TSE: 7466 - SPK Corporation

Yield per half year: +12.9%
Dividend yield: +3.80%
Sector: Consumer Cyclical

Reporting SPK Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								17.9
Выручка, млрд ¥	42.46	42.89	43.86	41.9	47.69	54.7	63.3	63.3	50.29	7.61
Чистая прибыль, млрд ¥	1.27	1.42	1.55	1.38	1.63	2.06	2.39	2.39	1.80	9.05
EV, млрд ¥	11.95	8.93	7.57	7.97	9.55	14.13	17.85	17.85	11.41	18.72
EBIT, млрд ¥	1.86	2.09	1.95	2.04	2.36	2.99	3.36	3.36	2.54	11.50
EBITDA, млрд ¥	2.01	2.26	2.16	2.3	2.68	3.43	3.94	3.94	2.90	12.77
Баланс стоимость, млрд ¥	15.71	16.73	17.89	18.9	20.22	22.18	24.48	24.48	20.73	6.47
FCF, млрд ¥	-0.2888	0.5838	0.8706	1.97	0.0108	0.1604	0.6694	0.6694	0.7362	-5.12
Операционный денежный поток, млрд ¥	0.4051	1.1	1.08	2.35	0.5365	0.8384	1.84	1.84	1.33	11.24
Операционная прибыль, млрд ¥	1.84	1.93	1.95	2.04	2.03	2.72	3.15	3.15	2.38	10.07
Операционные расходы, млрд ¥	4.81	5.21	5.26	5.13	5.87	6.97	8.52	8.52	6.35	10.13
CAPEX, млрд ¥	0.6939	0.5126	0.2123	0.3797	0.5256	0.678	1.17	1.17	0.5931	40.68

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥	13.15	14.66	2 243.4	15.03	15.84	16.88	15.55	16.67	16.76	17.24	16.62	0.42
Чистая прибыль, млрд ¥	0.4635	0.6882	87.17	0.6976	0.6239	0.648	0.4225	0.631	0.5569	0.548	0.5613	-3.30
EV, млрд ¥	10.38	10.74	2 254.09	15.68	16.59	16.52	18.13	20.83	17.11	21.95	18.91	5.85
EBIT, млрд ¥	0.5816	0.897	121.51	0.9271	0.9008	0.9309	0.4894	0.805	0.7602	0.814	0.7599	-2.65
EBITDA, млрд ¥	0.6686	0.9624	121.11	1.04	1.03	1.07	0.6784	0.9503	0.8345	0.9593	0.8985	-2.16
Баланс стоимость, млрд ¥	21.2	21.81	3 484.22	22.79	23.65	24.19	24.48	24.99	25.95	25.84	25.09	1.33
FCF, млрд ¥		0.221	0.2251	0.2232	0.2641	0.2873					0.2441	5.39
Операционный денежный поток, млрд ¥	0.4834	0.221	0.2251	0.2232	0.2641	0.2873					0.2441	5.39
Операционная прибыль, млрд ¥	0.5816	0.897	121.51	0.9833	0.7914	0.8915	0.4791	0.804	0.7602	0.814	0.7498	-1.80
Операционные расходы, млрд ¥	1.66	1.78	299.28	1.82	2.09	2.2	2.41	2.23	2.29	2.41	2.31	1.84
CAPEX, млрд ¥	0.2561		0.678								0.4671	62.71

