TSE: 4689 - Z Holdings Corporation

Yield per half year: +25.37%
Dividend yield: +2.43%
Sector: Consumer Cyclical

Reporting Z Holdings Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥				2 870			3 050	2870.00	0.00
Выручка, млрд ¥	954.71	1 052.94	1 205.85	1 567.42	1 672.38	1 814.66	1 814.66	1462.65	11.50
Чистая прибыль, млрд ¥	78.68	81.68	70.15	77.32	178.87	113.2	113.2	104.24	6.74
EV, млрд ¥	1 115.03	1 711.17	3 160.5	4 614.92	3 064.1	3 408.06	3 408.06	3191.75	14.77
EBIT, млрд ¥	124.22	152.28	162.13	189.5	158.03	219	219	176.19	7.54
EBITDA, млрд ¥	176.72	235.7	302.83	325.25	306.81	382.62	382.62	310.64	10.17
Баланс стоимость, млрд ¥	818.29	771.55	2 682.32	2 684.38	2 919.4	3 037.09	3 037.09	2418.95	31.53
FCF, млрд ¥	64.91	158.15	137.18	-6.32	-55.94	245.47	245.47	95.71	9.19
Операционный денежный поток, млрд ¥	149.96	243.28	207.92	266.31	93.05	316.48	316.48	225.41	5.40
Операционная прибыль, млрд ¥	139.22	152.28	162.13	189.5	314.53	198.38	198.38	203.36	5.43
Операционные расходы, млрд ¥	406.58	476.2	591.96	902.59	1 007.61	1 095.83	1 095.83	814.84	18.14
CAPEX, млрд ¥	85.05	85.13	70.74	272.63	148.99	71.01	71.01	129.70	-3.56

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥	394.34	453.69	68 008.7	430.52	441.28	475.04	467.82	463.09	462.21	503.47	474.33	1.17
Чистая прибыль, млрд ¥	15.07	139.84	-201.15	37.32	56.42	28.71	-9.25	51.53	35.73	40.42	29.43	7.08
EV, млрд ¥	3 417.04	2 826.07	479 234.74	3 044.85	3 612.87	3 965.42	3 281.37	3 523.04	3 782.93	3 493.62	3609.28	-2.50
EBIT, млрд ¥	31.4	-112.65	3 805.71	38.48	52.66	57.15	54.13	63.75	51.56	82.11	61.74	7.52
EBITDA, млрд ¥	66.52	-74.34	10 187.96	80.85	96.24	97.05	91.2	104.12	90.55	121.95	100.97	4.67
Баланс стоимость, млрд ¥	2 766.32	2 917.23	457 706.85	2 942.82	3 006.9	3 031.83	3 037.09	3 077.94	2 932.21	2 994.69	3014.75	-0.25
FCF, млрд ¥	22.4	118.92	-29 709.72	5.93	71.18	175.03	33.74	60.87	148.21	255.37	134.64	7.85
Операционный денежный поток, млрд ¥	63.51	160.76	-24 024.99	32.24	71.18	189.99	41.15	87.34	179.55	283.91	156.39	8.37
Операционная прибыль, млрд ¥	31.4	190.78	3 805.55	59.4	56.73	58.15	39.63	63.75	65.86	82.11	61.90	7.14
Операционные расходы, млрд ¥	230.08	282.48	43 342.63	253.91	262.95	287	291.98	267.31	268.29	286.19	280.15	-0.06
CAPEX, млрд ¥	41.11	41.84	5 684.73	26.31	26.31	14.96	7.41	26.47	31.35	28.54	21.75	13.79

