0.53 x	0.46 x	0.36 x	0.34 x	0.31 x
Nbr of stocks (in thousands)	78,159	77,484	77,484	77,484	77,484	77,484	-	-
Reference price ²	3,715	2,380	2,441	2,378	2,300	1,682	1,682	1,682
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	124,944	90,871	90,435	140,998	178,995	195,924	225,640	245,190
EBITDA ¹	17,484	20,703	20,436	30,761	47,734	56,100	59,600	63,000
EBIT ¹	389	2,555	1,959	12,085	30,480	40,200	45,000	49,600
Operating Margin	0.31%	2.81%	2.17%	8.57%	17.03%	20.52%	19.94%	20.23%
Earnings before Tax (EBT) ¹	-9,089	-19,735	-14,966	8,450	37,948	24,700	35,100	40,800
Net income ¹	-5,191	-19,218	-19,052	11,506	28,439	18,500	26,300	30,600
Net margin	-4.15%	-21.15%	-21.07%	8.16%	15.89%	9.44%	11.66%	12.48%
EPS ²	-66.18	-247.6	-245.9	148.5	367.0	239.3	339.6	395.2
Free Cash Flow ¹	5,573	-6,910	-6,681	16,927	23,428	39,300	49,500	51,900
FCF margin	4.46%	-7.6%	-7.39%	12.01%	13.09%	20.06%	21.94%	21.17%
FCF Conversion (EBITDA)	31.87%	-	-	55.03%	49.08%	70.05%	83.05%	82.38%
FCF Conversion (Net income)	-	-	-	147.11%	82.38%	212.43%	188.21%	169.61%
Dividend per Share ²	50.00	-	-	-	40.00	40.00	40.00	40.00
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 S1	2022 Q3	2023 Q1	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	65,647	28,618	29,065	32,752	27,735	56,323	32,291	35,502	79,305	44,789	54,901	40,000	35,800	65,600	54,500
EBITDA ¹	-	-	-	-	-	-	-	-	-	10,378	-	12,500	10,000	19,600	14,000
EBIT ¹	12,666	-8,763	4,433	6,289	2,325	833	-254	4,760	10,726	5,839	13,915	8,500	6,000	15,700	10,100
Operating Margin	19.29%	-30.62%	15.25%	19.2%	8.38%	1.48%	-0.79%	13.41%	13.52%	13.04%	25.35%	21.25%	16.76%	23.93%	18.53%
Earnings before Tax (EBT) ¹	3,454	-14,192	-1,265	-	10,120	11,291	-2,599	3,158	28,425	3,922	5,601	4,300	1,800	11,600	7,100
Net income ¹	3,410	-16,928	-1,470	-	8,362	6,768	-4,239	2,946	20,952	2,991	-	3,200	1,300	8,700	5,300
Net margin	5.19%	-59.15%	-5.06%	-	30.15%	12.02%	-13.13%	8.3%	26.42%	6.68%	-	8%	3.63%	13.26%	9.72%
EPS ²	43.87	-218.5	-18.98	-	107.9	87.36	-54.71	38.02	270.4	38.61	58.02	41.50	17.30	112.2	68.30
Dividend per Share ²	-	-	-	-	-	-	-	-	40.00	-	-	-	-	-	40.00
Announcement Date	8/6/20	8/5/21	11/11/21	2/14/22	5/12/22	11/14/22	12/14/22	5/12/23	8/9/23	11/14/23	2/14/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	104,599	120,716	140,612	135,454	130,627	33,000	-	-
Net Cash position ¹	-	-	-	-	-	-	12,000	59,000
Leverage (Debt/EBITDA)	5.983 x	5.831 x	6.881 x	4.403 x	2.737 x	0.5882 x	-	-
Free Cash Flow ¹	5,573	-6,910	-6,681	16,927	23,428	39,300	49,500	51,900
ROE (net income / shareholders' equity)	-1.4%	-5.3%	-5.5%	3.3%	7.7%	4.3%	7%	7.6%
ROA (Net income/ Total Assets)	-1.47%	-1.62%	-0.44%	2.38%	6.22%	4.4%	5.3%	5.7%
Assets ¹	354,276	1,186,179	4,333,348	482,503	457,124	420,455	496,226	536,842
Book Value Per Share ²	4,756	4,614	4,373	4,507	5,011	4,610	5,001	5,428
Cash Flow per Share ²	162.0	-13.80	-7.420	390.0	590.0	665.0	731.0	795.0
Capex ¹	23,895	10,022	8,426	7,534	4,589	11,000	10,500	10,100
Capex / Sales	19.12%	11.03%	9.32%	5.34%	2.56%	5.61%	4.65%	4.12%
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

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 Universal Entertainment Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,682 JPY

Average target price

2,800 JPY

Spread / Average Target

+66.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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