TSE: 1333 - Maruha Nichiro Corporation

Yield per half year: +9.4%
Dividend yield: +4.57%

Reporting Maruha Nichiro Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								124.89
Выручка, млрд ¥	918.82	922.47	905.2	862.59	866.7	1 020.46	1 030.67	1 030.67	937.12	2.63
Чистая прибыль, млрд ¥	16.1	16.7	12.54	5.78	18.6	18.6	20.85	20.85	15.27	10.70
EV, млрд ¥	428.5	459.68	353.6	363.92	348.94	388.9	396.32	396.32	370.34	2.31
EBIT, млрд ¥	24.5	21.76	17.08	16.21	29.13	36.22	39.35	39.35	27.60	18.17
EBITDA, млрд ¥	44.43	44.24	39.45	29.24	45.83	52.92	57.24	57.24	44.94	7.73
Баланс стоимость, млрд ¥	47.52	62.11	73.07	76.74	160.17	178.31	207.13	207.13	139.08	23.17
FCF, млрд ¥	9.87	-1.24	15.05	10.59	4.43	-29.77	35.18	35.18	7.10	18.51
Операционный денежный поток, млрд ¥	29.74	16.19	39.18	33.36	19.25	-0.024	52.08	52.08	28.77	5.86
Операционная прибыль, млрд ¥	24.5	21.76	17.08	16.21	23.82	29.58	26.53	26.53	22.64	9.21
Операционные расходы, млрд ¥	894.32	900.71	888.12	846.38	96.68	105.68	107.28	107.28	408.83	-34.47
CAPEX, млрд ¥	19.86	17.43	24.13	22.77	14.82	29.74	18.42	18.42	21.98	-5.26

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥			252.62	295.78	37 620.09	250.92	256.43	279.99	243.33	256.93	275.21	295.97	270.29	1.12
Чистая прибыль, млрд ¥			5.45	5.37	14.61	6.65	4.24	11.54	-1.58	6.54	7.27	9.43	6.64	-3.96
EV, млрд ¥			411.16	439.14	60 849.24	403.82	402.79	414.35	398.92	423.12	404.42	411.77	410.52	-0.12
EBIT, млрд ¥		7.87	8.06	11.01	412.91	7.69		14.13	-3.38	7.57	8.41	11.49	7.64	-4.05
EBITDA, млрд ¥		12.63	9.47	10.3	597.37	11.9		18.69	1.24	12.13	13.07	16.24	12.27	-2.77
Баланс стоимость, млрд ¥			101.85	182.05	28 016.15	183.94	194.67	205.83	207.13	217.82	223.2	224.05	215.61	1.71
FCF, млрд ¥				1 314.46	1 363.17	8.6	8.84	9.11					540.84	-63.00
Операционный денежный поток, млрд ¥	19.25		-30.46	1 314.46	1 363.17	8.6	8.84	9.11					540.84	-63.00
Операционная прибыль, млрд ¥			8.06	11.01	412.91	7.69	9.07	8.6	1.18	7.66	8.41	11.76	7.52	6.46
Операционные расходы, млрд ¥			244.56	27.57	4 052.59	26.37	247.36	26.78	27.64	28	29.26	29.73	28.28	2.11
CAPEX, млрд ¥	14.82		18.56		4 673.21								1568.86	580.65

