Financials JGC Holdings Corporation

Equities

1963

JP3667600005

Construction & Engineering

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,500 ^JPY	+0.47%		+1.73%	-7.83%

Feb. 13	Japan's Nikkei soars to 34-year high on chip shares, earnings	RE
Feb. 09	JGC Holdings Corporation announces management changes	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	371,143	219,051	342,344	369,787	394,807	362,312	-	-
Enterprise Value (EV) ¹	264,865	7,727	141,434	153,951	98,627	60,280	71,630	57,407
P/E ratio	15.5 x	53.2 x	66.6 x	-10.4 x	13.4 x	18.2 x	11.3 x	10.9 x
Yield	1.94%	1.38%	0.88%	1.02%	2.32%	2.69%	3.01%	3.12%
Capitalization / Revenue	0.6 x	0.46 x	0.79 x	0.86 x	0.65 x	0.46 x	0.44 x	0.43 x
EV / Revenue	0.43 x	0.02 x	0.33 x	0.36 x	0.16 x	0.08 x	0.09 x	0.07 x
EV / EBITDA	8.67 x	0.28 x	4.83 x	5.52 x	2.21 x	1.89 x	1.48 x	1.14 x
EV / FCF	-4.42 x	0.07 x	-134 x	13.3 x	1.02 x	-5.44 x	9.95 x	2.9 x
FCF Yield	-22.6%	1,447%	-0.74%	7.55%	97.6%	-18.4%	10%	34.5%
Price to Book	0.91 x	0.56 x	0.82 x	0.96 x	0.99 x	0.89 x	0.84 x	0.79 x
Nbr of stocks (in thousands)	252,307	252,363	252,466	252,587	240,589	241,541	-	-
Reference price ²	1,471	868.0	1,356	1,464	1,641	1,500	1,500	1,500
Announcement Date	5/14/19	5/19/20	5/12/21	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	619,241	480,809	433,970	428,401	606,890	795,247	824,556	836,603
EBITDA ¹	30,540	27,249	29,312	27,890	44,538	31,896	48,266	50,275
EBIT ¹	23,249	20,234	22,880	20,688	36,699	22,540	43,470	44,970
Operating Margin	3.75%	4.21%	5.27%	4.83%	6.05%	2.83%	5.27%	5.38%
Earnings before Tax (EBT) ¹	32,516	25,943	22,444	-27,260	48,811	34,501	49,773	51,584
Net income ¹	24,005	4,117	5,141	-35,551	30,665	20,242	32,522	33,721
Net margin	3.88%	0.86%	1.18%	-8.3%	5.05%	2.55%	3.94%	4.03%
EPS ²	95.14	16.32	20.37	-140.8	122.3	82.37	132.8	137.6
Free Cash Flow ¹	-59,921	111,806	-1,053	11,616	96,285	-11,078	7,197	19,777
FCF margin	-9.68%	23.25%	-0.24%	2.71%	15.87%	-1.39%	0.87%	2.36%
FCF Conversion (EBITDA)	-	410.31%	-	41.65%	216.19%	-	14.91%	39.34%
FCF Conversion (Net income)	-	2,715.72%	-	-	313.99%	-	22.13%	58.65%
Dividend per Share ²	28.50	12.00	12.00	15.00	38.00	40.40	45.20	46.80
Announcement Date	5/14/19	5/19/20	5/12/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	218,354	199,400	-	110,857	217,908	101,534	108,959	-	118,190	149,019	267,209	149,409	190,272	-	179,860	223,401	403,261	197,808	197,443	193,500	217,000	204,500	205,750
EBITDA ¹	-	-	-	-	-	-	-	-	-	10,566	-	8,344	-	-	12,134	5,185	-	-	8,469	-	-	-	-
EBIT ¹	7,203	11,508	-	6,195	10,386	4,946	5,356	-	10,242	8,739	18,981	6,338	11,380	-	10,044	2,963	13,007	-3,735	6,480	11,400	10,750	9,800	9,550
Operating Margin	3.3%	5.77%	-	5.59%	4.77%	4.87%	4.92%	-	8.67%	5.86%	7.1%	4.24%	5.98%	-	5.58%	1.33%	3.23%	-1.89%	3.28%	5.89%	4.95%	4.79%	4.64%
Earnings before Tax (EBT) ¹	9,425	11,721	-	7,984	-45,635	7,200	-	-	19,671	12,996	32,667	3,002	13,142	-	17,763	7,590	25,353	-1,283	3,419	-	-	-	-
Net income ¹	4,474	3,973	-	6,730	-48,443	4,046	8,846	-	12,519	8,219	20,738	1,813	8,114	-	10,249	2,339	12,588	-1,965	3,964	9,000	6,500	7,000	9,000
Net margin	2.05%	1.99%	-	6.07%	-22.23%	3.98%	8.12%	-	10.59%	5.52%	7.76%	1.21%	4.26%	-	5.7%	1.05%	3.12%	-0.99%	2.01%	4.65%	3%	3.42%	4.37%
EPS ²	17.73	15.75	-	-	-191.8	16.04	-	-	49.57	32.53	82.10	7.170	33.01	-	42.60	9.690	52.29	-8.210	8.500	-	-	-	-
Dividend per Share	-	-	12.00	-	-	-	-	15.00	-	-	-	-	-	38.00	-	-	-	-	-	-	-	-	-
Announcement Date	11/12/19	11/10/20	5/12/21	11/11/21	11/11/21	2/10/22	5/12/22	5/12/22	8/10/22	11/10/22	11/10/22	2/10/23	5/11/23	5/11/23	8/9/23	11/9/23	11/9/23	2/9/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	106,278	211,324	200,910	215,836	296,180	302,032	290,682	304,905
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-59,921	111,806	-1,053	11,616	96,285	-11,078	7,197	19,777
ROE (net income / shareholders' equity)	6%	1%	1.3%	-8.8%	7.8%	5.33%	8.24%	8.1%
ROA (Net income/ Total Assets)	4.64%	3.24%	3.71%	4.3%	7.18%	3.16%	4.2%	4.38%
Assets ¹	517,885	127,017	138,452	-826,858	426,800	640,575	774,345	770,773
Book Value Per Share ²	1,622	1,547	1,652	1,533	1,652	1,689	1,793	1,898
Cash Flow per Share ²	124.0	44.10	45.90	-112.0	154.0	205.0	132.0	177.0
Capex ¹	8,627	7,813	9,340	10,454	14,484	9,498	9,585	9,676
Capex / Sales	1.39%	1.62%	2.15%	2.44%	2.39%	1.19%	1.16%	1.16%
Announcement Date	5/14/19	5/19/20	5/12/21	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 JGC Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,500 JPY

Average target price

1,942 JPY

Spread / Average Target

+29.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

	1st Jan change	Capi.
JGC HOLDINGS CORPORATION	-7.83%	2.3B
VINCI	-2.29%	67.67B
LARSEN & TOUBRO LIMITED	+2.13%	59.37B
QUANTA SERVICES, INC.	+21.25%	38.3B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+11.23%	30.73B
FERROVIAL SE	+2.06%	26.35B
CHINA RAILWAY GROUP LIMITED	+22.89%	22.01B
WSP GLOBAL INC.	+15.06%	19.47B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+22.99%	17.6B
EMCOR GROUP, INC.	+64.33%	16.64B

Other Construction & Engineering