	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 ¥	4.21	4.95	5.47	7.35	6.15	6.61	6.97	6.97	6.51	4.97
Short Term Investments ¥		0.5733	0.026	0.0339	0.6505	0.8089	0.1151	0.1151	0.3269	34.65
Total Receivables ¥		10.61	9.2	9.11	9.69	10.67	12.28	12.28	10.19	5.95
Total Current Assets ¥		20.79	21.46	22.97	24.1	27.68	30.63	30.63	25.37	7.38
Чистые активы, млрд ¥	19.43	20.79	21.46	22.97	4.11	4.58		4.58	14.78	-26.11
Активы, млрд ¥	23.7	25.09	25.83	27.93	30.01	34.35	38.64	38.64	31.35	8.39
Short Term Debt ¥		1.25	1.21	1.28	1.23	1.81	1.88	1.88	1.48	9.21
Long Term Debt ¥		0.5541	0.2853	1.12	1.24	1.67	2.45	2.45	1.35	53.74
Задолженность, млрд ¥	7.98	8.36	7.94	9.03	9.79	12.18	14.05	14.05	10.60	12.09
Чистый долг, млрд ¥	-2.51	-3.14	-3.98	-4.95	-3.86	-3.26	-2.64	-2.64	-3.7380	-7.88
Долг, млрд ¥	1.7	1.81	1.49	2.4	2.47	3.49	4.33	4.33	2.84	23.78
Расходы на обслуживание долга ¥		0.0058	0.0073	0.0085	0.0136	0.0198	0.0193	0.0193	0.0137	21.46
Чист. проц. доходы, млрд ¥	0.0012	0.00047	0.0014	0.000948	0.000607	0.0073	0.0041	0.0073	0.0029	23.97
Амортизация, млрд ¥		0.1631	0.217	0.2564	0.3154	0.4389	0.5824	0.5824	0.3620	21.83
Себестоимость, млрд ¥			36.66	34.72	39.78	45.01	51.64	51.64	41.56	7.09
Товарно материальные запасы ¥		4.93	5.14	5.15	6.57	8.48	10.06	10.06	7.08	14.37

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				5.7	5.14	1 039	5.59	5.9	6.92	6.85	11.28	11.35	8.17	8.91	3.38
Short Term Investments ¥				0.0181	0.0138	1.99	0.3909	0.0125	0.0085	0.1151				0.5034	-43.45
Total Receivables ¥				9.88	10.55	1 676.57	10.73	11	11.51	12.79	12.68	13.29	13.75	12.80	3.62
Total Current Assets ¥				24.78	25.3	4 348.56	27.55	28.59	30.37	30.63	35.27	35.39	33.84	33.10	2.19
Чистые активы, млрд ¥	23.29	24.1	24.09	24.78	4.49	719.71	5.09							155.63	-26.72
Активы, млрд ¥				31.38	31.92	5 397.34	34.47	35.91	37.68	38.64	43.3	43.48	43.41	41.30	2.87
Short Term Debt ¥				1.43	1.35	285.1	1.77	1.74	2.27	2.22	3.11	3.19	3.17	2.79	6.91
Long Term Debt ¥		1.06	0.9311	0.8154	0.7229	262.76	1.61	1.43	2.62	2.45				54.17	-60.74
Задолженность, млрд ¥				10.19	10.11	1 913.12	11.59	12.16	13.39	14.05	18.2	17.42	17.46	16.10	5.45
Чистый долг, млрд ¥				-3.46	-3.07	-511.81	-2.22	-2.74	-2.03	-2.35	-1.83	-2.41	0.262	-1.6716	-166.40
Долг, млрд ¥				2.24	2.07	527.19	3.38	3.16	4.89	4.5	9.44	8.94	8.44	7.24	11.53
Расходы на обслуживание долга ¥			0.004	0.0048	0.0061	0.777	0.0038	0.0053	0.0034	0.0068	0.0055	0.0117		0.0065	17.16
Чист. проц. доходы, млрд ¥	0.000108	0.000191	0.00038	0.000386	0.0032	0.5245	1.16	0.1039	0.1929	0.002				0.3967	-67.17
Амортизация, млрд ¥				0.087	0.0654	-0.4011	0.1116	0.132	0.1436	0.189	0.1453	0.0743	0.1453	0.1395	0.24
Себестоимость, млрд ¥							12.23	12.96	13.79	12.67	13.63	13.71	14.02	13.56	0.33
Товарно материальные запасы ¥				7.69	7.86	1 332.17	9.03	9.06	9.39	10.06	9.97	9.91	10.44	9.95	2.14