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	16.48	12.13	21.78	31.58	24.95	33.68	37.94	37.94	29.99	11.74
Short Term Investments ¥		0.358	0.278	0.268	0.531	0.498	1.04	1.04	0.5230	30.20
Total Receivables ¥		113.62	105.67	102.24	131.36	131.77	138.02	138.02	121.81	5.49
Total Current Assets ¥		299.36	301.99	300.51	324.3	392.64	404.99	404.99	344.89	6.05
Чистые активы, млрд ¥	115.46	125.35	132.63	142.83	140.25	149		149	138.01	3.52
Активы, млрд ¥	516.84	520.32	528.06	532.72	548.6	637.23	671.8	671.8	583.68	4.93
Short Term Debt ¥		126.19	95.37	93.86	174.7	174.23	160.38	160.38	139.71	10.96
Long Term Debt ¥		140.18	142.88	123.92	112.14	130.18	116.84	116.84	125.19	-3.94
Задолженность, млрд ¥	376.79	369.94	369.09	365.72	360.71	424.71	426.32	426.32	389.31	2.92
Чистый долг, млрд ¥	249.56	251.28	239.93	228.26	225.65	267.46	246.41	246.41	241.54	0.53
Долг, млрд ¥		263.41	261.71	259.84	250.6	304.41	284.35	284.35	272.18	1.67
Расходы на обслуживание долга ¥		1.75	1.75	1.51	1.4	2.28	3.45	3.45	2.08	14.54
Чист. проц. доходы, млрд ¥	2.25	2.07	0.863	0.204	1.28	2.95		2.95	1.47	7.34
Амортизация, млрд ¥		15.94	16.64	17.17	16.7	16.7	17.89	17.89	17.02	1.46
Себестоимость, млрд ¥			787.14	746.38	746.21	885.2	896.86	896.86	812.36	2.64
Товарно материальные запасы ¥		163.52	164.31	156.14	172.69	216.7	215.33	215.33	185.03	5.56

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				22.27	28.96	5 291.63	28.81	31.64	34.93	36.91	35.46	41.24	45.7	38.85	5.52
Short Term Investments ¥					3.37	78.25			1.48	1.04				21.04	-25.47
Total Receivables ¥				140.95	179.81	20 703.49	137.31	148.38	169.93	138.02	150.48	145.35	175.57	155.87	0.66
Total Current Assets ¥				408.44	452.38	61 691.28	414.73	420.24	444.15	404.99	432.77	424.14	464.41	434.09	0.90
Чистые активы, млрд ¥	158.18	160.17	167.29	173.46	149.09	23 410.03	148.48							4809.67	-2.36
Активы, млрд ¥				652.42	698.46	100 120.85	660.47	672.72	698.48	671.8	708.15	692.61	723.92	698.99	0.72
Short Term Debt ¥				196.3	216.93	27 374.63	171.71	159	183.92	159.98	162.18	153.12	166.02	165.04	-2.03
Long Term Debt ¥		112.14	125.73	117.37	124.39	20 453.99	138.78	145.97	125.44	116.84				4196.20	-64.41
Задолженность, млрд ¥				446.76	483.01	66 729.64	441.94	441.31	455.83	426.32	451.65	427.62	456.59	443.60	0.03
Чистый долг, млрд ¥				291.39	312.36	42 023.05	281.68	273.33	274.43	249.16	266.48	244.71	258.79	258.71	-1.17
Долг, млрд ¥				313.67	341.32	47 314.68	310.49	304.97	309.36	286.07	301.94	285.94	304.49	297.56	-0.32
Расходы на обслуживание долга ¥			0.397	0.518	0.66	110.93	0.691	0.853	0.946	0.964	0.948		1.08	0.9582	4.83
Чист. проц. доходы, млрд ¥	0.007	1.31		0.659	1.22	21.37								4.91	397.67
Амортизация, млрд ¥				1.49	-0.715	184.46	4.22		4.56	4.62	4.56	4.65	4.74	4.63	0.78
Себестоимость, млрд ¥							216.86	220.87	244.61	214.52	221.27	237.53	254.47	234.48	0.79
Товарно материальные запасы ¥				229.39	229.33	34 047.5	236.05	228.26	226.31	215.33	232.3	221.68	225.58	224.24	-0.06

