TSE: 6465 - Hoshizaki Corporation

Yield per half year: +14.8%
Dividend yield: +3.42%
Sector: Industrials

Reporting Hoshizaki Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							753.77
Выручка, млрд ¥	292.77	290.14	238.31	274.42	321.34	373.56	373.56	299.55	5.18
Чистая прибыль, млрд ¥	25.72	24.44	11.44	21.68	23.98	32.84	32.84	22.88	6.09
EV, млрд ¥	279.46	490.27	468.61	385.74	449.65	491.97	522.17	457.25	0.07
EBIT, млрд ¥	35.92	32.66	18.45	24.93	34.14	48.46	43.52	31.73	8.21
EBITDA, млрд ¥	41.91	39.39	22.92	36.44	40.77	56.01	51.07	39.11	7.29
Баланс стоимость, млрд ¥	222.24	240.53	238.14	257.83	289.33	328.5	328.5	270.87	6.43
FCF, млрд ¥	25.58	26.42	17.32	23.91	-0.43	30.65	30.43	19.57	3.01
Операционный денежный поток, млрд ¥	30.2	30.46	20.73	27.34	5.17	37.7	37.7	24.28	4.36
Операционная прибыль, млрд ¥	36.45	32.66	18.45	24.93	37.81	43.52	43.52	31.47	5.91
Операционные расходы, млрд ¥	74.1	76.8	70.61	74.76	83.9	92.54	92.54	79.72	3.80
CAPEX, млрд ¥	4.62	4.04	3.41	3.43	5.6	7.05	7.27	4.71	11.78

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥	72.56	77.68	88.79	82.3	90.57	93.22	98.36	91.41	106.34	111.75	100.22	3.69
Чистая прибыль, млрд ¥	7.91	8.69	9.87	-1.96	8.71	11.2	10.09	2.82	9.21	10.29	8.72	-1.68
EV, млрд ¥	377.92	331.44	322.01	437.38	471.47	501.3	538.57	522.19	580.43	496.4	527.78	-0.20
EBIT, млрд ¥	6.8	6.46	10.03	4.62	11.82	16.15	14.57	2.86	13.2	14.4	12.24	-2.27
EBITDA, млрд ¥	11.5	12.69	14.45	-0.833	12.75	17.93	16.53	4.99	16.13	16.3	14.38	-1.89
Баланс стоимость, млрд ¥	265.12	291.18	302.15	289.33	296.37	320.33	333.01	328.5	342.66	363.4	337.58	2.56
FCF, млрд ¥				3.86	3.36	3.55	3.93	4.26			3.79	1.99
Операционный денежный поток, млрд ¥		2.12	1.53	5.17	3.36	3.55	3.93	4.26			4.05	-3.80
Операционная прибыль, млрд ¥	6.8	6.46	10.03	4.62	11.82	11.17	12.58	7.94	15.16	12.25	11.82	1.86
Операционные расходы, млрд ¥	19.25	20.93	22.01	21.71	21.58	23.34	23.11	24.51	26.38	29.47	25.36	4.77
CAPEX, млрд ¥		2.89	1.22	5.6							3.24	24.67

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥	204.26	215.09	217.21	240.72	226.07	254.53	227.07	230.72	3.42
Short Term Investments ¥		72.29	68.38	59.11	39.4	27.46	27.46	53.33	-17.60
Total Receivables ¥	31.03	31.71	27.12	31.12	45.29	51.48	51.48	37.34	10.18
Total Current Assets ¥	274.59	281.34	277.24	310.65	328.24	364.15	364.15	312.32	5.30
Чистые активы, млрд ¥	274.59	281.34	277.24	310.65	47.9	332.59	47.9	249.94	3.40
Активы, млрд ¥	334.95	351.89	343.39	378.47	422.23	465.36	465.36	392.27	5.75
Short Term Debt ¥		0.37	0.359	0.381	0.54	1.49	1.49	0.6280	32.13
Long Term Debt ¥			0.344	0.376	0.862		0.862	0.5273	35.83
Задолженность, млрд ¥	111.44	109.85	103.68	118.61	129.6	132.43	132.42	118.83	3.81
Чистый долг, млрд ¥	-204.26	-215.09	-217.21	-240.72	-224.66	-254.53	-224.34	-230.4420	3.42
Долг, млрд ¥		0.889	0.703	0.757	1.4	2.74	2.74	1.30	25.25
Расходы на обслуживание долга ¥	0.067	0.017	0.034	0.042	0.042	0.08	0.08	0.0430	36.31
Чист. проц. доходы, млрд ¥	1.5	1.82	0.719	0.394	1.47	4.08	4.08	1.70	17.52
Амортизация, млрд ¥	5.99	6.73	4.48	11.51	6.63	7.55	7.55	7.38	2.33
Себестоимость, млрд ¥		180.67	149.26	174.73	209.52	237.5	237.5	190.34	5.62
Товарно материальные запасы ¥	31.91	30.34	28.41	35.56	51.83	52.26	52.26	39.68	11.49

