Financials Nippon Yusen Kabushiki Kaisha

Equities

9101

JP3753000003

Marine Freight & Logistics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
4,205 ^JPY	+2.34%		+1.25%	-3.80%

Apr. 19	Nippon Yusen Kabushiki Kaisha Repurchases, Retires 49.17 Million Shares	MT
Mar. 19	Transcript : Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd., Nippon Yusen Kabushiki Kaisha - Shareholder/Analyst Call

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	273,642	217,117	637,454	1,817,752	1,569,753	1,930,698	-	-
Enterprise Value (EV) ¹	1,219,741	1,066,165	1,481,083	2,393,032	2,059,026	2,560,622	2,600,269	2,685,238
P/E ratio	-6.15 x	6.97 x	4.58 x	1.8 x	1.55 x	8.86 x	8.17 x	9.69 x
Yield	1.23%	3.11%	5.3%	13.5%	16.8%	3.45%	3.74%	3.27%
Capitalization / Revenue	0.15 x	0.13 x	0.4 x	0.8 x	0.6 x	0.82 x	0.88 x	0.88 x
EV / Revenue	0.67 x	0.64 x	0.92 x	1.05 x	0.79 x	1.08 x	1.18 x	1.22 x
EV / EBITDA	12.1 x	7.47 x	8.69 x	6.46 x	4.93 x	7.76 x	7.7 x	7.99 x
EV / FCF	-14 x	-47.8 x	25.7 x	6.66 x	3.6 x	23.5 x	27.8 x	64.6 x
FCF Yield	-7.14%	-2.09%	3.89%	15%	27.8%	4.25%	3.59%	1.55%
Price to Book	0.56 x	0.47 x	1.02 x	1.06 x	0.63 x	0.79 x	0.73 x	0.69 x
Nbr of stocks (in thousands)	506,120	506,494	506,586	506,808	508,175	459,143	-	-
Reference price ²	540.7	428.7	1,258	3,587	3,089	4,205	4,205	4,205
Announcement Date	4/25/19	5/25/20	5/10/21	5/9/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,829,300	1,668,355	1,608,414	2,280,775	2,616,066	2,360,373	2,196,152	2,205,114
EBITDA ¹	100,798	142,753	170,340	370,535	418,008	329,792	337,690	335,979
EBIT ¹	11,085	38,696	71,537	268,939	296,350	192,643	179,779	169,444
Operating Margin	0.61%	2.32%	4.45%	11.79%	11.33%	8.16%	8.19%	7.68%
Earnings before Tax (EBT) ¹	-21,983	42,525	170,418	1,037,315	1,083,441	298,497	280,717	223,948
Net income ¹	-44,501	31,129	139,228	1,009,105	1,012,523	222,746	223,383	187,553
Net margin	-2.43%	1.87%	8.66%	44.24%	38.7%	9.44%	10.17%	8.51%
EPS ²	-87.93	61.46	274.8	1,991	1,994	474.7	515.0	433.9
Free Cash Flow ¹	-87,032	-22,301	57,558	359,191	571,889	108,951	93,404	41,588
FCF margin	-4.76%	-1.34%	3.58%	15.75%	21.86%	4.62%	4.25%	1.89%
FCF Conversion (EBITDA)	-	-	33.79%	96.94%	136.81%	33.04%	27.66%	12.38%
FCF Conversion (Net income)	-	-	41.34%	35.6%	56.48%	48.91%	41.81%	22.17%
Dividend per Share ²	6.667	13.33	66.67	483.3	520.0	145.0	157.1	137.4
Announcement Date	4/25/19	5/25/20	5/10/21	5/9/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S1	2020 S2	2021 S1	2021 S2	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	824,737	843,618	722,031	886,383	546,770	1,051,381	624,577	604,816	673,050	692,828	1,365,878	684,320	565,867	567,515	600,820	1,168,335	620,882	632,450
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	15,836	22,860	16,690	54,847	64,933	117,933	80,059	70,946	89,174	74,162	163,336	86,067	46,946	47,103	51,683	98,786	45,484	61,100
Operating Margin	1.92%	2.71%	2.31%	6.19%	11.88%	11.22%	12.82%	11.73%	13.25%	10.7%	11.96%	12.58%	8.3%	8.3%	8.6%	8.46%	7.33%	9.66%
Earnings before Tax (EBT)	19,648	22,877	29,916	-	273,112	433,004	295,184	-	365,049	-	750,627	235,000	-	93,536	84,107	177,643	53,982	-
Net income	11,123	-	22,180	-	260,226	411,319	280,897	316,888	343,377	362,681	706,058	214,313	92,151	73,490	39,900	113,390	40,184	-
Net margin	1.35%	-	3.07%	-	47.59%	39.12%	44.97%	52.39%	51.02%	52.35%	51.69%	31.32%	16.28%	12.95%	6.64%	9.71%	6.47%	-
EPS	21.96	-	43.79	-	513.5	811.7	554.3	625.3	677.2	713.8	1,391	421.6	181.1	144.6	80.37	225.0	84.90	-
Dividend per Share	6.667	-	6.667	-	66.67	66.67	-	416.7	-	350.0	350.0	-	-	-	-	60.00	-	-
Announcement Date	10/31/19	5/25/20	11/5/20	5/10/21	11/4/21	11/4/21	2/3/22	5/9/22	8/3/22	11/4/22	11/4/22	2/3/23	5/9/23	8/3/23	11/6/23	11/6/23	2/5/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	946,099	849,048	843,629	575,280	489,273	629,925	669,572	754,541
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.386 x	5.948 x	4.953 x	1.553 x	1.17 x	1.91 x	1.983 x	2.246 x
Free Cash Flow ¹	-87,032	-22,301	57,558	359,191	571,889	108,951	93,404	41,589
ROE (net income / shareholders' equity)	-8.6%	6.6%	25.6%	86%	48.3%	8.95%	9.06%	7.02%
ROA (Net income/ Total Assets)	-0.1%	2.26%	10.6%	38.5%	32.4%	6.01%	6.62%	4.78%
Assets ¹	44,174,112	1,376,744	1,312,114	2,618,192	3,127,929	3,709,346	3,375,217	3,921,505
Book Value Per Share ²	963.0	913.0	1,234	3,381	4,878	5,356	5,780	6,051
Cash Flow per Share ²	89.30	267.0	470.0	2,192	2,233	930.0	896.0	869.0
Capex ¹	170,776	139,232	101,778	205,140	198,865	239,374	301,967	326,967
Capex / Sales	9.34%	8.35%	6.33%	8.99%	7.6%	10.14%	13.75%	14.83%
Announcement Date	4/25/19	5/25/20	5/10/21	5/9/22	5/9/23	-	-	-

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 Nippon Yusen Kabushiki Kaisha

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

4,205 JPY

Average target price

4,233 JPY

Spread / Average Target

+0.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
NIPPON YUSEN KABUSHIKI KAISHA	-3.80%	12.27B
HAPAG-LLOYD AG	+24.30%	31.49B
COSCO SHIPPING HOLDINGS CO., LTD.	+21.02%	23.83B
AP MOLLER MAERSK	-14.91%	23.03B
MITSUI O.S.K. LINES LTD	+4.34%	10.85B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+45.92%	9.64B
KAWASAKI KISEN KAISHA, LTD.	+3.71%	9.39B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	-1.74%	9.03B
ADNOC LOGISTICS & SERVICES PLC	+3.13%	7.96B
HMM CO.,LTD	-22.98%	7.55B

Other Marine Freight & Logistics