TSE: 7220 - Musashi Seimitsu Industry Co., Ltd.

Yield per half year: +49.36%
Dividend yield: +3.15%
Sector: Consumer Cyclical

Reporting Musashi Seimitsu Industry Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								116.83
Выручка, млрд ¥	237.91	255.93	236.36	204.71	241.9	301.5	349.92	349.92
Чистая прибыль, млрд ¥	10.35	9.89	-10.68	7.38	5.43	2.44	7.92	7.92
EV, млрд ¥	193.4	157	102.03	177.78	166.78	194.95	182.43	182.43
EBIT, млрд ¥	16.22	14.87	7.29	7.51	8.41	7.53	16.52	16.52
EBITDA, млрд ¥	35.42	33.83	26.48	25.12	25.38	26.44	36.35	36.35
Баланс стоимость, млрд ¥	83.06	91.51	71.44	85.14	100.59	102.74	115.78	115.78
FCF, млрд ¥	13.82	10.73	9.34	5.41	-11.99	4.25	18.65	18.65
Операционный денежный поток, млрд ¥	26.81	26.71	26.36	18.26	5.81	19.41	31.64	31.64
Операционная прибыль, млрд ¥	15.77	14.11	7.29	7.51	8.41	7.68	17.98	17.98
Операционные расходы, млрд ¥	22.01	25.59	25.41	22.17	23.62	27.77	30.25	30.25
CAPEX, млрд ¥	12.99	15.98	17.02	12.85	17.79	15.16	12.99	12.99

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥	69.5	63.93	77.93	75.82	13 171.65	82.44	87.12	87.85	92.51	88.94
Чистая прибыль, млрд ¥	3.72	-0.259	0.834	-0.451	367.66	1.78	1.81	2.79	1.54	2.94
EV, млрд ¥	166.75	167.04	180.39	178.09	29 125.58	188.14	175.78	165.4	183.32	196.84
EBIT, млрд ¥	5.27	-1.55	2.64	1.59	727.15	3.2	4.81	5.18	3.34	4.98
EBITDA, млрд ¥	6.36	0.259	2.87	1.4	613.87	8.05	9.83	10.13	8.34	10
Баланс стоимость, млрд ¥	100.59	105.85	107.29	96.85	16 141.68	114.37	118.45	114.87	115.78	123.5
FCF, млрд ¥				1 462.91	9.59	9.7	10.04	9.9
Операционный денежный поток, млрд ¥	5.83		6.44	1 462.91	9.59	9.7	10.04	9.9
Операционная прибыль, млрд ¥	5.27	-1.55	2.64	1.59	727.15	2.3	4.41	4.82	6.85	3.99
Операционные расходы, млрд ¥	6.44	7.22	7.18	6.88	1 020.65	7.56	7.68	7.85	9.26	8.71
CAPEX, млрд ¥	17.79		7.58		15.16

	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 ¥	26.11	27.15	20.67	24.14	27.55	26.11	26.7	26.7
Short Term Investments ¥		0.127	0.993	0.065	3.97	4.28	0.391	0.391
Total Receivables ¥		31.95	25.37	33.78	39.19	46.38	48.91	48.91
Total Current Assets ¥		104.56	89.08	102.05	122.18	132.16	141.81	141.81
Чистые активы, млрд ¥	104.84	104.56	89.08	102.05	111.7	110.88		110.88
Активы, млрд ¥	248.6	244.45	207.33	226.07	259.96	269.28	290.34	290.34
Short Term Debt ¥		39.66	51.15	50.34	54.67	69.38	57.74	57.74
Long Term Debt ¥		49.17	27.96	27.65	42.33	30.28	41.63	41.63
Задолженность, млрд ¥	148.26	136.12	124.82	130.15	147.69	154.85	164.95	164.95
Чистый долг, млрд ¥	70.69	61.68	58.44	53.35	69.03	73.05	72.67	72.67
Долг, млрд ¥	96.79	88.83	79.11	77.49	97	99.66	99.37	99.37
Расходы на обслуживание долга ¥		0.854	0.743	0.543	0.648	1.38	2.81	2.81
Чист. проц. доходы, млрд ¥	0.371	0.502	0.596	0.229	0.346	0.454	0.464	0.454
Амортизация, млрд ¥		18.97	19.19	17.61	16.96	18.91	19.83	19.83
Себестоимость, млрд ¥			203.67	175.04	209.86	266.05	301.69	301.69
Товарно материальные запасы ¥		37.36	33.71	37.8	46.94	50.26	55.43	55.43

