TSE: 2734 - SALA Corporation

Yield per half year: +3.5%
Dividend yield: +5.10%
Sector: Industrials

Reporting SALA Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							49.58
Выручка, млрд ¥	208.6	213.81	211.7	227.94	234.85	242.06	242.06	226.07	2.51
Чистая прибыль, млрд ¥	3.65	4.82	3.49	5.26	5.68	6.1	6.1	5.07	4.82
EV, млрд ¥	84.88	85.6	79.24	71.47	75.91	76.85	78.71	77.81	-2.13
EBIT, млрд ¥	5.54	5.46	5.94	6.59	6.89	9.53	6.09	6.88	11.78
EBITDA, млрд ¥	12.39	13.34	14.15	14.87	13.87	16.19	12.74	14.48	3.95
Баланс стоимость, млрд ¥	54.21	58.51	60.43	65.43	72.01	77.18	77.18	66.71	5.70
FCF, млрд ¥	-2.94	-3.22	4.04	10.15	4.33	-1.2	-1.2	2.82	-17.91
Операционный денежный поток, млрд ¥	5.53	7.25	10.79	15.82	9.93	5.76	5.76	9.91	-4.50
Операционная прибыль, млрд ¥	5.5	5.46	5.94	6.59	6.89	6.08	6.09	6.19	2.17
Операционные расходы, млрд ¥	48.6	49.83	50.75	51.78	50.71	49.75	44.46	50.56	-0.03
CAPEX, млрд ¥	8.46	10.47	6.75	5.67	5.61	6.96	6.96	7.09	-7.84

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	59.82	54.74	61.83	64.15	61.82	55.32	60.77	59.17	59.73	57.53	58.50	0.79
Чистая прибыль, млрд ¥	2.56	0.549	0.332	1.95	2.8	0.155	1.2	1.94	2.37	-0.324	1.07	-215.89
EV, млрд ¥	69.17	84.01	78.46	82.33	78.07	80	77.6	87.2	84.08	84.66	82.71	1.14
EBIT, млрд ¥	3.22	-0.321	1.43	3	0.667	0.149	2.12	2.59	2.32	-0.317	1.37	-216.30
EBITDA, млрд ¥	3.4	-0.143	1.19	3.22	2.33	1.87	3.75	4.21	4	1.41	3.05	-5.49
Баланс стоимость, млрд ¥	70.38	70.48	72.01	72.97	75.81	75.3	77.18	78.79	81.56	80	78.57	1.22
FCF, млрд ¥				3.31	3.32	3.43	3.25			1.89	3.04	-10.60
Операционный денежный поток, млрд ¥	7.28		9.93	3.31	3.32	3.43	3.25			4.53	3.57	6.48
Операционная прибыль, млрд ¥	3.22	-0.321	1.43	3	2.02	-0.681	1.74	2.54	2.35	-0.263	1.14	-17.33
Операционные расходы, млрд ¥	12.69	12.66	13	12.45	12.81	12.52	11.97	12.33	12.85	13.09	12.55	0.89
CAPEX, млрд ¥	3.15		5.61		3.91					2.64	3.83	-4.32

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥	18.24	22.51	22.17	24.75	24.19	22.97	22.55	23.32	0.41
Short Term Investments ¥	1.08	1.12	1.27	1.4	1.58	0.419	0.419	1.16	-17.85
Total Receivables ¥	25.87	26.98	23.12	26.53	33.08	35.72	35.72	29.09	5.77
Total Current Assets ¥	72.2	84.02	79.94	81.49	84.4	84.75	84.75	82.92	0.17
Чистые активы, млрд ¥	72.2	84.02	79.94	81.49	80.5	86.71	84.4	82.53	0.63
Активы, млрд ¥	178.85	195.12	188.01	187.48	188.42	189.27	189.27	189.66	-0.61
Short Term Debt ¥	20.44	27.37	17.22	16.64	13.36	15.85	16.14	18.09	-10.35
Long Term Debt ¥	43.34	43.67	49.98	42.86	41.17	36.99	36.99	42.93	-3.27
Задолженность, млрд ¥	123.51	135.45	126.3	120.78	115.07	110.62	110.62	121.64	-3.97
Чистый долг, млрд ¥	44.36	47.37	43.84	33.55	29.18	30.98	31.68	36.98	-8.14
Долг, млрд ¥	62.6	69.88	66.01	58.31	54.53	53.94	53.13	60.53	-5.05
Расходы на обслуживание долга ¥	0.145	0.16	0.173	0.15	0.143	0.154	0.154	0.1560	-0.76
Чист. проц. доходы, млрд ¥	0.117	0.107	0.107	0.085	0.076	0.056	0.056	0.0862	-12.15
Амортизация, млрд ¥	6.85	7.87	8.21	8.28	6.98	6.66	6.66	7.60	-3.28
Себестоимость, млрд ¥		158.52	155.01	169.57	177.25	186.23	191.52	169.32	3.27
Товарно материальные запасы ¥	22.8	28.57	28.22	24.16	20.44	21.91	21.91	24.66	-5.17

