Ad-Sol Nissin Corporation

TSE

3837

Stock

Yield per half year: +9.85%
Dividend yield: 4%
Sector: Technology

Reporting Ad-Sol Nissin Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								15.81
Выручка, млрд ¥	11	12.19	13.32	13.52	12.25	12.84	14.08	14.08	13.20	1.12
Чистая прибыль, млрд ¥	0.5535	0.6875	0.8243	0.8986	0.7849	0.8414	0.9792	0.9792	0.8657	3.50
EV, млрд ¥	10.6	13.63	17.19	25.21	12.64	12.35	28.41	28.41	19.16	10.57
EBIT, млрд ¥	0.8535	1.01	1.21	1.29	1.14	1.24	1.44	1.44	1.26	3.54
EBITDA, млрд ¥	0.9391	1.11	1.33	1.41	1.23	1.36	1.58	1.58	1.38	3.50
OIBDA, млрд ¥			1.72	1.82	1.54	1.73	2.04	2.04	1.77	3.47
Баланс стоимость, млрд ¥	3.5	4	4.55	5.33	5.97	6.68	7.29	7.29	5.96	9.89
FCF, млрд ¥	0.7144	-0.1364	1.16	0.1643	1.61	0.8907	0.7729	0.7729	0.9196	-7.80
Операционный денежный поток, млрд ¥	0.8144	0.4363	1.21	0.1874	1.78	1.02	0.805	0.805	1.00	-7.83
Операционная прибыль, млрд ¥	0.8327	1.01	1.21	1.29	1.09	1.21	1.44	1.44	1.25	3.54
Операционные расходы, млрд ¥	1.68	1.81	2.07	2.04	1.94	2.15	2.37	2.37	2.11	2.74
CAPEX, млрд ¥	0.1	0.5727	0.0505	0.0231	0.1727	0.1295	0.0321	0.0321	0.0816	-8.66

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥		3.19	3.23	530.92	3.4	3.44	3.52	3.72	3.75	3.9	3.88	3.75	1.97
Чистая прибыль, млрд ¥		0.2237	0.2639	32.51	0.2206	0.2611	0.2978	0.1997	0.3042	0.292	0.3284	0.2844	1.98
EV, млрд ¥		10.44	9.37	1 956.25	12.44	12.57	10.8	12.34	5.23	5.16	15.12	9.73	6.96
EBIT, млрд ¥		0.3232	0.403	43.47	0.3033	0.3361	0.4066	0.2854	0.4658	0.424	0.4942	0.4152	3.98
EBITDA, млрд ¥		0.3207	0.4182	45.84	0.3382	0.3712	0.4418	0.321	0.5014	0.4595	0.5292	0.4506	3.68
OIBDA, млрд ¥							0.5858	0.4081	0.6542	0.5905	0.6961	0.5869	3.51
Баланс стоимость, млрд ¥		6.25	6.4	1 048.99	6.66	6.92	7.12	7.29	7.33	7.76	7.86	7.47	2.00
FCF, млрд ¥			0.0709	0.0712	0.0698	0.0702	0.0704					0.0705	-0.14
Операционный денежный поток, млрд ¥	1.78	0.2889	0.0709	0.0712	0.0698	0.0702	0.0704					0.0705	-0.14
Операционная прибыль, млрд ¥		0.3232	0.403	43.47	0.3382	0.3712	0.4418	0.2868	0.4569	0.423	0.4952	0.4207	2.31
Операционные расходы, млрд ¥		0.5345	0.4856	87.16	0.6053	0.5709	0.5294	0.6661	0.6335	0.689	0.605	0.6246	2.71
CAPEX, млрд ¥	0.1727	0.1154		0.1295								0.1392	-9.15

	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 ¥	1.79	1.37	1.9	1.68	2.81	3.39	3.76	3.76	2.71	14.63
Short Term Investments ¥		0.03	0.03	0.1886	0.2507	0.2205		0.2205	0.1440	49.02
Total Receivables ¥		2.58	2.81	3.69	2.21	2.66	3.34	3.34	2.94	3.52
Total Current Assets ¥		4.4	4.96	5.49	5.16	6.24	7.24	7.24	5.82	7.86
Чистые активы, млрд ¥	4.51	4.4	4.96	5.49	0.626	0.6118		0.6118	3.22	-32.60
Активы, млрд ¥	6.16	6.65	7.61	8.14	8.07	9.34	10.2	10.2	8.67	6.03
Short Term Debt ¥		0.14	0.205	0.0875	0.022	0.0275	0.4431	0.4431	0.1570	16.67
Long Term Debt ¥		0.03	0.0875						0.0587	70.78
Задолженность, млрд ¥	2.66	2.65	3.06	2.81	2.1	2.66	2.91	2.91	2.71	-1.00
Чистый долг, млрд ¥	-1.54	-1.2	-1.61	-1.59	-2.81	-3.39	-3.76	-3.76	-2.6320	18.49
Долг, млрд ¥	0.25	0.17	0.2925	0.0875					0.2000	-23.08
Расходы на обслуживание долга ¥		0.0013	0.0026	0.0022	0.000346	0.0033		0.0033	0.0019	20.48
Чист. проц. доходы, млрд ¥	0.0000	0	0	0.0000	0.0249	0.0000	0	0.0000	0.0249	0.00
Амортизация, млрд ¥		0.1	0.0954	0.0902	0.0946	0.1178	0.1408	0.1408	0.1078	8.10
Себестоимость, млрд ¥			10.03	10.19	9.22	9.48	10.27	10.27	9.84	0.47
Товарно материальные запасы ¥		0.1893	0.156	0.1061	0.0858	0.1428	0.0056	0.0056	0.0993	-48.59

