TSE: 8601 - Daiwa Securities Group Inc.

Yield per half year: +2.27%
Dividend yield: +5.95%

Reporting Daiwa Securities Group Inc.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								1 100
Выручка, млрд ¥	578.62	498.85	475.18	527.05	585.97	606.48	1 277.47	1 277.47	694.43	21.87
Чистая прибыль, млрд ¥	110.58	63.81	60.35	108.4	94.89	63.88	121.56	121.56	89.82	15.03
EV, млрд ¥	6 963.52	6 666.97	7 739.04	8 809.99	10 882.82	9 487.72	-3 217.66	-3 217.66	6740.38	-183.90
EBIT, млрд ¥	297.5	337.56	294.09	198.43	-372.26	-715.59	157.01	157.01	-87.6640	-11.80
EBITDA, млрд ¥	328.05	369.56	332.6	240.76	132.41	86.96	204.16	204.16	199.38	-9.30
Баланс стоимость, млрд ¥	1 281.92	1 253.22	1 218.91	1 342.69	1 382.39	1 416.63	1 529.14	1 529.14	1377.95	4.64
FCF, млрд ¥	-1 358.71	218.13	109.22	332.38	-439.05	-264.99	640.63	640.63	75.64	42.45
Операционный денежный поток, млрд ¥	-1 319.25	304.86	167.19	390.98	-353.47	-183.75	734.44	734.44	151.08	34.45
Операционная прибыль, млрд ¥	342.31	346.67	294.09	198.43	86.25	41.19	153.71	153.71	154.73	-12.17
Операционные расходы, млрд ¥	430.31	411.4	408.78	430.84	460.31	533.38	773.02	773.02	521.27	13.59
CAPEX, млрд ¥	39.46	86.73	57.97	58.6	85.59	81.25	64.5	64.5	69.58	2.16

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	127.96	141.73	143.19	30 352.84	159.71	175.02	197.11	372.01	176.19	350.45	254.16	14.90
Чистая прибыль, млрд ¥	11.88	19.58	15.3	2 684.88	23.71	29.79	28.46	39.6	23.99	53.79	35.13	12.55
EV, млрд ¥	11 970.58	13 144.27	10 429.31	1 486 251.8	12 330.57	13 577.82	13 793.05	-9 853.19	1 078.64	-10 491.31	1621.00	-194.97
EBIT, млрд ¥	41.43	75.15	113.13	4 036.02	22.98	36.84	37.01	46.21	35.38	37.8	38.65	0.52
EBITDA, млрд ¥	50.06	83.92	121.72	5 371.48	34.6	48.65	48.8	54.99	0.832	46.61	39.98	-0.85
Баланс стоимость, млрд ¥	1 409.02	1 437.02	1 397.11	222 101.41	1 476.46	1 512.71	1 467.35	1 529.14	1 554.88	1 562.75	1525.37	0.65
FCF, млрд ¥			22.95	3 527.26	23.24	23.62	23.59				724.13	0.55
Операционный денежный поток, млрд ¥		98.99	22.95	3 527.26	23.24	23.62	23.59				724.13	0.55
Операционная прибыль, млрд ¥	41.43	75.15	113.13	4 036.02	25.86	40.49	39.75	47.08	35.12	37.8	40.05	-1.37
Операционные расходы, млрд ¥	114.61	128.91	120.81	26 503.55	122.15	135.58	156.24	176.6	141.07	-154.7	90.96	-202.67
CAPEX, млрд ¥		34.67		12 738.16							6386.41	1816.80