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥		24.48	22.31	24.19	20.07	23.57	22.37	22.55	21.8	25.28	24.72	23.34	2.02
Short Term Investments ¥				1.58	2.56	4.11	3.92	0.419		0.371	7.8	3.32	13.67
Total Receivables ¥		27.97	29.06	33.08	35.69	29.12	29.87	35.72	34.7	31.19	32.28	32.75	1.56
Total Current Assets ¥		80.25	79.14	84.4	86.71	83.54	82.36	84.75	85.7	87.05	84.3	84.83	0.47
Чистые активы, млрд ¥	82.2	80.25	79.14	84.4	79.66	78.18	77.39					79.75	-0.45
Активы, млрд ¥		184.94	184.05	188.42	189.08	185.75	184.71	189.27	193.07	196.24	192.96	191.25	0.88
Short Term Debt ¥		15.44	14.28	13.36	17.62	15.32	16.72	15.51	21.5	13.83	14.77	16.47	-2.45
Long Term Debt ¥	39	37.65	39.06	38.86	37.69	37.25	37.38	36.99	36.32	41.7		37.93	2.28
Задолженность, млрд ¥		113.21	112.2	115.07	114.76	108.54	107.97	110.62	112.77	113.15	111.4	111.18	0.63
Чистый долг, млрд ¥		28.61	31.03	29.18	35.25	29	31.72	31.68	36.04	31.87	31.13	32.49	-0.37
Долг, млрд ¥		53.09	53.34	53.37	55.31	52.57	54.09	54.23	57.84	57.15	55.85	55.83	0.64
Расходы на обслуживание долга ¥	0.035	0.033	0.036	0.039	0.049	0.024	0.039	0.042	0.044	0.053		0.0404	17.17
Чист. проц. доходы, млрд ¥	0.017	0.02	0.018	0.021	0.029	0.001	0.013	0.013	0.01	0.012		0.0098	64.38
Амортизация, млрд ¥		0.173	0.178	-0.239	0.217	1.66	1.72	1.63	1.62	1.68	1.72	1.67	0.00
Себестоимость, млрд ¥						46.99	43.48	47.06	44.29	44.53	44.7	44.81	0.55
Товарно материальные запасы ¥		21.88	21.88	20.44	22.75	22.91	23.97	21.91	23.3	24.55	21.16	22.98	-2.46

	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	59.59	77.84	55.85	83.13	89.12	95.45			95.45	80.28	4.16
Цена акции ао					731	731	898	878	878	809.50	4.69
Число акций ао, млн	61.3	61.86	62.54	63.3	63.76	63.9			63.9	63.07	0.65
FCF/акцию	-47.88	-52.05	64.62	160.3	67.84	-18.81			-18.81	44.38	-18.42

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	5 quarters average	CAGR 5
EPS	40.17	8.62	5.21	30.58	43.78	2.42	18.7	30.29	36.95	-5.05		16.66	-215.85
Цена акции ао											878	878.00	0.00
FCF/акцию				51.91	51.93	53.7	50.89			29.45		47.58	-10.72

	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, %	6.87	8.54	5.87	8.36	8.27	8.18			7.9	10.47	7.84	-0.86
ROA, %	2.09	2.58	1.82	2.8	3.02	3.23			3.22	5.55	2.69	4.60
ROIC, %		4.78	3.77	5.49	5.95					9.78	5.00	5.63
ROS, %		2.25	1.65	2.31	2.42	2.52	2.52	2.52	2.52	6.75	2.46	1.76
ROCE, %	4.83	4.63	4.71	5.36	5.46	7.4		7.74	7.74	14.09	6.13	10.44
Ebit margin, %		2.56	2.81	2.89	2.93	3.94		2.51	2.51		3.02	-2.23
Рентаб EBITDA, %	5.94	6.24	6.68	6.52	5.91	6.69		5.26	5.26	13.98	6.21	-4.67
Чистая рентаб, %	1.75	2.25	1.65	2.31	2.42	2.52			2.52	6.75	2.23	2.29
Operation Margin, %		2.56	2.81	2.89	2.93	2.51	2.51	2.51	2.51	8.85	2.67	-2.78

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %	3.86	0.8105	0.4792	2.76	3.69	0.2111	1.6	2.55	3.05	-0.4112	10.47	1.40	-214.26
ROA, %	1.38	0.2976	0.1783	1.03	1.51	0.0837	0.6396	1.01	1.22	-0.1665	5.55	0.5574	-214.75
ROIC, %					2.95					0.3894	9.78	1.67	-63.67
ROS, %					4.52	0.2802	1.97	3.27	3.96	-0.5632	6.75	1.78	-214.98
ROCE, %	2.58	-0.2575	1.14	2.38	0.8639	0.1175	1.66	2.01	1.77	-0.2377	14.09	1.06	-215.13
Ebit margin, %						0.2694	3.49	4.37	3.88	-0.551		2.29	-215.39
Рентаб EBITDA, %	5.68	-0.26	1.92	5.02	3.76	3.37	6.16	7.11	6.69	2.44	13.98	5.15	-6.25
Чистая рентаб, %	4.28	1	0.54	3.04	4.52	0.2802	1.97	3.27	3.96	-0.5632	6.75	1.78	-214.98
Operation Margin, %					3.26	-1.23	2.87	4.3	3.93	-0.4572	8.85	1.88	-17.96

