TSE: 3865 - Hokuetsu Corporation

Yield per half year: -27.89%
Dividend yield: +2.23%

Reporting Hokuetsu Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								145.05
Выручка, млрд ¥	269.1	275.81	264.62	222.45	261.62	301.2	297.06	297.06	269.39	2.34
Чистая прибыль, млрд ¥	10.33	9.16	8.07	14.17	21.21	8.33	8.4	8.4	12.04	0.80
EV, млрд ¥	228.61	220.97	162.01	180.87	186.18	230.42	483.02	483.02	248.50	24.42
EBIT, млрд ¥	14.11	13.67	16.14	10.69	20.22	17.29	6.71	6.71	14.21	-16.10
EBITDA, млрд ¥	33.31	32.19	34.72	25.3	33.56	29.28	19.73	19.73	28.52	-10.69
Баланс стоимость, млрд ¥	191.27	192.21	180.26	194.8	216.33	225.3	251.73	251.73	213.68	6.91
FCF, млрд ¥	5.11	5.13	28.12	7.4	6.49	-11.48	7.77	7.77	7.66	-22.68
Операционный денежный поток, млрд ¥	19.74	21.63	43.97	23.76	20.19	1.75	22.32	22.32	22.40	-12.68
Операционная прибыль, млрд ¥	11.41	10.13	16.14	10.69	20.46	17.29	15.27	15.27	15.97	-1.10
Операционные расходы, млрд ¥	40.84	41.01	40.27	36.77	40.67	46.73	44.88	44.88	41.86	2.19
CAPEX, млрд ¥	14.63	16.5	15.86	16.36	13.7	13.23	14.55	14.55	14.74	-1.71

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥		70.34	79.52	13 434.04	75.27	74.9	75.15	71.73	74.24	75.12	80.16	75.28	1.30
Чистая прибыль, млрд ¥		-1.73	1.96	691.64	6.32	3.08	-2.12	1.11	2.36	3.92	5.2	2.09	-219.66
EV, млрд ¥		205.3	221.61	36 362.86	226.79	261.57	313.19	481.32	270.68	335.51	334.96	347.13	1.35
EBIT, млрд ¥		0.34	3.6	1 207.31	8.67	4.61	-1.26	-5.3	3.06	5.95	6.08	1.71	-237.00
EBITDA, млрд ¥		-0.905	2.51	722.59	11.79	7.8	2.07	-1.93	6.31	9.27	9.33	5.01	35.14
Баланс стоимость, млрд ¥		220.79	220.85	35 398.89	232.67	244.97	243.04	251.73	256.59	263.24	256.38	254.20	1.07
FCF, млрд ¥			1 001.42	5.39	6.23	6.39	6.66					205.22	-63.31
Операционный денежный поток, млрд ¥	20.19	-2.54	1 001.42	5.39	6.23	6.39	6.66					205.22	-63.31
Операционная прибыль, млрд ¥		0.34	3.6	1 207.31	7.17	4.93	-1.21	4.38	3.06	5.95	6.08	3.65	-238.11
Операционные расходы, млрд ¥		11.2	12.23	2 051.35	10.37	11.48	11.77	11.27	11.98	12.13	12.6	11.95	1.37
CAPEX, млрд ¥	12.92	5.36		12.52								10.27	-1.04