	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 ¥	4 043.2	4 477.83	4 380.47	5 249.07	5 152.11	4 408.45	4 943.43	4 943.43	4826.71	2.45
Short Term Investments ¥		5 461.92	415.95	16 386.19	559.73	541.63	544.82	544.82	3689.66	5.55
Total Receivables ¥		57.97	54.91	57.72	62.48	85.87	118.09	118.09	75.81	16.55
Total Current Assets ¥		12 829.91	4 435.38	5 306.79	4 592.38	3 866.82	4 398.62	4 398.62	4520.00	-0.17
Чистые активы, млрд ¥	12 775.52	12 829.91	4 435.38	5 306.79	913.88	916.87		916.87	4880.57	-41.00
Активы, млрд ¥	21 141.74	21 126.71	23 822.1	26 099.33	27 531.09	26 413.25	32 027.3	32 027.3	27178.61	6.10
Short Term Debt ¥		1 636.86	1 737.61	9 778.57	2 726.18	2 045.41	1 877.41	1 877.41	3633.04	1.56
Long Term Debt ¥		2 698.71		3 153.82	2 808.69	3 018.87		3 018.87	2920.02	2.84
Задолженность, млрд ¥	19 771.23	19 870.28	22 564.34	24 507.49	25 891.2	24 737.76	30 238.64	30 238.64	25587.89	6.03
Чистый долг, млрд ¥	5 834.1	5 801.03	7 113.56	7 948.33	9 830.8	8 571.87	-4 943.43	-4 943.43	5704.23	-192.98
Долг, млрд ¥	9 877.29	10 278.86	11 494.03	13 197.4	14 982.92	12 980.31	5 174.53	5 174.53	11565.84	-14.75
Расходы на обслуживание долга ¥		242.5	210.19	55.12	46.55	270.41	527.87	527.87	222.03	20.22
Чист. проц. доходы, млрд ¥	190.44	291.01	258.12	93.19	75.98	332.55	607.59	332.55	273.49	18.67
Амортизация, млрд ¥		32	38.51	42.34	504.67	802.55	47.15	47.15	287.04	4.13
Себестоимость, млрд ¥			248.42	96.82	90.87	314.27	1 077.45	1 077.45	365.57	34.10
Товарно материальные запасы ¥		0.901	0.609	0.603	0.768	0.853	0.839	0.839	0.7344	6.62

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥			4 509.7	4 569.31	4 969.86	691 161.72	4 696.35	4 988.91	5 088.11	16 767.09	3 860	17 398.58	9620.54	28.38
Short Term Investments ¥					18 397.78	183 111.34	577.74	1 317.26	1 287.12	1 410.88	1 541.32	1 519.44	1415.20	2.90
Total Receivables ¥			63.2	71.77	79.39	13 462.33	91.42	102.84	106.37	2 896.92	3 096.73	3 100.48	1860.67	97.63
Total Current Assets ¥		5 214.6	4 572.89	4 641.07	5 049.25	704 624.05	4 118.61	5 091.75	5 194.48	4 351.95	3 860		4523.36	-1.29
Чистые активы, млрд ¥	5 221.66	5 214.6	4 572.89	4 641.07	5 049.25	143 748.44	915.49						31785.43	-27.51
Активы, млрд ¥			28 747.17	31 461.48	28 115.42	4 141 100.42	31 501.33	33 424.67	31 734.35	32 027.3	35 601.72	33 694.88	33296.58	0.16
Short Term Debt ¥					9 987.57	320 682.12	2 022.09	2 046.64	2 087.24	1 877.41	2 142.93	2 260.34	2082.91	2.01
Long Term Debt ¥					2 952.14	473 301.87	2 971.27						159741.76	0.22
Задолженность, млрд ¥			27 078.51	29 764.05	26 457.59	3 878 415.42	29 764.47	31 651.4	30 005.64	30 238.64	33 786.55	31 875.42	31511.53	0.14
Чистый долг, млрд ¥			11 066.3	12 278.64	9 574.42	1 343 907.18	11 248.66	12 316.7	12 432.58	-11 592.56	-587.7	-11 959.8	121.84	-199.41
Долг, млрд ¥			15 576	16 847.95	14 544.27	2 035 068.9	4 993.36	17 305.61	17 520.69	5 174.53	3 272.3	5 438.78	9742.38	-20.67
Расходы на обслуживание долга ¥	10.69	12.03	24.03	52.96	91.51	15 977.1	114.2	131.35	142.26	140.07			3301.00	-61.22
Чист. проц. доходы, млрд ¥	17.69	18.41	34.84	66.61	110.89	18 848.08	681.06	24 212.82	25 377.7	156.95			13855.32	-61.62
Амортизация, млрд ¥			8.62	8.77	8.59	1 335.46	11.62	11.81	11.79	8.78	-34.55	8.81	1.33	-5.69
Себестоимость, млрд ¥							125.32	142.66	153.54	148.33	167.24	157.96	153.95	2.06
Товарно материальные запасы ¥		0.768	0.999	1.03	1.33	133.73	1.12	1.32	1.51	0.839	19 425.86		3886.13	604.42