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	546.78	880.1	1 065.73	1 127.52	1 651.85	1 420.43	1 420.43	1229.13	10.05
Short Term Investments ¥	191.26	264.21	448.21	511.49	447.84	81.37	81.37	350.62	-20.99
Total Receivables ¥	581.62	729.04	888.15	844.15	1 216.36	1 467.88	1 467.88	1029.12	15.02
Total Current Assets ¥	1 247.65	1 728.79	2 290.59	2 492.96	3 618.28	4 874.47	4 874.47	3001.02	23.04
Чистые активы, млрд ¥	1 247.65	1 728.79	2 290.59	327.55	435.06		435.06	1205.93	-19.00
Активы, млрд ¥	2 429.6	3 933.91	6 696.68	7 110.39	8 588.72	9 043.97	9 043.97	7074.73	18.12
Short Term Debt ¥	6.8	608.46	533.24	718.36	842.45	785.24	785.24	697.55	5.23
Long Term Debt ¥	208.41	1 076.44	1 349.59	1 432.52	1 681.81	1 882.75	1 882.75	1484.62	11.83
Задолженность, млрд ¥	1 519.08	2 886.09	3 707.08	4 128.19	5 270.82	5 596.98	5 596.98	4317.83	14.16
Чистый долг, млрд ¥	-331.57	206.34	323.84	538.98	261.95	462.32	462.32	358.69	17.51
Долг, млрд ¥	215.21	1 086.44	1 389.56	2 150.88	2 524.27	1 882.75	1 882.75	1806.78	11.62
Расходы на обслуживание долга ¥		22.95	77.11	4.42	5.82		5.82	27.58	-29.04
Чист. проц. доходы, млрд ¥	17.54	25.86	19.91	16.03	44.55		44.55	24.78	20.49
Амортизация, млрд ¥	52.5	83.42	140.7	135.74	148.78	163.62	163.62	134.45	14.42
Себестоимость, млрд ¥		424.46	432.45	497.02	511.13	520.45	520.45	477.10	4.16
Товарно материальные запасы ¥	18.31	20.89	24.67	26.67	31.69	35.03	35.03	27.79	10.89

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥			1 359.02	1 860.29	258 979.16	1 415.68	1 387.31	1 525.73	1 536.51	1 262.74	1 201.7	1 328.2	1370.98	-2.73
Short Term Investments ¥				436.94	10 213.67	430.91	445.72	402.32	81.37	394.26			350.92	-1.76
Total Receivables ¥			818.2	733.31	176 405.18	1 197.08	742.68	787.4	1 278.63	1 492.3	722.75	1 752.92	1206.80	17.36
Total Current Assets ¥			2 756.32	3 699.88	567 278.55	3 386.76	3 470.16	3 778.07	3 201.51	4 802.42	1 957.06	5 291.64	3806.14	6.97
Чистые активы, млрд ¥	2 492.96	2 569.44	2 756.32	393.02	68 209.22	444.38							14874.48	-29.60
Активы, млрд ¥			7 514.71	8 573.82	1 346 550.04	8 450.12	8 699.38	8 983.72	9 412.55	8 968.08	8 884.7	9 451.49	9140.11	1.02
Short Term Debt ¥	149				132 080.94				785.24				44338.39	74.02
Long Term Debt ¥	1 432.52	1 791.95	1 861.71	1 835.88	263 676.48	1 808.67	1 860.44	1 928.64	1 882.75				54231.40	-62.78
Задолженность, млрд ¥			4 444.5	5 256.91	826 365.74	5 111.79	5 294.35	5 555.59	5 965.56	5 504.13	5 557.49	6 043.82	5725.32	1.70
Чистый долг, млрд ¥			502.69	-24.41	41 068.52	392.98	473.13	402.91	346.24	570.8	645.56	491.04	491.31	4.04
Долг, млрд ¥			1 861.71	1 835.88	300 047.68	1 808.67	1 860.44	1 928.64	1 882.75	1 833.54	1 847.25	1 819.24	1862.28	-1.16
Расходы на обслуживание долга ¥	21.8	9.14	7.07	1.54	229.84	1.82	1.66	1.52					47.28	-0.26
Чист. проц. доходы, млрд ¥	2.05		10.73	8.62	2 144.92								541.58	468.74
Амортизация, млрд ¥			35.12	38.31	6 382.25	42.36	43.58	39.9	37.07	40.37	38.99	39.84	39.23	-0.03
Себестоимость, млрд ¥						127.67	125.67	130.9	136.21	132.03	128.06	135.17	132.47	0.64
Товарно материальные запасы ¥			27.99	28.11	4 968.4	32.91	32.37	33.39	35.03	33.31	32.61	34.6	33.79	0.71