	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 ¥	14.32	15.2	21.38	29.85	30.28	18.06	22.14	22.14	24.34	0.70
Short Term Investments ¥		5.98	4.8	6.15	5.4	10.22		10.22	6.51	11.31
Total Receivables ¥		73.88	50.08	49.65	67.88	84.58	85.81	85.81	67.60	11.37
Total Current Assets ¥		150.1	137.68	140.02	160.31	170.78	179.88	179.88	157.73	5.49
Чистые активы, млрд ¥	145.99	150.1	137.68	140.02	115.38	117.06		117.06	132.05	-4.85
Активы, млрд ¥	367.24	368.08	344.73	363.08	376.96	388.44	415.63	415.63	377.77	3.81
Short Term Debt ¥		38.58	29.27	44.67	45.35	38.77	35.05	35.05	38.62	3.67
Long Term Debt ¥		73.5	80.2	70.77	55.06	66.37	69.72	69.72	68.42	-2.76
Задолженность, млрд ¥	175.27	175.22	163.87	167.66	159.99	162.5	163.23	163.23	163.45	-0.08
Чистый долг, млрд ¥	95.99	96.87	88.09	85.59	70.14	87.07	84.02	84.02	82.98	-0.94
Долг, млрд ¥	110.31	112.07	109.47	115.44	100.41	105.13	106.16	106.16	107.32	-0.61
Расходы на обслуживание долга ¥		0.773	0.654	0.437	0.393	0.796	0.841	0.841	0.6242	5.16
Чист. проц. доходы, млрд ¥	0.092	0.082	0.093	0.026	8.02	5.4	0.788	5.4	2.87	53.32
Амортизация, млрд ¥		18.52	18.58	14.61	13.35	12	13.02	13.02	14.31	-6.86
Себестоимость, млрд ¥			213.14	183.98	200.49	237.19	236.91	236.91	214.34	2.14
Товарно материальные запасы ¥		54.94	54.35	47.46	56.41	63.67	67.21	67.21	57.82	4.34

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				29.41	24.11	2 838.05	26.52	25.54	33.17	22.14	24.54	28.48	21.97	26.06	-7.91
Short Term Investments ¥						1 095.12	12.16				18.82			375.37	-74.19
Total Receivables ¥				64.94	79.56	11 913.91	79.01	88.79	87.31	85.81	87.45	77.61	91.67	85.97	0.98
Total Current Assets ¥				173.67	185.14	26 832.1	180.7	187.83	190.37	179.88	185.76	179.78	185.95	184.35	-0.47
Чистые активы, млрд ¥	151.28	160.31	162.3	173.67	185.14	18 392.42	117.24							3806.15	-6.30
Активы, млрд ¥				396.53	401.31	61 032.17	401.69	415.78	419.86	415.63	423.9	417.77	419.86	419.40	0.00
Short Term Debt ¥				46.76	42.45	6 090.74	43.59	23.5	37.37	33.6	38.91	35.6	38.21	36.74	0.45
Long Term Debt ¥		55.06	55.43	62.26	71.69	10 427.24	63.99	81.2	75.1	69.72				2143.45	-63.27
Задолженность, млрд ¥				175.04	179.74	25 531.31	168.34	170.21	176.18	163.22	166.58	153.86	162.8	164.53	-1.57
Чистый долг, млрд ¥				79.61	90.03	13 679.93	81.07	79.16	79.3	82.22	83.01	64.59	77.6	77.34	-0.43
Долг, млрд ¥				109.01	114.14	16 517.98	107.58	104.7	112.47	104.36	107.54	93.07	99.57	103.40	-2.41
Расходы на обслуживание долга ¥		0.1	0.138	0.195	0.277	29.22	0.185	0.201	0.23	0.225	0.177			0.2036	-0.88
Чист. проц. доходы, млрд ¥	0.008	3.35	0.013	0.021	0.018	453.29	20.27	27.02	39.28	0.237				108.02	-77.94
Амортизация, млрд ¥				-1.24	-3.1	-484.71	3.12	3.19	3.33	3.38	3.25	3.32	3.25	3.31	-0.49
Себестоимость, млрд ¥							57.74	58.5	64.59	56.09	59.21	57.04	61.48	59.68	-0.98
Товарно материальные запасы ¥				66.83	67.75	10 003.02	69.74	70.19	65.57	67.21	68.51	69.49	67.56	67.67	0.60