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				2.86	2.96	532.83	3.65	3.56	3.5	3.76	3.73	3.18	3.45	3.52	-0.29
Short Term Investments ¥							0.4646							0.4646	0.00
Total Receivables ¥				2.39	2.35	418.22	2.39	2.77	2.8	3.34	3.1	3.79	3.28	3.26	3.22
Total Current Assets ¥				5.52	5.63	981.08	6.17	6.44	6.43	7.24	6.96	7.11	6.97	6.94	1.63
Чистые активы, млрд ¥	4.91	5.16	5.37	5.52	0.606	96.13	0.61							21.65	-35.28
Активы, млрд ¥				8.49	8.63	1 467.2	9.17	9.39	9.42	10.4	9.99	10.31	10.21	10.07	1.62
Short Term Debt ¥						4.32				0.4431				2.38	-67.97
Задолженность, млрд ¥				2.24	2.23	418.21	2.51	2.47	2.3	3.11	2.66	2.55	2.35	2.59	0.43
Чистый долг, млрд ¥				-2.86	-2.96	-532.83	-3.65	-3.56	-3.5	-3.76	-3.73	-3.18	-3.45	-3.5240	-0.29
Расходы на обслуживание долга ¥		0	0	0.0000	0	2.38								2.38	0.00
Чист. проц. доходы, млрд ¥	0.0000	0.0127	0	0.0000	0.000645	0.000157		0.000157		0				0.0034	-66.66
Амортизация, млрд ¥				-0.0025	0.0152	2.38	0.0349	0.0351	0.0352	0.0356	0.0356	0.0355	0.035	0.0354	-0.11
Себестоимость, млрд ¥							2.45	2.5	2.55	2.77	2.66	2.79	2.78	2.71	1.74
Товарно материальные запасы ¥				0.1132	0.1535	22.44	0.0191	0.0097	0.0136	0.0056	0.0107	0.02	0.0295	0.0159	16.75

	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	59.32	74.12	88.1	95.72	83.58	89.34	51.86		51.86	81.72	-10.06
Цена акции ао					1353	1558	2014	1115	1115	1510.00	-4.72
Число акций ао, млн		9.28	9.36	9.39	9.39	9.42	18.88		18.88	11.29	15.07
FCF/акцию	76.56	-14.71	123.76	17.51	171.36	94.57	40.94		40.94	89.63	-19.85

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	23.78	28	3449.58	23.41	27.66	31.52	21.14	32.25	31.13	35.6			30.33	2.46
Цена акции ао											2177	1115	1646.00	-28.43
FCF/акцию		7.52	7.55	7.41	7.44	7.45							7.47	-0.19

	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, %	16.7	18.34	19.27	18.18	13.89	13.31	14.02		14.02	11.35	15.73	-6.16
ROA, %	9.35	10.74	11.56	11.41	9.68	9.67	10.02		10.02	7.17	10.47	-2.82
ROIC, %			23.48	22.92						13.58	23.20	-1.20
ROS, %			6.19	6.65	6.41	6.55	6.95	6.95	6.95	8.67	6.70	0.89
ROCE, %	19.27	20.56	22.28	21.03	16.93	16.79	18.19	19.71	19.71	15.41	18.53	-1.29
Ebit margin, %			9.3	9.95	9.29	9.66	10.21	10.21	10.21		9.86	0.52
Рентаб EBITDA, %	8.54	9.12	10.02	10.41	10.06	10.58	11.21	11.21	11.21	17.24	10.69	1.49
Чистая рентаб, %	5.03	5.64	6.19	6.65	6.41	6.55	6.95		6.95	8.67	6.55	2.34
Operation Margin, %			9.12	9.51	8.88	9.43	10.21	10.21	10.21	11.42	9.65	1.43