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	14.74	16.88	14.02	10.14	23.8	15.04		15.04	15.98	-2.28
Цена акции ао				369.2	499.7	419.4	536.3	536.3	456.15	9.78
Число акций ао, млн	5338.01	4838.71	4838	7622.85	7516.51	7528.07		7528.07	6468.83	9.24
FCF/акцию	12.16	32.68	27.42	-0.829	-7.44	32.61		32.61	16.89	-0.04

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	2.01	18.6	-26.83	4.96	7.5	3.81	-1.23	6.85	4.77	5.65		3.97	8.20
Цена акции ао											536.3	536.30	0.00
FCF/акцию	2.99	15.82	-25.28	0.7891	9.46	23.25	4.5	8.09	19.81	35.67		18.26	8.94

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	8.59	10.27	4.06	2.88	6.38	3.8		3.8	10.02	5.48	-18.03
ROA, %	3.18	2.57	1.32	1.12	2.28	1.28		1.28	5.25	1.71	-13.01
ROIC, %		5.04	2.46	2.5	4.06			4.06	8.22	3.51	-5.26
ROS, %		7.76	5.82	4.93	10.7	6.24	6.24	6.24	5.57	6.79	1.40
ROCE, %	6.18	4.46	2.69	2.9	2.19	3.79	6.35	6.35	12.44	3.58	18.74
Ebit margin, %		14.46	15.05	12.09	9.45	12.07	12.07	12.07		12.15	-4.32
Рентаб EBITDA, %	18.51	22.38	25.11	20.75	18.35	21.09	21.09	21.09	12.42	21.28	-3.43
Чистая рентаб, %	8.24	7.76	5.82	4.93	10.7	6.24		6.24	5.57	7.09	-4.27
Operation Margin, %		14.46	13.44	12.09	18.81	10.93	10.93	10.93	7.96	13.24	-4.05

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	0.5564	5.1	-0.0459	1.27	1.93	0.9697	-0.3093	1.71	1.18	1.34		10.02	0.9781	6.68
ROA, %	0.2042	1.74	-0.015	0.4416	0.658	0.3247	-0.1006	0.5607	0.4002	0.4409		5.25	0.3252	6.31
ROIC, %				1.67	1.16	0.5789	-0.1875	1.9	0.7477	0.8398		8.22	0.7758	7.72
ROS, %				8.67	12.79	6.04	-1.98	11.13	7.73	8.03	6.24	5.57	6.23	-225.81
ROCE, %		-1.64	0.3455	1.15	0.7287	0.785	0.7984	0.9931	0.8023	1.37	6.35	12.44	2.06	51.39
Ebit margin, %					11.93	12.03	11.57	13.77	11.15	16.31	12.07		12.97	0.85
Рентаб EBITDA, %		-16.39	14.98	18.78	21.81	20.43	19.49	22.48	19.59	24.22	21.09	12.42	21.37	1.59
Чистая рентаб, %	3.82	30.82	-0.3	8.67	12.79	6.04	-1.98	11.13	7.73	8.03		5.57	6.19	5.86
Operation Margin, %				13.8	12.86	12.24	8.47	13.77	14.25	16.31	10.93	7.96	12.75	5.23

