Financials H.I.S. Co., Ltd.

Equities

9603

JP3160740001

Leisure & Recreation

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,762 ^JPY	+1.44%		+2.98%	-3.24%

Mar. 08	REGENT Craft Inc. announced that it has received funding from H.I.S. Co., Ltd.	CI
Jan. 29	Original Life, Inc. announced that it has received ¥480 million in funding from Nissay Capital Co., Ltd., Nippon Venture Capital Co., Ltd., H.I.S. Co., Ltd., Hakuhodo DY Ventures Inc.	CI

Valuation

Fiscal Period: Octubre	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	161,563	80,906	179,242	152,267	125,588	131,642	-	-
Enterprise Value (EV) ¹	191,892	234,229	330,135	259,191	194,149	198,403	178,222	169,646
P/E ratio	13.2 x	-3.24 x	-3.41 x	-15.8 x	-48 x	18.8 x	16.4 x	13.7 x
Yield	1.17%	-	-	-	-	0.61%	0.77%	0.9%
Capitalization / Revenue	0.2 x	0.19 x	1.51 x	1.07 x	0.5 x	0.33 x	0.34 x	0.32 x
EV / Revenue	0.24 x	0.54 x	2.78 x	1.82 x	0.77 x	0.5 x	0.47 x	0.42 x
EV / EBITDA	7.27 x	-12.8 x	-6.52 x	-7.46 x	15.6 x	8.75 x	7.59 x	6.61 x
EV / FCF	-15.6 x	-2.04 x	-9.3 x	6.71 x	-12.7 x	7.19 x	11.8 x	10.2 x
FCF Yield	-6.43%	-49%	-10.8%	14.9%	-7.89%	13.9%	8.49%	9.78%
Price to Book	1.67 x	1.19 x	4.41 x	3.21 x	2.6 x	2.26 x	1.72 x	1.62 x
Nbr of stocks (in thousands)	57,373	57,749	70,044	73,952	73,962	74,712	-	-
Reference price ²	2,816	1,401	2,559	2,059	1,698	1,762	1,762	1,762
Announcement Date	12/12/19	12/11/20	12/28/21	12/15/22	12/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Octubre	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	808,510	430,284	118,563	142,794	251,866	395,300	382,720	407,145
EBITDA ¹	26,390	-18,249	-50,648	-34,761	12,409	22,678	23,478	25,665
EBIT ¹	17,540	-31,129	-64,058	-47,934	1,397	11,111	13,027	15,157
Operating Margin	2.17%	-7.23%	-54.03%	-33.57%	0.55%	2.81%	3.4%	3.72%
Earnings before Tax (EBT) ¹	20,352	-33,101	-51,008	-8,222	-1,288	10,504	11,790	13,445
Net income ¹	12,249	-25,037	-50,050	-9,547	-2,618	7,787	7,909	9,494
Net margin	1.52%	-5.82%	-42.21%	-6.69%	-1.04%	1.97%	2.07%	2.33%
EPS ²	213.6	-432.7	-749.9	-130.0	-35.35	93.91	107.5	128.9
Free Cash Flow ¹	-12,339	-114,768	-35,492	38,605	-15,318	27,596	15,139	16,590
FCF margin	-1.53%	-26.67%	-29.94%	27.04%	-6.08%	6.98%	3.96%	4.07%
FCF Conversion (EBITDA)	-	-	-	-	-	121.69%	64.48%	64.64%
FCF Conversion (Net income)	-	-	-	-	-	354.4%	191.43%	174.74%
Dividend per Share ²	33.00	-	-	-	-	10.80	13.60	15.80
Announcement Date	12/12/19	12/11/20	12/28/21	12/15/22	12/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October	2020 S1	2021 S1	2021 Q4	2022 Q1	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
Net sales ¹	344,353	64,983	27,825	33,588	34,903	68,491	31,449	42,854	46,143	56,770	102,913	61,068	87,885	80,520	76,727	161,810	76,277	103,795	-	-
