TSE: 8628 - Matsui Securities Co., Ltd.

Yield per half year: -9.08%
Dividend yield: +7.89%

Reporting Matsui Securities Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								205.25
Выручка, млрд ¥	30.59	26.14	22.32	30.77	32.1	28.46	35.31	35.31	29.79	9.61
Чистая прибыль, млрд ¥	12.91	9.56	6.14	10.28	11.44	7.82	9.79	9.79	9.09	9.78
EV, млрд ¥	-42.94	-87.12	-213.82	-162.63	-186.44	-168.37	-549.58	-549.58	-256.1680	20.78
EBIT, млрд ¥	20.38	15.04	10.65	16.23	0.473	-8.3	15.43	15.43	6.90	7.70
EBITDA, млрд ¥	21.93	16.73	12.57	18.35	18.03	11.21	18.66	18.66	15.76	8.22
Баланс стоимость, млрд ¥	98.75	96.58	80.29	79.21	78.72	76.35	76.33	76.33	78.18	-1.01
FCF, млрд ¥	-41.69	101.64	57.89	-114.99	47.51	-18.99	-11.47	-11.47	-8.0100	-172.34
Операционный денежный поток, млрд ¥	-39.67	103.5	60.2	-111.93	50.82	-15.53	-5.92	-5.92	-4.4720	-162.88
Операционная прибыль, млрд ¥	19.3	13.45	10.65	16.23	14.1	8.67	15.43	15.43	13.02	7.70
Операционные расходы, млрд ¥	11.98	12.49	13.47	15.75	16.72	17.08	35.31	35.31	19.67	21.26
CAPEX, млрд ¥	2.03	1.86	2.3	3.07	3.31	3.46	5.56	5.56	3.54	19.31

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	6.89	7.09	7.3	1 129.22	8.24	8.54	9.81	11.31	9.9	10.39	9.99	4.00
Чистая прибыль, млрд ¥	1.95	1.92	2.06	298.37	2.36	2.39	2.28	2.76	2.89	3.2	2.70	6.01
EV, млрд ¥	-157.52	-138.29	-171.32	-26 442.59	-308.88	-226.42	313.67	400.3	407.23	353.73	249.70	-209.33
EBIT, млрд ¥	3.2	3.35	3.73	418.57	2.66	3.71	3.53	4.36	4.24	4.67	4.10	4.71
EBITDA, млрд ¥	3.81	3.96	4.37	525.09	3.4	4.48	4.36	5.22	5.09	5.57	4.94	4.45
Баланс стоимость, млрд ¥	75.54	77.51	74.45	11 996.71	73.62	76.09	73.41	76.33	74.18	77.39	75.48	0.34
FCF, млрд ¥			2 516.51	16.02	1.49	1.52	1.65				507.44	-76.91
Операционный денежный поток, млрд ¥		-47.68	2 525.54	16.07	1.49	1.52	1.65				509.25	-76.93
Операционная прибыль, млрд ¥	3.2	3.35	3.73	418.57	2.66	3.45	3.53	4.36	4.24	4.67	4.05	6.24
Операционные расходы, млрд ¥	4.07	4.25	4.28	704.84	4.66	4.79	4.21	4.73	-4.36	-4.36	1.00	-198.14
CAPEX, млрд ¥		1.94	9.03	0.0575							3.68	-69.05

	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 ¥	491.77	460.63	501.81	620.96	587.81	632.64	772.49	772.49	623.14	9.01
Short Term Investments ¥		442.48	449.31	38.29	530.51	553.31	668.03	668.03	447.89	8.26
Total Receivables ¥		5.8	4.96	5.71	6.3	7.32	312.08	312.08	67.27	128.96
Total Current Assets ¥		685.25	506.78	626.68	57.3	79.33	1 166.01	1 166.01	487.22	18.13
Чистые активы, млрд ¥	825.17	685.25	506.78	626.68	1.27	1.37		1.37	364.27	-71.15
Активы, млрд ¥	836.32	695.99	708.31	961.79	879.39	976.03	1 172.67	1 172.67	939.64	10.61
Short Term Debt ¥		101.82	85.27	240.37	175.2	230.16	281.76	281.76	202.55	27.00
Long Term Debt ¥				0.05		0.15		0.15	0.1000	73.21
Задолженность, млрд ¥	737.57	599.41	93.83	231.11	800.68	0.386	1 096.57	1 096.57	444.52	63.51
Чистый долг, млрд ¥	-290.62	-354.95	-407.98	-389.85	-398.55	-373.14	-772.49	-772.49	-468.4020	13.62
Долг, млрд ¥	201.15	105.68	93.83	231.11	189.26	259.5	281.81	281.81	211.10	24.60
Расходы на обслуживание долга ¥		1.31	1.81	1.41	1.18	2.66	4.96	4.96	2.40	22.34
Чист. проц. доходы, млрд ¥	12.04	11.11	9.54	10.7	12.29	12.66	16.66	12.66	12.37	11.80
Амортизация, млрд ¥		1.69	1.92	2.12	17.56	19.51	3.23	3.23	8.87	10.96
Себестоимость, млрд ¥			3.73	3.47	3.29	5.03	7.97	7.97	4.70	16.40
Товарно материальные запасы ¥		237.17	226.36	361.99	308.33	376.52		376.52	302.07	9.68

