BELC CO., LTD. |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 7,530 JPY | -0.26% |
|
-1.83% | +20.48% |
| Apr. 11 | Belc’s Full-Year Profit Rises 11% | MT |
| Apr. 11 | Belc CO., LTD. Provides Consolidated and Non Consolidated Earnings Guidance for the Fiscal Year Ending February 28, 2025 | CI |
Valuation
| Fiscal Period: February | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 107,256 | 108,090 | 113,098 | 114,558 | 111,939 | 157,381 | - | - |
| Enterprise Value (EV) 1 | 122,785 | 124,378 | 127,731 | 132,464 | 132,189 | 132,367 | 157,381 | 157,381 |
| P/E ratio | 16.3 x | 14.8 x | 12.8 x | 12.5 x | 11.6 x | 12.4 x | 13.2 x | 12.9 x |
| Yield | 1.36% | 1.47% | 1.59% | 1.64% | 1.75% | 1.7% | 1.5% | 1.58% |
| Capitalization / Revenue | 0.48 x | 0.45 x | 0.4 x | 0.38 x | 0.36 x | 0.38 x | 0.42 x | 0.4 x |
| EV / Revenue | 0.48 x | 0.45 x | 0.4 x | 0.38 x | 0.36 x | 0.38 x | 0.42 x | 0.4 x |
| EV / EBITDA | 7.18 x | 6.73 x | 6.33 x | 5.92 x | 5.45 x | 6.17 x | 6.4 x | 6.04 x |
| EV / FCF | 20.2 x | 120 x | 33.8 x | -80.8 x | -361 x | 49.2 x | 45.4 x | 43.3 x |
| FCF Yield | 4.94% | 0.83% | 2.96% | -1.24% | -0.28% | 2.03% | 2.2% | 2.31% |
| Price to Book | 1.69 x | 1.57 x | 1.48 x | 1.37 x | 1.23 x | 1.32 x | 1.43 x | 1.32 x |
| Nbr of stocks (in thousands) | 20,867 | 20,867 | 20,867 | 20,867 | 20,845 | 20,845 | - | - |
| Reference price 2 | 5,140 | 5,180 | 5,420 | 5,490 | 5,370 | 7,550 | 7,550 | 7,550 |
| Announcement Date | 4/15/19 | 4/10/20 | 4/9/21 | 4/14/22 | 4/13/23 | 4/11/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: February | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 225,523 | 239,497 | 284,460 | 300,268 | 310,826 | 351,856 | 376,650 | 392,175 |
| EBITDA 1 | 14,948 | 16,071 | 17,865 | 19,363 | 20,542 | 21,463 | 24,590 | 26,035 |
| EBIT 1 | 9,818 | 10,463 | 11,932 | 13,072 | 14,018 | 14,495 | 17,033 | 17,900 |
| Operating Margin | 4.35% | 4.37% | 4.19% | 4.35% | 4.51% | 4.12% | 4.52% | 4.56% |
| Earnings before Tax (EBT) 1 | 9,505 | 10,804 | 12,144 | 13,597 | 14,241 | 14,733 | 17,090 | 17,883 |
| Net income 1 | 6,571 | 7,296 | 8,828 | 9,187 | 9,614 | 10,677 | 11,935 | 12,212 |
| Net margin | 2.91% | 3.05% | 3.1% | 3.06% | 3.09% | 3.03% | 3.17% | 3.11% |
| EPS 2 | 314.9 | 349.6 | 423.1 | 440.3 | 461.0 | 512.2 | 572.6 | 585.8 |
| Free Cash Flow 1 | 5,297 | 900 | 3,347 | -1,417 | -310 | 3,196 | 3,470 | 3,633 |
| FCF margin | 2.35% | 0.38% | 1.18% | -0.47% | -0.1% | 0.91% | 0.92% | 0.93% |
| FCF Conversion (EBITDA) | 35.44% | 5.6% | 18.73% | - | - | 13.95% | 14.11% | 13.95% |
| FCF Conversion (Net income) | 80.61% | 12.34% | 37.91% | - | - | 28.9% | 29.07% | 29.75% |
| Dividend per Share 2 | 70.00 | 76.00 | 86.00 | 90.00 | 94.00 | 108.0 | 113.3 | 119.0 |
