Financials Yamada Holdings Co., Ltd.

Equities

9831

JP3939000000

Computer & Electronics Retailers

Delayed Japan Exchange Other stock markets 02:00:00 2024-05-21 am EDT			5-day change	1st Jan Change
433.4 ^JPY	+0.53%		-0.89%	-1.14%

Apr. 15	GiftMall.Inc announced that it expects to receive ¥500 million in funding from Yamada Holdings Co., Ltd.	CI
2023	Yamada Holdings Co., Ltd. completed the acquisition of Seki Home K.K.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	444,074	379,476	488,547	317,692	327,323	297,799	-	-
Enterprise Value (EV) ¹	707,635	577,654	649,363	498,646	582,752	304,668	556,185	539,631
P/E ratio	30 x	15.2 x	9.5 x	6.23 x	11.3 x	12.7 x	9.78 x	8.96 x
Yield	2.38%	2.32%	3.02%	4.74%	2.63%	2.95%	3.17%	3.48%
Capitalization / Revenue	0.28 x	0.24 x	0.28 x	0.2 x	0.2 x	0.19 x	0.18 x	0.18 x
EV / Revenue	0.44 x	0.36 x	0.37 x	0.31 x	0.36 x	0.19 x	0.34 x	0.32 x
EV / EBITDA	15.1 x	9.77 x	5.7 x	5.58 x	8.42 x	8.03 x	7.67 x	7.24 x
EV / FCF	25.7 x	10.7 x	7.06 x	-422 x	31.4 x	13.8 x	11.7 x	19.5 x
FCF Yield	3.89%	9.38%	14.2%	-0.24%	3.18%	7.27%	8.58%	5.13%
Price to Book	0.75 x	0.6 x	0.75 x	0.48 x	0.53 x	0.49 x	0.47 x	0.47 x
Nbr of stocks (in thousands)	813,321	880,454	818,337	836,031	717,815	690,789	-	-
Reference price ²	546.0	431.0	597.0	380.0	456.0	431.1	431.1	431.1
Announcement Date	5/9/19	5/7/20	5/6/21	5/6/22	5/8/23	5/7/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,600,583	1,611,538	1,752,506	1,619,379	1,600,586	1,592,009	1,637,383	1,682,600
EBITDA ¹	46,789	59,103	113,931	89,389	69,191	66,600	72,550	74,520
EBIT ¹	27,864	38,326	92,078	65,703	44,066	41,489	46,686	49,086
Operating Margin	1.74%	2.38%	5.25%	4.06%	2.75%	2.61%	2.85%	2.92%
Earnings before Tax (EBT) ¹	25,097	38,406	77,513	69,531	43,584	39,234	48,133	50,825
Net income ¹	14,692	24,605	51,798	50,555	31,824	24,055	30,757	33,043
Net margin	0.92%	1.53%	2.96%	3.12%	1.99%	1.51%	1.88%	1.96%
EPS ²	18.18	28.38	62.82	60.96	40.25	34.78	44.06	48.11
Free Cash Flow ¹	27,554	54,199	91,914	-1,181	18,531	22,151	47,700	27,658
FCF margin	1.72%	3.36%	5.24%	-0.07%	1.16%	1.39%	2.91%	1.64%
FCF Conversion (EBITDA)	58.89%	91.7%	80.68%	-	26.78%	31.64%	65.75%	37.11%
FCF Conversion (Net income)	187.54%	220.28%	177.45%	-	58.23%	92.08%	155.09%	83.7%
Dividend per Share ²	13.00	10.00	18.00	18.00	12.00	13.00	13.67	15.00
Announcement Date	5/9/19	5/7/20	5/6/21	5/6/22	5/8/23	5/7/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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	843,553	860,296	417,412	800,399	392,398	426,582	375,859	398,775	774,634	402,710	423,242	363,709	411,494	775,203	395,858	420,948	372,480	418,222	409,897	431,401
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	24,726	46,010	13,658	35,084	22,916	7,703	12,263	7,513	19,776	19,552	4,738	11,072	9,293	20,365	18,386	2,738	12,550	9,988	20,702	5,460
Operating Margin	2.93%	5.35%	3.27%	4.38%	5.84%	1.81%	3.26%	1.88%	2.55%	4.86%	1.12%	3.04%	2.26%	2.63%	4.64%	0.65%	3.37%	2.39%	5.05%	1.27%
Earnings before Tax (EBT)	23,733	31,097	-	36,175	27,992	-	14,471	-	21,084	20,571	-	16,035	-	22,885	18,417	-	-	-	-	-
Net income ¹	15,014	20,895	12,554	29,967	17,526	3,062	14,680	2,954	17,634	12,949	1,241	10,491	2,757	13,248	13,603	-2,796	9,022	4,917	13,948	718.8
Net margin	1.78%	2.43%	3.01%	3.74%	4.47%	0.72%	3.91%	0.74%	2.28%	3.22%	0.29%	2.88%	0.67%	1.71%	3.44%	-0.66%	2.42%	1.18%	3.4%	0.17%
EPS ²	17.59	25.16	15.19	36.43	21.00	3.530	17.21	3.900	21.11	16.54	2.600	15.10	4.030	19.13	19.68	-4.030	14.56	7.885	21.61	1.356
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13.00	-	-	-	15.00
Announcement Date	11/7/19	11/5/20	11/4/21	11/4/21	2/3/22	5/6/22	8/4/22	11/4/22	11/4/22	2/3/23	5/8/23	8/4/23	11/2/23	11/2/23	2/1/24	5/7/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	263,561	198,178	160,816	180,954	255,429	236,723	258,386	241,831
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.633 x	3.353 x	1.412 x	2.024 x	3.692 x	3.554 x	3.561 x	3.245 x
Free Cash Flow ¹	27,554	54,199	91,914	-1,181	18,531	22,151	47,700	27,658
ROE (net income / shareholders' equity)	2.5%	4%	8.1%	7.9%	5%	3.9%	4.89%	5.22%
ROA (Net income/ Total Assets)	3.13%	3.93%	8.18%	5.87%	3.94%	3.67%	3.61%	3.74%
Assets ¹	469,888	626,829	632,864	860,678	808,202	654,645	852,629	882,869
Book Value Per Share ²	724.0	721.0	792.0	786.0	854.0	892.0	924.0	918.0
Cash Flow per Share	41.60	52.30	88.90	89.50	71.40	71.80	-	-
Capex ¹	13,172	19,104	30,367	34,264	29,041	32,408	28,100	29,733
Capex / Sales	0.82%	1.19%	1.73%	2.12%	1.81%	2.04%	1.72%	1.77%
Announcement Date	5/9/19	5/7/20	5/6/21	5/6/22	5/8/23	5/7/24	-	-

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 Yamada Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

431.1 JPY

Average target price

490 JPY

Spread / Average Target

+13.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Consumer Electronics Retailers

	1st Jan change	Capi.
YAMADA HOLDINGS CO., LTD.	-1.14%	1.91B
SUNING.COM CO., LTD.	-16.38%	1.87B
K'S HOLDINGS CORPORATION	+7.38%	1.6B
AO WORLD PLC	+8.08%	795M
ADITYA VISION LIMITED	+0.81%	548M
ELECTRA CONSUMER PRODUCTS (1970) LTD	+6.29%	498M
JOSHIN DENKI CO., LTD.	+5.64%	430M
KOJIMA CO.,LTD.	+8.57%	419M
TEKNOSA IÇ VE DIS TICARET ANONIM SIRKETI	+49.16%	274M
E-LIFE CORPORATION	-0.59%	260M

Consumer Electronics Retailers