Financials Hakuhodo DY Holdings Inc Deutsche Boerse AG

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HDU

JP3766550002

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End-of-day quote Deutsche Boerse AG Other stock markets 06:00:00 2021-08-17 pm EDT			5-day change	1st Jan Change
13.1 ^EUR	+1.55%		-.--%	-.--%

Feb. 20	Hakuhodo DY Books Extraordinary Gain of 23.9 Billion Yen In Current Fiscal Following Sale of Investment Securities	MT
Feb. 20	Hakuhodo DY Holdings Inc Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	663,282	406,833	689,094	577,296	553,449	535,607	-	-
Enterprise Value (EV) ¹	582,842	327,950	593,117	507,301	498,315	406,618	376,289	342,435
P/E ratio	14 x	9.06 x	26 x	10.5 x	18 x	22.8 x	21.3 x	19.3 x
Yield	1.57%	2.75%	1.63%	2.07%	2.14%	2.19%	2.19%	2.19%
Capitalization / Revenue	0.46 x	0.28 x	0.53 x	0.64 x	0.56 x	0.43 x	0.4 x	0.41 x
EV / Revenue	0.4 x	0.22 x	0.46 x	0.57 x	0.5 x	0.33 x	0.28 x	0.26 x
EV / EBITDA	7.53 x	4.7 x	9.82 x	5.58 x	6.23 x	5.44 x	4.96 x	3.69 x
EV / FCF	19 x	10.7 x	22.5 x	53.1 x	95 x	23.4 x	13.5 x	10.3 x
FCF Yield	5.27%	9.37%	4.45%	1.88%	1.05%	4.27%	7.39%	9.71%
Price to Book	2.35 x	1.41 x	2.09 x	1.61 x	1.52 x	1.46 x	1.41 x	1.35 x
Nbr of stocks (in thousands)	373,049	373,241	373,492	373,654	370,200	367,106	-	-
Reference price ²	1,778	1,090	1,845	1,545	1,495	1,459	1,459	1,459
Announcement Date	5/14/19	5/22/20	5/13/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,445,614	1,466,249	1,297,947	895,080	991,137	1,234,133	1,338,720	1,300,980
EBITDA ¹	77,418	69,735	60,381	90,980	79,951	74,700	75,900	92,800
EBIT ¹	65,392	55,131	45,033	71,642	55,409	37,764	45,970	50,928
Operating Margin	4.52%	3.76%	3.47%	8%	5.59%	3.06%	3.43%	3.91%
Earnings before Tax (EBT) ¹	85,866	74,871	53,669	94,708	59,210	52,790	51,187	58,361
Net income ¹	47,408	44,893	26,479	55,179	31,010	23,896	25,406	28,181
Net margin	3.28%	3.06%	2.04%	6.16%	3.13%	1.94%	1.9%	2.17%
EPS ²	127.1	120.3	70.92	147.7	83.16	64.08	68.35	75.60
Free Cash Flow ¹	30,707	30,738	26,381	9,560	5,243	17,374	27,798	33,254
FCF margin	2.12%	2.1%	2.03%	1.07%	0.53%	1.41%	2.08%	2.56%
FCF Conversion (EBITDA)	39.66%	44.08%	43.69%	10.51%	6.56%	23.26%	36.62%	35.83%
FCF Conversion (Net income)	64.77%	68.47%	99.63%	17.33%	16.91%	72.7%	109.41%	118%
Dividend per Share ²	28.00	30.00	30.00	32.00	32.00	32.00	32.00	32.00
Announcement Date	5/14/19	5/22/20	5/13/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	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
Net sales ¹	682,827	783,422	534,065	198,524	370,902	211,700	312,478	195,636	223,746	419,382	233,650	338,105	201,466	198,092	399,558	246,751	322,046
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	20,241	34,890	1,800	16,162	28,249	19,310	24,083	11,458	9,067	20,525	15,584	19,300	3,768	-2,422	1,346	14,283	21,224
Operating Margin	2.96%	4.45%	0.34%	8.14%	7.62%	9.12%	7.71%	5.86%	4.05%	4.89%	6.67%	5.71%	1.87%	-1.22%	0.34%	5.79%	6.59%
Earnings before Tax (EBT) ¹	35,125	-	3,206	16,421	29,844	16,183	48,681	13,574	11,650	25,224	15,628	18,358	6,325	-7,478	-1,153	11,508	39,145
Net income ¹	19,763	25,130	-3,433	8,319	14,557	8,546	32,076	4,582	7,137	11,719	8,437	10,854	-793	-10,079	-10,872	5,566	33,006
Net margin	2.89%	3.21%	-0.64%	4.19%	3.92%	4.04%	10.27%	2.34%	3.19%	2.79%	3.61%	3.21%	-0.39%	-5.09%	-2.72%	2.26%	10.25%
EPS	52.97	-	-9.200	-	38.97	22.87	-	12.26	-	31.36	22.59	-	-2.160	-	-29.60	15.15	-
Dividend per Share	15.00	-	15.00	-	15.00	-	-	-	-	16.00	-	-	-	-	16.00	-	-
Announcement Date	11/11/19	5/22/20	11/12/20	11/11/21	11/11/21	2/9/22	5/12/22	8/9/22	11/10/22	11/10/22	2/9/23	5/11/23	8/9/23	11/13/23	11/13/23	2/8/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	80,440	78,883	95,977	69,995	55,134	128,989	159,318	193,172
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	30,707	30,738	26,381	9,560	5,243	17,374	27,798	33,254
ROE (net income / shareholders' equity)	15.2%	15.7%	8.5%	16%	8.6%	6.32%	7.16%	7.74%
ROA (Net income/ Total Assets)	8.07%	6.58%	5.51%	7.6%	5.81%	2.93%	2.23%	2.62%
Assets ¹	587,509	682,062	480,788	726,389	533,995	814,328	1,139,550	1,073,976
Book Value Per Share ²	757.0	775.0	885.0	958.0	986.0	998.0	1,038	1,083
Cash Flow per Share	146.0	140.0	92.50	173.0	114.0	-	-	-
Capex ¹	10,142	12,536	4,764	5,037	7,004	6,600	14,833	15,000
Capex / Sales	0.7%	0.85%	0.37%	0.56%	0.71%	0.53%	1.11%	1.15%
Announcement Date	5/14/19	5/22/20	5/13/21	5/12/22	5/11/23	-	-	-

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 Hakuhodo DY Holdings Inc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,459 JPY

Average target price

1,300 JPY

Spread / Average Target

-10.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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