TSE: 4475 - Hennge K.K.

Yield per half year: +24.1%
Dividend yield: +0.28%
Sector: Technology

Reporting Hennge K.K.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								28.15
Выручка, млрд ¥	2.83	3.43	4.15	4.84	5.65	6.78	8.36	8.36	5.96	15.04
Чистая прибыль, млрд ¥	0.1233	0.1099	0.355	0.2238	0.3212	0.5088	0.8274	0.8274	0.4472	18.44
EV, млрд ¥	-1.8	-1.87	53.08	43.14	24.9	29.46	28.14	28.14	35.74	-11.92
EBIT, млрд ¥	0.1896	0.1872	0.5386	0.3801	0.4623	0.7077	1.01	1.01	0.6197	13.40
EBITDA, млрд ¥	0.2242	0.2157	0.6179	0.4439	0.5014	0.7436	1.05	1.05	0.6714	11.19
Баланс стоимость, млрд ¥	0.5835	0.6913	1.82	1.84	2.09	2.42	2.99	2.99	2.23	10.44
FCF, млрд ¥	0.5222	0.1897	0.661	0.5052	0.7482	1.14	1.87	1.87	0.9849	23.12
Операционный денежный поток, млрд ¥	0.536	0.227	0.7742	0.5269	0.7767	1.23	1.93	1.93	1.05	20.04
Операционная прибыль, млрд ¥	0.2021	0.1872	0.5386	0.3801	0.4623	0.7077	1.01	1.01	0.6197	13.40
Операционные расходы, млрд ¥	2	2.63	2.88	3.64	4.31	4.97	6.02	6.02	4.36	15.89
CAPEX, млрд ¥	0.0139	0.0373	0.1131	0.0217	0.0285	0.0886	0.0614	0.0614	0.0627	-11.50

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥	1.39	1.44	1.5	1.55	1.65	1.74	1.84	1.92	1.98	2.17	1.93	4.52
Чистая прибыль, млрд ¥	0.1014	0.0846	0.009	0.046	0.1068	0.2029	0.153	0.2563	0.165	0.3027	0.2160	8.33
EV, млрд ¥	32.56	25.9	24.89	28.5	20.54	22.87	29.42	34.46	36.61	25.07	29.69	1.85
EBIT, млрд ¥	0.1554	0.128	-0.0153	0.094	0.1745	0.2802	0.1397	0.3774	0.2555	0.2649	0.2635	-1.12
EBITDA, млрд ¥	0.1554	0.128	-0.0153	0.094	0.1745	0.2894	0.1497	0.385	0.2634	0.2766	0.2728	-0.90
Баланс стоимость, млрд ¥	2.04	2.08	2.09	1.87	2.01	2.23	2.42	2.67	2.89	2.88	2.62	5.25
FCF, млрд ¥				0.0157	0.0177	0.0184	0.0201	0.0151			0.0174	-0.78
Операционный денежный поток, млрд ¥	-0.0476		0.7767	0.0157	0.0177	0.0184	0.0201	0.0151			0.0174	-0.78
Операционная прибыль, млрд ¥	0.1554	0.128	-0.0153	0.094	0.1745	0.2894	0.1497	0.385	0.2634	0.2688	0.2713	-1.47
Операционные расходы, млрд ¥	1.03	1.1	1.28	1.18	1.2	1.18	1.41	1.22	1.4	1.55	1.35	5.61
CAPEX, млрд ¥	0.0159		0.0285		0.0336						0.0260	28.33

	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 ¥	1.8	1.87	2.87	3.39	4.05	4.59	6.33	6.33	4.25	17.14
Total Receivables ¥	0.082	0.237	0.2981	0.125	0.1153	0.17	0.1869	0.1869	0.1791	-8.91
Total Current Assets ¥	2.11	2.12	3.17	3.74	4.54	5.12	6.92	6.92	4.70	16.90
Чистые активы, млрд ¥	2.11	2.12	3.17	3.74	0.16	4.06		0.16	2.65	13.88
Активы, млрд ¥	2.32	2.6	4.24	4.49	5.21	6.29	8.29	8.29	5.70	14.35
Short Term Debt ¥		-1.36	-1.61	-1.93	2.31	2.79		2.79	0.0400	-215.46
Задолженность, млрд ¥	1.73	1.91	2.42	2.65	3.11	3.88	5.3	5.3	3.47	16.97
Чистый долг, млрд ¥	-1.8	-1.87	-2.87	-3.39	-4.05	-4.59	-6.33	-6.33	-4.2460	17.14
Расходы на обслуживание долга ¥	0.000295	0.0097	0.0632	0.0509	0.0000	0.002		0.0000	0.0252	46.64
Чист. проц. доходы, млрд ¥	0.000295	0.000453	0.0013	0.0000	0.0000	0.0001		0.0001	0.0005	-23.70
Амортизация, млрд ¥	0.0346	0.0285	0.0792	0.0638	0.0391	0.0359	0.04	0.04	0.0516	-12.77
Себестоимость, млрд ¥		0.6051	0.7353	0.8217	0.8745	1.1	1.33	1.33	0.9723	12.58
Товарно материальные запасы ¥	0.000227	0.000269	0.0000	0.2163	0.3645	0.331		0.331	0.1825	329.30

