DENSAN SYSTEM HOLDINGS CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,545 JPY | -1.01% |
|
-8.62% | -8.06% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 29,747 | 34,458 | 29,464 | 23,542 | 29,376 | 27,016 | - | - |
| Enterprise Value (EV) 1 | 22,176 | 22,521 | 16,880 | 12,497 | 14,990 | 27,016 | 27,016 | 27,016 |
| P/E ratio | 19.1 x | 16.8 x | 14.9 x | 10 x | 14.7 x | 9.16 x | 8.58 x | 7.84 x |
| Yield | 0.89% | 0.88% | 0.73% | 1.6% | 1.34% | 1.57% | 1.73% | 1.89% |
| Capitalization / Revenue | 0.74 x | 0.75 x | 0.59 x | 0.44 x | 0.49 x | 0.42 x | 0.39 x | 0.37 x |
| EV / Revenue | 0.74 x | 0.75 x | 0.59 x | 0.44 x | 0.49 x | 0.42 x | 0.39 x | 0.37 x |
| EV / EBITDA | - | 9.82 x | 7.58 x | - | - | 5.75 x | 5.4 x | 5 x |
| EV / FCF | 14.4 x | 34.4 x | 22.6 x | 17.7 x | 6.31 x | 13.9 x | 11.2 x | 8.44 x |
| FCF Yield | 6.93% | 2.9% | 4.42% | 5.65% | 15.8% | 7.18% | 8.96% | 11.8% |
| Price to Book | 2.77 x | 2.2 x | 1.69 x | 1.21 x | 1.43 x | 1.17 x | 1.05 x | 0.94 x |
| Nbr of stocks (in thousands) | 9,785 | 10,785 | 10,785 | 10,789 | 10,613 | 10,615 | - | - |
| Reference price 2 | 3,040 | 3,195 | 2,732 | 2,182 | 2,768 | 2,545 | 2,545 | 2,545 |
| Announcement Date | 1/31/20 | 2/1/21 | 2/10/22 | 2/10/23 | 2/9/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 40,202 | 45,752 | 50,356 | 53,479 | 59,591 | 64,000 | 68,500 | 73,000 |
| EBITDA 1 | - | 3,510 | 3,888 | - | - | 4,700 | 5,000 | 5,400 |
| EBIT 1 | 2,268 | 2,836 | 3,139 | 3,414 | 3,964 | 4,100 | 4,400 | 4,800 |
| Operating Margin | 5.64% | 6.2% | 6.23% | 6.38% | 6.65% | 6.41% | 6.42% | 6.58% |
| Earnings before Tax (EBT) 1 | 2,338 | 2,920 | 3,081 | 3,258 | 3,167 | 4,200 | 4,200 | 4,900 |
| Net income 1 | 1,559 | 1,915 | 1,978 | 2,348 | 2,004 | 2,950 | 3,150 | 3,450 |
| Net margin | 3.88% | 4.19% | 3.93% | 4.39% | 3.36% | 4.61% | 4.6% | 4.73% |
| EPS 2 | 159.4 | 190.2 | 183.4 | 217.7 | 187.7 | 277.7 | 296.6 | 324.8 |
| Free Cash Flow 1 | 2,060 | 1,001 | 1,302 | 1,331 | 4,655 | 1,940 | 2,420 | 3,200 |
| FCF margin | 5.12% | 2.19% | 2.59% | 2.49% | 7.81% | 3.03% | 3.53% | 4.38% |
| FCF Conversion (EBITDA) | - | 28.52% | 33.49% | - | - | 41.28% | 48.4% | 59.26% |
| FCF Conversion (Net income) | 132.14% | 52.27% | 65.82% | 56.69% | 232.29% | 65.76% | 76.83% | 92.75% |
| Dividend per Share 2 | 27.00 | 28.00 | 20.00 | 35.00 | 37.00 | 40.00 | 44.00 | 48.00 |
| Announcement Date | 1/31/20 | 2/1/21 | 2/10/22 | 2/10/23 | 2/9/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2023 Q1 | 2023 S1 | 2023 Q3 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 21,871 | 24,389 | 11,758 | 14,209 | 11,822 | 13,339 | 25,161 | 12,834 | 14,596 | 29,878 | 14,281 | 14,653 | 16,200 | 15,700 | 16,900 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 1,683 | 1,461 | 573 | 1,105 | 613 | 555 | 1,168 | 680 | 1,186 | 2,010 | 1,046 | 1,119 | 950 | 1,100 | 1,050 |
| Operating Margin | 7.7% | 5.99% | 4.87% | 7.78% | 5.19% | 4.16% | 4.64% | 5.3% | 8.13% | 6.73% | 7.32% | 7.64% | 5.86% | 7.01% | 6.21% |
| Earnings before Tax (EBT) | 1,650 | 1,448 | - | - | 820 | - | 1,372 | 695 | 1,186 | 2,073 | 1,046 | 1,145 | - | - | - |
| Net income | 1,064 | 928 | - | - | 562 | - | 907 | 478 | 773 | 1,395 | 680 | 786 | - | - | - |
| Net margin | 4.86% | 3.8% | - | - | 4.75% | - | 3.6% | 3.72% | 5.3% | 4.67% | 4.76% | 5.36% | - | - | - |
| EPS | 108.8 | 86.06 | - | - | 52.13 | - | 84.11 | 44.33 | 71.73 | 129.9 | 64.11 | 74.01 | - | - | - |
| Dividend per Share | 14.00 | 14.00 | - | - | - | - | 17.00 | - | - | 18.00 | - | - | - | - | - |
| Announcement Date | 7/30/20 | 8/2/21 | 11/11/21 | 2/10/22 | 5/11/22 | 8/10/22 | 8/10/22 | 11/10/22 | 5/11/23 | 8/10/23 | 11/10/23 | 5/13/24 | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt | - | - | - | - | - | - | - | - |
| Net Cash position | 7,571 | 11,937 | 12,584 | 11,045 | 14,386 | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 2,060 | 1,001 | 1,302 | 1,331 | 4,655 | 1,940 | 2,420 | 3,200 |
| ROE (net income / shareholders' equity) | 15.5% | 14.5% | 12% | 12.7% | 10% | 13.5% | 12.9% | 12.7% |
| ROA (Net income/ Total Assets) | 6.17% | 6.86% | 3.99% | 5.81% | 6.22% | 5% | 5.1% | 5.2% |
| Assets 1 | 25,261 | 27,913 | 49,634 | 40,405 | 32,225 | 59,000 | 61,765 | 66,346 |
| Book Value Per Share 2 | 1,098 | 1,451 | 1,614 | 1,803 | 1,937 | 2,175 | 2,428 | 2,704 |
| Cash Flow per Share | 221.0 | 249.0 | 239.0 | 275.0 | 249.0 | - | - | - |
| Capex 1 | 425 | 1,729 | 581 | 576 | 851 | 600 | 600 | 600 |
| Capex / Sales | 1.06% | 3.78% | 1.15% | 1.08% | 1.43% | 0.94% | 0.88% | 0.82% |
| Announcement Date | 1/31/20 | 2/1/21 | 2/10/22 | 2/10/23 | 2/9/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
2,571
JPY
Average target price
3,600
JPY
Spread / Average Target
+40.02%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -8.06% | 174M | |
| -13.82% | 193B | |
| +2.29% | 169B | |
| +2.67% | 154B | |
| +6.04% | 100B | |
| +11.34% | 80.96B | |
| +32.07% | 79.71B | |
| -7.97% | 70.64B | |
| -19.10% | 53.75B | |
| -9.09% | 42.84B |
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- Financials Densan System Holdings Co., Ltd.