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥		27.55	32.21	26.6	25.99	4 102.24	26.51	22.9	26.37	26.75	30.24
Short Term Investments ¥				0.147	0.138	23.1	4.75	0.168	0.512	0.042	4.14
Total Receivables ¥		39.19	38.16	45.32	37.56	7 287.52	48.8	49.17	43	48.91	48.92
Total Current Assets ¥		122.18	131.86	131.94	124.58	20 764.61	141.59	137.41	135.53	141.81	153.61
Чистые активы, млрд ¥	110.45	122.18	131.86	131.94	124.58	17 420.64	115.92
Активы, млрд ¥		259.96	274.36	273.58	258.95	42 308.85	288.24	284.74	277.6	290.34	305.2
Short Term Debt ¥		54.67	68.44	65.12	69.43	10 900.8	52.79	42.45	27.58	56.31	66.58
Long Term Debt ¥		41.91	37.69	36.22	30.76	4 757.9	28.47	27.97	44.34	41.63
Задолженность, млрд ¥		147.69	156.2	154.25	150.76	24 329.34	161.35	154.29	150.88	164.95	171.55
Чистый долг, млрд ¥		69.03	73.92	74.74	74.2	11 477.9	74.58	69.61	66.74	73.46	72.54
Долг, млрд ¥		96.58	106.13	101.34	100.19	15 580.14	101.08	92.51	93.12	100.2	102.78
Расходы на обслуживание долга ¥		0.204	0.21	0.302	0.429	68.5	0.68	0.697	0.716	0.715	0.659
Чист. проц. доходы, млрд ¥	0.098	0.082	0.113	0.127	0.092	19.17	18.38	17.6	18.23	0.119
Амортизация, млрд ¥			1.81	0.222	-0.193	-113.28	4.85	5.02	4.95	5.01	5.02
Себестоимость, млрд ¥							72.57	75.04	75.19	76.4	76.25
Товарно материальные запасы ¥		46.94	52.21	51.8	52.29	7 896.67	54.2	54.99	55.06	55.43	60.3

	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	151.62	155.54	-163.91	113.13	83.2	37.31	121.24		121.24
Цена акции ао					1565	1510	3960	2781	2781
Число акций ао, млн		63.55	65.15	65.22	65.26	65.29	65.33		65.33
FCF/акцию	202.47	168.88	143.42	83.02	-183.71	65.05	285.45		285.45

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
EPS	57.07	-3.97	12.78	-6.91	5630.12	27.21	27.72	42.72	23.58	44.88
FCF/акцию				142.81	146.89	148.6	153.68	151.49

	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, %	13.39	11.33	-13.11	9.42	5.85	2.4	7.25		7.25	9.50
ROA, %	4.16	4.01	-4.73	3.4	2.23	0.9206	2.83		2.83	5.14
ROIC, %			-3.91	6.32	4.4	2.01			2.01	8.25
ROS, %			-2.92	3.6	2.24	0.808	2.26	2.26	2.26	5.47
ROCE, %	9.16	8.76	6.09	5.51	5.03	4.78	9.01	13.18	9.01	13.49
Ebit margin, %			-3.86	3.67	3.48	2.5	4.72	4.72	4.72
Рентаб EBITDA, %	14.89	13.22	11.2	12.27	10.49	8.77	10.39	10.39	10.39	12.34
Чистая рентаб, %	4.35	3.86	-4.52	3.6	2.24	0.808	2.26		2.26	5.47
Operation Margin, %			3.08	3.67	3.48	2.55	5.14	5.14	5.14	7.93