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥		3.24	4.02	4.05	3.11	3.43	4.63	4.59	4.1	4.36	5.92	4.72	5.04
Short Term Investments ¥					0.000345	0.000115	0.000338		0.000196	0.000467		0.0003	6.24
Total Receivables ¥		0.137	0.106	0.115	0.129	0.1424	0.1305	0.17	0.1588	0.1872	0.2297	0.1752	11.97
Total Current Assets ¥		3.92	4.61	4.54	4.06	4.24	5.29	5.12	4.96	5.07	6.53	5.39	4.30
Чистые активы, млрд ¥	3.66	3.92	4.61	4.54	4.06	0.1798	0.1725					2.71	-48.17
Активы, млрд ¥		4.67	5.26	5.21	4.69	4.99	6.1	6.29	6.17	6.46	7.86	6.58	5.20
Short Term Debt ¥					-2.17	2.18	3.12	2.79	2.69	0.2482	0.239	1.82	-40.18
Задолженность, млрд ¥		2.63	3.18	3.11	2.82	2.98	3.88	3.88	3.49	3.58	4.98	3.96	5.12
Чистый долг, млрд ¥		-3.24	-4.02	-4.05	-3.11	-3.43	-4.63	-4.59	-4.1	-4.36	-5.92	-4.7200	5.04
Расходы на обслуживание долга ¥		0.0023	0.000352	0.0000	0.0000	0.0071						0.0033	45.61
Чист. проц. доходы, млрд ¥				0.0000	0.0000	0.0000	0.0000	0.0000	0.0001	0.0000		0.0001	0.00
Амортизация, млрд ¥			0.000352	0.0001	0	0	0.0092	0.0101	0.0076	0.0079	0.0117	0.0093	4.93
Себестоимость, млрд ¥							0.2745	0.2774	0.306	0.3187	0.3426	0.3038	4.53
Товарно материальные запасы ¥					0.8157	0.6666	0	0.331			0.3653	0.5446	-18.20

	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	1068.84	3.57	10.94	6.89	9.88	15.75	25.69		25.69	13.83	18.62
Цена акции ао					942	1207	1252	1434	1434	1208.75	11.08
Число акций ао, млн	0.1154	30.78	32.43	32.49	32.5	32.3	32.21		32.21	32.39	-0.14
FCF/акцию	4525.34	6.17	20.38	15.55	23.02	35.26	58		58	30.44	23.27

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	5 quarters average	CAGR 5
EPS	3.12	2.61	0.2775	1.42	3.31	6.29	4.74	7.94	5.09	9.4		6.69	8.37
Цена акции ао											1434	1434.00	0.00
FCF/акцию				0.4848	0.5471	0.5703	0.6238	0.4681				0.5388	-0.70

	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, %	23.85	17.24	28.25	12.22	16.33	22.58	30.63		30.63	10.89	22.00	1.63
ROA, %	6.05	4.47	10.37	5.13	6.62	8.85	11.35		11.35	6.93	8.46	1.82
ROS, %		3.21	8.55	4.62	5.69	7.51	9.89	9.89	9.89	8.40	7.52	16.44
ROCE, %	29.33	22.9	26.75	19.57	21.04	28.29	31.79	33.98	33.98	15.06	26.93	11.67
Ebit margin, %		5.46	11.83	7.85	8.19	10.44	12.13	12.13	12.13		10.15	9.09
Рентаб EBITDA, %	7.91	6.29	14.88	9.16	8.88	10.98	12.61	12.61	12.61	17.05	10.85	6.60
Чистая рентаб, %	4.35	3.21	8.55	4.62	5.69	7.51	9.89		9.89	8.40	7.25	2.95
Operation Margin, %		5.46	12.97	7.85	8.19	10.44	12.13	12.13	12.13	11.21	10.15	9.09