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	18.39	18.42	40.44	52.72	15.67	26.02		26.02	190.93	30.65	7.15
P/BV	1.59	1.44	0.9488	1.37	0.8446	0.8546		0.8546	150.09	1.09	-9.91
P/S	1.52	1.43	2.35	2.6	1.68	1.62		1.62	149.91	1.94	2.53
P/FCF					-54.52	12.43	12.43	12.43	72.05	-9.8867	-161.09
E/P					0.0586	0.0371	0.0371	0.0371	0.39	0.0443	-14.13
EV/EBIT		11.24	17.43	24.35	19.39	15.56	15.56	15.56		18.46	-2.24
EV/EBITDA	6.31	7.26	10.44	14.19	9.99	8.91		8.91	155.14	10.16	4.18
EV/S		1.63	2.62	2.94	1.83	1.88	1.88	1.88	149.92	2.23	-6.42
EV/FCF		10.82	23.05	-730.32	-54.78	13.88	13.88	13.88	78.98	-146.8580	-9.65
Debt/EBITDA	1.22	4.61	4.59	6.61	8.23	4.92	4.92	4.92	1.74	5.85	1.40
Netdebt/Ebitda		0.8754	1.07	1.66	0.8538	1.21	1.21	1.21	0.13	1.20	2.49
Debt/Ratio		0.4283	0.2812	0.3025	0.2939	0.2082	0.2082	0.2082	0.18	0.2588	-5.83
Debt/Equity		2.18	0.7019	0.8013	0.8647	0.6199	1.62	1.62	0.93	0.9216	18.21
Debt/Net Income		20.63	26.84	27.82	14.11	16.63	16.63	16.63	40.40	20.41	-9.13
PEG							3.6	3.6		3.60	0.00
Бета				0.86	3.13	0.7423	-2.5	-2.5	49.68	0.5581	-230.58
Индекс Альтмана				0	1.72	1.26	1.27	1.27	4.97	1.42	-9.62

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	52.81	39.66	46.32	14.95		13.88	13.5	29.39		23.18	29.53	26.16			190.93	24.35	14.15
P/BV			0.9492	0.8594	0.8423	0.7944	0.9221	1.04	0.8515	0.8523	0.9429	0.8811			150.09	0.9136	-3.26
P/S			1.84	1.73	1.67	1.55	1.78	2	1.62	1.6	1.69	1.64			149.91	1.71	-3.89
P/FCF														12.43	72.05	12.43	0.00
E/P														0.0371	0.39	0.0371	0.00
EV/EBIT							68.6	69.39	60.62	55.27	73.38	42.55		15.56		49.48	-23.81
EV/EBITDA			14	25.36	21.6	37.66	10.81	11.2	8.73	9.07	9.88	8.57			155.14	9.49	-5.21
EV/S						7.07	8.19	8.35	7.01	7.61	8.18	6.94		1.88	149.92	6.32	-23.14
EV/FCF						513.21	50.76	22.66	97.25	57.88	25.52	13.68		13.88	78.98	41.64	-32.25
Debt/EBITDA			27.99		29.45	22.37	19.33	19.87	20.64	17.61	20.4	14.92		4.92	1.74	15.70	-24.93
Netdebt/Ebitda						4.86	4.92	4.15	3.8	5.48	7.13	4.03		1.21	0.13	4.33	-20.46
Debt/Ratio						0.214	0.2139	0.2147	0.2	0.2045	0.2079	0.1925		0.2082	0.18	0.2026	0.81
Debt/Equity						0.6146	0.6187	0.6361	0.6199	0.5957	0.63	0.6075		1.62	0.93	0.8146	21.18
Debt/Net Income						48.47	32.97	67.17	-203.56	35.58	51.7	45.01		16.63	40.40	-10.9280	-160.60
PEG														3.6		3.60	0.00
Бета													-5.6	-2.5	49.68	-4.0500	-33.18
Индекс Альтмана													1.27	1.27	4.97	1.27	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		50.46	45.04	42.19	42.23	43.55	41.88			41.88		42.98	-1.44
Дивиденд	8.86	8.86	8.86	8.86	5.56	5.56	5.56	5.56	7	7		5.85	4.71
Див доход, ао, %	1.73	2.73	2.35	1.41	0.7295	2.08	1.56	2.86	2.43	2.43	3.59	1.93	27.21
Дивиденды / прибыль, %			64.14	55.14	60.15	54.62	24.35	37		37	84.59	46.25	-7.67
Dividend Coverage Ratio									2.7	2.7		2.70	0.00

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд		0.022	0.005	0.3136	41.88	0.027	0.004	0.025	41.71	0.009	0.005			8.35	4.56
Дивиденды / прибыль, %	172.67	0.1459	0.0036		112.23	0.0479	0.0139	-0.2703	80.94	0.0252	0.0124		84.59	16.14	-2.26
Dividend Coverage Ratio												2.7		2.70	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	CAGR 5
Всего задолженность	520.13	663.71				12.96
Персонал, чел			23705	27464	28385	6.19

	CAGR 5

	CAGR 5