| Announcement Date | 4/15/19 | 4/10/20 | 4/9/21 | 4/14/22 | 4/13/23 | 4/11/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: February | 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 | 116,146 | 140,014 | 75,763 | 149,132 | 73,803 | 77,333 | 74,050 | 76,775 | 150,825 | 76,924 | 83,077 | 82,912 | 87,114 | 170,026 | 88,204 | 93,626 | 93,000 | 94,800 | 93,900 | 98,800 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 4,950 | 7,756 | 4,051 | 7,392 | 2,713 | 2,967 | 2,986 | 4,107 | 7,093 | 2,657 | 4,268 | 4,204 | 5,044 | 9,248 | 3,364 | 1,883 | 4,500 | 5,400 | 3,700 | 4,000 |
| Operating Margin | 4.26% | 5.54% | 5.35% | 4.96% | 3.68% | 3.84% | 4.03% | 5.35% | 4.7% | 3.45% | 5.14% | 5.07% | 5.79% | 5.44% | 3.81% | 2.01% | 4.84% | 5.7% | 3.94% | 4.05% |
| Earnings before Tax (EBT) 1 | 5,206 | 8,021 | 4,192 | 7,733 | 2,893 | 2,971 | 3,086 | 4,130 | 7,216 | 2,842 | 4,183 | 4,426 | 5,040 | 9,466 | 3,372 | 1,895 | 4,530 | 5,430 | 3,730 | 4,030 |
| Net income 1 | 3,525 | 5,776 | 2,847 | 5,248 | 1,940 | 1,999 | 2,078 | 2,797 | 4,875 | 1,909 | 2,830 | 3,007 | 3,852 | 6,859 | 2,431 | 1,387 | 3,130 | 3,730 | 2,630 | 2,830 |
| Net margin | 3.03% | 4.13% | 3.76% | 3.52% | 2.63% | 2.58% | 2.81% | 3.64% | 3.23% | 2.48% | 3.41% | 3.63% | 4.42% | 4.03% | 2.76% | 1.48% | 3.37% | 3.93% | 2.8% | 2.86% |
| EPS | 168.9 | 276.8 | - | 251.6 | 92.94 | - | 99.59 | - | 233.7 | 91.60 | - | 144.1 | - | 329.0 | 116.6 | - | - | - | - | - |
| Dividend per Share | 35.00 | 40.00 | - | 43.00 | - | - | - | - | 45.00 | - | - | - | - | 50.00 | - | - | - | - | - | - |
| Announcement Date | 10/4/19 | 10/8/20 | 10/7/21 | 10/7/21 | 1/7/22 | 4/14/22 | 7/8/22 | 10/7/22 | 10/7/22 | 1/6/23 | 4/13/23 | 7/10/23 | 10/11/23 | 10/11/23 | 1/10/24 | 4/11/24 | - | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: February | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt | 15,529 | 16,288 | 14,633 | 17,906 | 20,250 | - | - | - |
| Net Cash position | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.039 x | 1.014 x | 0.8191 x | 0.9248 x | 0.9858 x | - | - | - |
| Free Cash Flow 1 | 5,297 | 900 | 3,347 | -1,417 | -310 | 3,196 | 3,470 | 3,633 |
| ROE (net income / shareholders' equity) | 10.8% | 11% | 12.1% | 11.5% | 11% | 11.2% | 11.4% | 10.7% |
| ROA (Net income/ Total Assets) | 9.32% | 9.15% | 6.72% | 9.58% | 8.87% | 8.47% | 9.1% | 9.2% |
| Assets 1 | 70,476 | 79,713 | 131,379 | 95,864 | 108,439 | 126,106 | 131,154 | 132,742 |
| Book Value Per Share 2 | 3,043 | 3,310 | 3,656 | 4,009 | 4,380 | 4,796 | 5,275 | 5,715 |
| Cash Flow per Share 2 | 561.0 | 618.0 | 707.0 | 742.0 | 774.0 | 846.0 | 860.0 | 907.0 |
| Capex 1 | 6,549 | 10,790 | 14,159 | 16,335 | 17,254 | 16,349 | 30,000 | 17,050 |
| Capex / Sales | 2.9% | 4.51% | 4.98% | 5.44% | 5.55% | 4.68% | 7.96% | 4.35% |
| Announcement Date | 4/15/19 | 4/10/20 | 4/9/21 | 4/14/22 | 4/13/23 | 4/11/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
7,550
JPY
Average target price
8,067
JPY
Spread / Average Target
+6.84%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +20.48% | 1B | |
| -8.34% | 38.77B | |
| +12.76% | 34.96B | |
| +9.76% | 34.02B | |
| +8.94% | 20.53B | |
| +2.27% | 14.24B | |
| -16.02% | 13.12B | |
| +16.32% | 11.97B | |
| -.--% | 11.82B | |
| -4.68% | 11.77B |
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