HEIWA CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,963 JPY | +1.03% |
|
+2.45% | -6.48% |
| 2023 | Heiwa Corporation Reports Earnings Results for the Full Year Ended March 31, 2023 | CI |
| 2021 | Heiwa Corporation Announces Financial Results for the Year Ended March 31, 2021 | CI |
Valuation
| Fiscal Period: March | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 210,858 | 218,190 | 199,346 | 178,232 | 179,707 | 259,296 |
| Enterprise Value (EV) 1 | 247,730 | 245,766 | 231,885 | 229,603 | 225,302 | 298,351 |
| P/E ratio | 31 x | 13.4 x | 12.6 x | 206 x | 81.9 x | 12.5 x |
| Yield | 3.74% | 3.62% | 3.96% | 4.43% | 4.39% | 3.04% |
| Capitalization / Revenue | 1.59 x | 1.5 x | 1.38 x | 1.65 x | 1.48 x | 1.82 x |
| EV / Revenue | 1.87 x | 1.7 x | 1.6 x | 2.13 x | 1.85 x | 2.1 x |
| EV / EBITDA | 10 x | 6.49 x | 7.18 x | 16 x | 11.1 x | 8.36 x |
| EV / FCF | 196 x | 6.73 x | 41.8 x | -239 x | 10.1 x | 20.1 x |
| FCF Yield | 0.51% | 14.9% | 2.39% | -0.42% | 9.89% | 4.97% |
| Price to Book | 0.97 x | 0.97 x | 0.86 x | 0.79 x | 0.83 x | 1.12 x |
| Nbr of stocks (in thousands) | 98,578 | 98,639 | 98,637 | 98,634 | 98,632 | 98,629 |
| Reference price 2 | 2,139 | 2,212 | 2,021 | 1,807 | 1,822 | 2,629 |
| Announcement Date | 6/28/18 | 6/27/19 | 6/26/20 | 6/29/21 | 6/29/22 | 6/29/23 |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 132,765 | 144,980 | 144,573 | 107,744 | 121,558 | 142,290 |
| EBITDA 1 | 24,672 | 37,883 | 32,297 | 14,328 | 20,318 | 35,707 |
| EBIT 1 | 13,932 | 28,015 | 23,552 | 5,312 | 10,236 | 26,906 |
| Operating Margin | 10.49% | 19.32% | 16.29% | 4.93% | 8.42% | 18.91% |
| Earnings before Tax (EBT) 1 | 13,053 | 27,456 | 24,029 | 2,029 | 8,208 | 26,631 |
| Net income 1 | 6,799 | 16,341 | 15,872 | 865 | 2,193 | 20,685 |
| Net margin | 5.12% | 11.27% | 10.98% | 0.8% | 1.8% | 14.54% |
| EPS 2 | 68.95 | 165.7 | 160.9 | 8.770 | 22.23 | 209.7 |
| Free Cash Flow 1 | 1,265 | 36,511 | 5,548 | -962.6 | 22,293 | 14,821 |
| FCF margin | 0.95% | 25.18% | 3.84% | -0.89% | 18.34% | 10.42% |
| FCF Conversion (EBITDA) | 5.13% | 96.38% | 17.18% | - | 109.72% | 41.51% |
| FCF Conversion (Net income) | 18.61% | 223.43% | 34.95% | - | 1,016.54% | 71.65% |
| Dividend per Share 2 | 80.00 | 80.00 | 80.00 | 80.00 | 80.00 | 80.00 |
| Announcement Date | 6/28/18 | 6/27/19 | 6/26/20 | 6/29/21 | 6/29/22 | 6/29/23 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 73,911 | 37,781 | 69,963 | 26,703 | 58,754 | 33,622 | 29,182 | 62,804 | 34,731 | 36,199 | 70,930 | 45,323 | 26,037 | 71,360 | 34,942 | 31,773 | 66,715 | 36,089 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 13,550 | -4,680 | 9,991 | 366 | 4,733 | 5,224 | 278 | 5,502 | 7,855 | 7,482 | 15,337 | 12,824 | -1,256 | 11,568 | 7,491 | 4,680 | 12,171 | 7,143 |
| Operating Margin | 18.33% | -12.39% | 14.28% | 1.37% | 8.06% | 15.54% | 0.95% | 8.76% | 22.62% | 20.67% | 21.62% | 28.29% | -4.82% | 16.21% | 21.44% | 14.73% | 18.24% | 19.79% |
| Earnings before Tax (EBT) 1 | 14,285 | -7,743 | - | - | 4,844 | 5,032 | - | - | 7,827 | - | 15,136 | 12,657 | - | - | 7,436 | - | 11,447 | 7,099 |
| Net income 1 | 9,407 | -6,179 | 7,044 | -90 | 2,543 | 2,061 | -2,411 | -350 | 5,355 | 5,443 | 10,798 | 9,708 | 179 | 9,887 | 4,943 | 2,493 | 7,436 | 4,173 |
| Net margin | 12.73% | -16.35% | 10.07% | -0.34% | 4.33% | 6.13% | -8.26% | -0.56% | 15.42% | 15.04% | 15.22% | 21.42% | 0.69% | 13.86% | 14.15% | 7.85% | 11.15% | 11.56% |
| EPS 2 | 95.37 | -62.65 | - | -0.9100 | 25.79 | 20.89 | -24.44 | - | 54.30 | 55.18 | 109.5 | 98.44 | - | - | 50.13 | - | 75.40 | 42.31 |
| Dividend per Share | 40.00 | 40.00 | - | - | 40.00 | - | - | - | - | - | 40.00 | - | - | - | - | - | 40.00 | - |
| Announcement Date | 11/13/19 | 11/10/20 | 5/13/21 | 11/10/21 | 11/10/21 | 2/9/22 | 5/13/22 | 5/13/22 | 8/4/22 | 11/9/22 | 11/9/22 | 2/8/23 | 5/12/23 | 5/12/23 | 8/9/23 | 11/9/23 | 11/9/23 | 2/9/24 |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 36,872 | 27,576 | 32,539 | 51,371 | 45,595 | 39,055 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.494 x | 0.7279 x | 1.007 x | 3.585 x | 2.244 x | 1.094 x |
| Free Cash Flow 1 | 1,265 | 36,511 | 5,548 | -963 | 22,293 | 14,821 |
| ROE (net income / shareholders' equity) | 3.13% | 7.4% | 6.94% | 0.38% | 0.99% | 9.23% |
| ROA (Net income/ Total Assets) | 1.98% | 4% | 3.35% | 0.77% | 1.51% | 4% |
| Assets 1 | 344,236 | 408,484 | 474,230 | 112,924 | 145,203 | 517,125 |
| Book Value Per Share 2 | 2,198 | 2,282 | 2,358 | 2,294 | 2,202 | 2,342 |
| Cash Flow per Share 2 | 420.0 | 430.0 | 367.0 | 409.0 | 428.0 | 373.0 |
| Capex 1 | 15,041 | 6,387 | 8,062 | 7,345 | 7,007 | 7,682 |
| Capex / Sales | 11.33% | 4.41% | 5.58% | 6.82% | 5.76% | 5.4% |
| Announcement Date | 6/28/18 | 6/27/19 | 6/26/20 | 6/29/21 | 6/29/22 | 6/29/23 |
1JPY in Million2JPY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
| 1st Jan change | Capi. | |
|---|---|---|
| -6.48% | 1.23B | |
| -6.28% | 403M | |
| +6.38% | 313M | |
| -14.66% | 81.82M | |
| -11.54% | 79.19M |
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