	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	126.66	141.51	154.68	137.74	161.85	205.13	238.2		238.2	179.52	9.02
Цена акции ао					1375	1847	2150	2178	2178	1887.50	12.19
Число акций ао, млн		10.04	10.04	10.04	10.04	10.04	10.04		10.04	10.04	0.00
FCF/акцию	-28.76	58.14	86.7	196.18	1.08	15.97	66.66		66.66	73.32	-5.12

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	46.15	68.53	8680.57	69.47	62.13	64.53	42.07	62.84	55.29	54.33		55.81	-3.38
Цена акции ао											2178	2178.00	0.00
FCF/акцию		22.01	22.42	22.23	26.3	28.61						24.31	5.39

	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, %	8.37	8.76	8.98	7.52	8.31	9.72	10.25		10.25	9.54	8.96	2.68
ROA, %	5.66	5.83	6.1	5.15	5.61	6.4	6.55		6.55	5.16	5.96	1.43
ROIC, %			9.83	8.3	9.02	9.87			9.87	8.24	9.26	0.10
ROS, %			3.54	3.3	3.41	3.77	3.78	3.78	3.78	5.48	3.61	2.75
ROCE, %	10.89	11.67	10.33	9.87	10.69	12.15	12.04	13.66	13.66	10.35	11.68	6.72
Ebit margin, %			5.23	4.89	4.96	5.46	5.31	5.31	5.31		5.19	1.66
Рентаб EBITDA, %	4.73	5.26	4.93	5.49	5.62	6.27	6.23	6.23	6.23	12.33	5.97	2.56
Чистая рентаб, %	3	3.31	3.54	3.3	3.41	3.77	3.78		3.78	5.48	3.56	1.32
Operation Margin, %			4.43	4.88	4.27	4.97	4.97	4.97	4.97	7.93	4.81	0.37

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Industry average	5 quarters average	CAGR 5
ROE, %	2.29	3.33	2.62	3.06	2.8	2.83	1.8	2.62	2.26	2.18	9.54	2.34	-5.09
ROA, %	1.5	2.17	1.67	2.02	1.77	1.76	1.11	1.54	1.28	1.26	5.16	1.39	-6.47
ROS, %				4.64	3.94	3.84	2.72	3.79	3.32	3.18	5.48	3.37	-3.70
ROCE, %	2.61	3.95	3.31	4.05	3.62	3.59	1.83	2.82	2.52	2.61	10.35	2.67	-6.18
Ebit margin, %					5.69	5.52	3.15	4.83	4.54	4.72		4.55	-3.08
Рентаб EBITDA, %	5.08	6.57	5.4	6.91	6.52	6.37	4.36	5.7	4.98	5.56	12.33	5.39	-2.68
Чистая рентаб, %	3.52	4.7	3.89	4.64	3.94	3.84	2.72	3.79	3.32	3.18	5.48	3.37	-3.70
Operation Margin, %				6.54	5	5.28	3.08	4.82	4.54	4.72	7.93	4.49	-2.22