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥			590.38	598.34	610.73	99 400.62	761.98	710.04	91.46	104.47	109.21	124.57	227.95	-29.40
Short Term Investments ¥					32.63	5 489.29	682.61						2068.18	175.54
Total Receivables ¥			255.26	0.008	-0.032	1 150.43	275.14	0.126	285.93	312.08	356.59	305.47	252.04	375.25
Total Current Assets ¥			590.38	598.34	610.73	100 551.05	79.36	710.17					20509.93	3.49
Чистые активы, млрд ¥	894.64	594.12	590.38	598.34	610.73	214.47	1.34						403.05	-70.41
Активы, млрд ¥			906.29	931.87	956.25	153 352.82	1 116.57	1 083.05	1 070.23	1 172.9	1 179.18	1 092.36	1119.54	0.17
Short Term Debt ¥					39.88	36 162.65	218.08	237.82	222.53	281.76	301.65	277.03	264.16	3.10
Long Term Debt ¥					0.2	23.57	0.15						7.97	-9.14
Задолженность, млрд ¥			830.75	854.36	881.8	40 772.85	0.15	263.27	996.82	1 096.57	1 105	1 014.96	895.32	30.98
Чистый долг, млрд ¥			-366.43	-341.54	-372	-58 627.76	-512.65	-446.77	131.17	177.34	192.49	152.46	41.34	-180.65
Долг, млрд ¥			223.95	256.79	238.73	40 772.85	218.23	263.27	222.63	281.81	301.7	277.03	269.29	1.02
Расходы на обслуживание долга ¥	0.271	0.337	0.394	0.585	0.75	145.65	1.24	1.12	1.25	1.36			30.12	-60.73
Чист. проц. доходы, млрд ¥	3.17	2.89	2.87	3.1	3.26	539.55	0.4714	646.23	633.19	4.34			364.76	-61.89
Амортизация, млрд ¥			0.609	0.612	0.641	106.53	0.743	0.762	0.827	0.861	0.857	0.902	0.8418	3.43
Себестоимость, млрд ¥							1.98	1.88	2.07	2.22	1.3	1.37	1.77	-6.13
Товарно материальные запасы ¥					83.75	60 308.32	111.46	383.24					15221.69	46.26

	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	50.24	37.2	23.86	39.96	44.44	30.37	37.99		37.99	35.32	9.75
Цена акции ао					785	732	816	794	794	781.75	0.29
Число акций ао, млн		257.04	257.17	257.33	257.42	257.57	257.7		257.7	257.44	0.04
FCF/акцию	-162.28	395.42	225.11	-446.87	184.57	-73.74	-44.52		-44.52	-31.0900	-172.32

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	5 quarters average	CAGR 5
EPS	7.56	7.44	8.02	1157.97	9.16	9.28	8.83	10.71	11.23	12.44		10.50	6.04
Цена акции ао											794	794.00	0.00
FCF/акцию			62.16	62.16	5.77	5.91	6.42					28.48	-36.50

	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, %	13.34	9.79	6.94	12.89	14.49	10.09	12.82		12.82	8.32	11.45	13.06
ROA, %	1.61	1.25	0.8739	1.23	1.24	0.8433	0.9113		0.9113	4.29	1.02	0.84
ROIC, %			9.79	6.93	8.1	5.39			5.9	7.00	7.55	-13.86
ROS, %			27.49	33.42	35.64	27.48	27.73	27.73	27.73	9.17	30.40	-3.66
ROCE, %	19.99	15.07	12.72	19.69	0.0539	-0.8522	4.71	20.28	4.71	7.82	8.78	0.59
Ebit margin, %			-29.36	-0.5201	1.47	-29.16	43.7	43.7	43.7		11.84	-342.59
Рентаб EBITDA, %	71.71	63.99	56.33	59.64	56.16	39.38	52.86	52.86	52.86	17.35	52.18	-2.38
Чистая рентаб, %	42.2	36.57	27.49	33.42	35.64	27.48	27.73		27.73	9.17	30.35	0.17
Operation Margin, %			31.01	41.27	43.91	30.46	43.7	43.7	43.7	13.44	40.61	1.15

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %	2.51	2.48	2.69	2.49	3.21	3.18	3.04	3.69	3.86	4.26	8.32	3.61	6.02
ROA, %	0.2178	0.2084	0.2186	0.1966	0.2114	0.2175	0.2115	0.2462	0.2461	0.282	4.29	0.2407	5.33
ROS, %					28.63	28.01	23.2	24.42	29.25	30.83	9.17	27.14	1.94
ROCE, %	3.97	4.17	1.24	0.2829	0.2383	0.3599	0.3514	0.4428	0.4579	0.5031	7.82	0.4230	6.93
Ebit margin, %						43.48	35.99	38.56	42.8	44.9		41.15	0.64
Рентаб EBITDA, %	55.31	55.82	59.87	46.5	41.28	52.41	44.42	46.17	51.46	53.58	17.35	49.61	0.44
Чистая рентаб, %	28.25	27	28.28	26.42	28.63	28.01	23.2	24.42	29.25	30.83	9.17	27.14	1.94
Operation Margin, %					32.27	40.38	35.99	38.56	42.8	44.9	13.44	40.53	2.14

