Financials NH Foods Ltd.

Equities

2282

JP3743000006

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
5,186 ^JPY	+0.17%		-1.11%	+8.49%

2023	Minerva S.A. completed the acquisition of Breeders & Packers Uruguay S.A from NH Foods Ltd..	CI
2023	Earnings, Central Bank Outlooks Elevate Asian Stock Markets	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	426,856	387,474	484,650	424,470	392,935	531,259	-	-
Enterprise Value (EV) ¹	525,757	491,568	594,569	550,503	570,004	714,142	712,409	710,726
P/E ratio	21.8 x	20.2 x	14.9 x	8.83 x	23.6 x	17.9 x	15.6 x	14.3 x
Yield	2.26%	2.39%	1.98%	2.46%	2.87%	2.17%	2.26%	2.38%
Capitalization / Revenue	0.35 x	0.32 x	0.41 x	0.36 x	0.31 x	0.41 x	0.4 x	0.4 x
EV / Revenue	0.43 x	0.4 x	0.51 x	0.47 x	0.45 x	0.55 x	0.54 x	0.53 x
EV / EBITDA	9.54 x	6.75 x	7.03 x	7.01 x	11.5 x	9.19 x	8.31 x	7.81 x
EV / FCF	-31 x	27.8 x	24.1 x	52.2 x	-10.9 x	34.6 x	46.1 x	37.3 x
FCF Yield	-3.23%	3.59%	4.15%	1.92%	-9.18%	2.89%	2.17%	2.68%
Price to Book	1.02 x	0.96 x	1.12 x	0.89 x	0.8 x	1.04 x	0.99 x	0.95 x
Nbr of stocks (in thousands)	107,116	102,915	102,139	102,282	102,460	102,619	-	-
Reference price ²	3,985	3,765	4,745	4,150	3,835	5,177	5,177	5,177
Announcement Date	5/15/19	5/11/20	5/10/21	5/10/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,234,180	1,229,826	1,176,101	1,174,389	1,259,792	1,301,786	1,318,257	1,336,186
EBITDA ¹	55,130	72,836	84,628	78,542	49,385	77,750	85,750	90,950
EBIT ¹	32,265	39,500	50,519	42,078	10,952	39,500	45,460	50,020
Operating Margin	2.61%	3.21%	4.3%	3.58%	0.87%	3.03%	3.45%	3.74%
Earnings before Tax (EBT) ¹	30,267	27,039	48,874	51,366	22,162	43,120	49,950	53,783
Net income ¹	19,561	19,214	32,616	48,049	16,637	29,614	33,886	36,686
Net margin	1.58%	1.56%	2.77%	4.09%	1.32%	2.27%	2.57%	2.75%
EPS ²	183.2	186.7	318.0	469.9	162.4	288.8	331.3	361.9
Free Cash Flow ¹	-16,976	17,662	24,691	10,550	-52,346	20,650	15,444	19,068
FCF margin	-1.38%	1.44%	2.1%	0.9%	-4.16%	1.59%	1.17%	1.43%
FCF Conversion (EBITDA)	-	24.25%	29.18%	13.43%	-	26.56%	18.01%	20.96%
FCF Conversion (Net income)	-	91.92%	75.7%	21.96%	-	69.73%	45.58%	51.98%
Dividend per Share ²	90.00	90.00	94.00	102.0	110.0	112.2	117.2	123.3
Announcement Date	5/15/19	5/11/20	5/10/21	5/10/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 S1	2026 S2
Net sales ¹	616,266	613,560	573,484	602,617	308,418	603,365	349,874	221,150	571,024	311,512	322,512	634,024	352,079	273,689	-	322,175	329,947	652,122	345,835	307,562	647,900	330,100	332,900	-	349,200	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	23,477	-	25,897	24,622	11,922	26,684	19,693	-4,299	-	7,105	3,493	10,598	5,426	-5,072	-	12,952	10,943	23,895	13,103	2,150	-	-	-	-	-	-	-	-	-