	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	53.42	47.73	40.95	83	126.09	49.48	49.89		49.89	69.88	4.03
Цена акции ао					762	1417	1529	1097	1097	1201.25	9.54
Число акций ао, млн		191.81	197.12	170.75	168.18	168.25	168.28		168.28	174.52	-3.11
FCF/акцию	26.43	26.72	142.63	43.36	38.6	-68.25	46.17		46.17	40.50	-20.20

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	-10.3	11.67	4110.54	37.58	18.32	-12.58	6.59	14.04	23.28	30.89			12.44	-219.68
Цена акции ао											1284	1097	1190.50	-7.57
FCF/акцию		37.94	32.01	37.04	37.98	39.63							36.92	0.88

	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, %	5.56	4.77	4.33	7.56	10.32	3.77	3.52		3.52	8.25	5.90	-4.06
ROA, %	2.83	2.49	2.26	4	5.73	2.18	2.09		2.09	4.23	3.25	-1.55
ROIC, %			3.54	5.33	8.08	3.44			3.44	6.99	5.10	-0.71
ROS, %			3.05	6.37	8.11	2.76	2.83	2.83	2.83	9.07	4.58	-14.98
ROCE, %	5.11	4.82	5.91	3.84	7.09	5.71	2.01	2.66	2.66	11.00	4.26	-7.08
Ebit margin, %			4.24	0.7656	7.73	5.74	2.26	2.26	2.26		3.75	24.17
Рентаб EBITDA, %	12.38	11.67	13.12	11.37	12.83	9.72	6.64	6.64	6.64	17.45	9.44	-10.20
Чистая рентаб, %	3.84	3.32	3.05	6.37	8.11	2.76	2.83		2.83	9.07	4.62	-1.49
Operation Margin, %			4.24	0.7647	7.82	5.74	5.14	5.14	5.14	13.39	4.92	46.38

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	-0.7969	0.8973	2	2.83	1.35	-0.9054	0.4625	0.9602	1.56	2.04		8.25	0.8235	-217.64
ROA, %	-0.4442	0.4923	1.11	1.6	0.7535	-0.5064	0.2655	0.5629	0.931	1.24		4.23	0.4986	-219.61
ROS, %				8.4	4.11	-2.82	1.55	3.18	5.22	6.49	2.83	9.07	3.85	12.80
ROCE, %		1.22	2.56	2.84	1.46	-0.3921	-1.61	0.9097	1.78	1.82	2.66	11.00	1.11	-210.56
Ebit margin, %				11.52	6.15	-1.68	-7.39	4.11	7.92	7.58	2.26		2.90	-178.90
Рентаб EBITDA, %		3.16	5.38	15.66	10.41	2.76	-2.68	8.5	12.34	11.64	6.64	17.45	7.29	-219.90
Чистая рентаб, %	-2.46	2.47	5.15	8.4	4.11	-2.82	1.55	3.18	5.22	6.49		9.07	2.72	-218.14
Operation Margin, %				9.52	6.58	-1.6	6.1	4.11	7.92	7.58	5.14	13.39	6.17	-3.37