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	305.95	317.24	238.23	109.8	363.67	363.67	413.6		413.6	297.79	11.66
Цена акции ао					2510	2776	3037	3310	3310	2908.25	7.16
Число акций ао, млн		52.63	52.62	52.62	51.13	51.13	50.42		50.42	51.58	-0.85
FCF/акцию	187.59	-23.52	285.91	201.25	86.65	-582.13	697.79		697.79	137.89	19.54

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	107.97	106.39	289.63	131.85	84.08	228.95	-31.39	129.85	144.34	187.17		131.78	-3.95
Цена акции ао											3310	3310.00	0.00
FCF/акцию		165.63	171.97	170.39	175.18	180.82						172.80	1.77

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	14.9	13.87	9.72	4.2	12.27	10.99	10.82		10.82	8.32	9.60	2.17
ROA, %	3.16	3.22	2.39	1.09	3.44	3.14	3.19		3.19	4.29	2.65	5.94
ROIC, %			3.68	1.96	5.23	4.9			4.9	7.00	3.94	7.42
ROS, %			1.38	0.6698	2.15	1.82	2.02	2.02	2.02	9.17	1.74	24.70
ROCE, %	8.25	6.87	5.2	5.08	8.91	9.74	9.87	16.03	16.03	10.65	9.93	25.84
Ebit margin, %			1.79	2.76	3.36	3.55	3.82	3.82	3.82		3.46	6.72
Рентаб EBITDA, %	4.84	4.8	4.36	3.39	5.29	5.19	5.55	5.55	5.55	17.35	4.99	10.36
Чистая рентаб, %	1.75	1.81	1.38	0.67	2.15	1.82	2.02		2.02	9.17	1.61	7.92
Operation Margin, %			1.89	1.88	2.75	2.9	2.57	2.57	2.57	13.44	2.53	6.45

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	3.36	3.14	0.0538	3.73	2.33	6.15	-0.8137	3.24	3.46	4.37		8.32	3.28	-6.61
ROA, %	0.8637	0.7956	0.0139	1.03	0.6364	1.68	-0.2308	0.9479	1.04	1.33		4.29	0.9534	-4.56
ROS, %				2.65	1.65	4.12	-0.6497	2.55	2.64	3.19	2.02	9.17	1.95	-225.47
ROCE, %	2.36	3.11	0.7298	2.08		3.6	-0.8457	1.84	2.02	2.69	16.03	10.65	4.35	-280.11
Ebit margin, %				3.06		5.05	-1.39	2.95	3.06	3.88	3.82		2.46	-222.41
Рентаб EBITDA, %	3.75	3.48	1.59	4.74		6.67	0.5104	4.72	4.75	5.49	5.55	17.35	4.20	61.17
Чистая рентаб, %	2.16	1.82	0.04	2.65	1.65	4.12	-0.6497	2.55	2.64	3.19		9.17	2.37	-4.99
Operation Margin, %				3.06	3.54	3.07	0.4833	2.98	3.06	3.97	2.57	13.44	2.61	39.68

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	11.11	12.48	9.07	23.48	6.63	6.53	7.19		7.19	130.82	10.58	-4.54
P/BV	1.28	1.39	0.715	0.8124	0.6561	0.5714	0.6107		0.6107	113.67	0.6731	-3.10
P/S	0.1948	0.2259	0.1256	0.1573	0.1422	0.119	0.1455		0.1455	113.72	0.1379	2.99
P/FCF						-4.2	3.55	3.55	3.55	9.05	0.9667	-194.55
E/P						0.1489	0.167	0.167	0.167	0.54	0.1610	3.90
EV/EBIT			21.81	15.28	11.98	10.74	10.07	10.07	10.07		11.63	-8.00
EV/EBITDA	9.65	10.39	8.96	12.45	7.61	7.35	6.92		6.92	139.68	8.66	-5.04
EV/S			0.3906	0.4219	0.4026	0.3811	0.3845	0.3845	0.3845	113.15	0.3949	-1.84
EV/FCF			23.5	34.36	78.75	-13.06	11.27	11.27	11.27	123.04	24.52	-19.98
Debt/EBITDA		6.14	6.84	7.06	5.47	5.75	4.97	4.97	4.97	-3.74	5.64	-6.78
Netdebt/Ebitda			6.27	6.2	4.92	5.05	4.3	4.3	4.3	22.57	4.95	-7.06
Debt/Ratio			0.5026	0.4878	0.4568	0.4777	0.4233	0.4233	0.4233	0.16	0.4538	-2.80
Debt/Equity			2	1.82	1.56	1.71	1.37	1.74	1.74	4.47	1.64	-0.89
Debt/Net Income			21.17	44.97	13.48	16.37	13.64	13.64	13.64	21.45	20.42	-21.23
PEG								-0.0953	-0.0953		-0.0953	0.00
Бета						1.79	-1.14	-1.12	-1.12	-33.23	-0.1567	-185.53
Индекс Альтмана						2.44	2.37	2.31	2.31	7.67	2.37	-1.81