	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	11.37	8.5	7.43	9.34	8.25	8.44	8.56		8.56	190.75	8.40	2.87
P/BV	0.9202	0.722	0.6456	0.6839	0.6629	0.7839	0.833		0.833	150.23	0.7219	5.23
P/S	0.3406	0.2816	0.2633	0.3084	0.2811	0.3178	0.3236		0.3236	149.91	0.2988	4.21
P/FCF						111.6	26.74	26.74	26.74	71.83	55.03	-37.89
E/P						0.1151	0.1336	0.1336	0.1336	0.34	0.1274	5.09
EV/EBIT			3.3	3.89	4.04	4.73	5.31	5.31	5.31		4.66	6.42
EV/EBITDA	5.95	3.96	3.5	3.47	3.57	4.12	4.53		4.53	155.28	3.84	5.29
EV/S			0.1726	0.1903	0.2003	0.2583	0.282	0.282	0.282	149.92	0.2426	8.18
EV/FCF			8.69	4.05	881.09	88.09	26.67	26.67	26.67	77.24	205.31	45.79
Debt/EBITDA	0.8459	0.7999	0.6914	1.05	0.9227	1.02	1.1	1.1	1.1	1.88	1.04	0.93
Netdebt/Ebitda			-1.84	-2.15	-1.44	-0.9504	-0.6683	-0.6683	-0.6683	0.17	-1.1754	-20.84
Debt/Ratio			0.0579	0.0894	0.0823	0.1015	0.1121	0.1121	0.1121	0.18	0.0995	4.63
Debt/Equity			0.0836	0.1321	0.1222	0.1572	0.177	0.9459	0.9459	0.79	0.3069	48.25
Debt/Net Income			0.9623	1.81	1.52	1.69	1.81	1.81	1.81	40.18	1.73	0.00
PEG								-0.2276	-0.2276		-0.2276	0.00
Бета						-0.6804	0.8261	-0.3764	-0.3764	-48.64	-0.0769	-17.91
Индекс Альтмана						1.66	1.42	1.45	1.45	4.94	1.51	-4.41

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	8.42	7.1	8.55	7.44	7.54	7.35	8.56	9.75	8.62	10.02			190.75	8.86	6.39
P/BV	0.6528	0.6332	0.7938	0.7819	0.8138	0.7635	0.833	0.903	0.749	0.8356			150.23	0.8168	1.82
P/S	0.2738	0.2604	0.3218	0.3133	0.3232	0.299	0.3236	0.349	0.2957	0.3267			149.91	0.3188	1.79
EV/EBIT					18.42	17.74	37.05	25.88	22.5	26.96				26.03	8.73
EV/EBITDA	4.34	3.86	4.9	15.09	3.95	3.95	4.61	5.58	4.84	6.41			155.28	5.08	10.17
EV/S				1.04	1.05	0.9786	1.17	1.25	1.02	1.27			149.92	1.14	5.35
EV/FCF				70.24	62.83	57.5							77.24	63.52	-6.45
Debt/EBITDA	3.35	2.15	4.35	3.25	3.06	4.55	6.63	9.94	10.71	8.79			1.88	8.12	14.08
Netdebt/Ebitda				-2.13	-2.65	-1.89	-3.47	-1.93	-2.89	0.2731			0.17	-1.9814	-167.92
Debt/Ratio				0.0979	0.088	0.1298	0.1164	0.2181	0.2055	0.1943			0.18	0.1728	8.40
Debt/Equity				0.1481	0.1337	0.2022	0.1838	0.3778	0.3443	0.3265			0.79	0.2869	10.06
Debt/Net Income				4.84	5.07	7.55	10.65	14.96	16.05	15.39			40.18	12.92	15.31
Бета											-0.6451	-0.3764	-48.64	-0.5108	-23.61
Индекс Альтмана											1.45	1.45	4.94	1.45	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		0.3214	0.3314	0.3414	0.3515	0.3916	0.4218	0.472		0.472		0.3957	6.69
Дивиденд	31	32	33	34	35	12.94	42	47	55	55		38.39	9.46
Див доход, ао, %	2.79	2.1	2.76	2.4	2.7	1.33	4.35	3.48	3.99	3.8	3.34	3.17	8.12
Дивиденды / прибыль, %			25.27	23.32	21.98	25.41	24.1	20.48	19.73	19.73	83.46	22.34	-2.14

	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.2209	0.4218		0.3214	38.18
Дивиденды / прибыль, %	47.67	76.02	83.46	61.84	26.28

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	456	456	0.00

	CAGR 5

	CAGR 5