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥	232.64	254.49	240.75	226.07	220.17	248.67	255.24	227.07	236.18	239.65	241.36	-0.74
Short Term Investments ¥				39.4		43.01		27.46		33.56	35.86	-3.93
Total Receivables ¥	41.55	41.09	47.21	45.78	53.54	54.32	56.86	51.48	72.26	74.78	61.94	6.60
Total Current Assets ¥	316.91	344	348.02	328.24	332.59	365.45	371.27	364.15	378.42	395.01	374.86	1.57
Чистые активы, млрд ¥	316.91	344	348.02	328.24	48.63	53.07					224.39	-31.19
Активы, млрд ¥	385.56	422.49	440.92	422.23	430.1	469.64	480.4	465.36	504.07	552.03	494.30	3.29
Short Term Debt ¥				0.54				1.49	-0.724	6.19	1.87	84.00
Long Term Debt ¥				0.862							0.8620	0.00
Задолженность, млрд ¥	118.16	128.77	136.06	129.6	130.15	145.27	142.89	132.42	151.29	170.35	148.44	3.24
Чистый долг, млрд ¥	-232.64	-254.49	-240.75	-226.07	-217.34	-243.64	-249.97	-224.34	-225.06	-233.46	-235.2940	-0.85
Долг, млрд ¥				1.4	2.83	5.03	5.27	2.74	11.11	6.19	6.07	4.24
Расходы на обслуживание долга ¥	0.017	0.009	0.008	0.008	0.022	0.05	0.012	0.02	0.708	0.089	0.1758	12.22
Чист. проц. доходы, млрд ¥	0.111	0.205	0.473	0.68	0.926	1.22	1.26	1.42	1.23	1.26	1.28	0.65
Амортизация, млрд ¥		6.23	4.42	-5.46	0.928	1.77	1.97	2.13	2.93	1.91	2.14	1.53
Себестоимость, млрд ¥						58.71	62.67	58.96	64.8	70.03	63.03	3.59
Товарно материальные запасы ¥	39.04	44.85	53.82	51.83	54.12	56.72	54.15	52.26	64.54	69.55	59.44	4.16

	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	177.57	168.72	79	149.67	165.52	226.65			226.65	157.91	6.08
Цена акции ао					4655	5161	6264	6173	6173	5563.25	7.31
Число акций ао, млн	144.83	144.84	144.84	144.85	144.86	144.87			144.87	144.85	0.00
FCF/акцию	176.65	182.39	119.6	165.08	-2.97	211.57			210.07	135.13	3.01

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	5 quarters average	CAGR 5
EPS	54.58	59.98	68.12	-13.56	60.11	77.3	69.62	19.46	63.55	71.23		60.23	-1.62
Цена акции ао											6173	6173.00	0.00
FCF/акцию				26.63	23.19	24.49	27.15	29.39				26.17	1.99

	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, %	12.04	10.56	4.78	8.74	8.76	10.63			10	10.47	8.69	0.13
ROA, %	7.89	7.12	3.29	6.01	5.99	7.4			7.06	5.55	5.96	0.77
ROIC, %		13.42	8.13	13.14	11.73					9.78	11.61	-3.31
ROS, %		8.42	4.8	7.9	7.46	8.79	8.79	8.79	8.79	6.75	8.35	2.16
ROCE, %	14.56	12.33	7.01	8.78	10.69	13.43		13.07	13.07	14.09	10.60	13.27
Ebit margin, %		11.26	7.74	9.09	10.62	12.97		11.65	11.65		10.41	8.52
Рентаб EBITDA, %	14.31	13.58	9.62	13.28	12.69	14.99		13.67	13.67	13.98	12.85	7.28
Чистая рентаб, %	8.78	8.42	4.8	7.9	7.46	8.79			8.79	6.75	7.47	0.86
Operation Margin, %		11.26	7.74	9.09	11.77	11.65	11.65	11.65	11.65	8.85	11.16	5.09

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	3.12	3.32	3.61	-0.694	2.99	3.75	3.3	0.8959	2.83	3.06	10.47	2.77	-3.99
ROA, %	2.07	2.15	2.29	-0.4551	2.04	2.49	2.12	0.5961	1.9	1.95	5.55	1.81	-4.77
ROS, %						12.01	10.25	3.08	8.66	9.21	6.75	8.64	-5.17
ROCE, %	2.41	2.2	3.27	1.47	3.65	4.85	4.26	0.8132	3.61	3.77	14.09	3.46	-4.91
Ebit margin, %						17.33	14.81	3.13	12.41	12.88		12.11	-5.76
Рентаб EBITDA, %	15.85	16.33	16.28	-1.01	14.08	19.23	16.81	5.46	15.17	14.59	13.98	14.25	-5.37
Чистая рентаб, %	10.9	11.18	11.11	-2.39	9.61	12.01	10.25	3.08	8.66	9.21	6.75	8.64	-5.17
Operation Margin, %						11.98	12.79	8.69	14.26	10.96	8.85	11.74	-1.76

