Financials BELLSYSTEM24 Holdings, Inc.

Equities

6183

JP3835760004

Business Support Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,559 ^JPY	+0.13%		+7.00%	-10.91%

Jan. 11	BELLSYSTEM24's Net Income Down 22% in March-November 2023	MT
2023	Eco-Pork co., ltd. announced that it has received ¥220 million in funding from QB Capital, LLC, Future Food Fund Inc., OKB Capital Co., Ltd., Morikubo Yakuhin K.K., BELLSYSTEM24 Holdings, Inc.	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	107,992	94,690	126,181	98,564	106,297	114,629	-	-
Enterprise Value (EV) ¹	173,007	155,101	183,805	151,820	154,120	174,165	160,629	157,329
P/E ratio	20 x	13.5 x	17.4 x	11 x	11.4 x	16.6 x	13.4 x	12 x
Yield	2.45%	3.26%	2.45%	4.03%	4.15%	3.53%	4.04%	4.21%
Capitalization / Revenue	0.89 x	0.75 x	0.93 x	0.67 x	0.68 x	0.84 x	0.73 x	0.69 x
EV / Revenue	1.43 x	1.22 x	1.35 x	1.04 x	0.99 x	1.17 x	1.02 x	0.94 x
EV / EBITDA	16 x	8.56 x	9.39 x	7.07 x	6.6 x	8.43 x	7.67 x	7.07 x
EV / FCF	17.8 x	10.5 x	14.2 x	10.9 x	9.42 x	15.1 x	8.97 x	8.15 x
FCF Yield	5.61%	9.48%	7.03%	9.13%	10.6%	6.64%	11.1%	12.3%
Price to Book	2.36 x	1.93 x	2.38 x	1.67 x	1.66 x	1.88 x	1.59 x	1.5 x
Nbr of stocks (in thousands)	73,414	73,517	73,489	73,555	73,562	73,527	-	-
Reference price ²	1,471	1,288	1,717	1,340	1,445	1,559	1,559	1,559
Announcement Date	4/10/19	4/8/20	4/7/21	4/6/22	4/12/23	4/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	121,113	126,663	135,735	146,479	156,054	148,717	157,644	166,796
EBITDA ¹	10,845	18,119	19,575	21,476	23,367	20,650	20,950	22,250
EBIT ¹	8,580	11,105	11,799	13,234	14,917	11,479	13,354	14,668
Operating Margin	7.08%	8.77%	8.69%	9.03%	9.56%	7.72%	8.47%	8.79%
Earnings before Tax (EBT) ¹	7,944	10,534	11,305	13,463	14,157	11,225	13,084	14,436
Net income ¹	5,397	7,006	7,252	8,943	9,330	7,545	8,586	9,562
Net margin	4.46%	5.53%	5.34%	6.11%	5.98%	5.07%	5.45%	5.73%
EPS ²	73.37	95.29	98.64	121.6	126.8	102.6	116.7	130.0
Free Cash Flow ¹	9,708	14,707	12,914	13,865	16,369	11,567	17,900	19,300
FCF margin	8.02%	11.61%	9.51%	9.47%	10.49%	7.78%	11.35%	11.57%
FCF Conversion (EBITDA)	89.52%	81.17%	65.97%	64.56%	70.05%	56.01%	85.44%	86.74%
FCF Conversion (Net income)	179.88%	209.92%	178.08%	155.04%	175.44%	153.31%	208.48%	201.84%
Dividend per Share ²	36.00	42.00	42.00	54.00	60.00	60.00	63.00	65.67
Announcement Date	4/10/19	4/8/20	4/7/21	4/6/22	4/12/23	4/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales	63,036	63,627	66,871	68,864	36,652	73,110	36,420	36,949	-	39,244	39,047	78,291	39,265	38,498	77,763	39,370	37,309	76,679	36,353	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,880	5,225	6,623	5,176	3,623	7,200	3,469	2,565	6,034	4,278	3,905	8,183	3,699	3,035	6,734	4,139	2,390	6,529	2,392	2,558
Operating Margin	9.33%	8.21%	9.9%	7.52%	9.88%	9.85%	9.52%	6.94%	-	10.9%	10%	10.45%	9.42%	7.88%	8.66%	10.51%	6.41%	8.51%	6.58%	-
Earnings before Tax (EBT)	5,614	4,920	6,416	4,889	3,788	7,346	3,534	2,583	-	4,047	3,776	7,823	3,663	2,671	6,334	4,088	2,335	6,423	2,315	-
Net income	3,707	3,299	4,250	3,002	2,595	4,918	2,416	1,609	-	2,558	2,667	5,225	2,442	1,663	4,105	2,944	1,557	4,501	1,491	-
Net margin	5.88%	5.18%	6.36%	4.36%	7.08%	6.73%	6.63%	4.35%	-	6.52%	6.83%	6.67%	6.22%	4.32%	5.28%	7.48%	4.17%	5.87%	4.1%	-
EPS	50.42	-	57.82	-	35.30	66.93	32.84	21.88	-	34.78	36.26	71.04	33.18	-	-	40.02	-	61.20	20.29	-
Dividend per Share	21.00	-	21.00	-	-	24.00	-	-	-	-	-	30.00	-	-	-	-	-	30.00	-	-
Announcement Date	10/9/19	4/8/20	10/7/20	4/7/21	10/13/21	10/13/21	1/12/22	4/6/22	4/6/22	7/13/22	10/12/22	10/12/22	1/11/23	4/12/23	4/12/23	7/12/23	10/11/23	10/11/23	1/10/24	4/10/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	65,015	60,411	57,624	53,256	47,823	49,021	46,000	42,700
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.995 x	3.334 x	2.944 x	2.48 x	2.047 x	2.374 x	2.196 x	1.919 x
Free Cash Flow ¹	9,708	14,707	12,914	13,865	16,369	11,567	17,900	19,300
ROE (net income / shareholders' equity)	12.1%	14.8%	14.2%	16%	15.1%	11.5%	12.4%	12.8%
ROA (Net income/ Total Assets)	5.63%	6.83%	4.25%	7.67%	7.99%	6.38%	5.97%	6.6%
Assets ¹	95,852	102,505	170,698	116,645	116,835	118,204	143,899	144,879
Book Value Per Share ²	622.0	669.0	723.0	802.0	873.0	908.0	981.0	1,042
Cash Flow per Share	104.0	191.0	205.0	234.0	242.0	227.0	-	-
Capex	2,273	2,010	1,972	2,089	1,992	2,020	-	-
Capex / Sales	1.88%	1.59%	1.45%	1.43%	1.28%	1.36%	-	-
Announcement Date	4/10/19	4/8/20	4/7/21	4/6/22	4/12/23	4/10/24	-	-

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 BELLSYSTEM24 Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,559 JPY

Average target price

1,852 JPY

Spread / Average Target

+18.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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