EBITDA ¹	-	-	-	-	-	-	-	-	-	2,723	-	-	-	-	3,300	9,500	2,600	10,300	-	-
EBIT ¹	-1,469	-31,669	-17,326	-12,158	-15,972	-28,130	-11,012	-8,792	-3,439	81	-3,358	-832	5,587	3,448	550	3,974	250	7,018	-	-
Operating Margin	-0.43%	-48.73%	-62.27%	-36.2%	-45.76%	-41.07%	-35.02%	-20.52%	-7.45%	0.14%	-3.26%	-1.36%	6.36%	4.28%	0.72%	2.46%	0.33%	6.76%	-	-
Earnings before Tax (EBT) ¹	-3,846	-23,476	-	-8,240	-15,117	-23,357	-8,339	23,474	-3,287	-324	-3,611	-158	2,481	3,684	500	4,200	-200	6,400	-	-
Net income ¹	-3,459	-23,597	-16,833	-9,299	-17,612	-26,911	-6,352	23,716	-3,571	-1,238	-4,809	-826	3,017	2,582	450	2,700	400	4,787	-	-
Net margin	-1%	-36.31%	-60.5%	-27.69%	-50.46%	-39.29%	-20.2%	55.34%	-7.74%	-2.18%	-4.67%	-1.35%	3.43%	3.21%	0.59%	1.67%	0.52%	4.61%	-	-
EPS ²	-60.24	-368.0	-244.7	-128.7	-240.0	-368.7	-85.25	323.9	-48.30	-16.73	-65.03	-11.17	40.85	34.57	1.200	35.70	-3.100	63.84	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10.00	-	-
Announcement Date	6/24/20	6/11/21	12/28/21	3/17/22	6/13/22	6/13/22	9/13/22	12/15/22	3/15/23	6/14/23	6/14/23	9/13/23	12/15/23	3/15/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	30,329	153,323	150,893	106,924	68,561	66,760	46,579	38,003
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.149 x	-8.402 x	-2.979 x	-3.076 x	5.525 x	2.944 x	1.984 x	1.481 x
Free Cash Flow ¹	-12,339	-114,768	-35,492	38,605	-15,318	27,596	15,139	16,590
ROE (net income / shareholders' equity)	13.2%	-29.3%	-87.4%	-21.7%	-5.4%	15.6%	11.3%	10.8%
ROA (Net income/ Total Assets)	3.13%	-6.31%	-15.3%	-11.9%	0.34%	2.1%	1.65%	2%
Assets ¹	391,787	396,969	326,576	80,508	-775,198	370,797	479,309	474,703
Book Value Per Share ²	1,686	1,178	580.0	641.0	653.0	781.0	1,022	1,086
Cash Flow per Share ²	368.0	-986.0	-561.0	40.00	106.0	719.0	323.0	341.0
Capex ¹	92,680	57,697	18,177	10,001	7,216	8,029	5,495	17,662
Capex / Sales	11.46%	13.41%	15.33%	7%	2.87%	2.03%	1.44%	4.34%
Announcement Date	12/12/19	12/11/20	12/28/21	12/15/22	12/15/23	-	-	-

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 H.I.S. Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,762 JPY

Average target price

1,878 JPY

Spread / Average Target

+6.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Travel Agents

	1st Jan change	Capi.
H.I.S. CO., LTD.	-3.24%	836M
BOOKING HOLDINGS INC.	-0.74%	120B
TRIP.COM GROUP LIMITED	+40.52%	32.51B
EXPEDIA GROUP, INC.	-10.60%	18.49B
MAKEMYTRIP LIMITED	+43.61%	7.36B
TONGCHENG TRAVEL HOLDINGS LIMITED	+53.74%	6.44B
TRIPADVISOR, INC.	+27.50%	3.79B
FLIGHT CENTRE TRAVEL GROUP LIMITED	+3.09%	3.01B
WEBJET LIMITED	+10.35%	2.05B
SEERA HOLDING GROUP	-2.78%	1.89B

Travel Agents