	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	18.81	28.86	59.94	28.9	28.12	22.74			22.74	83.01	33.71	-4.65
P/BV	2.16	2.91	2.86	2.41	2.3	2.24			2.24	68.03	2.54	-5.10
P/S	1.65	2.43	2.88	2.28	2.1	2			2	67.55	2.34	-3.82
P/FCF						-1752.95	24.77	24.77	24.77	46.22	-567.8033	-124.18
E/P						0.0323	0.0436	0.0436	0.0436	0.64	0.0398	10.52
EV/EBIT		15.04	25.44	15.5	13.17	10.15	12	12	12		12.56	-4.99
EV/EBITDA	6.67	12.45	20.44	10.59	11.03	8.78			10.22	76.43	12.66	-6.75
EV/S		1.69	1.97	1.41	1.4	1.32	1.4	1.4	1.4	67.57	1.39	-0.14
EV/FCF		18.59	27.09	16.16	-1045.7	16.05	17.16	17.16	17.16	18.47	-195.8340	1.21
Debt/EBITDA		0.0226	0.0307	0.0208	0.0344	0.0488	0.0536	0.0536	0.0536	2.58	0.0422	20.84
Netdebt/Ebitda		-5.44	-9.44	-6.59	-5.51	-4.54	-4.39	-4.39	-4.39	0.06	-5.0840	-7.80
Debt/Ratio		0.0025	0.002	0.002	0.0033	0.0059	0.0059	0.0059	0.0059	0.16	0.0046	24.16
Debt/Equity		0.0037	0.003	0.0029	0.0048	0.0083	0.0571	0.3977	0.3977	1.02	0.0942	167.57
Debt/Net Income		0.0364	0.0614	0.0349	0.0585	0.0833	0.0833	0.0833	0.0833	5.13	0.0687	19.00
PEG								-1.28	-1.28		-1.2800	0.00
Бета						0.0187	4.97	-0.199	-0.199	27.04	1.60	-319.96
Индекс Альтмана						3.18	3	2.99	2.99	7.75	3.06	-2.03

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	29.79	24.12	19.31		27.23	26.78	28.13	22.75	24.18	22.57			83.01	24.88	-3.36
P/BV	2.28	1.99	1.85	2.27	2.3	2.3	2.34	2.24	2.28	1.91			68.03	2.21	-3.65
P/S	2.38	2.2	1.98	2.06	2.03	2.1	2.16	2	2.07	1.79			67.55	2.02	-3.14
EV/EBIT						31.03	36.98	182.46	43.97	34.48				65.78	2.13
EV/EBITDA	12.11	8.96	7.26	11.57	12.07	10.81	11.48	9.69	10.44	9.2			76.43	10.32	-3.17
EV/S						5.38	5.48	5.71	5.46	4.44			67.57	5.29	-3.77
EV/FCF						141.29	136.9	122.64					18.47	133.61	-4.61
Debt/EBITDA					0.2218	0.2806	0.3188	0.5482	0.689	0.3796			2.58	0.4432	6.23
Netdebt/Ebitda						-13.59	-15.12	-44.95	-13.95	-14.32			0.06	-20.3860	1.05
Debt/Ratio						0.0107	0.011	0.0059	0.022	0.0112			0.16	0.0122	0.92
Debt/Equity						0.0157	0.0158	0.0083	0.0324	0.017			1.02	0.0178	1.60
Debt/Net Income						0.4491	0.5225	0.9706	1.21	0.6014			5.13	0.7507	6.01
Бета											-0.7201	-0.2106	27.04	-0.4653	-45.92
Индекс Альтмана											2.99	2.99	7.75	2.99	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		5.07	5.79	7.96	7.97	12.31	10.14					8.83	11.86
Дивиденд	35	35	40	55	165	55	70	135	105	105		106.00	-8.64
Див доход, ао, %	0.655	0.6623	0.7946	0.8359	1.07	3.8	2.69	3.39	3.35	3.42	4.14	2.86	25.64
Дивиденды / прибыль, %			19.71	23.71	69.58	36.75	51.32	30.88		30.88	37.59	42.45	5.43

	2022Q2	2022Q3	2022Q4	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	7.96	2.17	12.31		7.48	15.64
Дивиденды / прибыль, %	91.67	22		37.59	56.84	-51.01

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	CAGR 5
Персонал, чел	13271	0.00

	CAGR 5

	CAGR 5