	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	66.45	39.72	38.92	70.9	62.72	43.31	83.85		83.85	59.94	16.59
Цена акции ао					583	949.1	1048	1038	1038	904.52	15.51
Число акций ао, млн		1606.57	1550.51	1528.86	1513.05	1474.81	1449.62		1449.62	1503.37	-1.34
FCF/акцию	-816.49	135.77	70.44	217.4	-290.18	-179.68	441.93		441.93	51.98	44.38

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS	7.96	13.12	10.52	1836.41	16.22	20.39	19.71	27.1	16.76	36.81	24.15	12.54
FCF/акцию			15.7	15.39	15.9	16.16	16.33				15.90	0.79

	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, %	8.7	5.03	4.88	8.46	6.96	4.56	8.25		8.25	8.26	6.62	11.07
ROA, %	0.5398	0.3019	0.2685	0.4343	0.3539	0.2368	0.416		0.416	4.26	0.3419	9.15
ROIC, %			0.714	2.7	0.8237	0.7545			1.68	7.02	1.25	1.39
ROS, %			12.7	20.57	16.19	10.53	9.52	9.52	9.52	9.08	13.27	-14.28
ROCE, %	7.25	8.35	1.24	0.7604	-1.35	-2.71	0.4909	8.78	8.78	10.57	1.19	63.11
Ebit margin, %			-111.7	-64.98	-63.53	-117.99	12.29	12.29	12.29		-44.3840	-171.67
Рентаб EBITDA, %	56.7	74.08	69.99	45.68	22.6	14.34	15.98	15.98	15.98	17.12	22.92	-18.95
Чистая рентаб, %	19.11	12.79	12.7	20.57	16.19	10.53	9.52		9.52	9.08	13.90	-5.60
Operation Margin, %			9.56	19.16	14.72	6.79	12.03	12.03	12.03	13.40	12.95	-8.89

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %	0.8723	1.42	1.09	1.21	1.61	2.07	1.95	2.67	1.59	3.53	8.26	2.36	11.27
ROA, %	0.0422	0.065	0.0513	0.0628	0.0753	0.0918	0.0873	0.1242	0.071	0.1553	4.26	0.1059	11.09
ROS, %					14.85	17.02	14.44	10.64	13.62	15.35	9.08	14.21	-2.04
ROCE, %	0.1906	0.264	0.3907	0.0898	1.32	0.1234	0.1203	0.1437	0.1067	0.1137	10.57	0.1216	-1.62
Ebit margin, %						21.05	18.78	12.42	20.08	10.78		16.62	-12.53
Рентаб EBITDA, %	39.12	59.21	85	17.7	21.66	27.8	24.76	14.78	0.4722	13.3	17.12	16.22	-13.71
Чистая рентаб, %	9.28	13.81	10.68	8.85	14.85	17.02	14.44	10.64	13.62	15.35	9.08	14.21	-2.04
Operation Margin, %					16.19	23.13	20.17	12.66	19.93	10.78	13.40	17.33	-14.16