Operating Margin	3.81%	-	4.52%	4.09%	3.87%	4.42%	5.63%	-1.94%	-	2.28%	1.08%	1.67%	1.54%	-1.85%	-	4.02%	3.32%	3.66%	3.79%	0.7%	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	14,963	-	28,730	20,144	13,300	28,039	22,198	1,129	-	14,394	7,897	22,291	2,883	-3,012	-	18,785	12,820	31,605	12,076	5,500	-	-	-	-	-	-	-	-	-
Net income ¹	10,331	-	19,476	13,140	9,698	19,604	17,143	11,302	-	10,182	5,298	15,480	3,739	-2,582	-	11,749	8,235	19,984	9,536	-1,720	-	-	-	-	-	-	-	-	-
Net margin	1.68%	-	3.4%	2.18%	3.14%	3.25%	4.9%	5.11%	-	3.27%	1.64%	2.44%	1.06%	-0.94%	-	3.65%	2.5%	3.06%	2.76%	-0.56%	-	-	-	-	-	-	-	-	-
EPS ²	100.4	-	189.3	-	94.86	191.8	167.6	110.5	-	99.49	51.72	151.2	36.49	-25.26	-	114.6	80.28	194.9	92.92	-155.1	-	87.80	93.65	-	105.4	-	-	-	-
Dividend per Share ²	-	90.00	-	94.00	-	-	-	-	102.0	-	-	-	-	-	110.0	-	-	-	-	112.0	115.0	-	-	-	-	116.0	155.0	-	162.0
Announcement Date	10/31/19	5/11/20	11/2/20	5/10/21	11/1/21	11/1/21	2/2/22	5/10/22	5/10/22	8/1/22	10/31/22	10/31/22	1/31/23	5/10/23	5/10/23	8/1/23	10/31/23	10/31/23	2/1/24	-	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	98,901	104,094	109,919	126,033	177,069	182,883	181,150	179,467
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.794 x	1.429 x	1.299 x	1.605 x	3.585 x	2.352 x	2.113 x	1.973 x
Free Cash Flow ¹	-16,976	17,662	24,691	10,550	-52,346	20,650	15,444	19,068
ROE (net income / shareholders' equity)	4.8%	4.8%	7.8%	10.5%	3.4%	5.71%	6.47%	6.86%
ROA (Net income/ Total Assets)	4.05%	3.58%	6.13%	5.92%	2.4%	4.05%	4.5%	4.8%
Assets ¹	483,568	536,594	531,966	811,301	693,035	731,217	753,016	764,286
Book Value Per Share ²	3,897	3,929	4,244	4,682	4,809	4,999	5,204	5,438
Cash Flow per Share	397.0	511.0	650.0	827.0	538.0	-	-	-
Capex ¹	47,820	47,802	82,902	79,347	67,159	65,825	52,500	52,500
Capex / Sales	3.87%	3.89%	7.05%	6.76%	5.33%	5.06%	3.98%	3.93%
Announcement Date	5/15/19	5/11/20	5/10/21	5/10/22	5/10/23	-	-	-

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 NH Foods Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

5,177 JPY

Average target price

5,600 JPY

Spread / Average Target

+8.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
NH FOODS LTD.	+8.49%	3.37B
NESTLÉ S.A.	-5.75%	263B
MONDELEZ INTERNATIONAL, INC.	-2.41%	94.82B
KRAFT HEINZ	-1.89%	44.1B
DANONE	+0.61%	40.21B
GENERAL MILLS, INC.	+7.45%	39.51B
THE HERSHEY COMPANY	+3.89%	39.56B
ARCHER-DANIELS-MIDLAND COMPANY	-19.18%	28.86B
NESTLÉ INDIA LIMITED	-5.17%	28.95B
ASSOCIATED BRITISH FOODS PLC	+11.79%	24.6B

Other Food Processing