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	3.78	4.35	3.32	3.44	3.97	4.41	2.89	4.3	4.02	4.4		11.35	4.00	-0.05
ROA, %	2.66	3.08	2.3	2.38	2.81	3.17	2.01	2.98	2.88	3.2		7.17	2.85	0.19
ROS, %				6.5	7.59	8.45	5.37	8.1	7.49	8.46	6.95	8.67	7.27	5.29
ROCE, %		5.84	3.91	4.19	4.54	5.37	3.68	5.9	5.25	6.01	19.71	15.41	8.11	39.88
Ebit margin, %				8.93	9.77	11.54	7.67	12.41	10.88	12.73	10.21		10.78	5.89
Рентаб EBITDA, %		12.96	8.63	9.96	10.79	12.54	8.63	13.36	11.79	13.63	11.21	17.24	11.72	5.37
Чистая рентаб, %	7.02	8.18	6.12	6.5	7.59	8.45	5.37	8.1	7.49	8.46		8.67	7.57	0.02
Operation Margin, %				9.96	10.79	12.54	7.71	12.17	10.85	12.75	10.21	11.42	10.74	5.78

	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	21.93	21.57	22.8	29.83	19.68	18.7	32.86		32.86	228.62	24.77	7.58
P/BV	3.47	3.71	4.13	5.03	2.59	2.36	4.41		4.41	200.63	3.70	1.32
P/S	1.1	1.22	1.41	1.98	1.26	1.23	2.29		2.29	200.20	1.63	10.19
P/FCF						17.75	20.46	20.46	20.46	-0.28	19.56	4.85
E/P						0.0532	0.0619	0.0619	0.0619	0.35	0.0590	5.18
EV/EBIT			13.88	18.74	11.11	9.95	19.77	19.77	19.77		15.87	1.08
EV/EBITDA	11.28	12.26	12.88	17.92	10.26	9.09	18		18	207.40	13.63	6.92
EV/S			1.29	1.86	1.03	0.9614	2.02	2.02	2.02	199.94	1.58	1.66
EV/FCF			14.84	153.41	7.86	13.86	36.76	36.76	36.76	68.94	49.73	-24.85
Debt/EBITDA	0.2662	0.1528	0.2192	0.0622		0	0	0	0	0.95	0.1751	-30.47
Netdebt/Ebitda			-1.2	-1.13	-2.28	-2.5	-2.38	-2.38	-2.38	-0.94	-2.1340	16.06
Debt/Ratio			0.0384	0.0107		0	0	0	0	0.12	0.0245	-47.21
Debt/Equity			0.0642	0.0164		0	0	0.3992	0.3992	0.82	0.1599	83.89
Debt/Net Income			0.3548	0.0974		0	0	0	0	2.64	0.2261	-47.61
PEG								4.89	4.89		4.89	0.00
Бета						-0.6455	1.49	-1.94	-1.94	-34.36	-0.3652	44.31
Индекс Альтмана						3.82	3.64	3.71	3.71	4.55	3.72	-0.97

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	18.36	15.38	18.82	17.58	16.92	14.48	16.43	8.44	7.67	16.77			228.62	12.76	2.98
P/BV	2.13	1.93	2.37	2.42	2.33	2.01	2.21	1.22	1.07	2.36			200.63	1.77	3.26
P/S	1.08	0.9856	1.23	1.22	1.2	1.04	1.14	0.6213	0.5629	1.24			200.20	0.9208	3.58
P/FCF												20.46	-0.28	20.46	0.00
E/P												0.0619	0.35	0.0619	0.00
EV/EBIT				41.02	37.39	26.56	43.24	11.23	12.18	30.6		19.77		23.40	-14.49
EV/EBITDA	10.1	7.88	10.03	8.5	8.52	7.3	8.38	3.2	3	8.35			207.40	6.05	2.72
EV/S				3.66	3.65	3.07	3.32	1.39	1.32	3.9		2.02	199.94	2.39	-9.46
EV/FCF				178.11	179.09	153.47						36.76	68.94	136.86	-32.60
Netdebt/Ebitda				-10.79	-9.6	-7.93	-11.71	-7.43	-6.92	-6.52		-2.38	-0.94	-6.9920	-27.29
Debt/Equity												0.3992	0.82	0.3992	0.00
PEG												4.89		4.89	0.00
Бета											8.39	-1.94	-34.36	3.23	-148.09
Индекс Альтмана											3.71	3.71	4.55	3.71	0.00

	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	0.1897	0.1983	0.2736	0.3136	0.3432	0.3344	0.3635			0.3635		0.3257	5.85
Дивиденд	21	22	30	34	12.94	36	19.5	24.5	17.5	30		22.09	6.22
Див доход, ао, %	1.71	1.12	1.26	1.19	1.02	3.68	1.67	3.81	4.19	4	68.94	2.87	32.65
Дивиденды / прибыль, %		34.27	28.84	33.18	34.9	43.73	39.74	37.12		37.12	38.99	37.73	2.27
Dividend Coverage Ratio									2.69	2.69		2.69	0.00

	2022Q1	2022Q3	2023Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.3432	0.1668	0.3344			0.2815	-0.86
Дивиденды / прибыль, %	205.64	74.56	161.62		38.99	147.27	-7.72
Dividend Coverage Ratio				2.69		2.69	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Выручка, %	0.3791	0.1706	1.41	1.01	0.228	0.228	-9.67
Персонал, чел				603	603		0.00

	CAGR 5

	CAGR 5