	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	10.21	13.57	10.36	7.95	11.09	14.34	14.2		14.2	131.14	11.59	6.51
P/BV	0.8241	0.6892	0.4973	0.5413	0.6415	0.5466	0.9648		0.9648	113.69	0.6383	14.17
P/S	1.95	1.74	1.32	1.63	1.8	1.51	1.35		1.35	113.74	1.52	0.45
P/FCF						-4.15	1.72	1.72	1.72	8.14	-0.2367	-174.56
E/P						0.0581	0.1105	0.1105	0.1105	0.57	0.0930	23.90
EV/EBITDA	21.23	18.04	23.27	36.59	82.19	109.11	-15.76		-15.76	159.64	47.08	-192.50
EV/EBIT			-14.58	-25.73	-29.23	-13.26	-20.49	-20.49	-20.49		-21.8400	-4.45
EV/S			16.29	16.72	18.57	15.64	-2.52	-2.52	-2.52	113.14	9.18	-168.49
EV/FCF			70.86	26.51	-24.79	-35.8	-5.02	-5.02	-5.02	122.22	-8.8240	-171.69
Debt/EBITDA	30.11	27.81	34.56	54.81	113.15	149.27	25.35	25.35	25.35	-23.98	73.59	-14.29
Netdebt/Ebitda			84.78	55.46	74.24	98.58	-24.21	-24.21	-24.21	44.86	35.97	-184.72
Debt/Ratio			0.4825	0.193	0.5442	0.4914	0.1616	0.1616	0.1616	0.16	0.3104	-3.49
Debt/Equity			9.43	3.75	10.84	9.16	3.38	5.64	5.64	40.25	6.55	8.50
Debt/Net Income			190.47	46.47	157.9	203.21	42.57	42.57	42.57	21.59	98.54	-1.74
Бета						2.59	0.3305	0.4791	0.4791	-18.41	1.13	-43.02
Индекс Альтмана						0.1867	-0.0162	-0.0162	-0.0162	6.86	0.0514	-144.27

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	Industry average	5 quarters average	CAGR 5
P/E	10.77	11.17	13.55	14.33	14.35	14.68	13.85	14.27	13.86	10.01		131.14	13.33	-7.37
P/BV	0.5419	0.51	0.5157	0.5419	0.6229	0.7112	0.787	0.9724	0.918	0.8071		113.69	0.8391	2.56
P/S	1.61	1.53	1.58	1.51	1.7	1.88	1.89	1.92	1.84	1.33		113.74	1.77	-6.69
EV/EBITDA	56.65	55.73	34.81	84.02	356.4	89.65	81.57	-51.28	7.04	-69.38		159.64	11.52	-195.00
EV/EBIT						368.53	372.69	-213.25	30.48	-277.58			56.17	-194.49
EV/S					77.21	77.58	69.98	-26.49	6.12	-29.94		113.14	19.45	-182.66
EV/FCF					530.48	574.89	584.8					122.22	563.39	3.30
Debt/EBITDA	311.17	200.76	119.49	378.87	144.33	355.7	359.02	94.11	3933.06	116.7		-23.98	971.72	-19.98
Netdebt/Ebitda					325.12	253.16	254.76	-210.83	-706.37	-256.62		44.86	-133.1800	-200.27
Debt/Ratio					0.1585	0.5177	0.5521	0.1616	0.0919	0.1614		0.16	0.2969	-20.79
Debt/Equity					3.38	11.44	11.94	3.38	2.1	3.48		40.25	6.47	-21.18
Debt/Net Income					210.58	580.86	615.69	130.69	136.39	101.11		21.59	312.95	-29.51
Бета											0.4791	-18.41	0.4791	0.00
Индекс Альтмана											-0.0162	6.86	-0.0162	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		43.5	43.58	31.16	30.43	63.79	39.91	44.75		44.75		42.01	7.51
Дивиденд	25	26	27	20	20	17	27	31	53	53		29.60	21.52
Див доход, ао, %	3.52	3.74	4.31	3.6	4.29	2.64	7.77	6.66	6.94	5.95	3.91	5.66	10.10
Дивиденды / прибыль, %			39.34	68.29	51.64	28.07	67.22	62.47	36.81	36.81	40.90	49.24	-6.55

	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	23.73	6256.35		3140.04	1523.72
Дивиденды / прибыль, %	121.22	233.02	40.90	177.12	38.65

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	14731	14731	0.00

	CAGR 5

	CAGR 5