	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	11.09	7.94	10.13	7.21	8.22	7.52			7.71	83.01	8.20	-1.08
P/BV	0.7322	0.6407	0.5736	0.5685	0.6371	0.5834			0.5979	68.03	0.6007	-1.86
P/S	0.1943	0.1788	0.1672	0.1663	0.199	0.1895			0.1943	67.55	0.1802	1.17
P/FCF						11.45	-41.25	-41.25	-41.25	46.22	-23.6833	-253.30
E/P						0.1146	0.123	0.123	0.123	0.64	0.1202	2.39
EV/EBIT		15.67	13.34	10.84	11.01	8.06	12.94	12.94	12.94		11.16	3.61
EV/EBITDA	6.85	6.42	5.6	4.81	5.47	4.75			6.18	76.43	5.41	-5.85
EV/S		0.4004	0.3743	0.3136	0.3232	0.3175	0.3252	0.3252	0.3252	67.57	0.3209	0.73
EV/FCF		-26.58	19.61	7.04	17.55	-63.94	-65.48	-65.48	-65.48	18.47	-34.0620	-256.21
Debt/EBITDA	5.05	5.24	4.67	3.92	3.93	3.33	4.17	4.17	4.17	2.58	3.90	1.24
Netdebt/Ebitda		3.55	3.1	2.26	2.1	1.91	2.49	2.49	2.49	0.06	2.25	1.96
Debt/Ratio		0.3641	0.3575	0.3173	0.2894	0.285	0.2807	0.2807	0.2807	0.16	0.2906	-2.42
Debt/Equity		1.21	1.11	0.9093	0.7572	0.6989	0.6295	0.6295	0.6295	34.64	0.7249	-7.09
Debt/Net Income		14.75	19.24	11.31	9.6	8.84	8.71	8.71	8.71	5.13	9.43	-5.09
PEG								-0.0262	-0.0262		-0.0262	0.00
Бета						-0.337	1.92	-0.6805	-0.6805	17.07	0.3008	26.40
Индекс Альтмана						3.56	3.47	3.45	3.45	7.75	3.49	-1.04

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	7.39	7.65	9.7	8.67	8.73	8.71	9.21	7.52	8.4	9.22				83.01	8.61	1.14
P/BV		0.5655	0.7374	0.6719	0.6335	0.6355	0.6292	0.5838	0.6371	0.6284	0.6563			68.03	0.6270	0.85
P/S		0.1736	0.2263	0.2099	0.1956	0.202	0.1983	0.1895	0.2157	0.2219	0.2251			67.55	0.2101	2.57
EV/EBIT							536.92	36.64	33.7	36.27	-267.06				75.29	-186.96
EV/EBITDA		8.86	11.86	10.22	10.75	33.56	5.37	4.79	5.51	6.09	6.34			76.43	5.62	3.38
EV/S						1.26	1.45	1.28	1.47	1.41	1.47			67.57	1.42	0.27
EV/FCF						23.53	23.3	23.85			44.79			18.47	28.87	17.46
Debt/EBITDA	17.73	15.64		44.88	17.17	22.6	28.99	14.48	13.75	14.3	39.75			2.58	22.25	6.52
Netdebt/Ebitda						12.47	17	8.46	8.57	7.98	22.16			0.06	12.83	5.44
Debt/Ratio						0.283	0.2928	0.2865	0.2996	0.2912	0.2894			0.16	0.2919	-0.23
Debt/Equity						0.6935	0.7183	0.7027	0.7341	0.7006	0.6982			34.64	0.7108	-0.57
Debt/Net Income						18.8	348.97	45.34	29.86	24.14	-172.39			5.13	55.18	-186.84
Бета												-1.27	-0.6805	17.07	-0.9752	-26.80
Индекс Альтмана												3.45	3.45	7.75	3.45	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		1.26	1.25	1.38	1.32	1.59	1.84					1.48	8.04
Дивиденд	7	18	19	10	20	16.54	24	26	30	30		23.31	8.45
Див доход, ао, %	2.69	2.93	4.54	3.24	3.71	3.84	5.02	3.9	5.33	5.1	4.14	4.36	7.52
Дивиденды / прибыль, %			34.38	25.96	39.56	25.09	28.05	30.2		30.2	37.59	29.77	3.07

	2022Q2	2022Q4	2023Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.87	1.59	0.984	0.853		1.07	-0.49
Дивиденды / прибыль, %	34.01	480.12	35.18	-263.27	37.59	71.51	-266.80

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	3930	3932	0.03

	CAGR 5

	CAGR 5