Financials Solasto Corporation

Equities

6197

JP3436250009

Healthcare Facilities & Services

Delayed Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
495 ^JPY	0.00%		+0.20%	-19.64%

Apr. 22	Solasto's Occupancy Rate Slips in March	MT
Mar. 21	Solasto's Number of Facility Residents Up Nearly 14.7% in February	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	116,472	94,584	134,857	93,351	60,010	45,644	-	-
Enterprise Value (EV) ¹	120,047	105,558	147,629	111,659	73,939	56,844	56,444	55,344
P/E ratio	33.2 x	19.9 x	38.1 x	26.6 x	18.9 x	8.87 x	10.5 x	8.94 x
Yield	1.52%	1.94%	1.37%	2.02%	3.15%	4.09%	4.09%	4.09%
Capitalization / Revenue	1.38 x	0.99 x	1.27 x	0.8 x	0.46 x	0.34 x	0.31 x	0.29 x
EV / Revenue	1.42 x	1.1 x	1.39 x	0.95 x	0.56 x	0.42 x	0.39 x	0.35 x
EV / EBITDA	18.4 x	14.2 x	17.6 x	12.5 x	7.82 x	5.97 x	5.23 x	4.51 x
EV / FCF	43.7 x	138 x	50.7 x	-57.9 x	10.8 x	20.3 x	12.6 x	10.9 x
FCF Yield	2.29%	0.73%	1.97%	-1.73%	9.25%	4.93%	7.96%	9.19%
Price to Book	8.42 x	5.65 x	7.3 x	4.64 x	2.78 x	1.93 x	1.72 x	1.53 x
Nbr of stocks (in thousands)	93,477	94,207	94,438	94,485	94,653	92,211	-	-
Reference price ²	1,246	1,004	1,428	988.0	634.0	495.0	495.0	495.0
Announcement Date	5/9/19	5/20/20	5/13/21	5/11/22	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	84,251	95,719	106,182	117,239	131,088	135,450	145,207	157,528
EBITDA ¹	6,542	7,415	8,400	8,916	9,460	9,515	10,800	12,284
EBIT ¹	5,030	5,465	6,062	6,319	6,325	6,004	6,980	8,205
Operating Margin	5.97%	5.71%	5.71%	5.39%	4.83%	4.43%	4.81%	5.21%
Earnings before Tax (EBT) ¹	4,954	6,965	5,354	5,641	5,418	7,875	7,011	8,078
Net income ¹	3,506	4,739	3,538	3,502	3,172	5,052	4,374	5,143
Net margin	4.16%	4.95%	3.33%	2.99%	2.42%	3.73%	3.01%	3.27%
EPS ²	37.50	50.33	37.51	37.08	33.53	55.79	47.08	55.38
Free Cash Flow ¹	2,749	766	2,912	-1,927	6,841	2,800	4,490	5,084
FCF margin	3.26%	0.8%	2.74%	-1.64%	5.22%	2.07%	3.09%	3.23%
FCF Conversion (EBITDA)	42.02%	10.33%	34.67%	-	72.32%	29.43%	41.58%	41.38%
FCF Conversion (Net income)	78.41%	16.16%	82.31%	-	215.67%	55.43%	102.66%	98.84%
Dividend per Share ²	19.00	19.50	19.50	20.00	20.00	20.25	20.25	20.25
Announcement Date	5/9/19	5/20/20	5/13/21	5/11/22	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	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	47,061	48,658	50,360	29,055	58,150	29,105	29,984	59,089	32,059	33,081	65,140	33,300	32,648	65,948	32,923	34,060	66,983	34,055	35,018
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,493	2,972	3,073	1,841	3,448	1,805	1,066	2,871	1,483	1,637	3,120	1,810	1,395	3,205	1,195	1,315	2,510	1,550	1,713
Operating Margin	5.3%	6.11%	6.1%	6.34%	5.93%	6.2%	3.56%	4.86%	4.63%	4.95%	4.79%	5.44%	4.27%	4.86%	3.63%	3.86%	3.75%	4.55%	4.89%
Earnings before Tax (EBT) ¹	4,704	-	2,935	1,774	3,653	1,763	225	-	1,572	1,579	3,151	1,414	853	2,267	3,909	1,054	4,963	1,161	1,677
Net income ¹	3,035	1,704	1,782	1,064	2,134	1,076	292	1,368	908	944	1,852	823	497	1,320	3,390	500	3,890	516	718
Net margin	6.45%	3.5%	3.54%	3.66%	3.67%	3.7%	0.97%	2.32%	2.83%	2.85%	2.84%	2.47%	1.52%	2%	10.3%	1.47%	5.81%	1.52%	2.05%
EPS	32.24	-	18.89	-	22.60	11.38	-	-	9.600	-	19.58	8.700	-	-	35.82	-	41.14	5.680	-
Dividend per Share	9.500	-	9.500	-	10.00	-	-	-	-	-	10.00	-	-	-	-	-	10.00	-	-
Announcement Date	11/11/19	5/20/20	11/10/20	11/9/21	11/9/21	2/8/22	5/11/22	5/11/22	8/10/22	11/9/22	11/9/22	2/8/23	5/11/23	5/11/23	8/10/23	11/8/23	11/8/23	2/8/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,575	10,974	12,772	18,308	13,929	11,200	10,800	9,700
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.5465 x	1.48 x	1.52 x	2.053 x	1.472 x	1.177 x	1 x	0.7896 x
Free Cash Flow ¹	2,749	766	2,912	-1,927	6,841	2,800	4,490	5,084
ROE (net income / shareholders' equity)	27.2%	30.9%	20.1%	18.1%	15.2%	21%	17.2%	18.1%
ROA (Net income/ Total Assets)	12%	10.4%	6.01%	9.62%	9.6%	6.7%	5.95%	6.96%
Assets ¹	29,211	45,636	58,903	36,385	33,050	75,398	73,464	73,926
Book Value Per Share ²	148.0	178.0	196.0	213.0	228.0	257.0	287.0	323.0
Cash Flow per Share ²	45.70	59.70	48.70	49.70	48.30	97.20	91.00	112.0
Capex ¹	744	1,296	950	10,207	2,291	1,565	1,823	2,015
Capex / Sales	0.88%	1.35%	0.89%	8.71%	1.75%	1.16%	1.26%	1.28%
Announcement Date	5/9/19	5/20/20	5/13/21	5/11/22	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 Solasto Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

495 JPY

Average target price

770 JPY

Spread / Average Target

+55.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Healthcare Facilities & Services

	1st Jan change	Capi.
SOLASTO CORPORATION	-19.64%	290M
CVS HEALTH CORPORATION	-28.69%	70.69B
HCA HEALTHCARE, INC.	+14.32%	81.84B
DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY	+9.37%	29.03B
LABORATORY CORPORATION OF AMERICA HOLDINGS	-11.43%	16.97B
FRESENIUS SE & CO. KGAA	+0.07%	16.83B
QUEST DIAGNOSTICS INCORPORATED	-0.24%	15.28B
FRESENIUS MEDICAL CARE AG	+6.35%	12.41B
DAVITA INC.	+33.40%	12.26B
PURE HEALTH HOLDING	-31.40%	11.83B

Other Healthcare Facilities & Services