TSE: 3837 - Ad-Sol Nissin Corporation

Yield per half year: +10.26%
Dividend yield: +7.12%
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	4.68	4.17	4.17	12.78	-24.67
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
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	3.86	4.18	5.12	4.97	5.84	4.79	8.63
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
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	103.72		103.72	92.09	3.32
Цена акции ао					1353	1558	2014	2177	2177	1775.50	12.63
Число акций ао, млн		9.28	9.36	9.39	9.39	9.42	9.44		9.44	9.40	0.17
FCF/акцию	76.56	-14.71	123.76	17.51	171.36	94.57	81.87		81.87	97.81	-7.93

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	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	2177.00	0.00
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	11.29	15.73	-6.16
ROA, %	9.35	10.74	11.56	11.41	9.68	9.67	10.02		10.02	7.14	10.47	-2.82
ROIC, %			23.48	22.92						13.80	23.20	-1.20
ROS, %			6.19	6.65	6.41	6.55	6.95	6.95	6.95	8.63	6.70	0.89
ROCE, %	19.27	20.56	22.28	21.03	16.93	16.79	18.19	19.71	19.71	15.43	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	17.19	10.69	1.49
Чистая рентаб, %	5.03	5.64	6.19	6.65	6.41	6.55	6.95		6.95	8.63	6.55	2.34
Operation Margin, %			9.12	9.51	8.88	9.43	10.21	10.21	10.21	11.36	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		11.29	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		7.14	2.85	0.19
ROS, %				6.5	7.59	8.45	5.37	8.1	7.49	8.46	6.95	8.63	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	15.43	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	17.19	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		8.63	7.57	0.02
Operation Margin, %				9.96	10.79	12.54	7.71	12.17	10.85	12.75	10.21	11.36	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	9.59	8.1		8.1	228.44	18.00	-18.70
P/BV	3.47	3.71	4.13	5.03	2.59	1.21	1.09		1.09	200.61	2.81	-23.39
P/S	1.1	1.22	1.41	1.98	1.26	0.6285	0.5636		0.5636	200.18	1.17	-16.76
P/FCF						17.75	20.46	20.46	20.46	-1.13	19.56	4.85
E/P						0.0532	0.0619	0.0619	0.0619	0.33	0.0590	5.18
EV/EBIT			13.88	18.74	11.11	3.77	2.9	2.9	2.9		7.88	-31.15
EV/EBITDA	11.28	12.26	12.88	17.92	10.26	3.44	2.65		2.65	207.37	9.43	-27.11
EV/S			1.29	1.86	1.03	0.3644	0.2965	0.2965	0.2965	199.92	0.7695	-30.74
EV/FCF			14.84	153.41	7.86	5.25	5.4	5.4	5.4	68.99	35.46	-48.80
Debt/EBITDA	0.2662	0.1528	0.2192	0.0622		0	0	0	0	0.96	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	0.84	0.1599	83.89
Debt/Net Income			0.3548	0.0974		0	0	0	0	2.64	0.2261	-47.61
PEG								0.6029	0.6029		0.6029	0.00
Бета						-0.6455	1.49	-3.93	-3.93	29.06	-1.0285	82.60
Индекс Альтмана						3.82	3.64	3.71	3.71	4.64	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	7.45	8.1	8.34	7.48	8.38			228.44	7.95	2.38
P/BV	2.13	1.93	2.37	2.42	2.33	1.03	1.09	1.21	1.05	1.18			200.61	1.11	2.76
P/S	1.08	0.9856	1.23	1.22	1.2	0.5349	0.5636	0.6138	0.5496	0.6185			200.18	0.5761	2.95
P/FCF												20.46	-1.13	20.46	0.00
E/P												0.0619	0.33	0.0619	0.00
EV/EBIT				41.02	37.39	9.49	14.65	11	11.71	11.81		2.9		10.41	-27.67
EV/EBITDA	10.1	7.88	10.03	8.5	8.52	2.61	2.84	3.13	2.88	3.22			207.37	2.94	4.29
EV/S				3.66	3.65	1.09	1.12	1.37	1.27	1.5		0.2965	199.92	1.11	-23.34
EV/FCF				178.11	179.09	54.8						5.4	68.99	104.35	-58.27
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	0.84	0.3992	0.00
PEG												0.6029		0.6029	0.00
Бета											8.39	-3.93	29.06	2.23	-168.44
Индекс Альтмана											3.71	3.71	4.64	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	39	49	17.5	42.5		30.89	6.22
Див доход, ао, %	1.71	1.12	1.26	1.19	1.02	3.68	3.34	7.62	6.63	7.12	50.44	4.46	45.41
Дивиденды / прибыль, %		34.27	28.84	33.18	34.9	43.73	39.74	37.12		37.12	39.91	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		39.91	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

	2023	2024	CAGR 5
Персонал, чел	603	603	0.00

	CAGR 5

	CAGR 5