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	5.49	4.38	0.4496	2.27	5.3	9.99	7.33	11.5	6.76	11.5	10.89	9.42	2.86
ROA, %	2.24	1.7	0.1723	0.9305	2.21	3.66	2.47	4.11	2.61	4.23	6.93	3.42	2.94
ROS, %						11.65	8.32	13.38	8.34	13.97	8.40	11.13	3.70
ROCE, %	7.79	6.19	-0.7163	4.44	8.27	13.06	6.28	15.54	9.6	9.28	15.06	10.75	-6.61
Ebit margin, %						16.09	7.6	19.71	12.9	12.23		13.71	-5.34
Рентаб EBITDA, %	11.2	8.86	-1.02	6.08	10.59	16.62	8.14	20.1	13.3	12.77	17.05	14.19	-5.13
Чистая рентаб, %	7.31	5.86	0.6	2.98	6.48	11.65	8.32	13.38	8.34	13.97	8.40	11.13	3.70
Operation Margin, %						16.62	8.14	20.1	13.3	12.41	11.21	14.11	-5.67

	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			157.61	207.91	90.16	66.91	41.66		41.66	229.98	112.85	-23.37
P/BV			30.71	25.25	13.84	14.1	11.54		11.54	200.58	19.09	-17.78
P/S			13.47	9.61	5.13	5.02	4.12		4.12	200.20	7.47	-21.09
P/FCF						37.62	24.72	15.07	15.07	-3.43	25.80	-26.28
E/P						0.0114	0.0181	0.0294	0.0294	0.33	0.0196	37.13
EV/EBIT		-10.01	108.08	113.54	53.86	41.63	27.73	27.73	27.73		52.90	-24.57
EV/EBITDA	-8.05	-8.69	85.9	97.21	49.66	39.61	26.67		26.67	208.12	59.81	-20.86
EV/S		-0.5469	12.78	8.91	4.41	4.35	3.36	3.36	3.36	199.94	4.88	-17.72
EV/FCF		-9.88	80.29	85.43	33.28	25.86	15.06	15.06	15.06	66.89	34.94	-29.33
Debt/EBITDA						0	0	0	0	1.02
Netdebt/Ebitda		-8.69	-4.65	-7.64	-8.08	-6.17	-6	-6	-6	-0.99	-6.7780	-4.72
Debt/Ratio						0	0	0	0	0.12
Debt/Equity						0	0	0	0	12.72
Debt/Net Income						0	0	0	0	2.21
PEG								3.28	3.28		3.28	0.00
Бета						3.56	1.61	-0.0807	-0.0807	52.59	1.70	-128.30
Индекс Альтмана						7.77	6.65	5.43	5.43	4.75	6.62	-11.26

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	75.91	77.53	90.13	131.34	97.59	75.41	66.86	53.59	52.5	35.42			229.98	56.76	-14.03
P/BV	17.55	14.38	13.84	16.9	11.95	12.35	14.08	14.44	14.19	10.77			200.58	13.17	-2.70
P/S	6.83	5.48	5.13	5.38	3.92	4.28	5.02	5.39	5.46	3.93			200.20	4.82	-1.69
EV/EBIT						81.6	210.69	91.3	143.29	94.64				124.30	3.01
EV/EBITDA	45.39	43.48	54.82	78.71	53.88	41.28	41.58	34.5	33.66	23.33			208.12	34.87	-10.79
EV/S						13.13	16.01	17.99	18.49	11.58			199.94	15.44	-2.48
EV/FCF						1242.56	1461.88	2279.19					66.89	1661.21	22.41
Netdebt/Ebitda						-15.99	-30.63	-10.66	-16.55	-21.39			-0.99	-19.0440	5.99
Бета											-1.26	-0.0807	52.59	-0.6704	-74.69
Индекс Альтмана											5.43	5.43	4.75	5.43	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual

	2024	LTM	Industry average	5 year average	CAGR 5
Дивиденд	3	3		3.00	0.00
Див доход, ао, %	0.2775	0.2775	66.41	0.2775	0.00
Дивиденды / прибыль, %		0	38.64

	Industry average	5 quarters average	CAGR 5

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	243	283	7.92

	CAGR 5

	CAGR 5