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	6.85	5.96	5.85	6.57	6.98	7.92	6.21		7.56	6.72	7.06			130.82	7.09	-2.27
P/BV		0.5823	0.5884	0.5638	0.5589	0.5594	0.5766	0.61	0.6107	0.6027	0.5722			113.67	0.5944	-0.15
P/S		0.1308	0.1229	0.1189	0.118	0.1242	0.1364	0.1455	0.1512	0.1513	0.1428			113.72	0.1454	0.92
P/FCF													3.55	9.05	3.55	0.00
E/P													0.167	0.54	0.1670	0.00
EV/EBIT					52.55		29.32	-118.13	55.91	48.07	35.83		10.07		6.35	-161.11
EV/EBITDA	11.65	11.17	10.46	10.69	8.81		12.81	12.53	13.2	8.96	9.65			139.68	11.43	-5.51
EV/S					1.61	1.57	1.48	1.64	1.65	1.47	1.39		0.3845	113.15	1.31	-25.18
EV/FCF					46.98	45.57	45.46						11.27	123.04	37.32	-30.02
Debt/EBITDA		32.84	33.14	79.21	26.08		16.55	230.33	24.89	21.88	18.75		4.97	-3.74	60.16	-53.57
Netdebt/Ebitda					23.66		14.68	200.62	21.97	18.73	15.94		4.3	22.57	52.31	-53.63
Debt/Ratio					0.4701	0.4533	0.4429	0.4258	0.4264	0.4129	0.4206		0.4233	0.16	0.4218	-0.12
Debt/Equity					1.69	1.57	1.5	1.38	1.39	1.28	1.36		1.74	4.47	1.43	4.75
Debt/Net Income					46.68	71.89	26.81	-180.94	46.17	39.33	32.3		13.64	21.45	-9.9000	-159.63
PEG													-0.0953		-0.0953	0.00
Бета												-1.86	-1.12	-33.23	-1.4900	-22.40
Индекс Альтмана												2.33	2.31	7.67	2.32	-0.43

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	2.36	2.1	2.1	2.1	2.1	2.88	5.04			5.04		2.84	19.14
Дивиденд	5	40	40	40	40	55	100	100	60	110		71.00	8.45
Див доход, ао, %	0.1471	1.08	1.43	1.8	1.66	4.05	3.9	4.23	4.9	4.57	4.24	3.75	24.17
Дивиденды / прибыль, %		14.65	12.57	16.73	36.28	11.28	15.5	24.16		24.16	40.87	20.79	7.63
Dividend Coverage Ratio									4.14	4.14		4.14	0.00

	2022Q1	2022Q3	2023Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	2.1	2.88	452.98			152.65	499.73
Дивиденды / прибыль, %	288.45	52.79	3100		40.87	1147.08	120.68
Dividend Coverage Ratio				4.14		4.14	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	12843	12843	0.00

	CAGR 5

	CAGR 5