	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	19.19	28.01	31.64	22.1	18.54	26.17	22.77		22.77	130.82	24.24	-6.37
P/BV	2.51	2.77	0.316	0.311	2.69	0.2099	2.93		2.93	113.67	1.29	56.11
P/S	8.1	10.24	8.7	7.39	6.61	7.19	6.31		6.31	113.72	7.24	-6.22
P/FCF						-10.81	-17.89	-17.89	-17.89	7.76	-15.5300	18.28
E/P						0.0381	0.0477	0.0477	0.0477	0.57	0.0445	7.78
EV/EBIT			32.63	1016.54	-394.16	20.29	-35.62	-35.62	-35.62		114.29	-151.16
EV/EBITDA	-1.96	-5.21	-17.01	-8.86	-10.34	-15.02	-29.45		-29.45	139.68	-16.1360	11.60
EV/S			-9.58	-5.29	-5.81	-5.92	-15.57	-15.56	-15.57	113.15	-9.6300	24.08
EV/FCF			-3.69	1.41	-3.92	8.87	47.9	47.9	47.9	123.04	20.43	102.41
Debt/EBITDA	9.17	6.32	7.46	12.6	10.5	23.15	15.1	15.1	15.1	-3.74	15.29	3.69
Netdebt/Ebitda			-46.14	-26.31	-22.11	-33.29	-41.39	-41.39	-41.39	22.57	-32.8980	9.49
Debt/Ratio			0.1325	0.226	0.2152	0.2659	0.2403	0.2403	0.2403	0.16	0.2375	1.23
Debt/Equity			1.17	2.74	2.4	3.4	3.69	14.41	3.69	1.01	5.33	39.37
Debt/Net Income			15.29	21.14	16.55	33.17	28.79	28.79	28.79	21.45	25.69	6.37
PEG								1.76	1.76		1.76	0.00
Бета						-1.56	0.5767	0.2684	0.2684	-34.43	-0.2383	-155.62
Индекс Альтмана						0.3471	0.2757	0.2757	0.2757	6.88	0.2995	-7.39

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	22.13	22.82	23.09	26.17	24.74	25.28	20.44	22.77	20.8	18.1			130.82	21.48	-6.46
P/BV	2.77	2.62	2.7	0.2859	0.1825	0.2688	2.49	2.92	2.89	2.6			113.67	2.23	57.44
P/S	7.16	7.08	7.07	7.19	6.83	7.05	5.4	5.88	5.43	4.87			113.72	5.73	-7.13
EV/EBIT						-60.96	88.81	91.81	96.16	75.83				58.33	-204.46
EV/EBITDA	-9.13	-8.22	-10.05	-12.81	-90.77	-14.31	18.97	21.76	21.27	17.48			139.68	13.03	-204.08
EV/S					-37.47	-26.51	31.96	35.4	41.16	34.05			113.15	23.21	-205.13
EV/FCF					-207.86	-148.57	189.64						123.04	-55.5967	-196.99
Debt/EBITDA	58.81	64.86	54.64	77.65	64.13	58.82	51.07	53.98	59.25	49.76			-3.74	54.58	-3.29
Netdebt/Ebitda					-150.65	-99.81	30.09	33.97	37.8	27.39			22.57	5.89	-177.21
Debt/Ratio					0.1954	0.2431	0.208	0.2403	0.2559	0.2536			0.16	0.2402	0.85
Debt/Equity					2.96	3.46	3.03	3.69	4.07	3.58			1.01	3.57	0.68
Debt/Net Income					92.47	110.06	97.77	102.07	104.25	86.49			21.45	100.13	-4.71
Бета											0.7012	0.2817	-34.43	0.4915	-36.62
Индекс Альтмана											0.2757	0.2757	6.88	0.2757	0.00

	Industry average	5 quarters average	CAGR 5

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	9.49	11.8	22.46	10.91	10.27	10.28	10.28			10.28		12.84	-14.47
Дивиденд	37	46	61.5	42.5	14.38	40	40	42	18	40		30.88	4.59
Див доход, ао, %	3.75	3.58	6.88	5.17	2.53	7.69	7.31	7.89	7.88	7.89	4.24	6.66	25.51
Дивиденды / прибыль, %		73.54	123.41	366.02	106.14	89.82	131.39	104.99		104.99	40.87	159.67	-22.10
Dividend Coverage Ratio									0.9524	0.9524		0.9524	0.00

	2022Q3	2022Q4	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	5.14	403.88	2.57		137.20	-20.63
Дивиденды / прибыль, %	268.3	124.54	135.36	40.87	176.07	-20.39

	Industry average	5 quarters average	CAGR 5

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