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	4.15	-0.275	0.8426	-0.4422	2.27	1.7	1.7	2.53	1.35	2.51	9.50
ROA, %	1.47	-0.0969	0.3044	-0.1694	0.886	0.6375	0.6321	0.9926	0.543	0.987	5.14
ROS, %						2.16	2.08	3.18	1.67	3.3	5.47
ROCE, %	3.56	-0.9869	1.6	0.9766	2.88	1.98	2.96	3.03	1.88	2.71	13.49
Ebit margin, %						3.88	5.52	5.9	3.61	5.6
Рентаб EBITDA, %	9.15	0.41	3.68	1.85	4.66	9.76	11.28	11.53	9.02	11.24	12.34
Чистая рентаб, %	5.36	-0.41	1.07	-0.59	2.79	2.16	2.08	3.18	1.67	3.3	5.47
Operation Margin, %						2.79	5.06	5.48	7.4	4.48	7.93

	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	11.86	9.64		16.87	18.01	50.04	13.86		13.86	191.63
P/BV	1.22	0.88	0.5282	1.3	0.8707	1.07	0.8754		0.8754	150.23
P/S	0.5158	0.3725	0.1844	0.6078	0.4041	0.4043	0.3137		0.3137	149.91
P/FCF						27.49	6.26	6.26	6.26	71.77
E/P						0.0209	0.0678	0.0678	0.0678	0.36
EV/EBITDA	5.46	4.64	3.85	7.08	6.57	7.37	5.02		5.02	155.26
EV/EBIT			-11.19	23.68	19.82	25.9	11.04	11.04	11.04
EV/S			0.4317	0.8684	0.6895	0.6466	0.5214	0.5214	0.5214	149.92
EV/FCF			10.92	32.84	-13.91	45.9	9.78	9.78	9.78	77.49
Debt/EBITDA	2.73	2.63	2.99	3.09	3.82	3.77	2.73	2.73	2.73	1.88
Netdebt/Ebitda			2.21	2.12	2.72	2.76	2	2	2	0.17
Debt/Ratio			0.3815	0.345	0.3731	0.3701	0.3422	0.3422	0.3422	0.18
Debt/Equity			1.11	0.916	0.9643	0.9701	0.8583	0.8962	0.8583	3.60
Debt/Net Income			-11.46	10.57	17.87	40.91	12.54	12.54	12.54	40.35
Бета						-1.05	15.45	-3.46	-3.46	49.13
Индекс Альтмана						2.99	2.94	2.75	2.75	4.98

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	Industry average	5 quarters average	CAGR 5
P/E	19.1	18		22.21		46.11	25.73	18.89	11.31	13.86	13.66		191.63
P/BV		0.8704	0.788	0.8854	0.9602	0.9815	0.895	0.8138	0.7785	0.8761	0.93		150.23
P/S		0.404	0.3759	0.3909	0.3617	0.3725	0.3549	0.3224	0.289	0.3137	0.3482		149.91
EV/EBITDA		16.78	19.58	16.45	16.36	21.99	6.26	5.48	4.52	5.04	5.14		155.26
EV/EBIT							58.85	36.57	31.93	54.94	39.55
EV/S							2.28	2.02	1.88	1.98	2.21		149.92
EV/FCF							19.39	17.51	16.71				77.49
Debt/EBITDA		15.18	409.76	35.37	71.62	25.38	12.56	9.41	9.19	12.01	10.28		1.88
Netdebt/Ebitda							9.27	7.08	6.59	8.81	7.25		0.17
Debt/Ratio							0.3507	0.3249	0.3354	0.3451	0.3368		0.18
Debt/Equity							0.8838	0.781	0.8106	0.8655	0.8322		3.60
Debt/Net Income							56.88	51.08	33.36	64.98	34.97		40.35
Бета												-3.46	49.13
Индекс Альтмана												2.75	4.98

	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		1.65	2.55	2.74	1.01	2.94	3.26	1.63		1.63
Дивиденд	25.5	26.5	61.5	42	15.5	10.79	50	25	50	50
Див доход, ао, %	1.84	1.57	3.42	2.76	0.9349	0.8228	4.18	2.77	3.26	3.15	3.29
Дивиденды / прибыль, %			15.97	25.75	-14.63	13.69	54.08	133.95	20.62	20.62	83.48

	2022Q1	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	2.94	1.96	3.26
Дивиденды / прибыль, %	78.86	234.65	139.44	83.48

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	12957	12957

	CAGR 5

	CAGR 5