	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	12.84	13.56	9.16	6.72	5.47	17.22	47.52		47.52	130.52	17.22	38.99
P/BV	0.6908	0.6435	0.4087	0.4876	0.5348	0.6344	1.58		1.58	113.66	0.7291	31.05
P/S	0.4928	0.45	0.2793	0.4283	0.4436	0.4759	1.34		1.34	113.72	0.5934	36.84
P/FCF						-12.64	18.67	18.67	18.67	9.43	8.23	-213.88
E/P						0.0574	0.0579	0.0579	0.0579	0.54	0.0577	0.29
EV/EBIT			14.08	105.36	9.21	13.33	71.95	71.95	71.95		54.36	-7.34
EV/EBITDA	6.86	6.86	4.67	7.15	5.55	7.87	24.48		24.48	139.65	9.94	39.28
EV/S			0.5965	0.8066	0.7117	0.765	1.63	1.63	1.63	113.14	1.11	15.11
EV/FCF			5.61	24.24	28.68	-20.06	62.17	62.17	62.17	125.86	31.44	20.73
Debt/EBITDA	3.31	3.48	3.15	4.56	2.99	3.59	5.38	5.38	5.38	-3.70	4.38	3.36
Netdebt/Ebitda			2.54	3.38	2.09	2.97	4.26	4.26	4.26	22.55	3.39	4.74
Debt/Ratio			0.3176	0.3179	0.2664	0.2706	0.2554	0.2554	0.2554	0.16	0.2731	-4.28
Debt/Equity			0.6073	0.5926	0.4642	0.4666	0.4217	0.6467	0.6467	4.48	0.5184	1.76
Debt/Net Income			13.56	8.15	4.74	12.63	12.64	12.64	12.64	21.02	10.16	9.17
PEG								-0.2757	-0.2757		-0.2757	0.00
Бета						8.75	-2.79	3.4	3.4	-70.22	3.12	-27.03
Индекс Альтмана						2.33	2.27	2.23	2.23	7.67	2.28	-1.45

	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	4.11	6.72		51.37	17.35	13.3	11.58		47.52	42.29	51.39	20.44			130.52	34.64	12.04
P/BV			0.5675	0.5938	0.6389	0.6245	0.7428	0.9598	1.58	0.7294	1.03	1			113.66	1.06	0.82
P/S			0.4627	0.4642	0.4792	0.469	0.5791	0.7527	1.34	0.6336	0.9145	0.8543			113.72	0.8990	2.56
P/FCF														18.67	9.43	18.67	0.00
E/P														0.0579	0.54	0.0579	0.00
EV/EBIT						26.16	56.79	-248.76	-90.75	88.6	56.39	55.13		71.95		36.26	-195.46
EV/EBITDA			10.25	15.38	18.86	7.72	7.4	10.55	24.39	18.99	21.34	14.58			139.65	17.97	6.68
EV/S						3.01	3.49	4.17	6.71	3.65	4.47	4.18		1.63	113.14	4.13	-24.65
EV/FCF						36.39	40.96	47						62.17	125.86	46.63	14.33
Debt/EBITDA				45.47	22.86	9.13	13.42	54.25	-54.18	17.04	10.04	10.67		5.38	-3.70	-2.2100	-163.01
Netdebt/Ebitda						6.88	10.15	38.26	-42.69	13.16	6.97	8.32		4.26	22.55	-1.9960	-163.07
Debt/Ratio						0.2678	0.2518	0.2679	0.2511	0.2537	0.2228	0.2372		0.2554	0.16	0.2440	0.34
Debt/Equity						0.4624	0.4274	0.4628	0.4146	0.4191	0.3536	0.3884		0.6467	4.48	0.4445	9.30
Debt/Net Income						17.01	33.99	-53.15	94.1	45.51	23.75	19.15		12.64	21.02	39.03	-33.07
PEG														-0.2757		-0.2757	0.00
Бета													3.88	3.4	-70.22	3.64	-6.39
Индекс Альтмана													2.23	2.23	7.67	2.23	0.00

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	2.27	2.27	2.27	2.19	2.35	4.38	3.04			3.04		2.85	6.02
Дивиденд	12	12	12	13	5.03	16	18	20	11	22		14.01	16.94
Див доход, ао, %	1.9	2.09	2.09	3.59	0.9044	3.05	2.49	1.85	2.61	2.23	4.22	2.18	23.61
Дивиденды / прибыль, %		22.01	24.83	28.17	15.45	11.09	52.61	36.15		36.15	39.77	28.69	5.11
Dividend Coverage Ratio									2.77	2.77		2.77	0.00

	2022Q1	2022Q3	2023Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	2.35	2.86	4.38			3.20	23.07
Дивиденды / прибыль, %			99.5		39.77	99.50	0.00
Dividend Coverage Ratio				2.77		2.77	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	4163	4163	0.00

	CAGR 5

	CAGR 5